Ford Focus Forum banner

1 - 20 of 96 Posts

·
INCREDIBLY SHRINKING POST COUNT!!! (PSST...Add 10K
Joined
·
6,259 Posts
Discussion Starter #1
Crude Oil Prices Surge Past $66 a Barrel
Friday, August 12, 2005 5:28 AM EDT
The Associated Press
By EDITH BALAZS

BUDAPEST, Hungary (AP) — Crude oil prices soared to new highs Friday, climbing past $66 a barrel as reports of new U.S. refinery outages rekindled fears that gasoline supplies in the world's biggest consumer would struggle to meet rising demand.

A spate of refinery glitches, an unusually active hurricane season in the U.S. and concerns over Iran's decision to resume uranium conversion activities weighed heavily on people's minds, pushing prices upward, analysts said.

With bullish sentiment unabated and crude prices hitting five consecutive highs in just as many days this week, analysts expect front-month crude contracts to test the $70 a barrel threshold.

Light, sweet crude for September delivery rose 28 cents to $66.08 on the New York Mercantile Exchange, after hitting a new high at $66.13 a barrel in earlier trading.

Gasoline rose nearly a cent to $1.9565 a gallon while heating oil rose over half a cent to $1.9042.

In London, Brent crude for September delivery was trading at $65.76 a barrel, up 38 cents.

Analysts said gasoline demand, currently at its peak in the U.S. summer driving season, was driving crude's gains. Last week, U.S. gasoline demand picked up by 1.4 percent from a year ago, according to government data.

Coupled with new reports of refinery outages this week, traders fear U.S. refiners, already running at near-maximized capacities, are straining to satisfy the rising demand.

"People fear there won't be enough gasoline at a time when it's so greatly demanded, so they're just buying, buying and buying," said Tetsu Emori, chief commodities strategist at Mitsui Bussan Futures in Tokyo.

Oil prices are almost 50 percent higher than a year ago, but they would need to surpass $90 a barrel to exceed the inflation-adjusted peak set in 1980.

The U.S. Energy Department said Wednesday that gasoline inventories fell 2.1 million barrels to 203.1 million last week.

"The refinery breakdowns are a big issue, they're happening at a time when gasoline supplies are already very tight," Emori said.

Among the latest refinery outages: several units at ConocoPhillips' 306,000 barrel-a-day Wood River, Illinois, refinery were shut after a thunderstorm caused a power failure at the plant.

Also, BP PLC shut down a hydrogen recovery unit Aug. 10 at its massive 470,000 barrel-a-day Texas City refinery, following a decision by the company to keep high-pressure units off line until they can be proven safe, BP Spokesman Scott Dean said Thursday.

The three other high-pressure units at the refinery — the residual hydrotreater, the ultracracker and the gas oil hydrotreater — were already off line Wednesday and will be kept down pending investigations, Dean said.

The incidents are the latest in a string of outages to hit about a dozen U.S. refineries that together can process 2.7 million barrels a day of crude oil, some 16 percent of total U.S. refining capacity.

Analysts said traders were focusing selectively on information that would send prices higher.

Traders appeared to discount a downward revision in oil demand forecast by the International Energy Agency released Thursday. The group's monthly report projected that demand would be 150,000 barrels a day less then it expected, as demand from China appears to show signs of weakening.

Instead, the focus seemed to be on sections of the report that reduced its estimate of output by Russia and other nonmembers of the Organization of Petroleum Exporting Countries, analysts said.
Not good at all to hear but not much can be done about this either unfortunately.

Feel free to comment on this latest news report.
 

·
Registered
Joined
·
2,517 Posts
I just paid 2.59 for premium
When is it going to end? America needs to offer more fuel-efficient vehicles, and less SUVs. The thing is people with these luxo barge SUVs have bookoo bucks and can afford the gas and dont care. Our small cars need to be refined and not such econo boxes, which would lure others to a small cars. All in all we need to become more responsible as a country.
 

·
Registered
Joined
·
1,802 Posts
90 mile daily commutes suck. I think i will start using the CT70.
 

·
Stoned Scorpion says, "GET OVER H.....OOhhh! Brown
Joined
·
11,972 Posts
I think the premium around here is around $2.53 which is freakin stupid. Everybody driving SUV's need to get rid of em. If you crush up 1 big arse SUV it will make about 3 focus' so that will be awesome!!!!

-SPATAKULA
 

·
Registered
Joined
·
2,517 Posts
If the SUVs didnt drink up a gallon every 10 miles they wouldn’t be so bad, but hell a mini van isnt much better.
 

·
Registered
Joined
·
129 Posts
It's sad to see this market get so gittery over the past few years. Everything and anything can spook to send the price of crude to the stratosphere. Investors need to chill out and relax.

But we also need to ween ourselves off the black drug. I think this is a great start:

www.envbike.com

- Jay
 

·
Registered
Joined
·
803 Posts
$2.59 for 87 octane here in NY..
 

·
Registered
Joined
·
2,312 Posts
^5 dollars^


Yeah, over here at my usual gas station I go to, it was 2.49(87), 2.59(89) & 2.71(91). Where I worked it was 2.83 for 91 oct.
 

