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Oil, gas prices take a sudden tumble
CNBC ^
| 4/1/04
Posted on 04/01/2004 2:05:47 PM PST by Steven W.
The Administrations talk of suspending clean air rules in three states drops crude oil and wholesale gasoline prices. Markets move slightly higher as the Dow Jones average is shuffled.
Have gasoline prices peaked? Maybe.
But the fact is oil and wholesale gasoline prices dropped abruptly this afternoon as the Bush Administration said it was considering suspending clean air rules for three states -- California, New York and Connecticut.
The comments by Energy Secretary Spencer Abraham before a Congressional hearing today knocked crude oil prices down nearly 4.1% to $34.30 and wholesale gasoline futures to $1.07, down 5.5%. Crude ended the day at a 7-week low.
California, New York and Connecticut have asked the Environmental Protection Agency for temporary waivers for the summer, Bloomberg News reported. The states are required to sell gasoline that's blended with ethanol or other substances to make the fuel burn cleaner. Prices had declined in earlier trading on expectations that U.S. inventories will be adequate to meet demand from refiners making gasoline.
The news came as Congress was criticizing the Organization of Petroleum Exporting Countries for deciding to cut back its production by 1 million barrels of oil a day and Democrats were howling at the Bush Administration for doing nothing about rising fuel prices.
Big oil stocks didnt move much, but oil and gas production stocks and oil services stocks sure did. The Philadelphia Oil Services Index ($OSX.X) was down 2.7%. The Amex Oil Index ($XOI.X) slipped 1.4%.
Assuming the price changes hold, it could knock the price of gasoline off by 10 cents a gallon, CNBC's Melissa Francis reported on "Closing Bell." The national average recently was about $1.74 a gallon.
(Excerpt) Read more at moneycentral.msn.com ...
TOPICS: Breaking News; Business/Economy; Constitution/Conservatism; Crime/Corruption; Culture/Society; Foreign Affairs; Government; News/Current Events; Politics/Elections; US: California; US: Connecticut; US: New York
KEYWORDS: abraham; cleanairact; energy; energyprices; environment; gas; gasprices; oil; opec
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To: Steven W.
Ah, ok. That makes sense. So it would just drop the prices in those areas by increasing the pool they can pull from. But then it might raise it in other areas by increasing the competition for the gas?
LQ
To: Steven W.
bmp
42
posted on
04/01/2004 2:52:36 PM PST
by
shield
(The Greatest Scientific Discoveries of the Century Reveal God!!!! by Dr. H. Ross, Astrophysicist)
To: Rodney King
No outside influences, eh??
43
posted on
04/01/2004 2:54:28 PM PST
by
international american
(Support our troops!! Send Kerry back to Boston.Idaho.Virginia.Georgetown.France. Cape Cod!!)
To: Steven W.
The news came as Congress was criticizing the Organization of Petroleum Exporting Countries for deciding to cut back its production by 1 million barrels of oil a day and Democrats were howling at the Bush Administration for doing nothing about rising fuel prices.What do they want him to do to OPEC? Invade Saudi? Invade Iran? They would howl about that also and scream it was ALL FOR OIL!!! Suddenly, they feel your pain over high gas prices! Stinking liberals. I wish they'd all just move to the Soviet Union where they could be among their own kind.
44
posted on
04/01/2004 2:57:20 PM PST
by
RetiredArmy
(We'll put a boot in your ass, it's the American Way! Toby Keith)
To: Steven W.
One of today's headlines in our paper was that gas prices were going to go up because of OPEC. What a difference a day makes. Think they'll change the story in tomorrow's paper?
45
posted on
04/01/2004 2:59:18 PM PST
by
HungarianGypsy
(If this makes no sense it's because I need a nap.)
To: Dutchgirl
no.....in a VAN down by the river
RIP Chris Farley
46
posted on
04/01/2004 3:00:29 PM PST
by
rwfromkansas
("Am I not destroying my enemies when I make friends of them?" -- Abraham Lincoln)
To: PatrickHenry
Another democrat talking point they won't be talking about any more. Yeah, they'll replace it with: "He's trying to kill us all by ruining our air!" (/sarcasm)
47
posted on
04/01/2004 3:01:31 PM PST
by
Not A Snowbird
(You need tons click "co-ordinating" -- be a monthly donor!)
To: Ernest_at_the_Beach
Went up from $1.62 to $1.68 here this afternoon. Glad I don't need to drive to S. CA anytime soon!!
48
posted on
04/01/2004 3:06:02 PM PST
by
CedarDave
(Kerry loves daylight savings time: He can set his clocks forward, then change them back in 7 months)
To: Steven W.
$1.55 is the lowest I have seen in GA.
To: HungarianGypsy
Here in the west is a brand of gas called Mirastar. Mirastar uses Alaskan and Canadian crude only, nothing from the middle east.
My local Mirastar is co-located with Walmart and gives a 3 cent /gal break if you use the Wallyworld gift card.
