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written by ABSTRACTMIND @ 3:23 pm, ,
This famous shale formation covers tens of thousands of square miles. It is found in three different ancient lake basins. The layers of sediment in this formation stretch undisturbed for many miles.
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Deposits within these layers are fossilized plant, animal life and algae, which has turned over millions of years into kerogen..so do we have more crude or not...thats the question.. some say we have ...Two Trillion Barrels ...
written by ABSTRACTMIND @ 3:20 pm, ,
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In 347 AD oil wells were drilled in China up to 800 feet deep using bits attached to bamboo poles. Connecting lengths of bamboo to carry oil to their salt brine work sites; they were the first to invent an elementary oil pipeline.
written by ABSTRACTMIND @ 3:06 pm, ,
Two other major factors controlling the market are the law of supply and demand and political instability in key oil exporting countries...
Oil demand skyrocketed in 2007 while supply could not keep pace. This is the main reason pushing the oil price up. According to economic experts, in developed industrial countries such the US, Japan, and Western Europe,China and India, although economic growth slowed down, demand still increased.
However, reviewing the sources, OPEC currently accounts for one third of total oil worldwide. Thus, OPEC by itself cannot effectively stabilize the market in a critical situation.
Other factors influencing energy prices were the West's standoff with Iran over its nuclear program, attacks by Nigerian rebels on that oil-rich nation's crude infrastructure and Turkish attacks on Kurdish rebels in northern Iraq, which sparked concerns that the rebels would retaliate by attacking an oil pipeline.
So in Portugal we probably will continue to have one of the most expensive ( petrol/gas) final consumer price per litre in the world , here the word S P E C U L A T I O N rules, governments , and oil companies use daily to manipulate prices ... always in a upward trend.
For every litre of fuel a the petrol pump we pay 1,369€ ( REF. 95 octane ) 75% of the price is taxes ... ridicules but real... Every week we face a increase in the consumer price, no explanation is given, there is a total lack of respect between the government, oil companies and the population in general...,
written by ABSTRACTMIND @ 3:06 pm, ,
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written by ABSTRACTMIND @ 2:37 pm, ,
Back then, costly oil helped contribute to a recession in the US and similar fears are resurfacing now.
The Bush administration has said it is "very concerned" about current price levels, at a time when the economy is already expected to slow significantly next year.
High energy prices make life more expensive for consumers and businesses, making spending in other areas of the economy more difficult.
Gasoline prices are hovering not far below the $3-a-gallon mark in the US, while UK petrol retailers have warned prices could soon rise above £1 a litre while in Portugal thre is a weekly fluctuation on a upward trend and at the moment the cheapest we have is 95 Octane at 1€369cents, one of the most expensive in the world..!!!
But on the other hand, oil companies such as ExxonMobil and BP,Galp,Shell,Repsol are having a wonderful time, while oil-rich countries are also smiling.
Oil wealth has underpinned President Hugo Chavez's efforts to reshape Venezuela, allowing him to fund extensive social programmes and reject US criticism of his policies, now this country is over 95 % dependent on crude exports.
Russia's oil and gas bonanza has underwritten efforts by President Vladimir Putin to exert state control over the country's energy sector.
BUT THOSE THAT MOST SUFFER ARE THE NORMAL EVERYDAY CONSUMER THAT HAVE HIGH PRICES OF OIL ....
written by ABSTRACTMIND @ 2:35 pm, ,
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written by ABSTRACTMIND @ 12:17 pm, ,
A sharp downturn in the stock market on concerns about the economy and that municipal and corporate bond insurers may face debt downgrades also weighed on energy prices.
It’s the economic reports or better known as SPECULATION that are causing a lot of pressure (on prices) right now !!!
Light, sweet crude for March delivery fell $2.45 to $89.88 on the New York Mercantil Exchange.
Through Wednesday, oil prices had risen $5.34 a barrel, or 6.1 percent, over five trading days on optimism that the Federal Reserve’s rate cuts and an economic stimulus package working its way through Congress will stave off a serious downturn. But many investors doubt the plans will work.
Stocks, meanwhile, slid Thursday on the economic news and after bond insurer MBIA Inc. reported a large loss, raising the prospect of a round of downgrades in the bond insurance industry. Energy investors often view stocks as a proxy for economic growth, worrying that if the economy slows, demand for oil and gasoline will shrink.
