Article

2008-11-20 Home Front Economy

Archived material is restricted to Rantburg regulars and members. If you need access email fred.pruitt=at=gmail.com with your nick to be added to the members list. There is no charge to join Rantburg as a member.

Posted by Fred 2008-11-20 00:00|| || Front Page|| [6 views ] Top

#1 Good luck with that. I hope it goes back down to $20 a bbl.

Posted by bigjim-ky 2008-11-20 08:15|| 2008-11-20 08:15|| Front Page Top

#2 API:US Oct Oil Demand Down 4%, Production -5.1%, Imports +5.8%
U.S. petroleum demand and production is on the wane while imports of crude oil and gasoline are on the rise, according to monthly statistics released Wednesday by the American Petroleum Institute.

U.S. petroleum deliveries dropped 4% in October, bringing the decline between January through October to 5%, a rate not seen since the 1980s, according to the the API, a trade group that represents big oil companies.

"Not only have higher prices for much of 2008 been altering consumers' behavior, but more recent economic uncertainties have increasingly been putting a damper on demand, as well," API statistics manager Ron Planting said in a news release.

Despite the increase in contributions from Alaska, U.S. crude oil production in October declined by 5.1% from a year earlier, the API said.

Although imports declined in September because of hurricane related port closures, imports in October rose 5.8% from a year earlier. The U.S. brought in 13.7 million barrels a day, the highest level since July 2007.

Gasoline imports are up 25% from a year ago, the second-highest level ever for the month, after October 2005's import surge following Hurricane's Katrina and Rita.

The upstream and downstream sectors have recovered well from this year's Hurricanes Gustav and Ike, the API said.

Posted by ed 2008-11-20 09:30|| 2008-11-20 09:30|| Front Page Top

#3 Just saw $2.15 a gallon here in Nor Cal. Sure is a far way from the $4.95 we were seeing about 5 months ago. I can't imagine that actual supply and demand have changed that much. Yes, the dollar has strengthened, but it certainly points to the distortive effects the commodities trading market can have on the price of the good in question.

This price drop is a silver lining of the economic downturn and is helping keep some extra $$ in people's pockets. Hopefully heating oil prices will be lower too, another good thing for people at the margin.

Posted by remoteman 2008-11-20 13:06|| 2008-11-20 13:06|| Front Page Top

#4 I paid $1.75 at Sam's Club just outside Richmond, VA, last weekend - it's undoubtedly gone down since then. (I saw a WAWA sign for $1.79 this morning, and they're always above Sam's and below just about everyone else.)

Guess I'll find out this weekend when I tank up again. :-D

Posted by Barbara Skolaut">Barbara Skolaut 2008-11-20 14:35|| http://ariellestjohndesigns.com/]">[http://ariellestjohndesigns.com/] 2008-11-20 14:35|| Front Page Top

#5 I can't imagine that actual supply and demand have changed that much.

One thing we do know is that major banks have stopped lending money to other corporations - even the paper fronts they set up to speculate in oil. If you can't borrow the money you can't bid up the price even with leverage.

Posted by Procopius2k 2008-11-20 20:17|| 2008-11-20 20:17|| Front Page Top

#6 pd $1.99.99 this AM (in California!!) - very nice. Still..... drill baby drill....or at least keep that option open

Posted by Frank G">Frank G 2008-11-20 21:03|| 2008-11-20 21:03|| Front Page Top

23:26 trailing wife
23:17 tipover
23:13 trailing wife
22:31 Frank G
22:28 Spinelet Lumumba7308
22:25 ex-lib
22:24 ex-lib
22:23 trailing wife
22:23 Barbara Skolaut
22:20 Scott R
22:15 trailing wife
22:09 ex-lib
22:06 trailing wife
21:45 Oldtimer
21:38 Ulereth the Prolific7507
21:28 3dc
21:05 Redneck Jim
21:03 Frank G
20:56 Zenobia Ebbomose aka Broadhead6
20:50 Atomic Conspiracy
20:36 Bright Pebbles
20:17 Rambler in Virginia
20:17 Procopius2k
20:15 Adriane