Back when gas was $4/ga...now that it's $1.50 have we started making deposits again? Cuz, you know...it'd be cheaper.
Strategic Oil Reserve
Moderators: pompeiisneaks, Colossal
Strategic Oil Reserve
....I know we suspended deposits in this...May was it?
Back when gas was $4/ga...now that it's $1.50 have we started making deposits again? Cuz, you know...it'd be cheaper.
Back when gas was $4/ga...now that it's $1.50 have we started making deposits again? Cuz, you know...it'd be cheaper.
-
skyboltone
- Posts: 2287
- Joined: Wed May 10, 2006 7:02 pm
- Location: Sparks, NV, where nowhere looks like home.
Re: Strategic Oil Reserve
Watch. NOTHING! will be done until it's over $5 a gallon. This crap has been going on for 40 years.Abstract wrote:....I know we suspended deposits in this...May was it?
Back when gas was $4/ga...now that it's $1.50 have we started making deposits again? Cuz, you know...it'd be cheaper.
I notice that Obama has hired a nuclear specialist as energy sec. That at least sounds good. Probably a nuclear guy in name only. His other hat is green.
The Last of the World's Great Human Beings
Seek immediate medical attention if you suddenly go either deaf or blind.
If you put the Federal Government in charge of the Sahara Desert, in five years time there would be a shortage of sand.
Seek immediate medical attention if you suddenly go either deaf or blind.
If you put the Federal Government in charge of the Sahara Desert, in five years time there would be a shortage of sand.
Re: Strategic Oil Reserve
Good shoe!
Green is what the doctor ordered...
Green is what the doctor ordered...
Re: Strategic Oil Reserve
There's still time... 
http://finance.yahoo.com/news/US-crude- ... 28031.html
COLUMBUS, Ohio (AP) -- Oil prices tumbled Thursday after the government reported enormous builds of oil and gasoline at U.S. storage facilities, another manifestation of how badly the deteriorating economy has cut into energy demand.
Including the latest report from the Department of Energy, crude inventory levels have risen by 14 million barrels since the week ending Jan. 2, more than 14 percent above year ago levels, pushing operational capacity at key storage sites to the limit.
Crude prices had already begun to fall with new data showing that new-home construction plunged to an all-time low in December and that the export-driven economies in Asia are being hit hard by the recession.
Even with crude prices in free-fall, prices at the pump edged up again overnight as refiners cut back production in reaction to falling demand.
Light, sweet crude for March delivery fell nearly 5 percent, or $2.12, to $41.43 a barrel on the New York Mercantile Exchange.
The Energy Department's Energy Information Administration said for the week ended Friday crude inventories rose by 6.1 million barrels, or 1.9 percent, to 332.7 million barrels.
Analysts had expected a boost of only 1.9 million barrels, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.
The same report showed how much less Americans are driving as the recession reaches across almost every economic sector in the country.
Gasoline inventories rose by 6.5 million barrels, or 3 percent, to 220 million barrels, more than three times what was expected by analysts.
U.S. refineries, trying to match rapidly falling demand ran at 83.3 percent of total capacity on average, a drop of 1.9 percent from the prior week and also more drastic than what was expected.
That sent gasoline futures tumbling close to 10 percent Thursday.
Many consumers have been frustrated by the disparity between crude prices, which has been on the decline, and retail gasoline prices, which have been rising for weeks.
Yet refiners are watching the same signs of falling demand, and are trying to match production with demand. Refiners recently announced early maintenance shutdowns.
"This is a report which shows a very troubled consumer and commercial economy, with signs pointing to more trouble ahead on the demand front," said Tom Kloza, publisher and chief oil analyst of the Oil Price Information Service.
Demand of 8.6 million barrels a day for gasoline for the week reflects the most feeble numbers since just after Hurricane Katrina struck in 2005, he said.
What has happened to the energy markets is spelled out almost daily in economic reports from Washington.
The Commerce Department reported Thursday that construction of new homes and apartments fell 15.5 percent to an annual rate of 550,000 units last month. That shattered the previous low set in November and capped the worst year for builds on record dating back to 1959.
It was a much weaker showing than the pace of 610,000 that economists were forecasting.
For all of last year, the number of housing units that builders broke ground on totaled just over 904,000, also a record low. That marked a stunning 33.3 percent drop from the 1.355 million housing units started in 2007. The previous low was set in 1991.
The Labor Department said initial jobless benefit claims rose to a seasonally adjusted 589,000 in the week ended Saturday from an upwardly revised figure of 527,000 the previous week. The latest tally was well above Wall Street expectations of 540,000 new claims.
The last time claims were higher was in November 1982, though the work force has grown by about half since then.
Both reports send the stock market tumbling again as well, with the Dow Jones industrial average falling about 200 points.
The world's largest economy was not only to show fresh signs of strain.
China's economic slump worsened in the final quarter of 2008 with growth falling to 6.8 percent compared with a year earlier, Japanese exports fell at a record pace in December and South Korea said its economy shrank in the fourth quarter. Singapore warned a day earlier that its economy could contract by up to 5 percent this year.
Meanwhile, new data shows that the driving habits of Americans has been fundamentally altered.
A report released Thursday by the Federal Highway Administration shows motorists cut their driving by 12.9 billion miles in November, down 5.3 percent from November 2007. It is the largest such decline of any November since monthly data estimates began in 1971.
