Newsflash
Crude oil prices plummet on demand erosion (’told ya so’)
NYMEX crude oil futures plummeted today as gasoline inventories were discovered to be much larger than expected AND demand continues to erode, along with the U.S. economy.
But, there is light on the horizon. Much of the blame for the worsening economy can be laid on the price of crude oil. With that price coming down, the [...]
Experts predict Natural Gas collapse later this summer
Sam Fletcher
Senior Writer
Crude futures peaked at new record above $127/bbl in intraday trading on the New York market May 16 despite claims by Saudi Arabia that it has increased its oil production a “sufficient” 300,000 b/d to 9.45 million b/d.
Saudi officials said they made that move May 10 in response to requests from 50 customers, [...]
Old gas pumps can’t handle ever-rising prices
Mom-and-pop service stations are running into a problem as gasoline marches toward $4 a gallon: Thousands of old-fashioned pumps can’t register more than $3.99 on their spinning mechanical dials.
The pumps, throwbacks to a bygone era on the American road, are difficult and expensive to upgrade, and replacing them is often out of the question for [...]
Out with the old and in with the new!
You may notice a few changes around PRICE of CRUDE. We’ve been working on changing the look of our site to best benefit our readers. Everything is displaying properly in Firefox (which is what we use and recommend). However, there are still a few minor glitches in Internet Explorer. We’re working hard to iron these [...]
OPEC warns oil could reach $200
Opec, the oil producing cartel, has warned that the price of crude could keep rising to reach $200 a barrel.
Opec president Chakib Khelil blamed the falling value of the US dollar, which makes other assets, including oil, more attractive for foreign investors.
His comments came as oil prices hit a fresh high, just below $120 a [...]
Oil falls as Nigeria strike ends
Oil prices have fallen on expectations that oil giant Exxon will restart production following the resolution of a strike in Nigeria.
The eight day strike contributed to near-record high oil prices after the company was forced to almost completely shut down production in Nigeria.
US light, sweet crude was down $2.53 at $110.46 a barrel. In London, [...]
Strike in Scotland closes major North Sea oil pipeline
EDINBURGH, Scotland - Hundreds of workers at Scotland’s only oil refinery on Sunday began a 48-hour strike that has forced BP PLC to shut a pipeline system that delivers almost a third of Britain’s North Sea oil.
BP said it had completed the closure of the Forties Pipeline System by 6 a.m., when 1,200 workers at [...]
Brazil oil field could contain 33 billion barrels. Find would become worlds 3rd largest known reserve.
SAO PAULO, Brazil - A deep-water exploration area could contain as much as 33 billion barrels of oil, an amount that would nearly triple Brazil’s reserves and make the offshore bloc the world’s third-largest known oil reserve, a top energy official said Monday.
National Petroleum Agency President Haroldo Lima cautioned that his information on the field [...]
Updates on PRICE of CRUDE
The editors of PRICE of CRUDE have opted to selectively post new oil “price records”. Volatility in the markets would have us posting new price records every other day. We’re just not going to water down our site with records data. On occasion, we will post records that we see as milestones.
Thanks,
-Steven Biars
Summer gasoline use to drop for the first time since 1991
WASHINGTON (Reuters) - Record-high gasoline prices will reduce U.S. demand for the fuel this summer by 85,000 barrels per day compared with last summer, the first drop in summer motor fuel consumption since 1991, the government’s top energy forecaster said on Monday.
“We see a slowdown in gasoline demand,” Guy Caruso, head of the federal Energy [...]
