FINAL VOTE RESULTS FOR ROLL CALL 332
H R 6074 2/3 YEA-AND-NAY 20-May-2008 1:28 PM
QUESTION: On Motion to Suspend the Rules and Pass
BILL TITLE: Gas Price Relief for Consumers Act
Posted on 05/21/2008 9:10:04 AM PDT by NormsRevenge
NEW YORK - Oil prices bolted to a new record above $132 a barrel Wednesday after the government reported that supplies of crude oil and gasoline fell unexpectedly last week. And crude's rise in the futures market again pressured consumers by pulling prices at the pump higher — a gallon of regular gas rose overnight to a new record above $3.80 a gallon.
With gas and oil prices setting new records on a daily basis, many analysts are beginning to wonder whether anything can stop runaway prices. There are technical signals in the futures market, including price differences between near-term and longer-term contracts, that crude may have already risen too high. But with demand for oil growing in the developing world, and little end in sight to supply problems in oil rich nations such as Nigeria, few analysts are willing to call an end to crude's rally.
In its weekly inventory report Wednesday, the Energy Department's Energy Information Administration said crude oil inventories fell by more than 5 million barrels last week. Analysts had expected a modest increase. Gasoline inventories also fell and took the market by surprise, while inventories of distillates, which include heating oil and diesel fuel, rose less than analysts surveyed by energy research firm Platts had expected.
Light, sweet crude for July delivery rose as high as $132.08 a barrel in late morning trading on the New York Mercantile Exchange before retreating slightly to trade up $2.75 at $131.73.
Investors seized on the inventory report to push prices higher Wednesday, but traders interested in pushing prices higher are increasingly picking and choosing which news they wish to pay attention to, analysts say.
"Just the slightest piece of bullish news will cause prices to surge," said Linda Rafield, senior oil analyst at Platts, the energy research arm of McGraw-Hill Cos. But prices also rise when bearish news is reported, a sign that the market wants to move higher regardless, she added.
Crude prices first passed $130 overnight on concerns about demand and a weaker dollar. Analysts say crude has been boosted in recent days by especially strong demand for diesel in China, where power plants in some areas are running desperately short of coal and certain earthquake-hit regions are relying on diesel generators for power. The country is also increasing diesel imports ahead of the Olympics, analysts say, driving up prices.
The dollar, meanwhile, weakened against the euro Wednesday. Investors see hard commodities such as oil as a hedge against inflation and a weak dollar and pour into the crude futures market when the greenback falls. A weak dollar also makes oil less expensive to buyers dealing in other currencies.
Many investors believe the dollar's protracted decline over the past year has been the most significant factor behind oil's rise from about $66 a barrel a year ago to today's highs.
At the pump, meanwhile, the average national price of a gallon of regular gas rose 0.7 cent overnight to a record $3.807 a gallon, according to a survey of stations by AAA and the Oil Price Information Service. Prices are 60 cents higher than a year ago, and many forecasters believe they'll hit $4 on a national basis at some point over the next month.
"That's a fait accompli at this point," Rafield said.
Prices are already that high in many parts of the country, and the number of stations charging $4 or more rises each day.
Diesel fuel rose 1.9 cents to its own record of $4.558 a gallon Wednesday. Rising prices of diesel, used to transport most consumer and industrial goods, are sending prices of food and many other goods higher.
There are signs high prices are cutting demand for gasoline, which fell slightly over the past four weeks and has been mostly lower since January, according to EIA data. Only serious "demand destruction," a jump in supplies from Nigeria or other oil producing nations or a jump in gasoline output by U.S. refiners could stop prices from continuing to rise, Rafield said. There is little sign that demand will fall anytime soon in fast-growing China, India and the Middle East, she said.
Still, the price differences between the current, July crude oil contract and contracts for delivery of oil in later months signal a possible correction, or sharp price downturn, at some point, Rafield said. Whether, or when, that will happen is impossible to gauge.
In other Nymex trading, June gasoline futures rose 6.06 cents to $3.365 a gallon, and June heating oil futures rose 7.04 cents to $3.8454 a gallon. June natural gas futures rose 21.6 cents to $11.581 per 1,000 cubic feet.
In London, July Brent crude rose $3.37 to $131.21 a barrel on the ICE Futures exchange.
The dollar's decline IS the biggest factor in the price of oil.
Unlike the '70s, I have seen NO SIGNS of any shortages.
