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  1. #1
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    Default Crude oil dips below $60 per barrel

    From the UPI

    Crude oil dips below $60 per barrel
    Oct. 6, 2005 at 10:29AM
    High-quality crude oil fell below the psychologically significant $60 per barrel mark Thursday in London trading.
    So-called Brent crude on the International Petroleum Exchange fell 67 cents to $59.45, the Financial Times reported.
    In New York, a barrel of similar crude oil fell 1.4 percent to $61.90 per barrel.
    Gasoline on the New York Mercantile Exchange dropped about 2 percent to $1.87 per gallon, and heating oil drifted down slightly to $1.9833 per gallon.
    Natural gas, however, rose 1.6 cents.
    The generally downward movement in energy prices reflects the slow resumption of production and refining operations from storm-battered sites in the Gulf of Mexico, analysts said. Chevron Corp., for example, said Thursday it had begun restarting its 325,000 barrel-per-day Pascagoula, Miss., refinery.



    This is great! This means that by nightfall, gas prices should go down about .20 per gallon, right?


  2. #2
    Forum Member DennisTheMenace's Avatar
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    Quote Originally Posted by GeorgeWendtCFI
    This is great! This means that by nightfall, gas prices should go down about .20 per gallon, right?
    Your pipe dreams are funny.
    Be for Peace, but don't be for the Enemy!
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    Learn from the mistakes of others; you won't live long enough to make them all yourself.

    Quote Originally Posted by nyckftbl View Post
    LOL....dont you people have anything else to do besides b*tch about our b*tching?

  3. #3
    Forum Member Lewiston2FF's Avatar
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    Quote Originally Posted by GeorgeWendtCFI

    This is great! This means that by nightfall, gas prices should go down about .20 per gallon, right?
    Only if we manage to go back to the 60's by nightfall. I would be happy with 1.90 per gallon.
    Shawn M. Cecula
    Firefighter
    IACOJ Division of Fire and EMS

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    MembersZone Subscriber jaybird210's Avatar
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    It is my opinoin that we will never see gas below $2.25 ever again.

    If we're willing to pay $2.95-$3.25 a gallon under these "extreme" conditions, what will keep the motoring public from paying these prices all the time? The oil and gas producers will just keep inventing "crises."
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  5. #5
    MembersZone Subscriber CJMinick390's Avatar
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    That's a pretty entertaining article. The price here just went up 10 cents a gallon.
    Chris Minick, P.E., Firefighter II
    Structures Specialist, MD-TF 1

    These statements are mine and mine alone
    I.A.C.O.J. Building crust and proud of it

  6. #6
    Forum Member DennisTheMenace's Avatar
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    Quote Originally Posted by jaybird210
    It is my opinoin that we will never see gas below $2.25 ever again.

    If we're willing to pay $2.95-$3.25 a gallon under these "extreme" conditions, what will keep the motoring public from paying these prices all the time? The oil and gas producers will just keep inventing "crises."
    Same thing that lowered it after the gas crisises of the 1970's, basic market forces.
    Be for Peace, but don't be for the Enemy!
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    Quote Originally Posted by nyckftbl View Post
    LOL....dont you people have anything else to do besides b*tch about our b*tching?

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    Invest in oil companies.

  8. #8
    Forum Member DennisTheMenace's Avatar
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    Quote Originally Posted by LEWTFL
    Invest in oil companies.
    Should have done that two years ago, theyare at their peak now and will start to go down in value in the coming months, might be able to squeek out a little profit still, IF you sell out in time.
    Be for Peace, but don't be for the Enemy!
    -Big Russ

    Learn from the mistakes of others; you won't live long enough to make them all yourself.

    Quote Originally Posted by nyckftbl View Post
    LOL....dont you people have anything else to do besides b*tch about our b*tching?

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    Quote Originally Posted by GeorgeWendtCFI

    [/B]

    This is great! This means that by nightfall, gas prices should go down about .20 per gallon, right?

    Everyone loves an optomist. I just paid 2.999 for diesel today.
    There goes the neighborhood.

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    Must have worked. Prices are down 2 cents today!

