Skip to comments.Oil rises on falling gasoline supply (Crude inventory down 1.3 million barrels. Thank a Democrat)
Posted on 07/30/2008 8:30:56 AM PDT by tobyhill
NEW YORK (CNNMoney.com) -- Oil prices rebounded from their lows Wednesday after a surprise decline in the nation's gasoline stockpile countered investor sentiment that U.S. demand was falling.
Light, sweet crude for September delivery was up $1.11 to $123.30 a barrel in electronic trading. It had traded as low as $120.97 earlier in the day.
A report from the Energy Department showed a 3.5 million barrel decrease in gasoline supplies, and a decline of 100,000 barrels of crude oil.
"That gasoline data was a positive surprise....that is taking crude up," wrote Tom Orr, head of research at Weeden & Co. in an e-mail.
Analysts polled by energy research firm Platts had expected to see a 400,000 barrel increase in gasoline supplies, and a decline of 1.3 million barrels of crude oil.
(Excerpt) Read more at money.cnn.com ...
Consumption is way down and now we find out the supply is also shrinking. How did the danged speculators accomplish that?
As long as oil is the only player in the fuel game, the sky’s the limit.
Like that's a good thing? CNN quite happy to report oil going up...again!
Of course they are:
the limousine liberals hate it when the rest of us clog the roads with our plebeian machines...
Consumption is NOT way down. It has only gone down about 2% since the first of the year. Speculators are barely 20% of the market and have minimal effect on the trend.
It’s all about refinery capacity and demand. Demand is still very high and expected to increase by the end of this year.
makes sense right? consumers not using as much so the refineries don’t produce as much. afterall gasoline does have a shelf life right? so actually no matter if we conserve or not they will get us since its all excuses anyways....
With high gas prices taking a big bite out of family budgets, Americans drove almost 10 billion fewer miles in May 2008 than in May 2007,
This is a corrupt and artificial “drop” in inventory, as they recently took a major refinery offline for “maitenance”. This is not about more oil being consumed. This is about less supply being processed.
We are setting on the worlds largest untapped oil supply. If the demorats had any idea that they could be dipping into the profits of several trillion barrels of oil and no one would really notice. The demorats have blinders on supplied by the rich “elite” hollywood radicals. Several states have a severance tax that pays the state enough so the people don’t have to pay state taxes.
Milton Freedman said he’d prohibit the Federal Government from collecting ANY economic data. They just use it to justify the mischief they cause.
In 2000, 37 percent of the people in the oil futures market were speculators, Dorgan said. Now, speculators make up 71 percent of the market.
You may not like the source, but facts are facts.
Chicago just bought NYMEX. This is actual news. Might be that corn just bought petroleum or grain bought butter. Game over: biofuels won.
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