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OK. Obama does what he should have done 6 months ago and releases some of the strategic oil reserve and what does gas do?
IT FUCKING GOES UP!
What gives? Pisses me off.
IT FUCKING GOES UP!
What gives? Pisses me off.
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Glad you asked. As usual, it's the KKKoch Brothers, Pig Oil & Wall $treet felons to blame......
Fucking pieces of treasonous shit.JP Morgan, Koch, Other Oil Traders May Buy Discounted Strategic Petroleum Reserve Oil And Simply Store It
By Lee Fang on Jul 5, 2011 at 3:37 pm
To stem supply disruptions from Libya and to disrupt the grip of nonconsumer oil speculators, the U.S. Department of Energy announced the sale of 30 million barrels of crude as part of the International Energy Agency’s effort to release 60 million barrels into the global oil market. The sale of oil from the Strategic Petroleum Reserve, as well as the suggestion from the Obama administration that more sales could be announced in the future, has already lowered the price of crude. As the Baker Institute’s Amy Myers Jaffe has noted, the release sends a “signal that should keep rampant speculation at bay.”
However, as Bloomberg reported last week, “some of the oil being released from the U.S. Strategic Petroleum Reserve to bring down prices may be held by traders for later sale rather than sent directly to refiners for processing into gasoline or other fuels.” Some of the purchasers have claimed that they will immediately refine the SPR crude. But many banks and large oil speculators looking to purchase the oil may intend to simply hoard it:
Representatives of trading companies including JPMorgan Chase & Co., Morgan Stanley (MS), Hess Trading Company and Koch Supply & Trading LP joined Valero Energy Corp. (VLO) and Statoil ASA in questioning Energy Department officials June 28 about shipping options and requests for waivers of the Jones Act.
The Jones Act “restricts the shipment of goods between U.S. ports to American-flagged vessels.” Because most oil tankers are foreign-flagged ships, the traders looking to store in the oil offshore must request Jones Act waivers.
Argus Media reports that Koch Industries has already shown interest in leasing super tankers for storage of crude in the Gulf of Mexico. The Economist points out that the small rebound in oil prices have already provided an incentive for oil traders to store, rather than refine, the oil: “If a trader was able to purchase West Texas Intermediate—the oil held in America’s Strategic Petroleum Reserve (SPR)—at the spot price on June 24th, they would already be sitting on a tidy profit.”
In December 2008, when oil prices crashed from a record high to $33 a barrel, speculators with the capability to store massive quantities of crude oil bought in bulk and stored the oil for later sale. As Fortune magazine reported, the rush to store oil instead of refining it pushed prices for consumers back up. Now, the contango — a market situation when the spot price is much lower than the future price of oil — is less significant than back in 2008.
Nevertheless, its not clear what oil traders will do. In Europe and Japan, much of the oil released as part of the IEA effort was sent directly to industry. In the U.S., the release was entirely crude with less strings attached. “Our inventories are in good shape and our markets are well supplied here in the United States,” Rayola Dougher, an economic adviser with the American Petroleum Institute, the largest oil lobbying group, told Reuters. “It may be that our refiners are buying it to store up.”
Eat Us And Smile
Cenk For America 2024!!
Justice Democrats
"If the American people had ever known the truth about what we (the BCE) have done to this nation, we would be chased down in the streets and lynched." - Poppy Bush, 1992 -
No shit.
Of course with the market taking a dump today they may stand to lose their ass also.
Then you have to wonder why it takes weeks for the price to drop 10 cents but only hours for it to rise 15. Fuckin makes me so mad I can't stand it!Comment
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Stocks dive after dismal June jobs report
Stock indexes fell sharply Friday, erasing most of the week's gains, after a dismal report on the job market stifled hopes for a quick economic rebound.
U.S. employers created only 18,000 net jobs in June, the fewest in nine months and a fraction of what many economists expected. Private companies added jobs at the slowest pace in more than a year. The unemployment rate edged up to 9.2 percent, its highest level this year.
A broader measure of weakness in the labor market was even worse. Among Americans who want to work, 16.2 percent are either unemployed or unable to find full-time jobs. That was up from 15.8 percent in May.
The Standard & Poor's 500 index dropped 15 points in afternoon trading, or 1.1 percent, to 1,338. That eliminated the index's gains from Thursday and left it down for the week.
The Dow Jones industrial average fell 108, or 0.8 percent, to 12,611. Prior to Friday the Dow had only one down day over the past eight. The Nasdaq composite index fell 31, or 1.1 percent, to 2,842. That index is on track for its first daily loss in two weeks.
