The Remnant Online

News => Economic Times => Topic started by: Mimi on October 15, 2007, 04:41:00 PM

Title: Crude Oil Prices
Post by: Mimi on October 15, 2007, 04:41:00 PM
Just in the news - not yet on the web - crude oil prices jumped over $2 today. This places a barrel of oil at $86.13. Forecasters expect it to go to $100/barrel before the end of the year and over $112 by this time next year.<P>Just found this:  <A HREF="http://www.oil-price.net/" TARGET=_blank>http://www.oil-price.net</A>
Title: Crude Oil Prices
Post by: Richard Myers on October 15, 2007, 08:39:00 PM
It is time to generate more electricity with nuclear power and solar power and to break up the oil companies. But, these are political solutions that require honest politicians.   :(  Being we are at the end of time, don't count on any political solutions to our great problems. Expect higher costs of everything.
Title: Crude Oil Prices
Post by: Mimi on October 16, 2007, 10:59:00 AM
As these prices continue to increase, many of us will be looking for many alternatives that affect our daily living as well as church attendance and grocery shopping. Not only gasoline for automobiles, but home heating as well - natural gas/propane.

I have two appliances that continue to use propane. Water heater and cooking range. Around here the price of gasoline is equal to that of propane. Typically I order 100 gallons of propane twice yearly - so far it costs $600 per year just for those two appliances and that is at $3/gallon.

I can see me getting a wood-burning cook stove and switching to electricity for the water heater as there is no possible way to afford a solar system.

However, gasoline for my vehicle is another matter. What happens when the saints can no longer afford to go to church or to buy expensive groceries brought in on expensive gasoline/deisel trucks?

There seems to be a sinister conspiracy and the wrong side is in charge of the economy.  


Title: Crude Oil Prices
Post by: Richard Myers on October 16, 2007, 02:46:00 PM
Yes, it is all planned, but our food and water will be made sure....IF we are trusting in Him.

You can create a solar hot water system will little money. It will not heat all of your water year round, but it can reduce your need for fuel quite a bit. You just need a southern exposure so the the sun will preheat your water for you. It can be really simple to more complex depending your abilities and your resources. Think about this. Put two 50 gallon barrels on the south side of house where sun will hit the barrels all day long. Build a box on sides, bottom, and back. Line with insulation.Place dual pane glass on front and top. Run cold water supply line into barrels and out to water heater. Water into barrels at bottom and out to heater from top of barrels.

Insulation can be composed of many things. Glass is usually available from remodels for nothing. Plastic could work, but not as well.  Want more heat?  Place mirrors or foil around barrels to direct more sun onto them.  Or you could just place the barrels in the sun and in the summer you will reduce your need for fuel a lot with just this simple addition. Why not use the sun to preheat your water?

Of course you can build a more sophisticated system with a little help and a little more money. Take care to not use hot water for drinking and cooking. The easiest way in the summer to save money is to just run your water through plastic hose and into your water heater. But, this is not as safe since the heat will cause some chemical to bleed into the hot water.

It all takes a little time and some resources, but the wise will understand where we are headed and make provision for the days ahead.

Running water pipes through a wood stove is another way to pre-heat water going into the hot water heater. The warmer the water is going in the less fuel needed to heat the water. Also, a well insulated tank will help a lot also.  

Now....to take take some of my own advice!!!   :)  Lord give the time to do so!!  

Title: Crude Oil Prices
Post by: Mimi on October 16, 2007, 03:24:00 PM
Oh, yes - I know our water and bread are sure if we are obedient. And praise the Lord for it!

I truly appreciate what you have described. Interestingly enough, a friend described something like this only a month ago. Now I hear it twice, so it is on the agenda. If I can carve out time from studying and this online forum, it will get done! Thank you, Richard!

Title: Re: Crude Oil Prices
Post by: Mimi on March 06, 2008, 05:08:24 AM
Crude oil prices = $105.14/barrel

Title: Re: Crude Oil Prices
Post by: Cop on March 07, 2008, 04:05:10 AM
Regular gasoline is now selling for $5.39 per gallon in places in California according to last night's news.

Are we strengthening our faith now so that we can stand when the time comes that many of us can not afford to drive to church for fellowship? Do we now have such a close walk with Christ that we will be able to stand when we are alone?
Title: Re: Crude Oil Prices
Post by: Mimi on April 18, 2008, 04:44:44 PM
Just in the news - not yet on the web - crude oil prices jumped over $2 today. This places a barrel of oil at $86.13. Forecasters expect it to go to $100/barrel before the end of the year and over $112 by this time next year.<P>Just found this:  <A HREF="http://www.oil-price.net/" TARGET=_blank>http://www.oil-price.net/</A>

It would be nice to have a barrel of oil at $86.13 again. Today = $116.69
Title: Re: Crude Oil Prices
Post by: Mimi on April 21, 2008, 10:25:33 AM
It's even higher today.

We will appreciate the internet even more when we cannot afford to drive to church on Sabbaths because of the price of gasoline. Gathering with the saints takes on a whole new meaning at this rate! Then there will be the difficulty of how do we get food when the price of food is so expensive we can't afford that either?

This is insane!
Title: Re: Crude Oil Prices
Post by: Sister Marie on April 21, 2008, 11:29:04 AM
The Crude Oil Reserve 8 Times Bigger
than Saudi Arabia's

While oil demand grows higher by the day, supplies are in a constant state of flux…

The Middle East’s tinder is constantly catching fire, and the other major crude oil players are either unfriendly (like Venezuela and Nigeria) or simply running out of oil (like Mexico and the North Sea region). 

But Alberta, Canada’s oil sands, once too costly for crude oil refineries to process, have suddenly become a veritable black gold mine. Now…

The cost of refining crude oil from tar sands has dropped from $29.63 a barrel to $13.21 – and continues to fall as oil production ramps up.

Canada’s sands contain up to 2.5 trillion barrels of oil – that's more crude oil reserves than every OPEC country combined.

With the razor-thin gap between supply and demand – and the volatility of producing nations not priced in – the crude oil price is an undervalued commodity at $90+ a barrel.
Our free report is all about crude oil and the premier crude oil sands refinery, where profits are roaring.

http://www.investmentu.net/ppc/t4oilcrude3.cfm?kw=X300H800&OVRAW=oil%20prices&OVKEY=crude%20oil%20prices&OVMTC=advanced&OVADID=24818240022&OVKWID=68951088522

Oil's Price is Soaring and These Companies Are Poised to Profit

What's Causing Oil to Spike and How Do Investors Capitalize

Oil prices are expected to continue their upward march. It recently crossed the $100/barrel threshold that energy analysts have predicted. Their next prediction: “Black gold” could reach price points up near $200 within 12 months.

But if that happens, it won't be a straight line. Oil's price moves reactionary to geopolitical events, especially those in the tumultuous Middle East. That, along with slowing major economies and a falling dollar, causes oil's price to fluctuate wildly.

Regardless, exploration companies are going to continue to buy and install deepwater, sub-sea production systems.

If oil is high, they reap profits. If oil is cheap, then customers will line up to buy, therefore reaping profits… a virtual can't-lose scenario.

So check out these companies…


http://www.moneymorning.com/ppc/oil_2008_jg8.html
Title: Re: Crude Oil Prices
Post by: Mimi on April 28, 2008, 07:04:15 AM
$120/barrel but trading backed off to close around $118 - but what is $2 these days? Nada!
Title: Re: Crude Oil Prices
Post by: Sister Marie on April 28, 2008, 07:56:36 AM
The Crude Oil Reserve 8 Times Bigger
than Saudi Arabia's Story here:

http://www.investmentu.net/ppc/t4oilcrude3.cfm?kw=X300H800&OVRAW=oil%20prices&OVKEY=crude%20oil%20prices&OVMTC=advanced&OVADID=24818240022&OVKWID=68951088522

Oil (Petroleum) and Gasoline

In 1999, the price of oil hovered around $16 a barrel. In the fall of 2007 it began to approach the $100 a barrel mark. The reasons for the surge ranged from the relentless growth of the economies of China and India to widespread instability in oil-producing regions, including Iraq and Nigeria's delta region. The prospect of triple-digit oil prices has redrawn the economic and political map of the world, challenging some old notions of power. Oil-rich nations are enjoying historic gains and opportunities, while major importers — including China and India, home to a third of the world’s population — confront rising economic and social costs. Read more:

http://topics.nytimes.com/top/reference/timestopics/subjects/o/oil_petroleum_and_gasoline/index.html?excamp=OVBUoilprice&WT.srch=1&WT.mc_ev=click&WT.mc_id=BI-S-E-YH-NA-NA-oil_price





Title: Re: Crude Oil Prices
Post by: Mimi on May 21, 2008, 09:04:43 AM
Crude oil is trading at another all-time high today - $130/barrel

Title: Re: Crude Oil Prices
Post by: Lewis on May 21, 2008, 09:25:00 AM
AMAZING! Gas prices are reflecting this as well. $4.00 gallon here, and over $4.00 in Chicago. :'(
Title: Re: Crude Oil Prices
Post by: Mimi on May 21, 2008, 12:05:00 PM
Yep. $4 for regular here in the great southwest and $4.50 for diesel.

Because propane is tied to gas prices, I have quit using it altogether. Closed my account and they picked up the tank just yesterday. The man wanted to cut me a deal if I signed a year's contract beginning at $2.89/gallon plus a percentage over what they pay for it but I told him it was too late - they should have considered having mercy on people long ago instead of continuing to gouge us for all it's worth.
Title: Re: Crude Oil Prices
Post by: Lewis on May 21, 2008, 12:07:47 PM
We have thought about the propane issue. We use wood for heat, but we need propane for the stove, dryer, hot water, and to heat the pipes on the north side of the house in the winter due to the -40 below in the winter.
Title: Re: Crude Oil Prices
Post by: Mimi on May 21, 2008, 12:14:58 PM
Before switching to wood heat, we used forced-air propane heat but that was when propane was $1.60 a gallon. Even then it would cost us upwards of $800/month to stay warm. Even had the thermostat sat at 63 - but it was still expensive, so I just cut it out altogether. Now with propane costs equal to diesel, there is no way to afford it. Even electricity is much cheaper.

As a matter of fact, a new electric water heater just replaced the gas one. Total conversion only cost $265.  Now I am waiting to find an electric cook stove to replace the gas one. My range is virtually new, so by selling it, it will cover about 2/3rds the cost of a new one. And by the way, my house smells nicer now that the propane is no long an element. That is some nasty-smelling stuff! 