So for now we have a pretty strong tie-in between movements of the oil market and the equities markets !!!
Energy investors also continued to digest Wednesday’s Energy Department report showing that crude oil and gasoline inventories jumped more than expected last week, they are at their highest levels in nearly two years.
Demand for crude fell last week, and many observers expect further demand deterioration as the US economy slows.
In London, Brent crude futures lost $2 to $90.53 a barrel on the ICE Futures exchange.
Oil traders are also awaiting Friday’s OPEC meeting at which Organization of Petroleum Exporting Countries ministers are expected to hold production steady.
In London, Brent crude futures lost $2 to $90.53 a barrel on the ICE Futures exchange.
written by ABSTRACTMIND @ 12:14 pm, ,
European countries have already made a switch to biofuels and are beginning to feel the effects and complications. While it hasn’t resulted in direct food shortages, biodiesel is already causing shortages of vegetable oils.
Will countries like China and India follow this trend in energy conversion? It is difficult to imagine any country with enormous population would make such a move. This conversion could result in massive world food shortages as never experienced. Both countries realize this and are pursuing aggressive oil exploration.
written by ABSTRACTMIND @ 12:11 pm, ,
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written by ABSTRACTMIND @ 12:06 pm, ,
In early morning trade, New York's main contract, light sweet crude for delivery in March, was $1.15 lower at $91.18 a barrel.
The contract gained 69 cents to close at $92.33 per barrel in floor trading on the New York Mercantile Exchange on Wednesday.
Brent North Sea crude for March delivery rose 53 cents to settle at $92.53 in London on Wednesday.
New York prices had initially fallen below $92 on news that US crude stockpiles rose for a third successive week, but then gained after the US Federal Reserve slashed a half-point from its key interest rate to ward off recessionary risks in the US economy, the world's biggest energy consumer.
But the action by the Fed, the United States central bank, came hours after the US government reported that economic growth plunged a steeper than expected 0.6 per cent in the 2007 fourth quarter, down from a robust 4.9 per cent pace in the third quarter.
Analysts said the number, the weakest pace of growth since the 2002 fourth quarter, could be bad for future oil demand and prices.
Any momentum looks to be tempered by the weak GDP number, a rate cut should help mitigate the economic slowing worries and brighten the outlook for energy demand."
Ministers from the Organisation of the Petroleum Exporting Countries (OPEC) have gathered in Vienna ahead of a meeting on Friday at which the oil-producing cartel is expected to maintain its output quotas.
If OPEC maintain this policy then they too will suffer...there will be less demand for crude and we will see more and more
alternative energy sources...which will be great for the world...we will be less dependent on crude.!!!
written by ABSTRACTMIND @ 11:51 am, ,
Currently all three major oil markets (WTI, NYMEX, IPE) trade barrels of oil in US dollars. Consequently any country buying oil needs dollars to pay for it. This enables the US Federal Reserve to issue huge volumes of dollars to meet increasing demand for oil. In return oil producing nations invest dollar proceeds in US treasury bills, allowing for the current US budget deficit.
But this balance may become unsettled after a fourth major oil market opens this month, trading in Euros: the Iranian Oil Bourse (IOB).
Having the world's second largest oil reserves of 136 gigabarrels, Iran will likely extend its influence on financial markets when the IOB opens. Although under-reported by the media, this historical shift and its consequences should be watched closely.
written by ABSTRACTMIND @ 11:48 am, ,
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written by ABSTRACTMIND @ 3:00 pm, ,
They recently bowed to pressure to pump more oil, agreeing to raise its production quotas by 500,000 barrels a day from 1 November.
Reports suggest the move was forced through by Saudi Arabia and that few other Opec members either have much stomach for increasing output or much capacity to spare.
Opec has said the market is "very well supplied" with crude and will continue to be so in the immediate future.
It has blamed speculation by market traders - who can make money by betting on the future direction of prices - for the continuing price rises.
Critics of Opec say it must act more aggressively to bring prices down.
