Date: Mon, 15 Sep 2008 13:00:40 -0700
Reply-To: Roger Whittaker <rogerwhitt1@GMAIL.COM>
Sender: Vanagon Mailing List <vanagon@gerry.vanagon.com>
From: Roger Whittaker <rogerwhitt1@GMAIL.COM>
Subject: Re: Fuel Price Gouging - Again - It jumped nearly $1 locally
In-Reply-To: <6e95da690809151212k220e3fb5x2fb93ed0f2c4f689@mail.gmail.com>
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Dear all who blame government and oily companies
an interesting development over the weekend ... lets connect the dots ]
below will be a pasted in story form Canada Press filed today
any way ... a company that is going to tumble knows well inadvance ...
a company for sale knows well in advance as well ...
so do those making the deal and putting it all together ..
and they have friends who trade in oil etc...
last week the oil price began to drop even in with the news of IKe
today it is below 96$ CDN
and last night we learn that one of the biggest commodity traders read
lehmans is TUITG
going chapter 11
read the story conect your own dots
NEW YORK - Oil prices tumbled to a seven-month low Monday as the demise of
Lehman Brothers and the sale of Merrill Lynch fed expectations that another
big liquidation of commodities holdings might lay ahead.
Crude's steep decline - prices tumbled as much as US$7 over the weekend -
also came as early signs suggested that Hurricane Ike delivered less damage
than feared to the Gulf Coast energy oil and gas infrastructure.
Light, sweet crude for October delivery fell $3.57, or 3.53 per cent, to
US$97.61 a barrel on the New York Mercantile Exchange, after earlier
dropping to $94.13, the lowest level since Feb. 14. A close at that level
would be oil's first settlement under $100 since March 4.
Crude has fallen about $50 - or 35 per cent - from its all-time trading
record of $147.27 reached July 11 as a global economic slowdown continues to
weigh on demand for energy.
The selloff in oil began Sunday and accelerated Monday as traders digested a
day of dramatic upheaval on Wall Street: Lehman Brothers Holdings Inc., a
158-year-old investment bank, filed for bankruptcy after failing to find a
buyer and Merrill Lynch & Co. agreed to be bought out by Bank of America
Corp.
Lehman, Merrill and other big institutional investors were major
participants in the commodities boom of the past year, helping push the
price of oil, precious metals and grains to historic highs until a slowing
global economy helped bring a halt to the rally.
Analysts said investors feared that the upheaval in the financial sector
could trigger another round of commodities liquidation - especially with
Lehman likely to unwind its holdings. Other investors may also unload
commodities, fearing that the deepening economic crisis will further reduce
demand for energy and raw materials futures.
"I think this is giving the bulls further reason to exit the market," said
Stephen Schork, an oil analyst and trader in Villanova, Pa., who said the
pullback could reflect Lehman or a hedge fund selling.
By midday Monday, commodities markets were trading mixed, with energy
futures down but gold, silver and most grains trading higher.
Investors were also awaiting damage assessments to Gulf energy
infrastructure after Ike's passage.
U.S. officials said Sunday that Ike destroyed at least 10 oil and gas
platforms and damaged pipelines in the Gulf of Mexico. But that represents
only a small portion of the 3,800 production platforms in the Gulf and pales
in comparison to the catastrophic damage to energy infrastructure doled out
by Hurricanes Katrina and Rita three years ago.
"Fears of widespread refinery damage have been allayed considerably and a
number of facilities are coming back up in a timely fashion," said Jim
Ritterbusch, president of energy consultancy Ritterbusch and Associates in
Galena, Ill.
Still, power outages along the Gulf Coast were slowing efforts to restart
some refineries. Meanwhile, virtually all oil production in the Gulf and
about 92 per cent of natural gas output remained shut-in as of Sunday,
according to the U.S. Minerals Management Service.
The shutdown of Gulf refineries sent wholesale gasoline prices spiking last
week and pushed pump prices back above $4 a gallon in South Carolina,
Alabama, Georgia and other states. Gasoline shortages were reported in
Maryland, Virginia and North Caroline.
On Monday, a gallon of regular rose half a penny overnight to a new national
average of $3.842 - up 16.7 cents from Friday, according to auto club AAA,
the Oil Price Information Service and Wright Express.
In Canada, Canadian motorists paid on average more than $1.42 per litre of
gasoline Monday.
Tom Kloza, publisher and chief oil analyst at the Oil Price Information
Service in Wall, N.J., said supply shortages caused by Ike and Hurricane
Gustav three weeks ago should last at least another two weeks.
