BULLSHIT ALERT: "Oil surges to record $65 a barrel"
this is cool...
but don't let it fool you...
it's just a small part of the big picture...
alright...
gas prices have surged 25% in the last few months...
gas prices have been tied to middle-east instability...
gas prices have been sold to us as a supply-chain problem...
which means everyone should be screwed by the high prices...
right?
(...)
since we're paying 25% more for gas, is it costing gas companies 25% more to buy it?
are their profit margins increasing or decreasing while we pay A LOT MORE for what has now become an essential cost of living? they have a right to make money, but if they LIE to us about how they're increasing profits, if they LIE to us about why WE have to pay more, if they LIE by not saying how THEY are doing while WE are completely screwed...
well...
and why the hell did corporations sell a million SUV's (on credit!) before raising gas prices by 25% or more?
man, this is getting weird...
anyway...
i did a simple Google News Search on "oil profits"...
Results 1 - 10 of about 11,200 for oil profits. (0.53 seconds)
Australian shares close at record high on surging oil, profits ...
Forbes - 9 Aug 2005
SYDNEY (AFX) - Share prices closed at record highs as shares of oil stocks climbed amid further positive sentiment towards company profits, dealers said. ...
Australian shares close up at record high despite blue chip ... Forbes
Australian shares outlook - Modest gains on positive Wall St lead Forbes
all 10 related »
Australian shares close up at record high despite blue chip ...
Forbes - 13 hours ago
... They said the Commonwealth Bank fell despite a record full-year profit as investors took profits after bidding the stock up ahead of today's earnings report. ...
Where's the outrage? Silence on oil profits story palpable
Henderson Gleaner, KY - 4 Aug 2005
... Royal Dutch Shell, the world's third-largest oil company, reported second-quarter profits up 34 percent. BP's (British Petroleum) were up 29 percent. ...
Oil profits: Where's the outrage?
Ocala.com, FL - 5 Aug 2005
... Bill Clinton, warns: "We need to find a way so that we don't have a perpetual seller's market (setting oil prices). Especially one that transfers profits to an ...
Ryanair Shrugs Off Rising Oil Prices to Lift Profits By 21%
RedNova.com, TX - 3 Aug 2005
... by other European carriers on short-haul journeys had pushed customers towards Ryanair, which has vowed to absorb the rising price of oil. Profits for the ...
Huge oil profits go for exploration
USA Today - 28 Jul 2005
With oil trading near $60 a barrel, US energy companies are reporting huge profits this week and heralding global searches for new supplies after years of ...
Major oil profits give Toronto stocks a minor gain
Reuters Canada, Canada - 28 Jul 2005
... Shares of oil companies Talisman Energy and PetroKazakhstan Inc. ... sector a wafer-thin 0.06 percent gain as the two companies reported stronger profits in the ...
US investigators claim Syria misspent millions in Iraqi oil ...
San Diego Union Tribune, United States - 26 Jul 2005
UNITED NATIONS – Syria misspent more than $500 million in Iraqi oil money left over in its central bank after a three-year stretch of doing business with ...
'Good day for oil' -- profits zoom, House OK's breaks
Cincinnati Enquirer, OH - 29 Jul 2005
DALLAS - Two of the world's largest oil companies, Exxon Mobil Corp. and Royal Dutch Shell PLC, said Thursday that second-quarter profits rose by about one ...
Rising demand, high prices push up oil profits
OCRegister (subscription), CA - 29 Jul 2005
... Two of the world's largest oil companies, Exxon Mobiland Royal Dutch Shell, said Thursday that second-quarter profits rose by about one-third, buoyed by high ...
New! Get the latest news on oil profits with Google Alerts.
(...)
so, don't believe the boring bullshit below...
in fact...
why is the story so boring you don't want to read it?
(...)
Oil surges to record $65 a barrel
By Richard Valdmanis
10 minutes ago
NEW YORK (Reuters) - Oil prices surged nearly two dollars on Wednesday after a U.S. government report rekindled fears that resilient demand from summer drivers and a spate of refinery outages could trigger a gasoline supply crunch.
The gains came against the backdrop of rising tensions in the Middle East after the United States temporarily closed its diplomatic missions in Saudi Arabia this week due to the threat of attacks by militants.
U.S. light sweet crude futures soared $1.93 to hit $65.00 a barrel, the highest on record, before settling at $64.90. London Brent jumped $2.08 to new peak of $64.06 a barrel, before settling at $63.99.
A U.S. government report issued on Wednesday showed crude stockpiles in the world's biggest energy consumer rose last week by 2.8 million barrels, due to hefty imports and slower refining activity.