  11. #11
    Forum Member DaSharkie's Avatar
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    Sad thing is that oil companies are still making RECORD profits. AGAIN!!!!

    Friggin' bastards. I live off of tight student loans and this has the potential to really hurt. Thankfully neither the Mrs. or I have to drive far, and I can easily bike to my clinical rotations.
    "Too many people spend money they haven't earned, to buy things they don't want, to impress people they don't like." Will Rogers

    The borrower is slave to the lender. Proverbs 22:7 - Debt free since 10/5/2009.

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  12. #12
    Forum Member Lewiston2FF's Avatar
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    Quote Originally Posted by DaSharkie
    Sad thing is that oil companies are still making RECORD profits. AGAIN!!!!

    Friggin' bastards. I live off of tight student loans and this has the potential to really hurt. Thankfully neither the Mrs. or I have to drive far, and I can easily bike to my clinical rotations.
    And you dont have the New England winter to worry about! With Natural Gas prices going through the roof it is going to be painful this year.
    Shawn M. Cecula
    Firefighter
    IACOJ Division of Fire and EMS

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    We are told that the problem is not crude oil inventory, but refining capacity. We know that we haven't built a new refinery since the 70's. Our refining capacity now is concentrated in a few small areas, making the capacity particularly vulnerable to a concentrated event (like we just saw). So what is the answer? Right. Build more refineries. Not according to the liberal idiots in Congress.

    Democrats Attack Bill to Boost Refineries
    Oct 07 11:10 AM US/Eastern


    By H. JOSEF HEBERT
    Associated Press Writer


    WASHINGTON


    A new Republican-crafted energy bill, prompted by the hurricane devastation and high fuel prices, came under sharp attack Friday from Democrats who called it a sop to rich oil companies that would do little to curb gasoline or natural gas costs, while hurting the environment.

    Supporters argue the measure is needed to spur construction of new refineries. The House was expected to vote on it later in the day.

    In an attempt to ease approval of the bill, Rep. Joe Barton, R-Texas, removed a particularly contentious provision Friday that would have implemented clean air regulation changes long sought by the Bush administration. It would have allowed not only refineries, but also coal-burning power plants and other industries to expand and make changes without adding pollution controls even if emissions increase.

    Still, Democrats and a few Republicans lambasted the legislation as debate opened on the House floor.

    It does nothing to curb oil use by requiring more fuel efficient cars or promoting alternative energy sources, said Rep. Edward Markey, D- Mass. He called it "a leave-no-oilman-behind bill."

    Attempts to add requirements that automakers increase vehicle fuel economy and a measure aimed at producing more natural gas were thwarted by GOP leaders who strictly limited the ability by lawmakers to amend the bill.

    "Natural gas is an issue this (Congress) needs to deal with," said Rep. John Peterson, R-Pa., who was prevented under House rules for the bill from offering a proposal that would have opened offshore natural gas resources to drilling.

    Hurricanes Katrina and Rita shut down more than a dozen refineries and disrupted natural gas supplies. Gasoline prices soared and huge increases in heating bills are expected this winter for users of both gas and fuel oil.

    Barton says vulnerabilities in the fuel supply system exposed by the hurricanes show that the country needs to build more refineries, especially away from the Gulf Coast region. No refineries have been built in the United States since 1976 as the industry has consolidated to fewer, but larger facilities.

    The GOP legislation also would limit to six the different blends of gasoline and diesel fuel that refiners would be required to produce, reversing a trend of using so-called "boutique" fuels to satisfy clean air demands. And it would give the federal government greater say in siting a refinery and pipeline. It also calls on the president to designate military bases or other federal property where a refinery might be built.

    "The bill weakens state and federal environmental standards ... and gives a break to wealthy oil companies while doing little or nothing to affect oil prices," Rep. Sherwood Boehlert, R-N.Y., said in a letter Thursday to colleagues.

    With prices soaring, "oil companies now have all the profits and incentives they need to build new refineries" without government help, he maintained.

    Barton countered that it will give industry more "certainty" that a refinery project will not be delayed "without lessening any environmental law now on the books. ... The bill sets in motion a chain of events for lowering gas prices for Americans."

