Oil falls near $49 as U.S. supplies swell ($49.11/bbl)

Reuters ^ | May 2, 2005

[RWR8189]

5/02/05 Session Contract Detail for June 2005

	Last				49.11
	Open High				49.28
	Open Low				49.28
	High				50.22
	Low				49.03
	Settle				49.72
	Change				-0.61
	Open Interest				228331
	Volume				0
	Last Updated				5/02/05 05:36:40

[G-Man 1]

Come on $20pb.

[sgtbono2002]

I keep reading about barrel prices coming down , but I paid $2.23 at the pump yesterday.

[kittymyrib]

Now is the time to really cut back on all unnecessary driving. The storage tanks are full, the need for heating oil is diminishing, and the distributors will either have to sell it or drink it. If every driver cuts back, prices will have to start coming down, and that will certainly help the economy.

[softwarecreator]

but I paid $2.23 at the pump yesterday

When it costs almost $30 to fill up my wife's Pontiac Sunfire, you know things have gone out of control.  I mean, come on, a dixie cup holds more liquid than that gas tank.

[chronic_loser]

Post for us how long it takes for a barrel of crude to be processed into its various components, specifically unleaded gasoline, and then try posting that comment again.

[oldironsides]

$2.06 in Maryland and $2.19 across the Pennsylvania line.

[WakeUpAndVote]

I would guess a lot long in the past 20 or so years, since the envirowackos and nimby's prevent us from building new refineries with the newest technology.

[kanawa]

You're one sick puppy

[RWR8189]

Eww, it got deleted from the forum but it still shows up under my posts...

[softwarecreator]

Damn, missed it ... got deleted before I returned.

[IronChefSakai]

I find it irritating when talking heads say something like "Despite the high oil prices today, this is nothing compared to X years ago when a gallon of gas cost $3.50 by todays standards." I really dont give a flying crap how bad oil prices were 10 or 20 years ago. Gimme $0.75/Gal oil without selling us down the river!

[doc30]

Barrel price for oil is having less and less an impact at the pump. Our refineries are at capacity. Even if we doubled our supply of crude oil, we would still be limited by how much gasoline and deisel our refineries can produce. that's where the bottleneck is and gas prices are going to steadily increase as our demand for gasoline grows, but our supply, through our efineries, stays constant.

This situation is the shining star of the NIMBY syndrome coupled with the environmentalist agenda. No new refineries or nulcear energy plants in over 30 years! And with strong community and environmental resistance to growing our energy infrastructure, we will not have new refineries or nuclear plants for a very long time.

As demand increases with a constant supply, look for gas rationing to happen long before greater refinery capacity is created and comes on line.

[leadpenny]

Gimme? Who's going to "Gimme?"

Let the price go where it will and buy Exxon/Mobil

[RWR8189]

You didn't miss anything.

It was vile and disgusting.

Consider yourself lucky.

[biblewonk]

But it's true.

[SevenMinusOne]

that's where the bottleneck is and gas prices are going to steadily increase as our demand for gasoline grows, but our supply, through our efineries, stays constant.

A barrel of oil will still have a large impact on the price one pays at the pump - While you are correct about our refinery capacity (that is not the whole equation by a long shot) -

One example being we already import a large quantity of ALREADY REFINED product from the Middle East (and this has been growing since the 80's quite largely) -

We are no where near gas rationing as you suggest either - The fact is a barrel of oil will be back under the $40 price range within the next 12 months -

The one thing the GWB Administration should be doing (and should have long ago) is stop putting $45+ oil into SPR - There is at least $5 to $10 specked into a barrel right now by the energy traders....stop putting into SPR would make them all get honest in a hurry -

[newgeezer]

Damn, missed it

On the contrary, consider yourself fortunate. One of those very-tolerant DUmmy-types shat on the thread and left behind something related to his screenname.

[biblewonk]

I think you've bought into a lot of old complaints. I don't believe that there are any strong desires by refiners to build more refineries. That would just be the SUV drivers that want cheaper gas who believe that there is a big shortage of refineries.