In the winter, I cook a great deal of the time on top of the wood stove - even do some baking over the coals. It's actually fun to experiment to see how much I can adapt to new ways of doing things. Now if we could only replace electricity easily and inexpensively. Would need a roof full of solars to do that - but that conversion is way out of my little budget!
Title: Re: Crude Oil Prices
Post by: Wally on May 21, 2008, 04:51:53 PM
Most people here in Maine heat with #2 heating oil, which has reached $4.00 a gallon.  Our last fill-up at the church was $1200.  Fortunately we won't need to fill up again until next autumn.  The pastor and I were talking today, and it looks like the time has finally come when we will need to close the upstairs (which uses the most heat), and hold services in the basement next winter.  Those who complain will be welcome to pay the extra fuel bills. ;D  If worse comes to worse we may have to meet with the other church in our district and close our smaller church for the winter.  Drastic measures, but we've entered into drastic times.

At home we were considering converting to a on-demand propane hot water heater, but with the price of propane where it is now, we may be better off sticking with our 20-year old electric model, and getting a more efficient one when it finally dies.  I can't believe it's lasted so long (the first one we had at the store only lasted about 6 years).  God has been merciful to us in many ways.
Title: Re: Crude Oil Prices
Post by: Mimi on May 21, 2008, 05:39:35 PM
Wally - heating a little church with wood might be a good alternative. A cord of wood lasts me one month and the cost of a cord here is $185. That is inexpensive heat even if there are several meetings throughout the week. Maybe turning down the thermostat to 40 to keep the water pipes from freezing and supplementing it with wood fires would work. Just a suggestion. 
Title: Re: Crude Oil Prices
Post by: LindaRS on May 21, 2008, 08:02:35 PM
As a matter of fact, a new electric water heater just replaced the gas one. Total conversion only cost $265.  Now I am waiting to find an electric cook stove to replace the gas one. My range is virtually new, so by selling it, it will cover about 2/3rds the cost of a new one. And by the way, my house smells nicer now that the propane is no long an element. That is some nasty-smelling stuff! 

But be glad it is nasty smelling stuff. Propane (and natural gas) actually has no oder, so it is added for safety. The smell lets you know it is there, especially if there is a leak.
Title: Re: Crude Oil Prices
Post by: Wally on May 22, 2008, 04:35:54 AM
Wally - heating a little church with wood might be a good alternative. A cord of wood lasts me one month and the cost of a cord here is $185. That is inexpensive heat even if there are several meetings throughout the week. Maybe turning down the thermostat to 40 to keep the water pipes from freezing and supplementing it with wood fires would work. Just a suggestion. 

Nice idea, but our building, though sparsely populated on Sabbath, was built to seat over 100 people.  We'd need an enormous stove.  We'd also need an different chimney.  It's illegal in this State to have both wood and oil on the same chimney.  And, our insurance company wouldn't allow us to heat with wood, either.

Thanks for trying. :)

We will, however, turn the upstairs thermostat way down, and that will make a big difference.
Title: Re: Crude Oil Prices
Post by: Mimi on June 16, 2008, 08:49:17 PM
In October Richard said:

Quote
Expect higher costs of everything.
You are a prophet.

The Amish appear to have the right idea about the cost of transportation: feeding/vet for horses and fabulous old buggies! Who's laughing now at those strange people in black clothes who refused, on principle, to join "modern" America?
Title: Re: Crude Oil Prices
Post by: Linda K on June 22, 2008, 07:59:30 AM
http://video.google.com/videoplay?docid=3340274697167011147&hl=en

This amazing video will explain why oil prices are so high. It's worth the watch.
Title: Re: Crude Oil Prices
Post by: Richard Myers on July 15, 2008, 02:59:51 PM
Ever pray for someone to lose money in their investments?  I have thought about it!  Many people are being hurt by the high cost of oil.  Investors have made fortunes in the last few years at the expense of others. I am waiting for the oil speculators to lose.  Don't know when it will happen, but it will.

Today:  Oil prices fell harder than they have in 17 years Tuesday, as fears that record fuel prices are spreading broad economic pain exacerbated the third big sell-off in just over a week.


We can hope it will fall more, but you just can't know. Whatever happens, we know that all things work together for good to those who love the Lord!  :)
Title: Re: Crude Oil Prices
Post by: Mimi on July 15, 2008, 06:36:56 PM
I filled up today. $4.21/gallon. The pump stopped at $75 and would not give me more. This has happened the last two fillups.
Title: Re: Crude Oil Prices
Post by: JimB on July 15, 2008, 07:31:41 PM
I read that also today that oil prices fell. But at the pump gas prices increased by about 12 cents today.
Title: Re: Crude Oil Prices
Post by: Sister Dee on July 15, 2008, 08:06:05 PM
I filled up today. $4.21/gallon. The pump stopped at $75 and would not give me more. This has happened the last two fillups.

Is that for regular unleaded?  That's crazy!  Down here the highest I've seen is $3.99.  Maybe they're more afraid to actually hit the $4.00 mark out this way. 

Last week we went to fill up our van before going out of town and the pump stopped at $75 for us, too.  We had to go down the street to finish filling up.  I don't get it.  But, there is one station in town that will only let you have $48!  At least that's what it was the last time we were there. 
Title: Re: Crude Oil Prices
Post by: Mimi on July 15, 2008, 08:17:31 PM
So, I am utterly naive in these matters - why is gasoline being limited per tank? Are they attempting to get us accustomed to "limits"?
Title: Re: Crude Oil Prices
Post by: LindaRS on July 15, 2008, 08:21:23 PM
Maybe it's the pumps. Remember the oil crisis in the 70's? Most of the pumps stopped at 99 cents. They had to be replaced or reconfigured. Maybe some pumps were set to not go over $75.00 thought it would seem they should go to $99.
Title: Re: Crude Oil Prices
Post by: Wally on July 16, 2008, 04:16:36 AM
I filled up today. $4.21/gallon. The pump stopped at $75 and would not give me more. This has happened the last two fillups.

Solution:  small car that only holds 50-60 dollars worth (which would have been 25-30 dollars a few years ago  :().  That will work until the gas goes to $8.00 a gallon; then you just fill up when you get to a half a tank.  I know, there's always a wise guy in the crowd. ::)

We're paying $4.07-$4.15 around here for the most part, but I haven't heard about any problems with the pumps stopping at a certain dollar figure.
Title: Re: Crude Oil Prices
Post by: Mimi on July 16, 2008, 06:52:31 AM
http://video.google.com/videoplay?docid=3340274697167011147&hl=en

This amazing video will explain why oil prices are so high. It's worth the watch.

It is quite amazing, Linda.
Title: Re: Crude Oil Prices
Post by: Richard Myers on July 16, 2008, 09:24:31 AM
NEW YORK - Oil prices tumbled today, extending a massive sell-off the previous day, after the government reported that U.S. crude and gasoline supplies unexpectedly jumped last week. Light, sweet crude for August delivery fell $5.10 at $133.64 a barrel in morning trading on the New York Mercantile Exchange. The two-day slide marks a dramatic turnaround in crude prices, which as recently as Friday traded at record levels above $147 a barrel. But even with this week's sell-off, prices remain about 80 percent above where they were a year ago and up about 40 percent from the start of the year.

Title: Re: Crude Oil Prices
Post by: Wally on July 16, 2008, 01:28:06 PM
NEW YORK - Oil prices tumbled today, extending a massive sell-off the previous day, after the government reported that U.S. crude and gasoline supplies unexpectedly jumped last week. Light, sweet crude for August delivery fell $5.10 at $133.64 a barrel in morning trading on the New York Mercantile Exchange. The two-day slide marks a dramatic turnaround in crude prices, which as recently as Friday traded at record levels above $147 a barrel. But even with this week's sell-off, prices remain about 80 percent above where they were a year ago and up about 40 percent from the start of the year.



Hold on to your seats, I don't think the roller coaster ride is over--hurricane season is not really in full swing, yet.  Remember Katrina?  That brief flirtation with $3.50/gallon gas sounds pretty good right now.
Title: Re: Crude Oil Prices
Post by: Sister Dee on July 16, 2008, 03:00:24 PM
I filled up today. $4.21/gallon. The pump stopped at $75 and would not give me more. This has happened the last two fillups.

Solution:  small car that only holds 50-60 dollars worth (which would have been 25-30 dollars a few years ago  :().  That will work until the gas goes to $8.00 a gallon; then you just fill up when you get to a half a tank.  I know, there's always a wise guy in the crowd. ::)

Well, for us that wouldn't work.  One of us would have to stay home!  I guess I could just let my dear husband take the four kids and leave me behind.   ;D   :D  Now, isn't that noble of me?   ;)

I suppose though that we could just do as you say and fill up when we get to half a tank.  We usually don't fill it up though; just when we take the rare trip. 

After thinking about the $75 limit, I sort of concluded that we might be getting conditioned for gas rationing, too. 
Title: Re: Crude Oil Prices
Post by: Richard Myers on September 04, 2008, 12:34:11 PM
Prayer works.  Some may not have noticed :) , but gas prices continue to fall.  Some who got rich at the expense of others may now be losing some money (those who speculated on higher prices).

Others can still afford for prices on oil to drop another $40 a barrel and gas can go back to $2 a gal.  :)  Well, we can hope. The economy is still sinking and oil will continue to fall in response. Let us keep the gas consumption down and this will help to drive the price back down. I parked my truck last year and have driven it twice. Diesel  got up to $5 gal.  They can keep their diesel! 

At the pump, a gallon of regular slid less than a penny overnight to a new national average of $3.678, according to auto club AAA, the Oil Price Information Service and Wright Express. Prices remain well above the year-ago average of about $2.792 a gallon but have fallen more than 10 percent from the July 17 record average of $4.114 a gallon.  source (http://finance.comcast.net/www/news.html?x=http://www.origin.comcast.akadns.net/data/news/2008/09/04/1050580.xml)

This winter will be painful for many who have to heat their homes (most of us).  By reducing our consumption of gas, the pressure is on to get us to buy.  The Dems want us to not use gas and oil and nuclear and hydro and want us in buses and in the cities. The Republicans want to allow Standard Oil to buy Exxon Mobile, Texaco, and BP.  So, we find ourselves looking unto Jesus for our help!!  He will not disappoint us. He will soon come and take us away from this corrupt world!
Title: Re: Crude Oil Prices
Post by: Richard Myers on September 15, 2008, 12:38:40 PM
Oil fell to under $100 a barrel today!  Light, sweet crude for October delivery fell $5.47 to settle at $95.71 a barrel on the New York Mercantile Exchange — oil's first settlement under $100 since March 4.

Some speculators have lost a lot of money. It will happen again.
Title: Re: Crude Oil Prices
Post by: Wally on September 15, 2008, 12:42:41 PM
Oil fell to under $100 a barrel today!  Light, sweet crude for October delivery fell $5.47 to settle at $95.71 a barrel on the New York Mercantile Exchange — oil's first settlement under $100 since March 4.

