HURRICANE IRENE

Portugal as one of the oldest nations in the world, continues to have one of the most expensive final consumer prices of any oil product (diesel /regular) in the world ...
Crude oil for October delivery fell to $106.52 a barrel, high prices and slowing global economic growth reduce demand for fuels ... however Portugal this very moment has one of the most expensive final consumer price for gasoline in Europe and one of the highest in the world...
This situation proves how these oil companies together with the government have no respect for the consumer...
This situation places the economy in the RED, as consumers pay more and more for energy....while in the international market prices are falling...

However consumers in Portugal continue to pay as if prices were at a all time high ...
BP,Galp and Repsol prices are today a ataggering 1.539 euro per litre for regular 95 Octane !!!
There is no justification for the inflated gasoline prices sold by Galp, BP and REPSOL and BP.!!!
These inflated oil prices have the approval of the government .. and of course the higher the oil price the more revenue for the government....Oil consumption in Portugal this year has dropped more than 11% and all tendencies indicate that it will continue!!!
These same companies are once more prepared to increase tomorrow final consumer prices.
THE REASON…
THE WEATHER IN THE US…HURRICANE IRENE..
In fact a Tropical Storm ..IRENE

Crude $90 Forecast

Oil will fall next week as Libyan rebels consolidate their hold on the country after deposing leader Muammar Qaddafi and begin taking steps to restore crude exports, a WorldWatch News survey showed.
$90 Forecast
Standard Chartered Plc cut its third-quarter price forecast this week on weaker-than-expected demand in the U.S. New York-traded West Texas Intermediate crude may average $90 a barrel in the three months ending Sept. 30 from a previous forecast of $98, according to a report dated Aug. 24 by Helen Henton, a London-based analyst.
Total products supplied, a measure of fuel consumption, has fallen 5.2 percent to 19.2 million barrels a day in the two weeks ended Aug. 19, according to an Aug. 24 report from the U.S. Energy Department.
Crude oil for October delivery increased $2.96, or 3.6 percent, to $85.37 a barrel this week on the New York Mercantile Exchange. Futures have fallen 6.6 percent this year.
The oil survey has correctly predicted the direction of futures 48 percent of the time since its start in April 2004.
WorldWatch survey of oil analysts and traders, conducted each Thursday, asks for an assessment of whether crude oil futures are likely to rise, fall or remain neutral in the coming week. The results were:
RISE 6
NEUTRAL 5
FALL 12

U.S.,RATED AAA

Oil continued its declined since Thursday 05-08-2011 in New York, its longest losing streak since May, as investors bet that signs of a slowing U.S. and Europe economy indicate fuel demand will falter as these crude-consuming nations will see the demand fall .
This morning Brent Crude Oil was trading at $99.06 a barrel, WorldWatch predicts oil will average $100 a barrel this year. Prices could come back to the $90 level, if not more.

Oil is extending losses in New York after dropping below the 200-day moving average yesterday, a long-term support level at about $95 a barrel, according to data compiled by WorldWatch. A breach of technical support usually means prices will continue to fall. Front-month futures may decline to the lower Bollinger Band, around $91.11 today.

As Brent Crude Oil continues to reflect the decline in demand, there is one exception...Portugal..final consumer price for a litre of Regular 95 Octane continues a staggering 1.619 € per liter.
This speculation is done by the petrol companies Galp, Repsol, BP and Cepsa, they all practice the same prices, in the last week
of July consumer prices were increased by more than 8 cents per liter with no justification, now today they announced that the consumer price may be deceased by 2 cents per liter.
This attitude is ridiculous as Portugal faces severe economical hardships and a possible social unrest if this monopoly in price fixing is continued.

US Debt

Crude oil declined to a seven-week low after a gauge of U.S. manufacturing showed growth at the slowest pace in two years, a sign the economic expansion will continue faltering.
America’s debt ceiling, agreement may have helped prevent a crash of the economy in the short term, but there’s still a lot to worry about, The economy hardly grew in the first half of the year and the outlook for growth isn’t promising.
Crude for September delivery fell 81 cents, or 0.9 percent, to $94.89 a barrel on the New York Mercantile Exchange, the lowest settlement price since June 29. Prices are up 20 percent over the past year.
Brent for September settlement gained 7 cents to $116.81 a barrel on the London-based ICE Futures Europe exchange. The European benchmark contract was at a $21.92 premium to New York futures, down from a record $22.63 on July 14, based on closing prices.
The initial euphoria over the debt ceiling was overdone, and the ISM report is a sobering reminder of the problems we the US faces. The S&P turned on the manufacturing numbers and oil followed.

