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Economics Discuss OPEC leaves oil output unchanged; prices back above $100 at the Political Forums; From USA Today 6/8/2011 Oil prices jumped above $100 per barrel after the news. The decision is unexpected and reflects ...

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Old 06-08-2011, 10:36 AM
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Default OPEC leaves oil output unchanged; prices back above $100

From USA Today
6/8/2011

Quote:
Oil prices jumped above $100 per barrel after the news.

The decision is unexpected and reflects unusual tensions in an organization that usually works by consensus.

Saudi Arabia and other influential Gulf nations had pushed to increase production ceilings to calm markets and ease concerns that crude was overpriced for consumer nations struggling with their economies. Those opposed were led by Iran, the second-strongest producer within the Organization of the Petroleum Exporting Countries.
OPEC leaves oil output unchanged; prices back above $100 - USATODAY.com

For the slower students, this is an expected type of event in a hostile world when the United States is led be a weak, unfocused, unrealistic Administration with the audacity to hope to "fundamentally change" America.

Children over the age of 10 who are unable grasp this should have sugar strictly regulated in their diets, have their TV's restricted to news and history channels, and should be lightly beaten until they can grasp the predatory nature of Man in general.
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Old 12-13-2011, 05:21 PM
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Red face Re: OPEC leaves oil output unchanged; prices back above $100

Yea, we think we're gettin' gas cheap at $3.07/gal.

Strong Dollar Slices Into Oil Prices
12/12/11 -- Oil prices finished sharply lower Monday as investor confidence in Europe's debt-crisis plan waned, driving up the U.S. dollar.
Quote:
West Texas Intermediate (WTI) light sweet crude oil for January delivery fell $1.64 to $97.77 a barrel and the February Brent crude contract retracted by $1.39 to $107.08 a barrel. The dollar took off against a basket of major currencies, with the dollar index surging 1.3%. Oil, priced in dollars, typically has an inverse relationship with the currency. "The EU debt uncertainty continues to have a ripple effect on the U.S. dollar -- making it stronger, which consequently is pushing crude oil lower," said Brian Habacivch, a senior vice president at energy management company Fellon-McCord.

Fitch painted an unflattering picture of the eurozone after the summit of its leaders Thursday and Friday. The rating agency warned that the continent's debt crisis could extend beyond next year and said a lack of a comprehensive solution to the crisis could increase short-term pressure on euro zone's sovereign ratings. Meanwhile, Moody's said the summit failed to deliver "decisive policy measures," adding that it will complete its EU sovereign debt review in the first quarter of 2012. Standard & Poor's last week put the eurozone's sovereign debt on negative credit watch, saying it will conclude its review sometime after the EU summit. "Traders are disappointed in the lack of a strong solution to the euro zone debt problem," said Tradition Energy's senior market director Addison Armstrong.

Europe will, of course, remain a key oil price driver for the rest of the week, though some attention will shift towards the meeting of the Organization of the Petroleum Exporting Countries on Wednesday in Vienna, where output targets will be discussed. Although the crude demand picture remains uncertain, tight supplies continue to offer oil prices a measure of support. "In our view, oil prices are more likely to be confronted with substantial upside -- rather than downside risks, given the considerable supply tightness in the market," say JBC energy analysts. "Apart from U.S. shale oil, there are currently no further positive surprises on the supply side."

Money managers continued be optimistic about oil prices last week. According to the latest Commitment of Traders Report from the Commodity Futures Trading Commission, they increased their net-long position in NYMEX crude futures by 928 to 174,323 for the week ending Dec. 6. Energy stocks fell Monday. Hess(HES) tumbled 3.6% to $56.35; Marathon Oil(MRO) lost 3.6% to $27.32; Chevron(CVX) fell 1.1% to $103.07; Exxon(XOM) fell 1.6% to $80.05; Apache(APA) surrendered 3.6% at $93.94; BP(BP) fell 2.1% to $41.83; and Anadarko Petroleum(APC) lost 2.9% to $77.81.

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Old 01-04-2012, 01:14 PM
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Thumbs down Re: OPEC leaves oil output unchanged; prices back above $100

Uncle Ferd says dat means gas prices gonna go up...