The Senate is pointing fingers at big oil to distract from their mismanagement of our currency.
Good news? Oil goes higher. Bad news? Oil goes higher.
That's what I have been saying for the last month, but nobody seems to believe me.......also, No News? Oil goes higher.......
Just like the (D)umb Party, Economy Good? Raise taxes. Economy bad? Raise taxes. Economy flat? Raise taxes..............
That's because the pipeline holds a fair amount, perhaps a month or two of buffer. Down 1.5 hours world supply wouldn't show up at the spigot end.
And I will never Forget that week that John McCain stood on the Senate Floor in that Five Day Filibuster, Pleading for the Democrats to Vote to Drill ANWAR. /Sarcasm
Good for you! It does work and they come in handy on those RV trips.
The reason is worse than that.
Socialists are only able to sieze control of a country in economic termoil, and my friend is why they have stuck to their plan.
The socialists in America are on the verge of seizing control of our country.....
$56 per barrel when Bug-Eyed Bela was installed as speaker.
Passed the $132 mark today.
Even those in Rio Linda know that is 1 1/2 times more than it was...and in only 17 months. Great work with that “plan”, Democrats and their enablist RINOs.
And what was that plan? Run democrats as more conservative than Reoublicans. Donkey Dogs, Blue Dogs, whatever. It gave power to the Far Left, the mainstream of their party. I remember that victory smile from Upchuck Schumer, Bela Bug Eye and Dingy Harry, watching Election 2006 from India. I wanted to stay there.
NO INCUMBANTS!
FINAL VOTE RESULTS FOR ROLL CALL 332
| Bush administration bars drilling in Arctic wetland |
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05/19/2008 5:21:51 AM PDT · by thackney · 71 replies · 1,265+ views Reuters ^ | May 16, 2008 | Yereth RosenANCHORAGE, Alaska (Reuters) - The Bush administration on Friday proposed keeping potentially oil-rich wetlands in Arctic Alaska off-limits to drilling because of their ecological sensitivity, a reversal of its earlier plan. The Bureau of Land Management proposed a 10-year leasing moratorium for 430,000 acres of wetlands north and east of vast Teshekpuk Lake in the National Petroleum Reserve-Alaska. Environmentalists and local groups hailed the decision. "This plan provides a balanced approach to energy development and wildlife protection, and forms a solid basis for the Bureau of Land Management to proceed with an oil and gas lease sale later this year,"... |
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So in a month or two when "the buffer" is empty, there will be shortages?
In the '70s there were shortages, it was painfully evident, there is NOTHING like that now.
The problem is elsewhere.
Don’t like the prices, just sue OPEC. /s
The media and our politicians bemoan speculators in the oil patch but their attitude and their policies provide an absolute “risk free zone” for speculators given the dynamics of the oil industry! It really is just amazing that we’ve been grappling with this for, really, several decades yet our politicians just stick to the same WRONG policies and playbook... cheered on by the stupid Mainstream Media.
It is not speculators and the futures. If the supply of oil were to rise or the demand fall the price per barrel would drop. Speculators are only speculating on what they think conditions will be; they don’t determine what they will be.
Why don’t you blame it on a very weak dollar instead along with high demand and intentionally limited supplies.
I heard today that all three candidates are in the can for cap and trade bs. The cost of which will be $1.50 per gallon when this crap passes into law!
Just when it couldn’t get any worse.
NO INCUMBANTS is our only hope
The Hunts proved that wrong with silver a couple of decades ago. The bubble popped, but not before the price per ounce rose to $50.
Eventually the bottom is going to fall out.
Yikes!
We have this trip, Fourth of July back in Cleveland for my namesake’s 1st birthday and one more “Family Camping” trip.
Cha-ching.
Even if they were to allow drilling in ANWR today, it would take years to start drilling and to see any of that oil on the market.
“Thanks to DemocRats, Moderates & Greens .. and Speculators”
and GWB...
May 18 (bdnews24.com/Reuters) -
“The Bush administration on Friday proposed keeping potentially oil-rich wetlands in Arctic Alaska off-limits to drilling because of their ecological sensitivity, a reversal of its earlier plan.
The Bureau of Land Management proposed a 10-year leasing moratorium for 430,000 acres of wetlands north and east of vast Teshekpuk Lake in the National Petroleum Reserve-Alaska.”
“Good new” drives up prices. What does that tell you about who’s running up the price of oil? And I still smell Soros and his ilk behind this run up.
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