Some speculators have lost a lot of money. It will happen again.

Interesting that oil prices are falling, in spite of an active hurricane season--exactly the opposite of what happened after Katrina.  Can't say that I have a whole lot of sympathy for speculators.
Title: Re: Crude Oil Prices
Post by: Richard Myers on September 15, 2008, 12:58:35 PM
Because their speculations caused the rise of oil and hurt so many people, I hope they lose a lot of money. It will cause others to consider the foolishness of being so selfish to want to make money by not working. Gambling is gambling and it causes a lot of pain for those who do it.
Title: Re: Crude Oil Prices
Post by: Richard Myers on September 22, 2008, 09:31:30 PM
Oil prices briefly spiked more than $25 a barrel Monday, shattering the record for the biggest one-day gain.  Light, sweet crude for October delivery jumped as much as $25.45 to $130 a barrel on the New York Mercantile Exchange before falling back to settle at $120.92, up $16.37.
Title: Re: Crude Oil Prices
Post by: Wally on September 23, 2008, 07:52:16 AM
Oil prices briefly spiked more than $25 a barrel Monday, shattering the record for the biggest one-day gain.  Light, sweet crude for October delivery jumped as much as $25.45 to $130 a barrel on the New York Mercantile Exchange before falling back to settle at $120.92, up $16.37.

And are back to $107 today.  Enjoy the roller coaster ride.  I saw gas for $3.49 on my way to work this morning.  That's the cheapest I've seen it since before July.
Title: Re: Crude Oil Prices
Post by: Richard Myers on September 23, 2008, 08:39:24 AM
Pressures are from excess supply and lower demand versus a dollar that continues to dive.  Supply will be choked off, so it seems we are going to see upward pressures. Also, Brother Cop said that the oil platforms were hurt by Hurricane Ike.
Title: Re: Crude Oil Prices
Post by: Richard Myers on October 08, 2008, 06:06:09 AM
Just in the news - not yet on the web - crude oil prices jumped over $2 today. This places a barrel of oil at $86.13. Forecasters expect it to go to $100/barrel before the end of the year and over $112 by this time next year.<P>Just found this:  <A HREF="http://www.oil-price.net/" TARGET=_blank>http://www.oil-price.net/</A>

It would be nice to have a barrel of oil at $86.13 again. Today = $116.69

We saw it go up to over $140. It took awhile, but we are back in the $80s!  A silver lining in the dark ominous clouds that are rolling overhead!

Many people are being hurt by the high cost of oil.  Investors have made fortunes in the last few years at the expense of others. I am waiting for the oil speculators to lose.  Don't know when it will happen, but it will.

Greedy selfish speculators helped the price of oil to skyrocket, now these investors are losing their shirts. A lesson to all who wish to speculate as to how they can get something for nothing.
Title: Re: Crude Oil Prices
Post by: Lewis on October 08, 2008, 08:23:25 AM
I just wish I gas prices up here would go down. We are still at about $3.69/gallon. Where we go to church north of here over the pass, gas was $4.09/gallon.
Title: Re: Crude Oil Prices
Post by: Mimi on October 13, 2008, 06:06:15 PM
The meltdown's silver lining - cheap oil
With experts predicting a global economic slowdown, oil prices could fall to $60 a barrel, or lower - with gas prices soon to follow.

By Steve Hargreaves, CNNMoney.com staff writer
October 10, 2008: 1:46 PM ET


NEW YORK (CNNMoney.com) -- As the world loses confidence in the foundations of its economic system, the silver lining may be that oil prices are about to get a whole lot cheaper.

In a new report Friday, Deutsche Bank uses a number of interesting yard sticks to suggest crude is currently way too expensive and may fall to the $60 a barrel range as the economy worsens. Source (http://money.cnn.com/2008/10/10/news/economy/oil_prices/index.htm?postversion=2008101013)
Title: Re: Crude Oil Prices
Post by: Richard Myers on October 15, 2008, 08:26:56 AM
Exxon stock is down 30% over the last year.  :)   Record profits have not stopped their losses.  They will reap what they have sown.
Title: Re: Crude Oil Prices
Post by: Wally on October 16, 2008, 04:05:52 AM
Exxon stock is down 30% over the last year.  :)   Record profits have not stopped their losses.  They will reap what they have sown.

It's hard to work up much sympathy for these oil companies.  It would seem that the condemnation in James 5:1-6, would apply in some degree to some of these companies which have made these exhorbitant profits.

I saw gas down to $2.78/gallon yesterday, as I made my rounds.
Title: Re: Crude Oil Prices
Post by: Richard Myers on October 16, 2008, 06:16:05 AM
If their stock dropped by 500% there would be few tears shed.  Maybe then the millions in compensation for the CEO would fall.

Chevron is charging 3.88 for diesel in Calif.  Not long ago it was 4.99. That is $200 to fill up the work truck. Sadly the politicians reflect the voters. So, it looks like the end is near.  :)
Title: Re: Crude Oil Prices
Post by: Richard Myers on October 16, 2008, 06:22:53 AM
Commodity prices fell Wednesday. Oil declined after OPEC cut its forecast for 2009 demand, sending crude oil futures in New York down more than $4 per barrel to around $74, the lowest since September 2007.

Tears for OPEC?    Monopolistic practices are not fair.
Title: Re: Crude Oil Prices
Post by: Richard Sherwin on October 16, 2008, 07:20:43 PM
Richard you are crude you know.  ;D

Gas here in the middle of the mitten is down to $2.79. Even diesel is dropping down to near $4.
Title: Re: Crude Oil Prices
Post by: Lewis on October 16, 2008, 07:31:05 PM
We have finally dropped in price for the cheaper grade of gas. It is now $3.24/gallon. Diesel usually sells here for a dollar more per gallon. My thinking as to why we are higher is because of the ski resorts, and living way out of the way.
Title: Re: Crude Oil Prices
Post by: Richard Myers on October 20, 2008, 10:47:22 PM
Gas here is 3.25 also. But, while Chevron is higher and sells diesel at outrageous prices, other brands are now running about 20 cents a gallon higher than gas. Amazing, the thieves have come down off their 50 cents a gallon surcharge.  I heard an oil trader whining about the fact that oil is trading at last year's price. He was crying that the Arab nations can't afford this "low" price. They have major projects going that need the high prices. :(  Made me want to park my car for a week or so. I want the price of gas back where it was two years ago! :)
Title: Re: Crude Oil Prices
Post by: Wally on October 21, 2008, 03:55:49 AM
I saw $2.73/gallon on my way to work yesterday, and diesel at $3.69.  Heating oil is what is going to hurt people in this part of the country.  It's around $3.00/gallon right now, which is still higher than last winter, and last winter was higher than the previous winter.
Title: Re: Crude Oil Prices
Post by: Sister Dee on October 23, 2008, 09:21:59 AM
$2.59 here!   

I have no idea why, but the prices started coming down here when they were having shortages in the southeast.  Strange! 
Title: Re: Crude Oil Prices
Post by: Wally on October 23, 2008, 09:51:40 AM
$2.62 hear in Maine.  It' now near pre-Katrina prices.  OPEC meets tomorrow, I believe.  It is almost guaranteed that they will cut production.
Title: Re: Crude Oil Prices
Post by: Richard Myers on October 28, 2008, 10:41:04 AM
Ever pray for someone to lose money in their investments?  I have thought about it!  Many people are being hurt by the high cost of oil.  Investors have made fortunes in the last few years at the expense of others. I am waiting for the oil speculators to lose.  Don't know when it will happen, but it will.

Oil which was over $145 is now trading at $64 a barrel. Gas which was close to $5 a gallon is now selling around $2.50, but in some places it is being reported to be under $2.00.

We are only where we were before the last great rip off that began when Katrina hit.  Prices below $2.00 for gas and below $60 for oil will certainly indicate serious difficulties in the economy. Happy with $2 gas, but under that will cause us to realize what is in store for the world. We who believe in God and His Word can look up, realizing that our redemption draweth nigh.
Title: Re: Crude Oil Prices
Post by: Richard Myers on October 31, 2008, 09:23:20 AM
In 2005 crude was selling at under $40 a barrel. Today, we hear that the world will fall apart since oil is at $64.

Exxon Mobil smashed its own U.S. record for quarterly profits yesterday, ringing up $14.83 billion in net income.....But with crude oil prices now less than half their July peak and the economic outlook bleak.

Exxon's third-quarter earnings rose 58 percent compared to the corresponding period in 2007, and its per-share earnings of $2.86 were higher than what analysts expected, capping a week of strong profit numbers from the world's premier oil companies, all of which benefited from the spike in oil prices in July.

Royal Dutch Shell also posted higher earnings yesterday, beating analysts' estimates with a profit of $8.45 billion for the third quarter.

Conoco Phillips, the third-largest U.S. oil company, said last week that its third-quarter profit jumped 41 percent, to $5.19 billion.

I saw diesel below $3 yesterday. Last year I cried when I had to pay $3 a gallon. It cost me $170 to fill my truck. Then it went to $5.  I have never filled the truck at these high prices. I will begin buying diesel when it gets to 2.50. Until then I park the truck and only use it to move the harp. :) 

In San Francisco, I saw diesel selling at a price less than gas.  :)  The drop in the price of fuel will help many as we use our cars for work, heating our homes, and powering our refrigerators, computers, and lights with electricity that is tied to energy costs.  Jesus has given us a break from the corruption in the world. It will not last. Let us prepare for the days that are ahead.
Title: Re: Crude Oil Prices
Post by: Mimi on October 31, 2008, 12:46:11 PM
Amen! My lifestyle calls for one tank of gas per month no matter what it cost. (Well, anything under $5) I can get back and forth to church 4 times a month and to the grocery twice. Other than those scheduled trips, I don't go. When it was almost $5 per gallon the pumps stopped at $75. I could get no more and the tank was only 3/4 full. It was a burden. With my daughter and grandson so sick this past month I had to make a choice to either go to church or to take care of them at their home, still allotting the trips.

Today I filled up ($30) and was exceedingly glad.
Title: Re: Crude Oil Prices
Post by: Wally on October 31, 2008, 02:54:26 PM
Amen! My lifestyle calls for one tank of gas per month no matter what it cost. (Well, anything under $5) I can get back and forth to church 4 times a month and to the grocery twice. Other than those scheduled trips, I don't go. When it was almost $5 per gallon the pumps stopped at $75. I could get no more and the tank was only 3/4 full. It was a burden. With my daughter and grandson so sick this past month I had to make a choice to either go to church or to take care of them at their home, still allotting the trips.

Today I filled up ($30) and was exceedingly glad.