The response from Opec has been pretty poor so far, the sentiment in the market is that it is time for Opec to increase production again..this might happen during next meeting Feb 1st 08.
written by ABSTRACTMIND @ 2:47 pm, ,
So what is the realistic solution with the arrival of peak oil? Canada, USA, and Venezuela sit on more unconventional oil than all historical conventional crude and present reserves that are available. Peak oil does not mean an abrupt end to oil. It does mean that demand of conventional oil will exceed supplies of conventional crude. This spells the end to cheap crude.
Extracting oil out of America’s huge oil shale deposits is once again drawing attention. It will be successful as new technology comes on stream. With higher crude prices there will be decent returns in revenue. It will inspire more interest and new ideas. Oil companies’ attention will once again be drawn to this area.
This is the era for non-conventional oils. Needs, economics and unrealistic alternatives will make us realize that the world can adapt to and meet these challenges. Non-conventional supplies of crude oil will play an important role in the generations to come
written by ABSTRACTMIND @ 2:44 am, ,
written by ABSTRACTMIND @ 12:01 pm, ,
Demand is at an all-time high, fuelled by the continued breakneck economic expansion of the Indian and Chinese economies.
With more than a billion people in each country, and both economies growing fast,manufacturers and consumers are sucking in energy at an ever-increasing rate. China's booming economy is sucking in a huge amount of oil
China overtook Japan as the world's second-largest consumer of oil in 2003 and is closing in on the US, with demand for oil growing at about 15% a year.
Analysts worry global demand for oil is so intense that supplies may not keep pace.
Demand will rise by an average of 2.2 million barrels a day next year, the International Energy Agency says, compared with the 1.5 million-barrel rise seen in 2007.
It says annual demand will rise 2% up to 2012, while other projections suggest demand could soar from about 90 million barrels a day to as much as 140 million over 25 years.
IT´S TIME OTHER FORMS OF ENERGY MADE ITS DEBUT....
written by ABSTRACTMIND @ 11:47 am, ,
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written by ABSTRACTMIND @ 2:57 pm, ,
As many as 5 percent of China's coal-fired power plants, which generate 78 percent of electricity were shut because snow hampered coal shipments Zhuzhou Smelter Group Co., China's largest zinc refiner, said shortages forced it to cut production.
More than a foot (34 centimeters) of snow fell yesterday in Nanjing in the east, the city's heaviest in 50 years, halting air and rail service, in turn delaying a third of ensuing flights in Beijing and Shanghai and throwing national train service into chaos. Military police kept order at the Beijing railway station today, where 400,000 passengers were stranded.
China faces a very severe situation in ensuring supplies of coal, electricity, oil and transportation,the inventory of thermal coal fell due to a combination of energy demand, massive snowstorms and the annual peak Lunar New Year traffic. Early holidays at some coal mines also contributed to the shortage of the fuel.
The Chinese Lunar New Year holiday runs Feb. 6 to Feb. 12 this year. Travelers will probably make a record 2.17 billion journeys during the period, according to the government. Energy shortages and transportation bottlenecks are likely to aggravate inflation pressures in China in the short term.
The shortage is close to 39.9 million kilowatt hours, The main cause is the shortage of coal.
Also power lines linking the Three Gorges hydroelectric dam in central China's Hubei province to Shanghai were damaged in snowstorms.Snow delayed as many as 35 percent of flights from two airports in Shanghai, China's financial hub.
Due to this we will probaly face another crude increase as SPECULATION will use this Chinese internal energy problem to inflate the
crude prices...or maybe not..
written by ABSTRACTMIND @ 11:32 am, ,
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written by ABSTRACTMIND @ 11:04 am, ,
South African mines shut
Eskom Holdings Ltd. told mining companies it couldn't guarantee power today, prompting AngloGold and Gold Fields to stop underground operations on concern outages might trap miners. Anglo Platinum and Impala Platinum Holdings Ltd., the world's biggest platinum producers, also shut most mines. Their shares dropped and precious metals rose to a record.
Power is like oxygen, for any modern economy, and Eskom, which supplies 95 percent of the country's power, can't meet demand after the government delayed a decision on expansion by four years to 2004.
AngloGold dropped as much as 8 percent in Johannesburg trading and was 5.4 percent down at 297 rand at 10:28 a.m. local time. Gold Fields, Africa's second-biggest producer, declined 5 percent to 112 rand. Anglo Platinum dropped 1 percent to 960 rand while Impala lost 1.6 percent to 244 rand.