US Debt Ceiling will raise the $14.3 trillion debt ceiling through 2012, cut spending by about $1 trillion and call for enactment of a law shaving another $1.5 trillion from long-term debt by 2021, or institute punishing reductions across all government areas, including Medicare and defense programs, according to congressional officials.

The Organization of Petroleum Exporting Countries’ crude output rose in July to the highest level since December 2008, led by gains in Saudi Arabia and Angola, according to a WorldWatch News survey. Production increased 245,000 barrels, or 0.8 percent, to average 29.565 million barrels a day, according to the survey of oil companies, producers and analysts.

GREEK TRAGEDY

As WorldWatch forecast on previous posts the crude price is speculative, both by petrol companies and less honest governments as is the case with Portugal were once more final consumer prices at the pump have become more expensive over the last week and according to the same agency next week the same companies will once more inflate consumer prices.
The companies involved in this scam are,Galp, Cepsa, BP e Repsol, last week alone these same companies increased final consumer price three days in a row, now this week they have once more increased consumer final prices at the pump by...

Galp increased regular 95 Octane by 7, 5 cents per litre; consumer price is now a staggering 1,619 euros per litre.
Cepsa increased regular 95 Octane by 7, 5 cent per litre; consumer price is now a staggering 1,619 euros per litre.
BP increased regular 95 Octane by 8 cent per litre; consumer price is now a staggering 1,629 euros per litre.
Repsol increased regular 95 Octane by 8 cent per litre; consumer price is now a staggering 1,619 euros per litre.

These companies all practice the same final price with no explanation given to the public as to why...
As mentioned in previous WorldWatch reports the recession will continue as long as these companies and governments continue to use lame excuses to inflate final consumer prices.
Demand in Portugal will fall by 18% as the country struggles to pay foreing debt.

"Madiba".

Nelson Mandela is one of the world's most revered statesmen, who led the struggle to replace the apartheid regime of South Africa with a multi-racial democracy.

Jailed for 27 years, he emerged to become the country's first black president and to play a leading role in the drive for peace in other spheres of conflict. He won the Nobel Peace Prize in 1993.

His charisma, self-deprecating sense of humour and lack of bitterness over his harsh treatment, as well as his amazing life story, partly explain his extraordinary global appeal.

• 1918 - Born in the Eastern Cape
• 1956 - Charged with high treason, but charges dropped
• 1962 - Arrested, convicted of sabotage, sentenced to five years in prison
• 1964 - Charged again, sentenced to life
• 1990 - Freed from prison
• 1993 - Wins Nobel Peace Prize
• 1994 - Elected first black president
• 1999 - Steps down as leader
• 2001 - Diagnosed with prostate cancer
• 2004 - Retires from public life
• 2005 - Announces his son has died of an HIV/Aids-related illness
• 2007 - Forms The Elders group
• 2010 - Appears at closing ceremo-ny of World Cup

HAPPY BIRTHDAY MADIBA (18-07-1918)

Austerity Plan

WorldWatch chief analyst reports that once more Portugal places itsbail-out plan in serious danger of not being able to carry out the austerity plan, Portugal continue to have one of the most expensive final consumer prices for the motorist at the filing station, at the moment BP
and Repsol have the most expensive price per litre 1,601 for regular 95 Octane.

This attitude by the petrol companies Galp, BP, Repsol and Cepsa will affect Portugals austerity plan, as consumer demand will continue to drop as well as Tax revenue derived from petrol products.
This week prices have increased twice, 11-07-2011 and 12-07-2011, the policy shift by the U.S. and some European Nations to try and get external markets to help lower crude prices does not apply to Portugal were consumer prices are inflated to record cost.

The new elected government seems to be as arrogant as the last socialist government regarding this issue as there is no control as to the steps taken by these energy companies.

BP increased 5.5 cents per litre
Repsol increased5,5 cents per litre
Galp increased 5 cents per litre
Cepsa increased 5,5 cents per litre

All these companies have a monopoly in price fixing as can be seen, this price fixing is not allowed by E.U. law, however Brusels nothing does to avoid such situations allowing less honest companies and governments to run free.