Crude prices fall as storage space ne...

Crude prices fall as storage space nears limit

There are 9 comments on the TwinCities.com story from Jan 16, 2009, titled Crude prices fall as storage space nears limit. In it, TwinCities.com reports that:

Burgeoning crude inventories pushed oil prices lower today with yet another major energy group predicting demand will fall again this year in a widening recession.

Join the discussion below, or Read more at TwinCities.com.

Owl Gore

Monroe, LA

#1 Jan 16, 2009
Obama Interior Nominee to Consider New Ban on Oil


http://www.cnsnews.com/public/content/article...

Obama Interior Nominee to Consider New Ban on Oil

Interior Secretary-designate Sen. Ken Salazar D-Colo., right, shares a laugh with Sen. Mark Udall D-Colo. on Capitol Hill in Washington, Thursday, Jan. 15, 2009, during Salazar's confirmation hearing before the Senate Energy and Natural Resources Committee.(AP Photo/Jose Luis Magana)( CNSNews.com )- President-elect Barack Obama’s secretary of the interior nominee, Sen. Ken Salazar (D-Colo.), said he will consider restoring parts of an expired federal ban on offshore oil drilling, but told CNSNews.com that he has “no idea” how much of the drilling restrictions should be reimposed.

Salazar spoke to CNSNews.com outside his confirmation hearing in the Senate Committee on Natural Resources on Thursday.

Back in June, President George W. Bush lifted an 18-year-old executive order banning new offshore drilling that had been put in place by his father, President George H.W. Bush, and extended by President Bill Clinton.

At the end of September, Congress, which was in the midst of crafting a $700 billion financial bailout and facing nationwide pressure to lower gas prices and remove the ban, allowed a 26-year old moratorium of offshore oil drilling that had been annually attached to the Interior Department funding bill, to expire. A more recent moratorium on developing shale-oil lands, which are mostly in the west, also was allowed to expire.

Since then, the Bureau of Land Management has allowed bidding on leases for oil exploration and some land has been leased.

Republicans, including Senate Minority Leader Mitch McConnell (R-Ky.), told CNSNews.com on Thursday that they are concerned the incoming Obama administration will try to restore the ban.

When Sen. Lisa Murkowski (R-Alaska) asked Salazar about a possible reinstatement of the ban, he said,“There are places in the Outer Continental Shelf (OCS) where it is appropriate for drilling.”

(Excerpt) Read more at cnsnews.com ...

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****But when CNSNews.com asked Salazar how much of the ban he would push to restore as secretary of the interior, he said he did not know.
“I have no idea,” said Salazar.

Good grief...

waiting for his Greenpeeps to tell him...
to hard

Saint Paul, MN

#3 Jan 16, 2009
If prices are falling then why are the pumps increasing?
Owl Gore

Monroe, LA

#4 Jan 16, 2009
Billions in Highway Taxes Diverted to General Spending

http://www.thenewspaper.com/news/14/1494.asp

Billions of dollars collected from motorists from gasoline taxes, tolls, and registration fees are being diverted by state and local governments into uses that have nothing to do with roads and highways.

According to the latest figures from the Federal Highway Administration, motorists gave state and local government $40.3 billion in 2005 for the ability to drive and own a vehicle. Gasoline taxes accounted for $20.5 billion in revenue while registration fees and miscellaneous taxes generated $13.5 billion. State and local toll roads also collected $6.4 billion from motorists.

After accounting for administration and overhead,$28.5 billion remained for all fifty states to spend in 2005. Of this amount, only $13 billion was spent on state and local road construction and maintenance.

A total of $8.9 billion of motorists' money was diverted into unrelated uses. A total of $1.4 billion went to mass transit and $7.5 billion was used for social spending. The remaining amount went to related uses such as paying down transportation debt and funding highway law enforcement.

Selected spending tables from Highway Statistics 2005 are available in a 140k PDF file at the source link below.

Read more at thenewspaper.com ...

JTY

Since: Sep 08

Lincoln, NE

#5 Jan 16, 2009
to hard wrote:
If prices are falling then why are the pumps increasing?
The price of oil is a factor in the price of gas, but is not the only factor in determining the price of gas. Refining, station fees, taxes, shipping, reginal/local demand, ect all play a factor in the price you pay at the pump.
Heather

Maple Plain, MN

#6 Jan 16, 2009
Goverment is 100% out of control and the next 4 years wll be asinine!
Me too

Saint Paul, MN

#8 Jan 16, 2009
to hard wrote:
If prices are falling then why are the pumps increasing?
As stated by another poster there are other issues factored into the price of gasoline other than the price per barrel of oil. The quoted prices are also future contracts.
Large Carbon Footprint

Prior Lake, MN

#9 Jan 16, 2009
JTY wrote:
<quoted text>
The price of oil is a factor in the price of gas, but is not the only factor in determining the price of gas. Refining, station fees, taxes, shipping, reginal/local demand, ect all play a factor in the price you pay at the pump.
The price of gas is up about 40 cents per gallon as of late. Not only is the price of oil down, but demand is down, shipping costs are down and, most of all, station fees are down. How can anyone explain the recent rise in price?
Peter

Houston, TX

#10 Jan 16, 2009
Large Carbon Footprint wrote:
<quoted text>
The price of gas is up about 40 cents per gallon as of late. Not only is the price of oil down, but demand is down, shipping costs are down and, most of all, station fees are down. How can anyone explain the recent rise in price?
Refinery margins are improving. When demand collapsed, it left gasoline inventories very high. The hurt refinery profits. In fact, it cost more to produce gasoline than it was worth for a few months despite lower crude costs. Well, that can't go on forever and now that markets are becoming more balanced and supplies have cleared out, refinery margins are rebounding. So, gas prices are coming up a bit despite falling crude.

Hope it helps.

JTY

Since: Sep 08

Saint Paul, MN

#11 Jan 17, 2009
Large Carbon Footprint wrote:
<quoted text>
The price of gas is up about 40 cents per gallon as of late. Not only is the price of oil down, but demand is down, shipping costs are down and, most of all, station fees are down. How can anyone explain the recent rise in price?
Take a look out side if you want to see why gas demand has gone up over the last 2 weeks. Here is a hint, look for cars idling as people wait for them to warm up.

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