Oil Prices Surge as Iran Ups Threats
01/03/12 - Oil prices surged Tuesday as Iranian missile test-fires and new threats added to concern that tension in the Strait of Hormuz may disrupt the delivery of crude oil to the U.S. and Europe.
Quote:
West Texas Intermediate (WTI) light sweet crude oil for February delivery climbed $4.13 to settle at $102.96, its highest price in 10 months. The February Brent contract advanced $4.75 to $112.13. Oil surged in the first day of trading in 2012 after the test-firing of two cruise missiles by Iran on Monday. More aggressive threats Tuesday heightened fears that tensions between the Middle Eastern country and the U.S. will continue to escalate and lead to disruption in delivery of the fuel.

The missile tests came on the second-to-last day of a 10-day naval exercise scheduled by Iran to show that the Strait of Hormuz is "completely under our control," Adm. Habibollah Sayyari of the Iranian navy said. This latest show of strength comes after Iran threatened to close the strait -- through which 17 million barrels of crude oil exports travel each day -- in retaliation to new U.S. economic sanctions over Iran's nuclear program.

On Tuesday Iran, the Organization of Petroleum Exporting Countries' second-largest producer of the fuel, threatened to take further action if the U.S. moves an aircraft carrier into the Persian Gulf. U.S. led sanctions against Iran's oil industry have helped push the country's currency to its lowest level ever against the dollar in the past few weeks. The U.S. has remained firm in its response. "The deployment of U.S. military assets in the Persian Gulf region will continue as it has for decades," said Pentagon spokesman George Little.

Oil prices were also helped higher by improving manufacturing data in the U.S., China and India that eased concerns about dwindling demand in the world's largest and fastest growing economies. In the U.S., the Institute for Supply Management reported that its manufacturing index rose to 53.9 in December from 52.7 in November. Economists polled by Thomson Reuters expected the index to come in at 53.2. Readings of more than 50 indicate economic expansion. In Asia, India's manufacturing grew at the fastest rate in six months and Chinese manufacturing rose more than expected to reverse a decline in the prior month.

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Old 01-04-2012, 03:33 PM
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Default Re: OPEC leaves oil output unchanged; prices back above $100

Surprise surprise... Zombie Thread.
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Old 01-05-2012, 09:53 PM
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Question Re: OPEC leaves oil output unchanged; prices back above $100

So why isn't Saudi Arabia helpin' us out by raising oil production?

Iranian threats churn up fears of spiking oil prices
Wednesday, January 4, 2012 - Miscalculation could set off conflict
Quote:
The small boats, minisubs and guerrilla tactics of an Iranian militia pose the greatest threat to oil shipping in the Persian Gulf, where even a single incident would send oil prices spiraling upward, analysts say. The naval exercises and missile tests with which Tehran greeted the new year may be saber-rattling, but observers worry that a miscalculation by Iran or the West could ratchet up a standoff into open conflict. Just the heated rhetoric of recent days has driven oil prices higher, as insurance premiums rise and traders seek to hedge against a reduction in global supply that might result from a military confrontation in the Gulf, through which one-sixth of the whole world’s petroleum passes to reach the open seas.

Oil prices jumped 4 percent Tuesday but held steady Wednesday, falling back after a midday spike. The burgeoning standoff began when Iran’s vice president threatened last week to close the strategically vital waterway if additional international sanctions were imposed on Iran. Tehran also conducted a series of naval exercises and missile tests in the Gulf over the New Year’s weekend. U.S. officials in turn have pledged to maintain international freedom of navigation in the Gulf. Behind the rhetoric is a growing wave of international concern about Iran’s nuclear program, and the threat by European and even Gulf countries to join U.S.-led sanctions against Iran’s oil industry and central bank.

The Islamic regime in Tehran is “being subjected to a level of pressure [both domestically and internationally] they’ve never been under before,” said Anthony Cordesman, the Arleigh A. Burke professor of strategy at the Center for Strategic and International Studies. Although it is clearly not in Iran’s interest to provoke a U.S. military response, “you can, unfortunately, not rule out the possibility of unintended escalation,” he said. Mr. Cordesman noted that Iran's militia, the Islamic Revolutionary Guard Corps Navy (IRGCN), has decentralized decision-making and a history of independent, aggressive actions against coalition naval forces and international shipping.