1 tank a week.  Must be nice.  I fill the tank once a week just going back and forth to work and church.  Fortunately, I only fill the truck about every 4-6 weeks, more often when it snows and I take it to work.
Title: Re: Crude Oil Prices
Post by: Mimi on October 31, 2008, 04:03:51 PM
A tank a month is not so nice. It is very restrictive, yet it is the way I choose to live. I retired early due to the inconvenience of my husband's untimely death and was left with a home in a wilderness valley far from civilization. It is too expensive still to drive back and forth to town to a job of some kind, and throw on top of that the expense of vehicle maintenance, of impossible winters, of clothing for work, lunches, etc., so it is cheaper for me to stay put! Quite frankly, it appears to be providential, don't you think? In times like these? When the time comes for multiple families to live together, which will be sooner rather than later, I am ready and can accommodate.  ;)

 
Title: Re: Crude Oil Prices
Post by: Wally on October 31, 2008, 04:23:33 PM
A tank a month is not so nice. It is very restrictive, yet it is the way I choose to live. I retired early due to the inconvenience of my husband's untimely death and was left with a home in a wilderness valley far from civilization. It is too expensive still to drive back and forth to town to a job of some kind, and throw on top of that the expense of vehicle maintenance, of impossible winters, of clothing for work, lunches, etc., so it is cheaper for me to stay put! Quite frankly, it appears to be providential, don't you think? In times like these? When the time comes for multiple families to live together, which will be sooner rather than later, I am ready and can accommodate.  ;)

 

I see your point.  I see that I misprinted my post, too.  It should have started, "a tank a month."   Senior moment.  ::)
Title: Re: Crude Oil Prices
Post by: Mimi on October 31, 2008, 04:41:02 PM
It happened to me today in the grocery while looking for Agave Nectar!  ;D
Title: Re: Crude Oil Prices
Post by: Larry Lyons on October 31, 2008, 06:50:35 PM
A tank a month is not so nice. It is very restrictive, yet it is the way I choose to live. I retired early due to the inconvenience of my husband's untimely death and was left with a home in a wilderness valley far from civilization. It is too expensive still to drive back and forth to town to a job of some kind, and throw on top of that the expense of vehicle maintenance, of impossible winters, of clothing for work, lunches, etc., so it is cheaper for me to stay put! Quite frankly, it appears to be providential, don't you think? In times like these? When the time comes for multiple families to live together, which will be sooner rather than later, I am ready and can accommodate.  ;)

 
Sybil, I know you can survive anywhere as long as you have food, shelter, and a piano, right?  ;D
Title: Re: Crude Oil Prices
Post by: Mimi on October 31, 2008, 06:55:05 PM
Yep!  ;) Can't do without the piano! Larry, I wonder where that 1857 Steinway is by now? Probably molding in the backwaters of Arkansas. That is where the woman moved who bought it.  :(
Title: Re: Crude Oil Prices
Post by: Richard Myers on November 11, 2008, 08:48:00 AM
Oil prices are now under $60.  Back to normal levels before Katrina. And gas?  $2.25 for me. Diesel $2.99. Amazing! They still want to make a killing on diesel! 74 cents higher than gas.  And I am suppose to feel sorry for the oil industry?  Greed and corruption extend into every area of life. The world is rejecting morality more and more.  The younger generation was reflected in the presidency of Bill Clinton and now we have an even younger president in Obama. Want to see the fall of moral standards? Watch what this young man does. He will make Clinton look like a preacher. Each successive generation appears more like the world before the flood.
Title: Re: Crude Oil Prices
Post by: Richard Sherwin on November 11, 2008, 08:57:24 AM
There is a fine line between greed and being a good business person and I would venture that is a very vague fine line.
Title: Re: Crude Oil Prices
Post by: Richard Myers on November 11, 2008, 09:08:05 AM
Gasoline in Iowa is under $1.80 a gallon.

A "good" businessman does not take advantage of people with monopolistic practices. Vertical integration and control of supply coupled with large oil companies buying out other large oil companies has created a lot of not so "good" businessmen in the oil business.
Title: Re: Crude Oil Prices
Post by: Mimi on November 13, 2008, 09:09:19 AM
Barrel of crude at 12 noon Eastern = $56.06

We are still over $2/gallon. $2.50 last I saw.
Title: Re: Crude Oil Prices
Post by: Lewis on November 13, 2008, 09:13:40 AM
Down below gas is in the $1.80 range. Up here it is $2.50 and diesel is $3.20.
Title: Re: Crude Oil Prices
Post by: JimB on November 13, 2008, 09:19:15 AM
This morning it was around $1.99.

According to http://www.gasbuddy.com/gb_gastemperaturemap.aspx (http://www.gasbuddy.com/gb_gastemperaturemap.aspx) the North-East and the West seem to be the most expensive right now.
Title: Re: Crude Oil Prices
Post by: Wally on November 13, 2008, 09:39:53 AM
We're around $2.20-2.25 now, with diesel around $3.10.  This is tolerable.
Title: Re: Crude Oil Prices
Post by: Sister Dee on November 13, 2008, 02:28:29 PM
$1.99 here this morning.  I never thought we'd see that again!  So hard to believe that just months ago we were paying about twice that. 
Title: Re: Crude Oil Prices
Post by: Mimi on November 13, 2008, 06:16:20 PM
At those prices, I guess I can adjust my budget to include two tanks of gas per month!

Title: Re: Crude Oil Prices
Post by: Richard Myers on December 08, 2008, 10:30:02 PM
Oil closed at $43.90 today.  :)  I paid $1.59 a gallon for my gas today. :) :)  The OPEC monopoly is cutting production again.
Title: Re: Crude Oil Prices
Post by: Mimi on December 09, 2008, 05:56:02 AM
... and I was blest to locate gasoline for $1.61/gallon. It is nice to be able to fill up on $20 these days!
Title: Re: Crude Oil Prices
Post by: Wally on December 09, 2008, 07:57:09 AM
Yes, I filled my truck last week, and it only cost $50.  Last summer it would have been over $100.  I'm thankful that I don't have to use it very often.
Title: Re: Crude Oil Prices
Post by: Lewis on December 09, 2008, 08:29:19 AM
Our gas is $1.99
Title: Re: Crude Oil Prices
Post by: Sister Dee on December 09, 2008, 09:15:42 AM
When I went out yesterday I was shocked to see it at $1.48!   :o  I wonder just how much lower it will go?  Surely not back to $1.00 per gallon. 

Not understanding economics awfully well, perhaps someone came explain this to me.  Why is it when gasoline prices increase that food prices also increase, but now that the gas prices have come down, the food prices still increase?   ??? 
Title: Re: Crude Oil Prices
Post by: Wally on December 09, 2008, 09:31:45 AM
When I went out yesterday I was shocked to see it at $1.48!   :o  I wonder just how much lower it will go?  Surely not back to $1.00 per gallon. 

Not understanding economics awfully well, perhaps someone came explain this to me.  Why is it when gasoline prices increase that food prices also increase, but now that the gas prices have come down, the food prices still increase?   ??? 

I'm no economist, but I know that it takes awhile for things to move through the system.  Gasoline comes and goes rather rapidly, but packaged food goes through a lot of processing before it reaches the shelf.  Plus the fact that oil prices have a lot to do with speculation on the world market, and food prices are determined by a variety of factors, only part of which is speculation on future grain and bean supplies.  Plastic prices increase, which increases the cost of packaging.  They will come down when the new petroleum (at lower prices) finally gets refined into plastics.  Produce prices generally move up and down faster than packaged goods.  This is a gross over simplification of what goes on, but it sort of gives you some idea.  Add to all that the cost of shipping all this stuff.  Those prices come down slowly partly because the shippers are trying to recoup some of what they lost when petroleum prices went up so fast.
Title: Re: Crude Oil Prices
Post by: JimB on December 10, 2008, 05:33:46 AM
I wonder just how much lower it will go?  Surely not back to $1.00 per gallon. 

Interesting question/comment..... take a look at this...

Quote
Gulf Oil CEO says gas could hit $1 next year

Gulf Oil CEO Joe Petrowski said on Wednesday that the price of oil could sink to $20 per barrel, and there is a chance gasoline prices could drop as low as $1 per gallon by early next year.

Source (http://www.patriotledger.com/business/x1881115149/Gulf-Oil-CEO-says-lower-gas-prices-ahead)
Title: Re: Crude Oil Prices
Post by: Sister Dee on December 10, 2008, 07:36:09 AM
Perhaps it is only my imagination, but it does seem that food prices went up a whole lot faster than they come down!   :D

So, $1.00/gallon gas is not so farfetched after all.  Amazing!  BTW, I saw it down to $1.45 yesterday.  Looks like we are on our way!   
Title: Re: Crude Oil Prices
Post by: Richard Sherwin on December 10, 2008, 07:17:22 PM
One reason that food prices have not come down that much is because of the price of diesel fuel. A couple years ago it was lower than the price of gas, now it is much higher. It is diesel that runs tractors and trucks.  In bee keeping for instance all of our vehicles, from the forklifts to the one ton flat beds to the semi are all powered by a diesel engine.

Richard S.
Title: Re: Crude Oil Prices
Post by: Wally on December 11, 2008, 05:19:30 AM
Could someone please explain to me how it can be that the prognosticators of oil prices have any credibility anymore?  6 months ago we were told that oil would possible reach $200 per barrel.  Now we are told that it could drop to near $20 per barrel.   ???  ???  ???  Does anyone believe these guys anymore?  As one congressman was so fond of saying, "Beam me up Scotty."  ::)
Title: Re: Crude Oil Prices
Post by: Richard Sherwin on December 11, 2008, 07:51:15 AM
Just like weather forecasters, anything beyond about 4 days is pretty much a wild guess.


Could someone please explain to me how it can be that the prognosticators of oil prices have any credibility anymore?  6 months ago we were told that oil would possible reach $200 per barrel.  Now we are told that it could drop to near $20 per barrel.   ???  ???  ???  Does anyone believe these guys anymore?  As one congressman was so fond of saying, "Beam me up Scotty."  ::)
Title: Re: Crude Oil Prices
Post by: Richard Myers on December 11, 2008, 09:09:28 AM
The greed in the world is coming home to hurt those who killed the goose that laid the golden egg. Remember what OPEC and the oil companies did five months ago?  $5 a gallon gas. 

And remember what the home contractors did to the construction industry?

And remember what the medical profession did to healthcare costs?  Yes, I know the insurance companies participated.

And how about the price of rice, wheat, and corn?

And lest I not be complete with regards to the greed to make money, how about the auto manufacturers that pushed SUV and trucks at $40,000.

And, the cost of education?

And the worst offenders, the cost of government.  So, the corrupt politicians took money from corrupt businesses and all who wanted their influence.  And, the government budgets are now busted. Makes one recall the Bible prophecy that states just before the return of our Lord, the world would be where it was just before the great flood.

