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F**K this, Oil closes at $55 a barrel

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  • Longreach747
    replied
    to pick up 17 y/o chix perhaps?

    airlines usually hedge there fuel costs, qantas hedged there barrell of oil cost at $32USD a barrell, so makes no difference to them.

    our govt has a 55% tax on fuel, thats why we pay so much.

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  • indian airlines
    replied
    Yesterday night (pretty late) a 47 yr old man fell asleep at the wheel of his SUV, and crashed into the back of a Rutgers University Bus stopped at a bus stop letting off students (it hit the bus while students were actually getting off, and one kid lost his balance and fell off the steps of the bus). Damage to the rear of the bus was pretty severe. If only he had a smaller car...it baffles me...why in the world would a 47 yr old man need an SUV?

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  • screaming_emu
    replied
    yeah, gas in the states is still extremely cheap compared to other places, which is why everybody feels they need to drive around their huge pickup truck or SUV. In a way rising gas prices are good for here because maybe the dumb drivers here will get smaller cars and when they crash there wont be as much of a mess. As far as airlines are concerned though...crap.

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  • Longreach747
    replied
    man your $2.10 a gallon is cheap, that equals about 66AUD cents a litre, cost of fuel here is about $1.15 a litre, they can't pull oil from the ground fast enough to meet the demand.

    maybe if people in china and the US had less demand then there'd be less burden to produce. they rekon it could go as high as $70-$80USD, but it should return down to $40 odd sometime in the coming month or so.

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  • srbmod
    Guest replied
    I'm not looking forward to filling up my tank this weekend. This morning, the local price for the cheapest grade of gas was $1.95, I wouldn't be surprised if it's gets above $2 by tomorrow (It got that high for a brief time back in May, then dropped). If regular unleaded gets up to $2.10 or more, I may have to learn how to ride a motorcycle; I said three years ago when it got up to $1.75 for a period after 9/11 that if it got up to $2 a gallon I was getting a motorcycle.

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  • DAL767-400ER
    replied
    F**K this, Oil closes at $55 a barrel

    At least your fuel that you get in the US is still at "reasonable" prices. Compare your prices to those in Germany, thanks to all the taxes. If you had to fill up an SUV, you'd just cry . Anyway, give me a gas-powered(gas in the sense of CHO2 or whatever the chemicla code is) car anytime. Gas only costs around 1/3 of fuel, is better for the economy, and you still have a good car. Only problem is the lack of enough Gas stations.

    -Colin

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  • DeltaASA16
    Guest replied
    Bring out the Hybrids!

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  • chrisburns
    started a topic F**K this, Oil closes at $55 a barrel

    F**K this, Oil closes at $55 a barrel

    Oil futures end above $55 for 1st time
    Natural gas jumps 21% for the week to a 19-month record
    By Myra P. Saefong, MarketWatch.com

    SAN FRANCISCO -- Crude-oil futures climbed Friday to close above $55 a barrel for the first time in New York as heating-oil prices continued to tap new records in the face of dwindling U.S. supplies.

    At the same time, the strength in the petroleum market helped lift natural-gas prices by 21 percent this week to a fresh 19-month high.

    "Heating oil is definitely helping crude oil forge higher prices, and as we move into the winter heating season, demand remains strong," said Michael Cavanaugh, an analyst at MyFuturesOnline.com.

    And "even though it appears supply numbers were positive for oil, fear of greater demand and the ever-present terror fear continue to drive the market higher," he said.

    Crude for December hit an intraday record of $55.50 a barrel on the New York Mercantile Exchange, surpassing the previous record of $55.20, reached Oct. 20 during the regular session and the $55.33 peak in overnight trading Oct. 18.

    The contract closed at $55.17, up 70 cents for the session, and up $1.20 for the week. Futures prices had never closed above $55 on the exchange.

    November heating oil closed at $1.5944 a gallon, up 1.49 cents, after an intraday record of $1.603. November unleaded gasoline rose 2.68 cents to $1.439 a gallon.

    "Evidence of consistent stockpile replenishment or global economic contraction would have to be generally acknowledged before prices could change course," Michael Fitzpatrick, an analyst at Fimat USA said in a note to clients.

    Right now, distillate "inventories show no signs of rebuilding, therefore the market will continue to trend higher," said Michael Armbruster, an analyst at Altavest Worldwide Trading, adding that he sees "no price ceiling."

    Cavanaugh believes the next stop for crude prices is $60 a barrel. But as distillates registered another drawdown this week, crude oil continues to build so "in all probability, distillates will show its first of what might possibly be successive builds next week," said Fitzpatrick.

    On the global demand side, "signs of economic contraction, particularly as a consequence of higher energy prices, are sprouting," he said. China's economy grew more than 9 percent in the third quarter compared with a year earlier, marking the third-consecutive quarter of slower growth.

    Natural gas up 21% for the week

    Elsewhere on Nymex, natural-gas futures marked a five-day gain, climbing 21 percent for the week to end at a fresh 19-month high on the back of strength in oil prices as well as forecasts for a cold winter.

    November natural gas closed up 40.8 cents, or 5.3 percent, at $8.105 per million British thermal units after an $8.23 high. Futures prices haven't closed at a level this high since March 2003. A week-ago, natural gas closed at $6.709.

    High oil prices and forecasts of a normal or colder-than-normal winter provide support for high prices, said Ron Denhardt, a vice president at Strategic Energy & Economic Research.

    But natural-gas supplies have been running above the five-year average, even with around 1.5 million barrels a day of output still shut in the Gulf of Mexico, he said.

    That could mean that the supply-demand balance could be 2 billion cubic feet a day looser than the five-year average, so if the market sees mild or even normal weather for the next few weeks, "the downward pressure on prices will increase," he said.

    The Reuters/CRB index, a broad measure of commodity futures markets, was down 0.1 percent at 286.55 points.
    More market news
    This is freakin BS, OPEC needs to get their heads out of their a**es and stop hurting the global economy, I remember their stupid President saying that he did not feel as if the current (dont remember what it was at the time) price of oil is in now way hurting the global economy and that it could still remain that way if they upped the price to $65 a barrel.
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