The 13-month decline began in November 2007 and now tops 112 billion miles driving compared with the same 13-month period a year before and is more than the double the 49.9 billion decline in vehicle miles driven the 1970s, a period marked by recession, high gas prices and fuel shortages.
Prices at the pump barely edged up overnight, climbing 0.2 cents to $1.85 a gallon nationwide, according to auto club AAA, Wright Express and the Oil Price Information Service. Prices are nearly a quarter a gallon higher than what they were since bottoming on Dec. 31, but still $1.16 a gallon below a year ago.
In other Nymex trading, gasoline futures slumped 12 cents a gallon to $1.0531. Heating oil fell 6.7 cents to $1.3183 per gallon while natural gas for February delivery tumbled 23.3 cents to $4.547 per 1,000 cubic feet.
In London, the March Brent contract fell $1.44 to $43.58 on the ICE Futures exchange.
http://finance.yahoo.com/news/US-crude- ... 28031.html
COLUMBUS, Ohio (AP) -- Oil prices tumbled Thursday after the government reported enormous builds of oil and gasoline at U.S. storage facilities, another manifestation of how badly the deteriorating economy has cut into energy demand.
Including the latest report from the Department of Energy, crude inventory levels have risen by 14 million barrels since the week ending Jan. 2, more than 14 percent above year ago levels, pushing operational capacity at key storage sites to the limit.
Crude prices had already begun to fall with new data showing that new-home construction plunged to an all-time low in December and that the export-driven economies in Asia are being hit hard by the recession.
Even with crude prices in free-fall, prices at the pump edged up again overnight as refiners cut back production in reaction to falling demand.
Light, sweet crude for March delivery fell nearly 5 percent, or $2.12, to $41.43 a barrel on the New York Mercantile Exchange.
The Energy Department's Energy Information Administration said for the week ended Friday crude inventories rose by 6.1 million barrels, or 1.9 percent, to 332.7 million barrels.
Analysts had expected a boost of only 1.9 million barrels, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.
The same report showed how much less Americans are driving as the recession reaches across almost every economic sector in the country.
Gasoline inventories rose by 6.5 million barrels, or 3 percent, to 220 million barrels, more than three times what was expected by analysts.
U.S. refineries, trying to match rapidly falling demand ran at 83.3 percent of total capacity on average, a drop of 1.9 percent from the prior week and also more drastic than what was expected.
That sent gasoline futures tumbling close to 10 percent Thursday.
Many consumers have been frustrated by the disparity between crude prices, which has been on the decline, and retail gasoline prices, which have been rising for weeks.
Yet refiners are watching the same signs of falling demand, and are trying to match production with demand. Refiners recently announced early maintenance shutdowns.
"This is a report which shows a very troubled consumer and commercial economy, with signs pointing to more trouble ahead on the demand front," said Tom Kloza, publisher and chief oil analyst of the Oil Price Information Service.
Demand of 8.6 million barrels a day for gasoline for the week reflects the most feeble numbers since just after Hurricane Katrina struck in 2005, he said.
What has happened to the energy markets is spelled out almost daily in economic reports from Washington.
The Commerce Department reported Thursday that construction of new homes and apartments fell 15.5 percent to an annual rate of 550,000 units last month. That shattered the previous low set in November and capped the worst year for builds on record dating back to 1959.
It was a much weaker showing than the pace of 610,000 that economists were forecasting.
For all of last year, the number of housing units that builders broke ground on totaled just over 904,000, also a record low. That marked a stunning 33.3 percent drop from the 1.355 million housing units started in 2007. The previous low was set in 1991.
The Labor Department said initial jobless benefit claims rose to a seasonally adjusted 589,000 in the week ended Saturday from an upwardly revised figure of 527,000 the previous week. The latest tally was well above Wall Street expectations of 540,000 new claims.
The last time claims were higher was in November 1982, though the work force has grown by about half since then.
Both reports send the stock market tumbling again as well, with the Dow Jones industrial average falling about 200 points.
The world's largest economy was not only to show fresh signs of strain.
China's economic slump worsened in the final quarter of 2008 with growth falling to 6.8 percent compared with a year earlier, Japanese exports fell at a record pace in December and South Korea said its economy shrank in the fourth quarter. Singapore warned a day earlier that its economy could contract by up to 5 percent this year.
Meanwhile, new data shows that the driving habits of Americans has been fundamentally altered.
A report released Thursday by the Federal Highway Administration shows motorists cut their driving by 12.9 billion miles in November, down 5.3 percent from November 2007. It is the largest such decline of any November since monthly data estimates began in 1971.
The 13-month decline began in November 2007 and now tops 112 billion miles driving compared with the same 13-month period a year before and is more than the double the 49.9 billion decline in vehicle miles driven the 1970s, a period marked by recession, high gas prices and fuel shortages.
Prices at the pump barely edged up overnight, climbing 0.2 cents to $1.85 a gallon nationwide, according to auto club AAA, Wright Express and the Oil Price Information Service. Prices are nearly a quarter a gallon higher than what they were since bottoming on Dec. 31, but still $1.16 a gallon below a year ago.
In other Nymex trading, gasoline futures slumped 12 cents a gallon to $1.0531. Heating oil fell 6.7 cents to $1.3183 per gallon while natural gas for February delivery tumbled 23.3 cents to $4.547 per 1,000 cubic feet.
In London, the March Brent contract fell $1.44 to $43.58 on the ICE Futures exchange.