Even in Hawaii, Mirastar uses Australian and Indonesian crude, rather than ME oil. Just food for thought.
50
posted on
04/01/2004 3:08:57 PM PST
by
Lokibob
(All typos and spelling errors are mine and copyrighted!!!!)
To: Steven W.
Have gasoline prices peaked? Maybe. They went up a dime a gallon in the last couple of days in San Bernardino County, CA.
51
posted on
04/01/2004 3:12:31 PM PST
by
Euro-American Scum
(A poverty-stricken middle class must be a disarmed middle class)
To: Steven W.
Damn! And I just filled up yesterday!
52
posted on
04/01/2004 3:13:44 PM PST
by
Amelia
To: Amelia
Damn! And I just filled up yesterday!
I did the same and noticed today the price was up 8 cents/gal at that station. I bet they don't drop it anywhere near that much that fast...... It went from $1.579 to $1.659.
53
posted on
04/01/2004 3:18:41 PM PST
by
deport
(("These guys are the most crooked, you know, lying group I have ever seen. It's scary," Kerry said.)
To: teletech
was $2 a gallon in Key West two days ago
54
posted on
04/01/2004 3:22:50 PM PST
by
Cheetah1
To: SandyInSeattle
The Dems so want it both ways. Don't they see the absurdity of that? Oh wait, kerry can explain it from each side of his mouth.
55
posted on
04/01/2004 3:25:38 PM PST
by
sarasota
To: sarasota
The Dems so want it both ways. It is amazingly funny to watch them!
56
posted on
04/01/2004 3:28:58 PM PST
by
Not A Snowbird
(You need tons click "co-ordinating" -- be a monthly donor!)
To: Cheetah1
was $2 a gallon in Key West two days ago The local stations here in West Suburban Chicago vary up and down 5 to 8 cents sometimes. Right now its 1.89 a gallon.
57
posted on
04/01/2004 3:34:39 PM PST
by
teletech
(Friends don't let friends vote DemocRAT!)
To: teletech
Around $2.07 per gallon for 87 octane here in Southern California. Sigh.
58
posted on
04/01/2004 3:40:29 PM PST
by
Wolfstar
(Yo, "real" conservatives. Spain's election is clear. Jihadists are on Kerry's side. Are you?)
To: GalaxieFiveHundred
Costco in Torrance, $1.99Really?! Cool. I live near there and am a member of Costco. Thanks for the info.
59
posted on
04/01/2004 3:42:31 PM PST
by
Wolfstar
(Yo, "real" conservatives. Spain's election is clear. Jihadists are on Kerry's side. Are you?)
To: Steven W.; All
OK folks, have any of you ever heard of The Eugene Island Oil Mystery?
Is there really an oil shortage?
Are we really dependent on OPEC oil?
Do you believe any of this report?
THE MYSTERY OF EUGENE ISLAND 330 Eugene Island is a submerged mountain in the Gulf of Mexico about 80 miles off the Louisiana coast. The landscape of Eugene Island is riven with deep fissures and faults from which spew spontaneous belches of gas and oil. Up on the surface, a platform designated Eugene Island 330 began producing about 15,000 barrels of oil per day in the early 1970s. By 1989, the flow had dwindled to 4,000 barrels per day. Then, suddenly, production zoomed to 13,000 barrels. In addition, estimated reserves rocketed from 60 to 400 million barrels. Even more anomalous is the discovery that the geological age of today's oil is quite different from that recovered 10 years ago. What's going on under the Gulf of Mexico?
It is difficult to avoid the conclusion that the oil reservoir at Eugene Island is rapidly refilling itself from "some continuous source miles below the earth's surface." In support of this surmise, analysis of seismic records revealed a deep fault which "was gushing oil like a garden hose."
The deep-seated oil source at Eugene Island strongly supports T. Gold's theory about The Deep Hot Biosphere. Gold holds: "that oil is actually a renewable, primordial syrup continually manufactured by the earth under ultrahot conditions and tremendous pressures. As this substance migrates toward the surface, it is attacked by bacteria, making it appear to have an organic origin dating back to the dinosaurs."
The apparent deep-seated oil source at Eugene Island and Gold's ideas make petroleum engineers wonder about a similar situation at the seemingly inexhaustible oil fields of the Middle East.
"The Middle East has more than doubled its reserves in the past 20 years, despite half a century of intense exploitation and relatively few new discoveries. It would take a pretty big pile of dead dinosaurs and prehistoric plants to account for the estimated 660 billion barrels of oil in the region, notes Norman Hyne, a professor at the University of Tulsa in Oklahoma. "Off the wall theories often turn out to be right," he says."
(Cooper, Christopher; "It's No Crude Joke: This Oil Field Grows Even as It's Tapped," Wall Street Journal, April 16, 1999. Cr. C. Casale.) From Science Frontiers #124, JUL-AUG 1999. © 1999-2000 William R. Corliss
Link to THE MYSTERY OF EUGENE ISLAND 330
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