Since 2007 and 2008, when Iran reorganized its naval forces, the IRGCN has had the lead role in the Gulf, with Iran’s regular navy relegated largely to a “soft power” role in the waters beyond the Strait of Hormuz, the 34-mile-wide bottleneck at the mouth of the Gulf, U.S. Navy Cmdr. Joshua C. Himes said. “Giving the IRGCN primary responsibility in the Gulf amplifies the natural benefits of a small, fast, unconventional force operating in its own backyard,” Cmdr. Himes wrote in a July assessment of Iranian naval power. He noted that the militia is emphasizing speed, stealth and numbers over tonnage in its acquisitions, buying minisubs and small, fast boats armed with anti-ship missiles. Estimates vary, but the IRGCN might have as many as 3,000 small boats, which could be packed with explosives for suicide attacks or deployed in massive “swarm attacks” against much larger and vastly more expensive U.S. or coalition naval vessels.

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Gas prices rising, to top $4 a gallon this summer
Thursday, 01.05.12 - Gas prices for 2011 set a record, and they're going even higher this year. Brace yourself for more than $4 a gallon during the summer.
Quote:
The reasons: strife with Iran, rising demand in China, India and other developing countries, plus concerns over limited oil supplies, energy experts say. Rising prices mean more than just higher costs to fill your tank. It also costs more to ship everything from flowers to groceries. That could increase your grocery bill too, said Gregg Laskoski, senior petroleum analyst for GasBuddy.com in Tampa.

Michelle James of Miramar figures her gas bill already runs about $100 a week. "I wish it would go down," James said as she pumped gas at $3.25 a gallon Wednesday in Fort Lauderdale. More money spent on gas also means less for restaurants, shows and other non-essentials, Laskoski said. "Anything that takes money out the pockets of our guests is a negative for our business"," said Paul Emmett, president of the 24-restaurant Duffy's Sports Grill chain based in Palm Beach Gardens. "We certainly will feel the impact of any significant rise in the price of gas."

Increases already have been significant. Florida finished 2011 with prices averaging a $3.25 a gallon, up 20 cents from a year earlier and a year-end record. They rose to average $3.33 a gallon Wednesday. Prices usually rise at least 90 cents by summer, so that means gas topping $4 a gallon in July, analysts say. The last time prices reached those heights in summer 2008, consumers reacted big-time. South Florida boaters, for example, turned to slower, more fuel-efficient engines, instead of gas-guzzling speedsters. And they opted for more local trips, instead of voyages up and down the U.S. East Coast or to the Bahamas, said yacht broker Jason Dunbar of Luke Brown Yachts in Fort Lauderdale.

Should boaters pull back sharply again, marine businesses that have started to re-hire after the depths of the 2009 recession could be forced to lay off some workers in again, Dunbar said: "I hope not." What's stoking gas prices now is tension with Iran. After the United States and European Union imposed sanctions for Iran's nuclear program, Tehran started military exercises in the Strait of Hormuz, raising the specter of possible supply disruptions, said Avery Ash of AAA Fuel Gauge Report. About one-third of the world's seaborne oil passes through the strait.

Read more here: Gas prices rising, to top $4 a gallon this summer - Florida - MiamiHerald.com
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Old 01-05-2012, 09:58 PM
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Default Re: OPEC leaves oil output unchanged; prices back above $100

Quote:
Originally Posted by waltky View Post
So why isn't Saudi Arabia helpin' us out by raising oil production?

Iranian threats churn up fears of spiking oil prices
Wednesday, January 4, 2012 - Miscalculation could set off conflict


See also:

Gas prices rising, to top $4 a gallon this summer
Thursday, 01.05.12 - Gas prices for 2011 set a record, and they're going even higher this year. Brace yourself for more than $4 a gallon during the summer.
Same reason we went after Saddam with their thumbsup.
[Moderator mode]btw, please speak more and cut and paste less. Try starting a discussion on things you are concerned about and LINK the PW post to the new thread if applicable. [/moderator]
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Old 01-05-2012, 10:32 PM
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Default Re: OPEC leaves oil output unchanged; prices back above $100

We should build a pipeline from our friends the Canadians for thier oil...wait, I guess that's too crazy.
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Old 01-05-2012, 11:55 PM
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Default Re: OPEC leaves oil output unchanged; prices back above $100

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Originally Posted by AzMike View Post
We should build a pipeline from our friends the Canadians for thier oil...wait, I guess that's too crazy.
What would be crazier was if we ran it all the way to our own oil refineries.
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