South Africa is the world's biggest platinum producer and ranks second, after China, for gold output, so this is very negative for the industry and for the country, It will affect the economy across all industries.
Eskom sent a request to 138 industrial customers yesterday to cut electricity use, the request followed an unprecedented number of power cuts yesterday. According to Eskom power cuts are expected to last until at least 2013!!!
The decision to keep underground workers on the surface will have an impact on productivity as well as on operating costs, it is not clear when the workers will resume their underground shifts.
written by ABSTRACTMIND @ 3:35 pm, ,
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written by ABSTRACTMIND @ 11:41 am, ,
Crude oil futures
An Energy Department report today may show U.S. crude- oil and fuel stockpiles gained in the week ended Jan. 18...The U.S. Federal Reserve made an emergency interest rate cut yesterday, citing ``downside risks'' to growth.
As the recession bites there will be more cuts in demand, there will probably be more economic bad news from the U.S. to offset any shot-in-the-arm from yesterday's rate cut.''
Crude oil for March delivery fell to $87.53 a barrel in electronic trading on the New York Mercantile Exchange, having slumped to $85.42 before the U.S. Federal Reserve cut interest rates.
Oil has fallen 12 percent since reaching a record $100.09 a barrel on Jan. 3 on concerns that faltering global economies, SPECULATION by oil producers, governments and oil companies will weaken demand growth.
Brent crude for March settlement fell to $86.96 a barrel on London's ICE Futures Europe exchange.
WorldWatch has seen that the move by the Federal Reserve was not able to really calm down fears of a recession, if the cut succeeds in stimulating the economy enough, the move may eventually support oil demand.
Oil demand is expected to fall in the second quarter as refineries shut for annual maintenance after the Northern Hemisphere's winter..
Less than two weeks before the 13-member Organization of Petroleum Exporting Countries meets to study output policy on Feb. 1, however ther are rumors that oil markets are well supplied and there is no shortage...
written by ABSTRACTMIND @ 4:12 pm, ,
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written by ABSTRACTMIND @ 3:47 pm, ,
Oil shale crude is actually composed of kerogen. It is a waxy organic substance that was formed from algae, plants, vegetation, and all forms of animal life. Through millions of years, covered in layers of sediment, and subjected to very high pressures a transformation occurred resulting into a form of non-conventional crude oil embedded in layers of sediment. When subjected to very high temperatures it converts into various liquid and gas hydrocarbons. Kerogen can be refined like regular high quality light crude oil.
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written by ABSTRACTMIND @ 3:23 pm, ,
Asian and European stock markets fell the most since September 2001...These kind of declines are unprecedented so there is a lot of nervousness in the market so the outlook is for oil to continue to come down.
Crude oil for February delivery fell to $84.64 a barrel, the lowest since Dec. 6, on the New York Mercantile Exchange.
Brent crude for March settlement declined to $85 a barrel on the ICE Futures Europe exchange.
There are risks to U.S. demand, but they will be offset by growth in China and India and also once we get out of this peak demand period then perhaps oil is likely to trade between $85 and $90 a barrel in the coming weeks..
We will continue to see stock markets in a downward trend and as predicted the US economy ever deeper in recession...
written by ABSTRACTMIND @ 1:02 am, ,
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written by ABSTRACTMIND @ 12:01 pm, ,
Equities Tumble on U.S. Recession
Oil, down more than 11 percent from its $100.09 a barrel record on Jan. 3, led a decline across commodities markets as gold and copper also fell.
Crude oil for February delivery declined to $88.67 a barrel in electronic trading on the New York Mercantile Exchange. That's the lowest since Dec. 12.
The more active March contract fell to $88.43 a barrel at 1:50 p.m. London time.
Brent crude for March settlement fell to $87.55 a barrel on the ICE Futures Europe exchange. The contract traded at $87.96 in London at 1:51 p.m. local time.
OPEC, the producer of more than 40 percent of the world's oil, hasn't yet made a decision on whether to raise output at its Feb. 1 meeting,
With all this activity, here in Portugal the final consumer price, continues very high, ther are no signs of a reduction in prices at the pump for consumers, we have prices that reflect the crude price of Jan. 3,$100.09 a barrel...