So much can be seen in the price of crude over the last five years.

Title: Re: Crude Oil Prices
Post by: Richard Myers on January 05, 2009, 06:24:55 PM
Oil rose to $46 today.  And, Obama's man chosen to carry the energy program wants to increase taxes on fuel so we will be forced to use less.  :) Love those who want to hurt the poor and still fly their private jets and drive their SUVs and heat and cool their huge houses. Such corruption is as it was at the time of the flood.
Title: Re: Crude Oil Prices
Post by: Mimi on January 20, 2009, 02:13:36 PM
Ugh! We are back up to $1.98/gallon!  >:(
Title: Re: Crude Oil Prices
Post by: Richard Sherwin on January 20, 2009, 07:45:10 PM
As long as gas prices stay in the 2 dollar area I can't complain. Hopefully diesel prices will hold as well. It was in the summer of 1980 that I first paid over $1 so in today's dollars I'd say $2 a gallon is a real bargain.
Title: Re: Crude Oil Prices
Post by: Richard Myers on January 22, 2009, 10:36:29 AM
"A real bargain" for the millions who have lost their jobs? Comparing prices to 1980 has little value in today's economy. The Democrats wants to lower consumption of gas so they are wanting to increase taxes on it. The poor are suffering and so is the middle class who struggle with not only fuel prices, but housing, medical, food, and education costs along with increasing taxes on everything.  I don't see any bargains in the world today, except the cost of salvation. Even there, it is not a bargain when we look at what it cost. The cost was born by our heavenly Father and His Son. The cost was infinitely higher than we understand. So sad that so many refuse this free gift.
Title: Re: Crude Oil Prices
Post by: Richard Myers on January 22, 2009, 10:56:04 AM
Supply and demand have dictated crude oil prices in today's market. The economy continues to deteriorate and is seen by weak demand and increasing supplies.

Light, sweet crude for March delivery was down $2.50 to $41.05 a barrel on the New York Mercantile Exchange. Oil was down $1.30 a barrel just before the figures were released.  Gas is down to 1.05 with the average retail price at 1.85.
Title: Re: Crude Oil Prices
Post by: Richard Myers on January 25, 2009, 01:27:09 PM
Would you believe 97 cents a gallon gas?  Yes!! There is a gas war on in a South Carolina county. How long can they lose money? Or......are they not losing money?  :)  My guess is that they are not losing money.

January 25, 2009

Looking for a bargain on gas in the Carolinas.  Look no further than Lancaster County where gas wars have dropped the prices below a dollar.  The war began when a brand new station opened up selling gas for $.97 a gallon and the other station quickley matched that low price..  Dozens of motorists lined up on Saturday to fill up their tanks.  No word on how long the war will continue, but one station owner says he already has more fuel on the way.  source (http://www.wspa.com/spa/news/local/article/.97_gas_war_in_south_carolina/13862/)
Title: Re: Crude Oil Prices
Post by: Richard Myers on January 25, 2009, 01:30:57 PM
I am old enough to remember the gas wars in the "good ole days".  We got gold bond stamps, green stamps, or glasses with each fillup.  I remember the price of gas in South Carolina a "few years" ago. The gas war forced prices down to 17 cents a gallon!!  :)
Title: Re: Crude Oil Prices
Post by: Richard Sherwin on January 25, 2009, 01:48:26 PM
Not only that but your windshield got cleaned and your oil level checked, and you never had to get out of your car!

I am old enough to remember the gas wars in the "good ole days".  We got gold bond stamps, green stamps, or glasses with each fillup.  I remember the price of gas in South Carolina a "few years" ago. The gas war forced prices down to 17 cents a gallon!!  :)
Title: Re: Crude Oil Prices
Post by: Sister Dee on January 25, 2009, 03:14:20 PM
Not only that but your windshield got cleaned and your oil level checked, and you never had to get out of your car!

I am old enough to remember the gas wars in the "good ole days".  We got gold bond stamps, green stamps, or glasses with each fillup.  I remember the price of gas in South Carolina a "few years" ago. The gas war forced prices down to 17 cents a gallon!!  :)

And just how old are you guys? Okay, I admit it, I remember most of that, too!   :D  (But, not 17 cents a gallon!)  My grown children would never believe it! 
Title: Re: Crude Oil Prices
Post by: Richard Myers on January 25, 2009, 05:21:54 PM
Well....if you consider that we are paying a dollar a gallon more than they are in South Carolina today, you don't have to be that old to go back and find when gas was 1.17 in the rest of the US.

I think the price of gas was probably around 30 cents a gallon in the West when the gas wars were on. Maybe a little less. When I was in college I was paying around 35 cents a gallon.
Title: Re: Crude Oil Prices
Post by: Wally on January 25, 2009, 05:29:49 PM
Well....if you consider that we are paying a dollar a gallon more than they are in South Carolina today, you don't have to be that old to go back and find when gas was 1.17 in the rest of the US.

I think the price of gas was probably around 30 cents a gallon in the West when the gas wars were on. Maybe a little less. When I was in college I was paying around 35 cents a gallon.

When I was in college we were paying 25 cents a gallon, but I saw it at 19 cents in southern Texas.  That was 1972.  Everything changed the next year, of course.

No matter how low the price of crude goes, the State an federal taxes we pay on a gallon of gas can go as high as 63 cents a gallon, depending on what State one lives in.  Some States, like mine, have an automatic increase every year.  They have us over a barrel--no pun intended.
Title: Re: Crude Oil Prices
Post by: Richard Sherwin on January 25, 2009, 05:34:36 PM
I think the least I remember it as a kid in Ellijay GA was for 22 cents a gallon, that would have been in the late '60's. In the summer of '80 I paid over $1, $104.9, to be exact, for the first time at a Texaco station in Ringgold GA.
Title: Re: Crude Oil Prices
Post by: Mimi on January 26, 2009, 05:50:25 AM
In the 1950s when I was but a babe, I recall it being 17 cents a gallon. It was common to have price wars in west Texas.
Title: Re: Crude Oil Prices
Post by: Mimi on August 11, 2009, 06:54:44 PM

Oil prices fall after Opec report


Oil prices have fallen after producers group Opec said it now expected demand for its crude to decline further than predicted next year.

Blaming the slow nature of the global economic recovery, Opec now expects demand for its crude to average 27.97 million barrels per day in 2010.

This is 480,000 barrels lower than its 2009 estimate and greater than the 380,000 fall it previously predicted.

US light crude ended down $1.15 a barrel to $69.45.

London Brent finished $1.04 lower at $72.46.

http://news.bbc.co.uk/2/hi/business/8195109.stm
Title: Re: Crude Oil Prices
Post by: Richard Myers on August 23, 2009, 06:04:47 AM
Hopefully they will see that their supply controls are hurting their pocketbook. :(  Monopolistic practices are not free enterprise.  Their effort to keep prices higher than a free market would dictate will cause the recession/depression to be extended. High energy prices resulting from their monopolistic practices helped to create the problem in the first place.

A lot of speculators lost a lot of money when the market collapsed. It can happen again. A lot of strange things will be happening as the world reveals how selfish it has become. Like the days just prior to the great world-wide flood.
Title: Re: Crude Oil Prices
Post by: Cop on August 26, 2009, 04:11:30 AM
As long as the Liberal-Left controls America, we will have high prices. We have oil offshore and on shore, but American companies are forbidden to drill. So we have to give our dollars to nations who hate everything we believe in to purchase crude from them. We can spend billions to support another nation and their workers, but none to support Americans.

"President Obama has opposed any expanded oil drilling off American shores largely on environmental grounds,...But now Obama may start hearing cries of "foul" after the U.S. Export-Import Bank promised Petrobras, Brazil's state-owned oil company, $2 billion in loan guarantees to help finance lucrative drilling off the shores of Rio De Janeiro."

http://www.foxnews.com/politics/2009/08/20/loan-brazilian-oil-company-riles-conservatives-favor-offshore-drilling/
Title: Re: Crude Oil Prices
Post by: Mimi on April 06, 2010, 12:36:21 PM
I am paying over $3/gallon again. Here's why:


Oil prices hit new 18-month high


The price of oil reached a fresh 18-month high on Tuesday on growing hopes of a US-led global economic recovery.

One-month futures for US light crude hit $86.97 a barrel in New York trading, before falling back slightly.

The UK benchmark, Brent crude, peaked at $86.63 a barrel on Tuesday - also an 18-month high.

Investors have also signalled their confidence in the US economy with the strengthening of the dollar against both the pound and the euro.

The US dollar was up by more than a cent against the euro, with a dollar worth 74.8 euro cents.

It was also up more than half of one pence against the pound, with a dollar worth 65.9 pence.
Title: Re: Crude Oil Prices
Post by: Wally on April 06, 2010, 01:28:57 PM
We're still under $3; around $2.80.  I've noticed that the barrel price has been creeping up.  See, a recession isn't all bad--it kept the price down.  ;)
Title: Re: Crude Oil Prices
Post by: Mimi on April 06, 2010, 02:09:11 PM
 :D Ever the optimist!
Title: Re: Crude Oil Prices
Post by: Sister Dee on April 06, 2010, 03:15:10 PM
So, how long before everyone else catches on that the recession is over?   ::)
Title: Re: Crude Oil Prices
Post by: Richard Myers on April 19, 2010, 08:08:40 AM
Prophecy is being fulfilled before our eyes. The recession (depression) is over for a class of people, but for most of us, we now have depression and higher food and energy costs and lower or no income. :(  God does indeed provide for those who love Him with the whole heart. By faith we prepare for the soon coming of Jesus!
Title: Re: Crude Oil Prices
Post by: Sister Dee on April 19, 2010, 08:28:11 AM
Amen! 
Title: Re: Crude Oil Prices
Post by: LindaRS on April 23, 2010, 08:53:30 AM
It doesn't help oil prices that the offshore drilling rig exploded and sank in the Gulf of Mexico this week.
Title: Re: Crude Oil Prices
Post by: Geodad on April 26, 2010, 10:15:43 AM
It was interesting to note that this was the same drilling rig (Deepwater Horizon) which discovered the huge oil field in the Gulf for BP last September. It was 35,000 feet below the surface. The pressures at that depth are enormous. According to this article: (http://www.businessweek.com/news/2010-04-23/oil-producers-risk-blowouts-blazes-in-search-for-deeper-fields.html)

Quote
Exxon Mobil Corp., the world’s second-largest oil company, abandoned its Blackbeard well in the Gulf of Mexico in 2006 after the company’s engineers became alarmed over the pressure levels and temperatures almost seven miles beneath the seafloor.