"That means we're looking at close to US$4 a gallon for the rest of
September," Kloza said. "People are going to observe more of this disconnect
where retail prices move higher even though crude oil is trading below $100
a barrel."
Also adding to the selling pressure Monday was a slightly stronger dollar. A
rising greenback encourages investors to unload commodities bought as a
hedge against inflation or weakness in the U.S. currency.
Oil fell despite reports that militants have launched another attack
Nigeria's oil infrastructure in a third day of violence.
In other Nymex trading, heating oil futures fell 14.66 cents to $2.7925 a
gallon, while gasoline prices dropped 18.96 cents to $2.58 a gallon. Natural
gas for October delivery rose 13.5 cents to $7.501 per 1,000 cubic feet.
In London, October Brent crude fell $5.10 to $92.48 a barrel on the ICE
Futures exchange.
*(c) The Canadian Press, 2008*
On Mon, Sep 15, 2008 at 12:12 PM, Joy Hecht <hecht.joy@gmail.com> wrote:
> Actually the US gas isn't subsidized - it just isn't taxed enough so it's
> cheaper than anywhere else in the world. And, what a surprise, Americans
> drive too much!
>
> Here in St. John's, Newfoundland, gas prices jumped from $CA 1.387/liter
> yesterday to 1.49/liter today - that would be a jump from about $US 5.13 to
> $5.52/gallon. Good thing I filled my tank yesterday! ;-) But too bad I
> have to drive to the US border next week...
>
> And here in Canada Stephen Harper just came out swinging against gas price
> gougers. Whereupon the Newfoundlanders have called on him to remove the
> 27%
> fuel surcharge on the (very expensive) ferry that is the only way for them
> to reach the rest of their country, calling this federally sanctioned gas
> gouging.
>
> Meanwhile the Newfoundlanders are all working in the tar fields of Alberta,
> where the environment is being utterly destroyed as the oil companies
> frantically extract extremely dirty oil to meet US energy demand. On the
> one hand, if gas prices go higher people might drive less and this oil
> might
> be left in the ground where it belongs. On the other, the higher the
> prices
> go, the more financially feasible it is to exploit horribly dirty and
> inefficient oil resources like those in Alberta. And the economy of
> Newfoundland and probably other parts of Canada as well depends on that
> supply of highly-paid jobs in Alberta.
>
> I think we can't win!
>
>
> Joy
> (and Matilda, who is trying to get over her need to consume petroleum
> products and emit greenhouse gases, but without much success)
>
>
> On Mon, Sep 15, 2008 at 2:10 PM, Don Spence <dkspence@telus.net> wrote:
>
> > So Jim, you're paying $1.12 cdn per liter. Here, in Edmonton AB
> > Canada, where your stinking cheap oil comes from, we are currently
> > paying $1.38 cdn per liter.
> >
> > You guys are really subsidized.. The worst part is that most Canadian
> > oil companies are US owned so not only the oil but our money gets
> > exported to your side of the 49th.
> >
> >
> >
> > On 13-Sep-08, at 10:00 PM, Automatic digest processor wrote:
> >
> > Date: Sat, 13 Sep 2008 20:48:45 -0700
> >> From: Jim Arnott <jrasite@EONI.COM>
> >> Subject: Re: Fuel Price Gouging - Again - It jumped nearly $1 locally
> >>
> >> Folks,
> >>
> >> Please remember that this is a world-wide mailing list. Your paltry
> >> $4.00/gal. is nothing compared to what our European listmembers are
> >> paying. <http://www.aaroadwatch.ie/eupetrolprices/>
> >>
> >> The US of A still has relatively cheap fuel. $4.00/gal is $1.06/
> >> liter. Euro is about $1.42 currently. Pound sterling is pegged at
> >> 1.79.
> >>
> >> Jim
> >>
> >> On Sep 13, 2008, at 6:24 PM, John Rodgers wrote:
> >>
> >> Today, Saturday - Birmingham, AL - down US 280 going southeast from
> >>> Interstate 459 - in the area of Inverness, Raceway stations were
> >>> $3.99.9/gal while all others along that stretch were $4.19.9/gal.
> >>> Some
> >>> stations did not have regular unleaded. Others had ONLY the 87 octane
> >>> unleaded with 10% ethenol.
> >>>
> >>
> >>
>
--
roger w
There are two kinds of jobs in the world:
Picking up garbage and telling people things.
Successful people do both, with the same good attitude. (riw)
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