Both government and Oil companies all they want are higher profits at the expence of the consumer....
written by ABSTRACTMIND @ 4:16 pm, ,
I think the main problem is outside the oil market. Too much liquidity is available,a big part of it is in the paper market of crude oil.
OPEC, source of more than a third of the world's oil, decided to keep oil output steady at a December 5 meeting, rebuffing calls from consumer countries for more supply to rein in prices then trading around $90.
The 13-member OPEC holds its next meeting on February 1 in Vienna, some in the group share consumer concerns about the impact of high energy costs on economic growth as the
U.S. slowdown threatens to spill over into the global economy. If it filters down to consumers, it will affect demand in the long term. It will cause inflation so OPEC members beware the US has entered a recession, so its time the crude price dropped to around the $84 a barril..at least..
Indonesia, with limited influence on OPEC policy as one of the group's smallest producers and a net oil importer, was alone so far in suggesting that the group could raise output.
The Organization of the Petroleum Exporting Countries has no wish to tame the price rise because some of them depend almost 100% on crude exports as is the case with Venezuela...
Speculation has been very strong. It's a game for speculators and some western Governments and oil companies such as Portugal and the oil company Galp,BP,Repsol that maintain this country with one of the worlds highest consumer oil prices...demand will be affected and everyone will suffer..
written by ABSTRACTMIND @ 12:50 pm, ,
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written by ABSTRACTMIND @ 12:27 pm, ,
Crude Oil Futures Drop
Saudi Oil Minister Ali al-Naimi said the Organization of Petroleum Exporting Countries will raise supply, if justified, after President George W. Bush urged an increase.
This means tighter spending for the US and the inability of people to pay $100 for crude oil and $3.50' a gallon for gasoline,or as in Portugal
1€409 per litre ( 95 octane).
The world's biggest oil user the US purchases at gasoline service stations dropped 1.7 percent in December ...
Important news for Europe is that Brent crude for February settlement, due to expire today (16-01), fell to $90.98 a barrel, on London's ICE Futures Europe exchange, however in Portugal the average pump price is 1€409 per litre ( 95 octane) one of the most expensive in the world...
A U.S. Energy Department report today will probably show that crude oil inventories gained 1.25 million barrels last week, this increase will be the first gain in supplies in nine weeks, this means that crude prices per barril may continue in a downward trend.
Bets that February crude oil will fall below $90 a barrel were the most actively traded options contracts on the Nymex yesterday.
written by ABSTRACTMIND @ 4:23 pm, ,
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written by ABSTRACTMIND @ 3:45 pm, ,
Crude oil for February delivery was $94.17 a barrel on the New York Mercantile Exchange. New York futures have fallen 5.9 percent from the record $100.09 a barrel reached on Jan. 3.
Stocks in the U.S. have fallen three straight weeks and posted their worst start to a year since 1991, the US may already be in a recession.
The world economy faces its worst recession due to the energy prices..however a big part of the dilemma is SPECULATION.. from oil producers,governments,car producers and so on .... the oil exporters group said Jan. 5 that the market has sufficient crude !!! during the next meeting in February will OPEC change its position, will they continue to use SPECULATION as a driving force to keep prices as they are???
written by ABSTRACTMIND @ 2:44 pm, ,
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written by ABSTRACTMIND @ 7:56 am, ,
U.S. crude was down $1.76 at $93.91 a barrel by 1453 GMT, off lows of $93.30, but adding to losses of 66 cents a day earlier. London Brent crude shed $1.67 cents to $92.70.
The market is pretty mixed right now. It's a fine balance between bullish and bearish factors and most players seem to be waiting for some firm direction.
On Thursday signs of a slowdown emerged in the Euro zone as well, as data showed industry suffered a setback in November with French and Spanish production mirroring a decline already seen in German industrial production.
In Nigeria, unknown gunmen attacked six oil industry vessels on the channel leading to the country's largest oil and gas complex on Bonny Island, after warnings a day earlier that militants were targetting a major offensive at its oil infrastructure.
As can be seen the London Brent crude shed $1.67 cents to $92.70 but the local market in Portugal the consumers are paying the crude not at $92.70 but rather at $100,00...this situation is affecting every aspect of life .
written by ABSTRACTMIND @ 2:39 pm, ,
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written by ABSTRACTMIND @ 2:34 pm, ,
PORTUGAL situated next to SPAIN... has all the BAD economic examples that should not be followed by any government.