Much of the remaining oil underground would seem to be significantly more difficult to retrieve compared to what has been taken to date. Peak Oil may be for real...
Title: Re: Crude Oil Prices
Post by: Mimi on April 27, 2010, 03:23:53 PM
Incredible, Geodad. Thanks for the report.
Title: Re: Crude Oil Prices
Post by: Mimi on April 27, 2010, 03:25:26 PM
It doesn't help oil prices that the offshore drilling rig exploded and sank in the Gulf of Mexico this week.

NEW YORK (CNNMoney.com) -- Coast Guard officials are considering setting the Gulf of Mexico oil slick on fire as it moved Tuesday to within 20 miles of sensitive ecological areas in the Mississippi River Delta.

Officials say it could become one of worst spills in U.S. history.

CNN Money (http://money.cnn.com/2010/04/27/news/economy/oil_rig_gulf/index.htm?hpt=T1)

Look at the photo of the slick.  :o
Title: Re: Crude Oil Prices
Post by: Richard Myers on November 09, 2010, 08:47:26 AM
In a most disastrous economy where people are suffering from lack of business and jobs, the price of crude in headed higher. Keep your eye on the price of gas. Here is what it was before things got out of hand four years ago.  $2.79 a gallon.  Today, I am paying $3.00 a gallon.

At the pump, a gallon of regular slid less than a penny overnight to a new national average of $3.678, according to auto club AAA, the Oil Price Information Service and Wright Express. Prices remain well above the year-ago average of about $2.792 a gallon but have fallen more than 10 percent from the July 17 record average of $4.114 a gallon.[/color]  source (http://finance.comcast.net/www/news.html?x=http://www.origin.comcast.akadns.net/data/news/2008/09/04/1050580.xml)


Today's price of crude?  $87.31.  Four years ago it was trading under $75. 


Title: Re: Crude Oil Prices
Post by: Mimi on November 09, 2010, 08:58:35 AM
We are paying $3.19. (shaking head)
Title: Re: Crude Oil Prices
Post by: Wally on November 09, 2010, 11:14:10 AM
We're paying around $2.90.  It's been creeping up.  No mention of any shortages or speculation.  Since the price of oil is pegged to the dollar, and the government keeps devaluing it by printing more money, it can only go up.
Title: Re: Crude Oil Prices
Post by: colporteur on November 09, 2010, 12:39:07 PM
We're paying about 2.95 and between my wife and I we average a tank of gas a day.
Title: Re: Crude Oil Prices
Post by: Richard Myers on November 09, 2010, 12:41:46 PM
You need to buy stock in Chevron, my brother!! If the price drops you will blessed by lower gas prices. If the stock goes up, you will have money to pay for higher gas prices!!! 
Title: Re: Crude Oil Prices
Post by: Richard Myers on January 07, 2011, 11:54:16 AM
Oil prices lost $2 to $88 a barrel on the dollar strength, and industrial metals led by copper also fell two per cent.

Spot gold fell 0.3 per cent to $1,373.80 an ounce at 12:03 pm (1703 GMT) US gold futures for February delivery were down $1 at $1,372.70.

Spot silver fell 0.2 per cent to $29.18 an ounce.

Gold has risen toward its record $1,430,95 an ounce level three times since November but failed each time.
Title: Re: Crude Oil Prices
Post by: Mimi on February 27, 2011, 07:13:09 AM
 25 February 2011 Last updated at 17:38 ET
Oil price pressures ease after Thursday's sharp gains

 West Texas Intermediate Crude Oil Futures $/barrel
Last Updated at 25 Feb 2011, 16:30 ET *Chart shows local time
(http://i587.photobucket.com/albums/ss316/TROPhotobucket/chartchart_primary_tickerICEEURWBSJ.png)

Oil prices have retreated from Thursday's multi-year highs amid optimism producers could offset a drop in supply caused by unrest in Libya.

Brent crude was trading at $112.33 a barrel, after almost breaking through the $120 mark earlier in the week.

US light crude was back at $98.26 a barrel having earlier surged past $100.

Reports suggest Saudi Arabia has increased its oil production by almost 10% to offset production shortages resulting from the unrest.

http://www.bbc.co.uk/news/business-12575147
Title: Re: Crude Oil Prices
Post by: Richard Myers on March 09, 2011, 10:16:43 AM
Oil is at 105.51

Diesel is costing me 4.20 a gal.

Who is happy? Obama and the Dems. They don't want me burning fossil fuel. And the Republicans are making a bundle. The oil companies will soon own most of the world. And, the price of corn will make the taste of corn as a food rare before long.  If the use of natural gas is increased for cars, what will be the effect on the poor and the middle class? It will be similar to using food for fuel. When we use natural gas for transportation, then the price of home heating will soar. That will surely make the Dems and Publican happy. We won't be burning so many fossil fuels and the oil and natural gas people will have so much money they can concern the market on solar. Then the price of solar will go through the roof also.

So, look up, our redemption draweth nigh. We don't want things to get better, we want Jesus to come and before He comes, there will be time of trouble such as never was. Are we prepared?
Title: Re: Crude Oil Prices
Post by: Mimi on March 09, 2011, 07:00:34 PM
Soon we will be priced out of "buying." My new budget had to be revamped through to fall based solely upon the price of fuel for my car. Now I must set aside $200/month just for gasoline. Insane for a household! Only a few years ago my budget reflected $50/month.
Title: Re: Crude Oil Prices
Post by: Mimi on March 17, 2011, 07:48:57 PM
From Bloomberg (http://www.bloomberg.com/news/2011-03-16/oil-falls-on-concerns-japan-s-earthquake-disaster-will-curb-crude-demand.html):

Oil fell from a two-day high in New York as concern that damage from Japan’s earthquake will curb demand for crude outweighed speculation unrest in the Middle East may lead to supply disruptions.
Title: Re: Crude Oil Prices
Post by: Richard Myers on March 20, 2011, 02:18:22 PM
If I were a Democrat and sworn to limit greenhouse gases, I would want the price to stay high. Could our president do anything to halt the downward slide?  Maybe if we were to have a little war in the Middle East? That may raise the prices up to new highs. It might please mother earth.
Title: Re: Crude Oil Prices
Post by: Richard Myers on August 09, 2011, 02:15:21 PM
One of the great blessings to come when the stocks plunge is that the price of gas and heating oil goes down.  The speculators who drove prices up, now lose a lot of their money.   Looking for a blessing amid the disaster. The oil companies pushed the price of diesel to $4.20. That costs me $150 to fill my truck up. I burn that in one trip. Between Obama and the oil companies, people are suffering.
Title: Re: Crude Oil Prices
Post by: Immanuel on August 10, 2012, 08:33:40 AM
Oil prices are artificially high:

"With oil prices hovering around $90 a barrel and the cost to produce a barrel of oil only around $15, the profits are huge, said Gordon, whose company is still aggressively leasing mineral rights, which gives it rights to drill on certain properties." source (http://money.cnn.com/2012/08/10/news/economy/kansas-oil-boom-drought/index.html?hpt=hp_t1)
Title: Re: Crude Oil Prices
Post by: Mimi on July 12, 2013, 04:40:46 AM
CNN: Drivers, get ready for a gas price spike.

http://money.cnn.com/2013/07/11/news/economy/gas-oil-prices/index.html?iid=HP_LN&hpt=hp_t3

NEW YORK (CNNMoney) Source - read more. (http://money.cnn.com/2013/07/10/news/economy/oil-prices/index.html)
U.S. oil prices jumped above $106 a barrel Wednesday, their highest level in over a year, as stockpiles of crude dwindled and tensions in Egypt kept traders on edge. Gasoline prices in the United States also began to move higher.

Oil prices rose nearly $3 a barrel following a report from the American Petroleum Institute showing a 9 million barrel draw down in crude oil stored in tanks around the country. Another report from the U.S. Energy information Administration showed a similar draw.


The $3 rise comes on top of gains made over the last couple of weeks after widespread protests and a military takeover in Egypt. U.S. oil prices are up 10% since the end of June.
Title: Re: Crude Oil Prices
Post by: Richard Myers on November 19, 2014, 12:24:08 PM
Crude oil settled at 74.50 today.  Low crude prices have given us 2.79 gas.
Title: Re: Crude Oil Prices
Post by: Mimi on November 19, 2014, 12:39:35 PM
Excellent! Yesterday, we saw it @ $2.47/gal. Unheard of these days! And, the market is primed to make a marked adjustment. Let's see what it is when that happens.
Title: Re: Crude Oil Prices
Post by: Mimi on November 22, 2014, 04:35:39 AM
... and yesterday, we filled up @ $2.44/gallon. Amazing!

When I was old enough to notice gasoline prices, I remember Mother filling up @ $0.17/gallon in west Texas.  ;)
Title: Re: Crude Oil Prices
Post by: Mimi on November 24, 2014, 05:25:44 AM
From Reuters: Oil price seen falling to $60 if OPEC does not cut output (http://www.reuters.com/article/2014/11/24/us-opec-meeting-funds-idUSKCN0J80QL20141124)
Title: Re: Crude Oil Prices
Post by: JimB on November 24, 2014, 06:57:14 AM
I've been kinda watching this for a couple of weeks now since my wallet thinks it's too good to be true. I saw conspiracy theory that thought the US and the Saudi's were in this together in order to lay waste to Russia's already failing economy. Especially since supposedly, according to the article, Russia needs the price to be at least $110 per barrel in order to turn a profit. However, I doubt that is true since prices dropping this low will also hurt the profits of our shale oil here in the states.  Others simply say that they are simply worried that with the US producing so much more new oil that they are afraid of loosing market share and dropping the price would be one way to get most to buy your oil.
Title: Re: Crude Oil Prices
Post by: Richard Myers on November 24, 2014, 08:29:41 AM
It is interesting. Greed causes the free market to work. The cartel is getting greedy. Another word for cartel is monopoly. With less demand and more production the cartel is losing market share. Apparently, Saudi Arabia is unwilling to do the cutting. They lose income when they cut production. They want others to cut production also.
Title: Re: Crude Oil Prices
Post by: JimB on December 03, 2014, 03:30:15 PM
I can't find the article I read yesterday but in the article the Saudis more or less admitted that they were doing this to make sure that they maintained their marketshare. And apparently not only are they not going to cut production but apparently have a built up reserve that they can also make use of if they need to. Sounds like they are planning for the end game and are willing to be beat up with losses for a while if they need to.
Title: Re: Crude Oil Prices
Post by: Mimi on December 03, 2014, 06:48:16 PM
As if they need more $$ ...