But the report from the Energy Information Administration also showed a 2.1 million-barrel decline in gasoline stockpiles due to strong demand from summer drivers and slower domestic production -- bringing inventories below last year's level by 7.9 million barrels, or 3.7 percent.
"Gasoline inventories are of greater concern, but the draw was smaller than in previous weeks, and we don't have that much time left in the driving season," said Timothy Evans, senior analyst at IFR Energy Services.
U.S. gasoline demand has been running at a robust 1.4 percent higher than a year ago over the past four weeks, despite record high retail prices at the pumps -- a sign the economy is holding up against soaring energy costs.
"Those high oil prices are a burden on U.S. families, on firms' production costs. But the good news is that at least so far the U.S. economy has not been slowed by the high energy prices," Ben Bernanke, chairman of the White House Council of Economic Advisers, said earlier this week.
While crude prices are running at their highest on record in nominal terms, when adjusted for inflation they remain below their 1980 height over $82.
TIGHT CAPACITY
Crude oil producers and refiners have struggled to keep up with demand growth over the past two years, reducing the cushion of spare capacity needed to make up for any sudden shortfall.
Worries over that scenario grew this week when the United States temporarily shut its missions in Saudi Arabia because of a security threat in the world's top oil exporter. In addition, OPEC's second biggest producer, Iran, pressed ahead with its nuclear work in defiance of the European Union.
OPEC producer nations, which control about 40 percent of the world's oil exports, have been pumping at their highest levels in decades in an effort to cool prices.
Venezuela's oil minister said Wednesday the cartel has done all it can to boost oil supply, but global prices will probably hold at current levels.
"We have said that this is a structural issue, not a short-term factor, and the price is going to stay the same," Oil Minister Rafael Ramirez told reporters during a visit to Uruguay.
On Tuesday, OPEC President Sheikh Ahmad al-Fahd al-Sabah of Kuwait blamed refinery bottlenecks for record oil prices.
Adding to gains Wednesday, BP said its Schiehallion North Sea oilfield would be down until the end of the month as it repairs fire damage. Unplanned closures and scheduled maintenance have cut around 10 percent of North Sea output in August.
In the United States, where refinery problems have pushed gasoline prices to historic highs, BP said it had shut a unit at its Texas City refinery.
U.S. gasoline futures struck a record Wednesday of $1.8990 a gallon, before settling up 7.39 cents to $1.8963.
SOURCE - http://news.yahoo.com/s/nm/20050810/bs_nm/markets_oil_dc
but don't let it fool you...
it's just a small part of the big picture...
alright...
gas prices have surged 25% in the last few months...
gas prices have been tied to middle-east instability...
gas prices have been sold to us as a supply-chain problem...
which means everyone should be screwed by the high prices...
right?
(...)
since we're paying 25% more for gas, is it costing gas companies 25% more to buy it?
are their profit margins increasing or decreasing while we pay A LOT MORE for what has now become an essential cost of living? they have a right to make money, but if they LIE to us about how they're increasing profits, if they LIE to us about why WE have to pay more, if they LIE by not saying how THEY are doing while WE are completely screwed...
well...
and why the hell did corporations sell a million SUV's (on credit!) before raising gas prices by 25% or more?
man, this is getting weird...
anyway...
i did a simple Google News Search on "oil profits"...
Results 1 - 10 of about 11,200 for oil profits. (0.53 seconds)
Australian shares close at record high on surging oil, profits ...
Forbes - 9 Aug 2005
SYDNEY (AFX) - Share prices closed at record highs as shares of oil stocks climbed amid further positive sentiment towards company profits, dealers said. ...
Australian shares close up at record high despite blue chip ... Forbes
Australian shares outlook - Modest gains on positive Wall St lead Forbes
all 10 related »
Australian shares close up at record high despite blue chip ...
Forbes - 13 hours ago
... They said the Commonwealth Bank fell despite a record full-year profit as investors took profits after bidding the stock up ahead of today's earnings report. ...
Where's the outrage? Silence on oil profits story palpable
Henderson Gleaner, KY - 4 Aug 2005
... Royal Dutch Shell, the world's third-largest oil company, reported second-quarter profits up 34 percent. BP's (British Petroleum) were up 29 percent. ...
Oil profits: Where's the outrage?
Ocala.com, FL - 5 Aug 2005
... Bill Clinton, warns: "We need to find a way so that we don't have a perpetual seller's market (setting oil prices). Especially one that transfers profits to an ...
Ryanair Shrugs Off Rising Oil Prices to Lift Profits By 21%
RedNova.com, TX - 3 Aug 2005
... by other European carriers on short-haul journeys had pushed customers towards Ryanair, which has vowed to absorb the rising price of oil. Profits for the ...
Huge oil profits go for exploration
USA Today - 28 Jul 2005
With oil trading near $60 a barrel, US energy companies are reporting huge profits this week and heralding global searches for new supplies after years of ...