PORTUGAL is in the top five nations with the highest petrol prices. ( 95 octane 1€409)
PORTUGAL there are Taxes for everything, we pay Tax on Tax...
PORTUGAL the politicians ,banks and most companies are corrupt...
PORTUGAL unemployment is one of the highest in Europe...
PORTUGAL social and medical care are one of the worst in Europe...
But one of the worst situations is the fact that the final petrol price paid at the pump (gas station) keeps changing on a upward movement every week without any warning or explanation.
Consumer goods including bread have increased up to 30%..this year alone... so if you thinking of visiting Portugal...you are welcome... but bring along a bicycle...any other means of travel is too expensive, but if you must use a car then avoid the petrol stations such as Galp,BP,Repsol, these companies all practice same inflated petrol prices..
The oil companies have been requested to reply as to why we have such inflated petrol prices but the only reply we obtain is SILENCE.
The international crude situation is quite dramatic with all the regional conflicts and SPECULATION playing a major part...so we don't need a inflationary government ..what we need is cheaper petrol prices...
written by ABSTRACTMIND @ 11:39 am, ,
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written by ABSTRACTMIND @ 3:46 pm, ,
We can already witness S P E C U L A T I O N at its best as options to buy oil for $200 on the New York Mercantile Exchange rose 10-fold in the past two months !!!
The contracts, the cheapest way to speculate in energy markets, appreciated 36 percent since early December as crude futures reached a record $100.09 on Jan. 3.
Saudi Arabia, the world's largest exporter, said last week that the 500,000 barrel-a-day Khursaniyah oilfield missed a December start date !!!
Brazil's Tupi field, the second-largest find of the past two decades, lies more than eight kilometers (five miles) below the ocean surface and will take at least five years to develop. !!!
Petroleos Mexicanos, Mexico's state oil monopoly, suffered a three-year, 40 percent decline at its Cantarell field, the world's third-largest !!!
Fighting in Nigeria reduced production 11 percent since December 2005 !!!
According to OPEC, there is enough oil in the market rising prices aren't OPEC's fault. The group is scheduled to meet Feb. 1.
Even the assessment from OPEC suggests prices will rise ... they also use SPECULATION as the driving force !!!
However all this SPECULATION will prove to be useless as Oil is overpriced and the U.S. economy, the world's largest, will slip into recession this year. The jobless rate rose to 5 percent in December, the highest in two years. The Institute for Supply Management's factory index fell to the lowest level in almost five years in December.
Lets all do what we can to force the crude prices down, be it in Europe,America,Asia or downunder we all face the same situation ...Oil is overpriced and we pay the bill ....
written by ABSTRACTMIND @ 3:05 pm, ,
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written by ABSTRACTMIND @ 4:18 pm, ,
Shows how useless some Government institutions are...makes one wonder why SPECULATION exists..
written by ABSTRACTMIND @ 2:26 pm, ,
For every litre of fuel a the petrol pump we pay 1,386€ ( REF. 95 octane ) 75% of the price is taxes ... ridicules but real... Every week we face a increase in the consumer price, no explanation is given, there is a total lack of respect between the government, oil companies and the population in general...,
The dollar's 11 percent slide last year against the euro helped boost oil prices because it made commodities cheaper for buyers outside the U.S, but in Portugal this is not the case...in fact the reverse has happened... prices have continued to go up...
The national company ( GALP ) is the major culprit in this situation, they are always the first to increase the price followed by the others, namelly BP,Repsol,SHELL and so on.. all these practice the same price.
How can the Government expect to control inflation by allowing these petrol companies to practice the same prices all the time... one increases the others follow.. EU hates any monopolistic activity that affects EU citizens, so why don't these companies suffer some kind of sanctions?..
Portugal will certainly end up in a recession this year if the petrol prices at the pumps continue as they are ... actually the recession has started since all energy , food, transports, health, in fact everything has increased beginning of 2008, the only workers that will continue to have reasonable wages are the state workers ( public servants ) all others face uncertainty or unemployment...
written by ABSTRACTMIND @ 12:00 pm, ,
written by ABSTRACTMIND @ 11:44 am, ,
Oil, Gold Near Records
Global inflationary pressures will worsen as energy and food costs keep rising ... We will eventually end up in a recession ...