We filled up @ $2.37 over the weekend. Crazy!
Title: Re: Crude Oil Prices
Post by: Wally on December 04, 2014, 03:42:37 AM
Ah, but remember when that was thought to be an exorbitant price?  I can't forget the days when one could find it for 19 or 20 cents a gallon in southern Texas.  The youngsters may not believe it, but it's true.  Of course that all changed in 1973.
Title: Re: Crude Oil Prices
Post by: ltvvaughn on December 04, 2014, 08:15:58 AM
I remember the gas wars that would happen between stations nearby each other.  I remember some prices around 15 cents a gallon.
Title: Re: Crude Oil Prices
Post by: Wally on December 04, 2014, 08:23:54 AM
I remember some prices around 15 cents a gallon.

Wow, you must be a really old geezer; even older than me.  ;)  ;D

I say that with respect of course, Pastor Vaughn.  :)
Title: Re: Crude Oil Prices
Post by: Wally on December 04, 2014, 08:26:35 AM
Just in the news - not yet on the web - crude oil prices jumped over $2 today. This places a barrel of oil at $86.13. Forecasters expect it to go to $100/barrel before the end of the year and over $112 by this time next year.<P>Just found this:  <A HREF="http://www.oil-price.net/" TARGET=_blank>http://www.oil-price.net</A>

Remember this original post my Mimi 7 years ago?  Who would have thunk that it would go back to prices in the $70 range?  :o

Don't get used to it.
Title: Re: Crude Oil Prices
Post by: Richard Myers on December 04, 2014, 12:51:11 PM
:)   It is good that God preserves the memory of His faithful.  That price was in the 50s and it was on the East Coast, not the West.  Cokes were half the price in the South as out west.  A nickle vs a dime.   :)  And how about those green stamps!! And the free glasses and pitchers the gas stations gave away when they checked your battery, tires, and washed the windshield!!  That was back in the days when the schools taught math and reading, not homosexuality. Jesus is coming soon!!
Title: Re: Crude Oil Prices
Post by: Mimi on December 04, 2014, 01:51:07 PM
Yes, He is! Hallelujah!

I remember the green stamps books! They were S&H Green Stamps. I helped Mother fill the books!  :)

(http://i587.photobucket.com/albums/ss316/TROPhotobucket/imagesqtbnANd9GcRcVJUhkQbdnxiZYdna6_zpsa354adeb.jpg)

And then, as if overnight, the attendants were gone and I wondered to myself what would we do without them? Who would put air in our tires or check our oil, but more importantly, who is going to pump the gas? LOL As a young woman, I soon discovered who would do it. It scared me senseless but I finally learned how to do it without fear of blowing everyone up!
Title: Re: Crude Oil Prices
Post by: Richard Myers on December 04, 2014, 09:53:11 PM
And when the gas was 33 cents/gal some gave gold bond stamps.

(http://remnant-online.com/Images/goldbond.jpg)
Title: Re: Crude Oil Prices
Post by: Richard Myers on December 04, 2014, 10:16:25 PM
The Saudis are thought to be also interested in what is happening to Iran and Russia. They are not happy with Obama and Europe in allowing Iran to move forward with their nuclear program.  Both Russia and Iran are hurt badly by falling oil prices.
Title: Re: Crude Oil Prices
Post by: Mimi on December 14, 2014, 06:55:00 PM
We may have cheap gas for a little while longer ...

From CNN Money: http://money.cnn.com/2014/12/14/news/economy/opec-oil-price/index.html?hpt=hp_t2

 NEW YORK (CNNMoney)
OPEC won't rush to cut oil production even if prices fall as low as $40 per barrel, one of the cartel's members said Sunday.

The energy minister for the United Arab Emirates told Bloomberg at a Dubai conference that the middle eastern oil producers believe "the market will stabilize itself."

"We are not going to change our minds because the prices went to $60 or to $40," Suhail Al-Mazrouei said.
Title: Re: Crude Oil Prices
Post by: Richard Myers on December 15, 2014, 08:21:05 AM
Have you ever wondered why monopolies  used to be unlawful in the united states? The answer can clearly be seen in the price of oil and the monopoly that was created by opec.
Title: Re: Crude Oil Prices
Post by: Mimi on January 05, 2015, 05:11:07 AM
Oil prices this morning: $51.03/barrel

I topped off my tank with $1.75/gallon gasoline yesterday. $23.  :) Nice!
Title: Re: Crude Oil Prices
Post by: Wally on January 05, 2015, 04:34:15 PM
$1.75?!  Wow!  It's $2.29 around here, which is still not bad.  If it would stay this way, we'd be back to about what it should be when corrected for inflation.  Pity we can't stock up on it.  My grandparents had an above ground tank (about 250 gallons, as near as I can remember) at their place when I was a kid.  It flowed into the car's gas tank by gravity.  I suspect they got a better deal by buying in bulk that way.  That was 50+ years ago.  I doubt that the law would allow it now.
Title: Re: Crude Oil Prices
Post by: colporteur on January 05, 2015, 05:34:51 PM
 You would  be surprised how fast 250 gallons would be used up though, at least at our place that would last about 4 weeks.
Everything is so unstable. You can have your own tanks if you live in the country, Farmers do. I'm sure the tanks have to meet specs though.
They speculate that the price could go down to as low as $30 a barrel. The problem with that is this could hurt some countries so bad so as to cause  much civil unrest and invite war.
Title: Re: Crude Oil Prices
Post by: Mimi on January 05, 2015, 07:39:42 PM
It has fallen 10 cents in the last 24-hours. Smith's grocery stores are selling it @ $1.65/gallon today. And the convenience stores across from them are matching it. So is the Shell station.

We have a nice little price war going on down here! We are happy but know it will not last.
Title: Re: Crude Oil Prices
Post by: Richard Myers on January 06, 2015, 09:09:58 AM
Oil going lower today, close to $48.   Dow Jones continues to fall also.
Title: Re: Crude Oil Prices
Post by: Mimi on January 13, 2015, 04:21:02 PM
This is crazy. Crude = $46.07. Two days ago I filled @ $1.59/gallon and a member of my household @ $1.49. A friend who receives royalties on gas wells in Texas actually began to complain this week. Her checks are one half what they were before this fall. Of course, I gave her a gallon's worth of my best sympathies. She will be okay. This won't last long.  ::)
Title: Re: Crude Oil Prices
Post by: colporteur on January 13, 2015, 04:46:35 PM

 A friend in the church believes that this is a design to break the US oil companies. He says the Saudies can produce oil for a little over half the cost that it takes the US. Therefore they can weather the storm and bankrupt the  US companies and then take over again.
Title: Re: Crude Oil Prices
Post by: Mimi on January 13, 2015, 05:46:07 PM
If I remember correctly, that very fact has been stated in the news. And we know one day the Lord will use that oil and it will all be over.
Title: Re: Crude Oil Prices
Post by: Richard Myers on January 13, 2015, 10:30:19 PM
From what I can tell, it is not a matter of how much it cost the Saudis to produce a barrel of oil. Their cost is very very low. Much below half of what it cost to produce much of the shale oil. Some Saudi oil could be under $10/b. Shale production in the US can range from around $40/b to $100/b. The real issue is the need for revenue from oil in Saudi Arabia.  With lower prices, their revenue is not enough to fund their social programs. The threat to the Saudis is from instability in their nation from cutting social programs designed  to placate the population, especially the young. So, they will not keep the production at the current level forever. They want the price back up around $100/b. They are hopeful they can crush the more expensive production. How long can they continue with the lower prices? They are funding their social costs with reserves which are quite high. But, the savings will run out. This is the key to understanding how long they can hold out.  Of course world demand is down and this is also a factor in lower oil prices. OPEC is being hit from both sides. Praise God.
Title: Re: Crude Oil Prices
Post by: JimB on January 14, 2015, 04:50:26 AM
Saudi billionaire businessman Prince Alwaleed bin Talal told me we will not see $100-a-barrel oil again. The plunge in oil prices has been one of the biggest stories of the year. And while cheap gasoline is good for consumers, the negative impact of a 50% decline in oil has been wide and deep, especially for major oil producers such as Saudi Arabia and Russia. Even oil-producing Texas has felt a hit. The astute investor and prince of the Saudi royal family spoke to me exclusively last week as prices spiraled below $50 a barrel. He also predicted the move would dampen what has been one of the big U.S. growth stories: the shale revolution. Source (http://www.usatoday.com/story/money/columnist/bartiromo/2015/01/11/bartiromo-saudi-prince-alwaleed-oil-100-barrel/21484911/)
Title: Re: Crude Oil Prices
Post by: JimB on February 03, 2015, 06:02:25 PM
It seems that maybe OPEC has flexed their muscles long enough to prove their point.


Right now the oil market is totally focused on finding a bottom for oil prices. However, according to OPEC's Secretary-General Abdulla al-Badri we've already hit bottom.
Not only that, but he sees a real possibility that oil prices could explode higher to upwards of $200 per barrel in the future. He's far from the only one that sees a return of triple-digit oil prices.
Source (http://money.cnn.com/2015/02/03/investing/oil-price-rebound-opec-200/index.html)
Title: Re: Crude Oil Prices
Post by: Richard Myers on August 04, 2015, 10:49:54 PM
With demand trending down and supplies moving upward, oil price hit $45 today.   China's economy is shrinking.  Saudi Arabia continues with high production. OPEC is maintaining their market share.

The price of oil is an indication of the health of the world economy. 
Title: Re: Crude Oil Prices
Post by: Richard Myers on January 27, 2016, 10:53:52 AM
Crude oil is still headed down.  Price today is in the $31 range.   It is an indicator of economic health.  It has been a fast drop from the $115 range.  There is no predicting the future of the price of oil with great accuracy, but we can predict the future  in regards to economic and political security world-wide, for the Bible tells us. As it was in the days of Noah, so shall it be just before the second coming of Christ. If you trust in the Bible, we can know Jesus is even at the doors. If this is so, and it is, then the world is as it was just before God killed every living thing on the earth except what He kept safe on the ark. So too, will every living thing on the earth today be destroyed except for those who will be safely abiding in Christ.

It is not too late to choose where we will end up. Jesus has the power to save all who will come to Him just as they are. Our great need now is to know that we are converted. Are we, in the fullest sense of the word, heeding the invitation, "Come unto Me, all ye that labor and are heavy laden, and I will give you rest. Take My yoke upon you, and learn of Me; for I am meek and lowly in heart: and ye shall find rest unto your souls. For My yoke is easy, and My burden is light" Matthew 11:29-30. By accepting this invitation, we commit our souls to God as unto a faithful Creator.  Our heavenly Father knows how weak we are. He understands our necessities and our capacities. He has not left us to be guided or controlled by any human will. We are to follow the Bible. We gain purity of soul through the blood of Jesus, which is efficacious to cleanse us from all sin. Do we believe this?