    Among the groups trying to kill the bill were the National League of Cities, nine state attorneys general, most environmental organizations and groups representing state officials in charge of implementing federal clean air requirements. They said the bill would hinder their ability to ensure clean and healthy air.

    Environmentalists also have argued that the limit to six gasoline types could jeopardize the requirement for use of low-sulfur diesel fuel. The low-sulfur diesel regulations have been touted by the Bush administration as one of the Environmental Protection Agency's most significant accomplishments.

    In 1981, the United States had 325 refineries capable of producing 18.6 million barrels a day. Today there are fewer than half that number, producing 16.9 million barrels daily. Still, refining capacity has been increasing, though not dramatically, for the last decade. Imports have made up the difference as demand has continued to increase.

    ___

    The bill number is H.R. 3893. Additional information can be found at http://thomas.loc.gov

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    MembersZone Subscriber RoughRider's Avatar
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    We cant control the markets. Even though we produce our own oil, (not enough to supply our demand) American oil companies have to buy oil in the open market and compete with huge oil consumers like Russia, China, etc. If China wants to pay $ 61 bucks a barrel and Russia is willing to pay $ 62 bucks. Guess what we are going to payfor a barrel.
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    Gasoline dowm 2 cents, diesel raised 40 cents overnight. $3.39 a gallon.

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    MembersZone Subscriber tyler101's Avatar
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    Gas is right around 2.40/gallon at GOASIS and 2.70/gallon everywhere else in town

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    Why don't we put a few more refineries, oh, let's see, how 'bout right in the hurricane alley. What are they thinking?

    I consider this one of our big weaknesses, and we don't need to be showing the world what they can do next to upset our balance.
    There goes the neighborhood.

  18. #18
    Forum Member DaSharkie's Avatar
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    Quote Originally Posted by Rossco
    Why don't we put a few more refineries, oh, let's see, how 'bout right in the hurricane alley. What are they thinking?

    I consider this one of our big weaknesses, and we don't need to be showing the world what they can do next to upset our balance.
    I agree, but all the oil pulls into the biggest ports. It is simply a matter of logistics. Where else are you going to put them? You put them in Oklahoma then they get hit by a tornado. Put them North of DC and they'll freeze. Put them in LA and the earthquakes will get them. We are screwed all the way around; but to clump them all up in 2 cities is downright stupid.
    "Too many people spend money they haven't earned, to buy things they don't want, to impress people they don't like." Will Rogers

    The borrower is slave to the lender. Proverbs 22:7 - Debt free since 10/5/2009.

    "No man's life, liberty, or property are safe while the legislature is in session." - New York Judge Gideon Tucker

    "As Americans we must always remember that we all have a common enemy, an enemy that is dangerous, powerful and relentless. I refer, of course, to the federal government." - Dave Barry

    www.daveramsey.com www.clarkhoward.com www.heritage.org

  19. #19
    Forum Member DennisTheMenace's Avatar
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    Quote Originally Posted by DaSharkie
    Sad thing is that oil companies are still making RECORD profits. AGAIN!!!!

    Friggin' bastards. I live off of tight student loans and this has the potential to really hurt. Thankfully neither the Mrs. or I have to drive far, and I can easily bike to my clinical rotations.
    The ones REALLY making out are the credit card companies that are still making their 5% per transaction, but that transaction is now three times the size of the ones three years ago. And they didn't have to do a THING to increase that revenue.
    Be for Peace, but don't be for the Enemy!
    -Big Russ

    Learn from the mistakes of others; you won't live long enough to make them all yourself.

    Quote Originally Posted by nyckftbl View Post
    LOL....dont you people have anything else to do besides b*tch about our b*tching?

  20. #20
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    Just remember,the oil companies really aren't making scads of pocket money off the recent price increases at the pump.If you bother to at least track oil stocks like I do,you'll notice that the profit margin isn't all that big.
    Matter of fact,the prices of Exxon/Mobil,Texaco and Shell?Dutch to name a few are going down.If they were making a profit from the higher prices after the hurricane strikes,the asking prices for the stock shares wouldn't be dropping as fast as they are.

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