Major oil profits give Toronto stocks a minor gain
Reuters Canada, Canada - 28 Jul 2005
... Shares of oil companies Talisman Energy and PetroKazakhstan Inc. ... sector a wafer-thin 0.06 percent gain as the two companies reported stronger profits in the ...
US investigators claim Syria misspent millions in Iraqi oil ...
San Diego Union Tribune, United States - 26 Jul 2005
UNITED NATIONS – Syria misspent more than $500 million in Iraqi oil money left over in its central bank after a three-year stretch of doing business with ...
'Good day for oil' -- profits zoom, House OK's breaks
Cincinnati Enquirer, OH - 29 Jul 2005
DALLAS - Two of the world's largest oil companies, Exxon Mobil Corp. and Royal Dutch Shell PLC, said Thursday that second-quarter profits rose by about one ...
Rising demand, high prices push up oil profits
OCRegister (subscription), CA - 29 Jul 2005
... Two of the world's largest oil companies, Exxon Mobiland Royal Dutch Shell, said Thursday that second-quarter profits rose by about one-third, buoyed by high ...
New! Get the latest news on oil profits with Google Alerts.
(...)
so, don't believe the boring bullshit below...
in fact...
why is the story so boring you don't want to read it?
(...)
Oil surges to record $65 a barrel
By Richard Valdmanis
10 minutes ago
NEW YORK (Reuters) - Oil prices surged nearly two dollars on Wednesday after a U.S. government report rekindled fears that resilient demand from summer drivers and a spate of refinery outages could trigger a gasoline supply crunch.
The gains came against the backdrop of rising tensions in the Middle East after the United States temporarily closed its diplomatic missions in Saudi Arabia this week due to the threat of attacks by militants.
U.S. light sweet crude futures soared $1.93 to hit $65.00 a barrel, the highest on record, before settling at $64.90. London Brent jumped $2.08 to new peak of $64.06 a barrel, before settling at $63.99.
A U.S. government report issued on Wednesday showed crude stockpiles in the world's biggest energy consumer rose last week by 2.8 million barrels, due to hefty imports and slower refining activity.
But the report from the Energy Information Administration also showed a 2.1 million-barrel decline in gasoline stockpiles due to strong demand from summer drivers and slower domestic production -- bringing inventories below last year's level by 7.9 million barrels, or 3.7 percent.
"Gasoline inventories are of greater concern, but the draw was smaller than in previous weeks, and we don't have that much time left in the driving season," said Timothy Evans, senior analyst at IFR Energy Services.
U.S. gasoline demand has been running at a robust 1.4 percent higher than a year ago over the past four weeks, despite record high retail prices at the pumps -- a sign the economy is holding up against soaring energy costs.
"Those high oil prices are a burden on U.S. families, on firms' production costs. But the good news is that at least so far the U.S. economy has not been slowed by the high energy prices," Ben Bernanke, chairman of the White House Council of Economic Advisers, said earlier this week.
While crude prices are running at their highest on record in nominal terms, when adjusted for inflation they remain below their 1980 height over $82.
TIGHT CAPACITY
Crude oil producers and refiners have struggled to keep up with demand growth over the past two years, reducing the cushion of spare capacity needed to make up for any sudden shortfall.
Worries over that scenario grew this week when the United States temporarily shut its missions in Saudi Arabia because of a security threat in the world's top oil exporter. In addition, OPEC's second biggest producer, Iran, pressed ahead with its nuclear work in defiance of the European Union.
OPEC producer nations, which control about 40 percent of the world's oil exports, have been pumping at their highest levels in decades in an effort to cool prices.
Venezuela's oil minister said Wednesday the cartel has done all it can to boost oil supply, but global prices will probably hold at current levels.
"We have said that this is a structural issue, not a short-term factor, and the price is going to stay the same," Oil Minister Rafael Ramirez told reporters during a visit to Uruguay.
On Tuesday, OPEC President Sheikh Ahmad al-Fahd al-Sabah of Kuwait blamed refinery bottlenecks for record oil prices.
Adding to gains Wednesday, BP said its Schiehallion North Sea oilfield would be down until the end of the month as it repairs fire damage. Unplanned closures and scheduled maintenance have cut around 10 percent of North Sea output in August.
In the United States, where refinery problems have pushed gasoline prices to historic highs, BP said it had shut a unit at its Texas City refinery.
U.S. gasoline futures struck a record Wednesday of $1.8990 a gallon, before settling up 7.39 cents to $1.8963.
SOURCE - http://news.yahoo.com/s/nm/20050810/bs_nm/markets_oil_dc
posted by Black Krishna at 4:03 PM
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