"If ye know these things, happy are ye if ye do them." "He that doeth the will of God abideth for ever." Let us conform our wills to the will of God. Remember that however great the wisdom a man may appear to have, if Christ does not abide in his heart, he will lead you astray. However great the capabilities and talents entrusted to a man, unless he is converted, unless he is filled with the Spirit of God, he is not, with all his endowments and intelligence, to be trusted as a safe guide for the people of God. 
     Each human being has a soul to save or a soul to lose. He must remember that under all circumstances he must be a conscientious Christian. If a man misappropriates his wisdom, as did Lucifer, the one closest to God, and places his judgment as supreme, be afraid of him, and turn from him to the living God. Let each of us not only study our Bibles, but walk in the light which it has shed upon us. What is the great work before us? The proclamation of the gospel, with its life saving principles, to every nation and kindred and tongue and people.

Time is short, perplexities are on every hand. Judgements are in the land and will continue to increase. Let us be about our Master's business. The only thing we will take with us to heaven will be our character and those whom we have led to Christ.
Title: Re: Crude Oil Prices
Post by: Richard Myers on January 31, 2016, 11:16:41 PM
Paid $1.99 gal. today in Calif.!!    Things are not good in the economy.        WTI Crude  33.62
Title: Re: Crude Oil Prices
Post by: Cop on February 06, 2016, 05:16:22 AM
It does not seem to be so very long ago when oil was going for under $3 a barrel and gasoline for under 20 cents a gallon. Most of the time, if you searched hard enough, gas could be found for less than 15 cents a gallon. That was way back in 1973 before the Yom Kippur War.

Now Obama is wanting a $10 a barrel tax "to be paid by oil companies in order to fund clean energy transport system" and to prevent 'climate change'. Who is eventually going to pay for this increase? Not the oil companies!
Title: Re: Crude Oil Prices
Post by: Richard Myers on February 07, 2016, 12:24:27 PM
15 cents, you have a good memory, cop. That was back when there were gas wars, they washed your windshield, checked your water, and air.  :)     Oh, and they also gave you green stamps and glassware.   :)   I remember 17 cents a gallon in South Carolina in the 50s. I don't think many today have heard of gas wars.   That was when there was competition in the industry. There was no collusion and price setting by an OPEC.
Title: Re: Crude Oil Prices
Post by: Wally on February 07, 2016, 04:17:16 PM
Just for the record, the price of gas is now only sightly higher than it should be, if it were keeping pace with inflation over the past 45 years.  A typical price when I was in college was .25/gallon, except in Texas, where we saw it for .18 or .20/gal.  So, $1.53/gal. is about what it should be now.  In Tennessee, where my kids are, it's less than that.  Up here in the frozen wastelands of Maine, it's around $1.80.  I'm not complaining; it sure beats $4.00.
Title: Re: Crude Oil Prices
Post by: Richard Myers on February 10, 2016, 09:58:10 PM
One might ask why the price of oil was over $100/barrel when the cost to produce it varies from $8.50  to $52.50.       source (http://oilprice.com/Energy/Energy-General/Are-We-Nearing-A-Transition-Point-In-Oil-Production.html)
Competition ought to keep the price down. But, it seems competition was not working very well. Why not?
Title: Re: Crude Oil Prices
Post by: Richard Myers on February 11, 2016, 02:13:43 PM
WTI    27.30 
Brent  30.06

Lowest price in 13 years.

Supply exceeds demand so much that storage capacity is almost full.

Stock market is taking a hit frequently now.
Title: Re: Crude Oil Prices
Post by: JimB on February 11, 2016, 05:52:52 PM
I paid $1.29 earlier this week and I'll fill up tomorrow at $1.25. I haven't seen this about 10 years or so. Kind of odd but I'm not complaining. However, I've had more than one person say this is "scary low".
Title: Re: Crude Oil Prices
Post by: Mimi on February 12, 2016, 06:46:48 AM
That is shockingly low! Yesterday I filled up @ $1.43/gallon and felt extremely blest while very concerned about this entire situation.   
Title: Re: Crude Oil Prices
Post by: Richard Myers on February 12, 2016, 07:36:46 AM
And Chevron in California is still selling gas at $2.99. 

Why is it scary, because those who have taken advantage of OPEC's price fixing are not able to do so now. By not objecting to the cartel's unfair attempt to control prices, now American oil companies are suffering. Couple this with the downturn in the world demand for oil and we have an economic disaster in the making. This is why we have been posting oil prices. It is a marker of what is coming.

The Fed chief yesterday stated they were perplexed at how low the price of oil is. That is hard to believe. They know more than we do. It is not a secret as to why the oil price is so low, and that barring any disturbance in the Middle East, it will go lower until the glut of oil is overcome.  The OPEC cartel would like to by their unfair practice drive some of the competition out of business. It is working.  The prophet warned against speculating in such things, as often it would lead to ruin. How many today are counting their loss as commodity prices have fallen drastically? And, some are contemplating a fast profit by investing in oil, real estate, and gold today. What does God think about such things?

     God desires His servants to avoid all speculation. Satan may pave the way by making the first investment successful, but Oh, how bitter will be the final outcome! If the professing Christian has success in his first speculation, His ruin is almost certain. Visionary schemes are wildly entered into as schemers present promising enterprises which they declare will pay a large percentage on all money invested. Good men are fascinated and deceived. Shares are purchased. Then comes confusion and loss. Some are totally ruined, having in the excitement invested all they had. In the thirst for riches, reason seems to depart. One or two may gain wealth, to their own injury, but many, many are bitterly disappointed.
     Man proposes, but to save him from ruin, God disposes. The Lord has instructed me that should our brethren who are engaged in speculation realize their expectation, it would be the greatest curse that could come to Seventh- day Adventists. Thus others would be led into the snare, to the peril of their souls. Those who can earn an honest living would give up their business to speculate in mining stock, selling their souls for the hope of gain. 
 
     God requires His people to deal justly and in all kindness, never oppressing their fellow-beings in any way. Instead of entering into speculation, let those who know the truth find some steady, honest employment, in which they can earn their living in a way that glorifies God. Those who encourage the thirst for speculation will extinguish the light that God has given to guide their feet aright. Making money easily, they will spend it unwisely, and their prodigality will be their ruin. To maintain their habits of selfish indulgence, they must continue to make money rapidly. The effort to make money fast enough to meet their extravagant expenses, draws many into the gambling hell. 
     Man cannot prosper while he tramples on God's principles and ignores His wisdom. Those who refuse to obey the words of Christ will in time reap what they have sown. When in any sense God's way is departed from, when His will is violated, whether by nations, churches, institutions, or individuals, it is written in the books of heaven, and retribution will surely follow. 

     Once speculation is entered into, there is ever after an unrest, a thirst for gain, a desire to engage in some enterprise by which means can be obtained with ease, to be spent with prodigality. If by the grace of God the error of this course is seen, and therefore does not prove fatal, the character bears the scars for years.  {15MR 74.1} 
     The Ruler of the universe has protested against the greed of the natural heart, saying, "He that maketh haste to be rich shall not be innocent" [Proverbs 28:20]. God records them as guilty of fraud and transgression. "Nor trust in uncertain riches, but in the living God, who giveth us richly all things to enjoy" [1 Timothy 6:17]. "Ye shall do no unrighteousness in judgment, in meteyard, in weight, or in measure" [Leviticus 19:35]. "By humility and the fear of the Lord are riches and honor and life" [Proverbs 22:4]. "Let your conversation be without covetousness; and be content with such things as ye have: for He hath said, I will never leave thee, nor forsake thee" [Hebrews 12:5]. "He that loveth silver shall not be satisfied with silver, not he that loveth abundance with increase" [Ecclesiastes 5:10]. He who says to gold, "Thou art my confidence" [Job 31:24], shall find himself "pierced through with many sorrows" [1 Timothy 6:10]. "What shall it profit a man, if he shall gain the whole world, and lose his own soul?" [Mark 8:36].  {15MR 74.2}
Title: Re: Crude Oil Prices
Post by: Richard Myers on November 22, 2021, 08:26:54 AM
Brent Crude Oil      $79.80

Energy shortage in Europe and China has pushed prices up, but the Covid disease and lockdowns are keeping the economy suppressed so demand is down for energy. Biden has shut down pipe lines and wants to kill the oil industry coupled with the damage to oil plants when Hurricane Ida tore through Louisiana. Huge deficit spending in the US is pushing inflation higher including wages, food, housing, and energy. US stock market in on the verge of collapse.

Of economic interest to church members that have been counseled to move to the country, the price of land and housing in the country has gone through the roof in the US. Our message to those living in the wicked cities is to leave. Those church members who do not know or who reject counsel now find themselves locked into the strife ever increasing in the large cities and even in smaller ones. Take a moment to consider what has been happening in American cities in the last five years. People are fleeing the cities. And even states where children are being forced to attend schools teaching immorality and forcing vaccinations. None in God's church can say they were not warned.

The super wealthy like Bill Gates are buying very large quantities of farm land. Thus, the control of food will be in fewer and fewer hands causing the price of food to continue rising higher and higher.
Title: Re: Crude Oil Prices
Post by: Richard Myers on July 29, 2022, 12:56:47 PM
Why do we have this thread? Because we understood that the price of oil would rise to high levels. Prior to the increase in oil prices, American production  coupled with the slowdown brought about by Covid, brought the price of oil to a negative price. Today the price of Brent Crude is $110.
Title: Re: Crude Oil Prices
Post by: rahab on July 31, 2022, 06:05:03 AM
 :'(
Title: Re: Crude Oil Prices
Post by: Richard Myers on October 21, 2022, 11:03:26 AM
Brent Crude       93.16

Biden in order to make things look  better than they are, is going to release an additional 15 million barrels of oil from the Strategic Petroleum Reserve. In order to keep the oil prices from going higher before the coming election, he asked the Saudis to hold off on their cut in product until next month. Biden wants to shut down the production of oil and gas as do the European countries.

The Biden administration asked Saudi Arabia, the de-facto leader of oil producer group OPEC, to delay its decision on oil output by a month, the kingdom said in a statement.

The Saudis declined, and in early October OPEC+ — which includes non-OPEC oil exporters like Russia — announced its largest supply cut since 2020, to the tune of 2 million barrels per day starting from November. That means tighter supplies and higher prices at a time of already high inflation and worries of a global recession, which angered U.S. lawmakers who are now calling for a “reevaluation” of relations with the Saudi kingdom.

Notably, the White House’s request would have delayed the decision until after the U.S. midterm elections.  source (https://www.cnbc.com/2022/10/13/biden-admin-asked-saudi-arabia-to-postpone-opec-cut-by-a-month-saudis-say.html)
Title: Re: Crude Oil Prices
Post by: rahab on October 21, 2022, 05:43:59 PM
Seems they are trying to influence our elections  :-\