WorldWatch received a news flash confirming that crude oil and gold traded near records after a slump in the dollar against major currencies boosted the appeal of raw materials as an inflation hedge.
Oil reached a record $100 a barrel yesterday and gold soared to its highest ever. The dollar fell as traders increased the odds of a U.S Federal Reserve cut in borrowing costs this month to 100 percent. Gold gained to a record $860.10 an ounce yesterday.
Consumption is rising in China and India, the world's biggest buyers of the commodity, and governments are promoting increased use of edible oils as alternative fuels.
Also affecting the oil prices is the violence in Nigeria ... may extend output cuts in Africa's biggest oil producer. Nigerian militants killed 12 people in the southern oil city of Port Harcourt on Jan. 1. Unrest has curbed daily production by almost a quarter...Geopolitical uncertainty including violence in the Middle East, Pakistan as well as Nigeria , WHY DOES THIS AFFECT CRUDE PRICES...!! How many people die per day in Nigeria , in Africa ... this never affected prices.... now it does...why ??? BLAME SPECULATION...
Crude oil for February delivery traded at $99.49 a barrel, in after-hours electronic trading on the New York Mercantile Exchange at 2:29 p.m. in Singapore.
The dollar's 11 percent slide last year against the euro helped boost oil prices because it made commodities cheaper for buyers outside the U.S. and attracted investors seeking a hedge against inflation. The priority for this year is to eradicate SPECULATION from the face of the earth...but we must all stand together...the stronger we get the more successful we will be, after all its the final consumer that bears the grunt of the inflated crude prices.
Its up to the consumer in our respective countries to pressure governments ,car manufactures , oil producers and oil companies, let them now that this situation has reached the turning point... ONE FOR ALL, ALL FOR ONE...
written by ABSTRACTMIND @ 11:13 am, ,
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written by ABSTRACTMIND @ 2:10 pm, ,
According to our WorldWatch office a U.S. government report tomorrow will show a drop in crude supplies last week, from their lowest in three years !!!!
Gold futures for February delivery rose $11.60, or 1.4 percent, to $849.60 an ounce at 9:01 a.m. on the Comex division of the New York Mercantile Exchange.
Oil also gained after militant attacks in Nigeria, Africa's biggest crude producer, increased concern that violence will deepen production cuts. Violence has already cut production by about 500,000 barrels a day. There have always been conflicts in Nigeria, almost every African Nation has conflicts...so why should the price of crude suffer !!! just because Nigeria produces crude !!! anyway who controls the local crude market...U.S companies !!!
What the world needs is efficient energy source other than crude... there are many options but more investment is needed.
Crude oil for February delivery climbed to $98.29 a barrel in after-hours trading on the New York Mercantile Exchange. The contract traded at $97.82 at 1:42 p.m. London time.
Last year, prices surged $34.93 a barrel, or 57 percent, the biggest annual percentage increase since 2002. New York futures reached a record $99.29 on Nov. 21 as a weaker dollar made crude cheaper in other currencies.
Brent crude for February settlement rose to $96.40 a barrel on the ICE Futures Europe exchange. It traded at $96.06 at 1:18 p.m. London time.
The London benchmark rose 54 percent last year, the most since 1999, when prices more than doubled.
Oil advanced 2.9 percent in New York last week after the assassination of former Pakistani Prime Minister Benazir Bhutto sparked concerns of instability in the nuclear-armed nation.
Also having a effect on crude prices is Nigerian militants killed 12 people in the southern oil city of Port Harcourt in attacks on two police stations and a hotel, the state-run News Agency of Nigeria said yesterday, citing Felix Ogbaudu, the regional police chief, reducingNigeria's output by 20 percent since the start of 2006.
Gold rose, extending a seven-year rally to the highest price since 1980, as a weakening dollar and higher energy costs boosted demand for a hedge against inflation. Silver also gained.V
So its up to the consumer to turn this situation in a downward trend... because we have noticed that crude is making a run for a $100, the dollar is headed lower, and geopolitical tensions are building. It's very possible gold can get to $1,000 this year.!!!
written by ABSTRACTMIND @ 12:26 pm, ,