·
Registered
Joined
·
1,607 Posts
unfortunately if prices get too high, i HAVE to still drive my car, as does my wife

she MIGHT be able to change her hours to coordinate with mine then we could take 1 car, but we still need to drive, i'm not carting my son on a bicycle durring rush hour

i wish the greedy bastards would stop gouging us

who ever the greedy bastards are, obviously they set the price, they can [censored] off
 

·
Small Car Czar
Joined
·
15,328 Posts
My wife commutes 120 miles a day... but she's got teh diesel power.


While I will probably always have a gas-powered hot hatch (or at least a sport compact) I'm seriously thinking of going MKV Golf TDI myself... with a conversion to GTI bits, making my own US-spec GTD.
 

·
You Can't Make Me Laugh
Joined
·
4,566 Posts
OPEC is a freaking cartel that descides how much oil chould cost. It has very little to do with supply and demand, and a lot to do with "how much profit do we (the 11 opec nations) want to make this quarter?"

Greedy sonsabitches.
 

·
Small Car Czar
Joined
·
15,328 Posts
While I'm not a "Peak Oil" zealot, I do think that the crude supply is getting harder to remove from it's remaining deposits. This will require new, and expensive, techniques and equipment. Like I said, don't look for prices to drop anytime soon... if ever.
 

·
Banned
Joined
·
10,374 Posts
Personally, everywhere I go is via some main highway.

I think most Americans can say the same. They live in the burbs and then drive into the city for work. Few actually live IN the city.

Smaller may not really be needed, as making a car bigger doesn't neccessarily make it all that much heavier.
I'd attack the problem from multple angles, first starting with maintaining "cruise": For the city, implimenting timed lights (OMG did that help downtown here) and removing stop-signs in residential areas (every time a mom complains a stop sign should NOT neccessarily be added) would help reduce the huge inefficiencies of start->stop traffic. For accidents impliment a mobile "blinder" system that can be errected to block seeing the accident by surrounding traffic (keeping it flowing) should be equiped to emergency vehicles.
A "if you can steer it, clear it" law to give fines for people who don't clear their car off highways after an accident should be implimented and enforced. We also need better driver education and law enforcement of "IF NOT PASSING MOVE OVER". We have far more traffic jams here even with huge highways as people will just stagger themselves in one lane at their comfortable speed. This causes traffic around them to zig and zag in between one another, causing other traffic nearby to slow down, and eventually a jam is formed. Organize!!! Like ze Germans... EINZ! ZWEI! EINZ! ZWEI!


On cruise on flat terrain going 80mph, the DIC reads 29-30mpg on a big 460hp engine. And expensive hybrids aren't needed for pure cruise efficiency.


THEN we can start looking at actual hardware of replacing SUVs with more aerodynamic and lighter wagons. They have 99.9% of the room of SUVs, but are even more aerodynamic than most passenger cars due to the long flat roof.
Turbo-diesels, more manual transmissions (needs to be a requirement to learn in drivers ed to promote its use), and cylinder deactivation systems (V8s that can turn into V4s) will help.

This is stuff that can be implimented TOMORROW. Not some future tech to strive for, start today.

Vote Ducman69!!!
 

·
Registered
Joined
·
4,983 Posts
OPEC is a freaking cartel that descides how much oil chould cost. It has very little to do with supply and demand, and a lot to do with "how much profit do we (the 11 opec nations) want to make this quarter?"

Greedy sonsabitches.
Yea, maybe we should start a war about it or something...


We're just as much to blame. Well, maybe not us specifically because most of us in here get at least 25mpg. The 12-17mpg crowd isn't helping. As long as the demand for fuel is high, they can ask pretty much whatever they want for oil. They have us "over the barrel". And as long as we continue to drive gas guzzlers, drive long distances to work, and shun public transportation, the demand is going to continue to increase and so will the cost. Plus, it sure doesn't help that many oil producing countries simply don't like us.

We have the power to fix this but it hasn't hit hard enough to make a difference yet. I think a constant $4+/gallon for a 12 month period should just about do it.

The only other option, other than decreasing our dependance on oil, is what a country or nation would have done 200 years ago when they were in need of a resource or wanted more land: We should go get the oil ourselves and take the middle man out of the loop. Its a darn good thing that the threat of all out neuclear war is holding us back.
 

·
Banned
Joined
·
10,374 Posts
what a country or nation would have done 200 years ago when they were in need of a resource or wanted more land
WW2 wasn't that long ago.
Thats basically why the Japs attacked Pearl Harbor... oil (well and rubber and every other resource, but oil was most pressing). Personally, I could do with a little extra Lebensraum.
 

·
Registered
Joined
·
3,601 Posts
Prices won't be dropping anytime soon. Which begs the question I posed in this forum months ago:

How high do prices have to get before you change your driving habits?
We don't have to change our driving habits. We need to change our source of energy. I followed a VW burning biofuel a few weeks ago. He was hauling ass.

Oil companies are no different than the toothless street corner crank dealer.
 
1 - 20 of 96 Posts
Top