Stocks fell broadly. All 10 industry groups in the S&P 500 index fell. Job-hunting service Monster Worldwide Inc. plunged 5 percent, one of the worst declines of any stock in the index.
Manufacturers had the worst declines in the Dow average. Heavy-equipment maker Caterpillar Corp., industrial conglomerate General Electric Co. and networking equipment maker Cisco Systems Inc. each lost 2 percent. So did Bank of America Corp.
Hiring slumped in May due partly to high fuel prices and disruptions of industrial supplies because of the earthquake and tsunami disasters in Japan. Those problems now appear to be more persistent than many analysts had expected.
"There's just a lot more evidence than before that we're in an extended weak patch," said Brian Gendreau, market strategist for Cetera Financial Group. He said private economists will likely reduce their projections for overall economic growth this year.
Traders rushed to the relative safety of government bonds. The yield on the 10-year Treasury note fell to 3.02 percent from 3.19 percent just before the jobs report came out. Bond yields fall when demand for them increases.
Oil prices fell 3 percent. The lack of hiring suggests that demand for fuel will increase less than traders had expected. Lower fuel prices could eventually help the economy by leaving consumers with more money to spend on things other than gas.Weak economic data this spring pushed stocks near their lowest levels of the year two weeks ago. Markets recovered last week, giving the Dow its best week in two years, on signals that the economy was rebounding. Stock indexes closed near their 2011 highs on Thursday.
It now appears that those peaks, reached on April 29, will stand for the time being.
Thursday's gains were driven by a report from payroll processor ADP that private companies added 157,000 jobs in June. That raised investors' expectations that the broader Labor Department report, which has a greater influence on markets, would also indicate a pickup in hiring. The ADP report is sometimes, but not always, a reliable indicator of how the Labor Department's report will turn out.
"The market was just coming to the conclusion that this weak patch was coming to an end," Gendreau said. Noting that the government revised downward its jobs numbers for April and May, Gendreau said the report might signal a longer-term negative trend.
Despite the weak job market, analysts still expect earnings at big U.S. companies to be strong. Corporate America is benefiting from strong export growth as the weak dollar makes American goods cheaper, and therefore more competitive, in overseas markets. Aluminum maker Alcoa Inc., one of the 30 companies in the Dow average, will be the first major corporation to report second-quarter financial results on Monday.
With the economic picture so bleak, traders might not react that much even if U.S. companies report higher earnings, Gendreau said.
"This will be one quarter in which earnings don't really drive the market," he said. "The corporate sector is strong, but of course it looked strong at the peak in 2007, as well."
Rupert Murdoch's media conglomerate News Corp. fell 4 percent as a phone-hacking scandal at its News of the World tabloid deepened. A former editor of the paper who later served as spokesman for British Prime Minister David Cameron was arrested Friday.
News Corp. shuttered the 168-year old paper on Thursday in hopes of saving its deal to take over the lucrative British satellite TV company British Sky Broadcasting. Government approval of that deal will now be delayed because of the crisis, which has shocked Britain.Comment
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I want to poiint out something really shady I have been noticing at 3 different gas stations...all different chains. So this may be common practice everywhere.
You all know when you pump your gas there are typically 3 buttons. 87 89 91 for the octane you wish to use. Well I have noticed that they flip the buttons every few months. Now it is in opposite order 91 89 87
So if you are just so used to hitting the far left button for your cheapo regular gas, and suddenly they flip the buttons on you....you may not notice & just hit that far left button and pay the extra for 91 octane.
Sorry...I feel like I am not explaining this well. But just be aware of the number & price on the button you are choosing for your fill-ups. Humans are creatures of habit and I wouldn't doubt that this is common practice everywhere.“Great losses often bring only a numb shock. To truly plunge a victim into misery, you must overwhelm him with many small sufferings.”Comment
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One thing most people aren't aware of is it's the same gasoline in all three gradess. How they boost the octane is with additives which include ethanol. Most cars will do just fine on the lower octane. Unless you have a higher compression engine or are pulling a high elevation grade just run with the lower octane and save your money. I live at 6300 feet above sea level and do just fine on 83 octane unless I'm going over an 8,000 foot pass where my engine starts to ping then I have to go to a higher octane number to stop that.No! You can't have the keys to the wine cellar!Comment
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Haven't seen anything like that yet here, but there are a couple of gas pumps around here (forget exactly which stations) which will "default" to the most expensive gas if you don't hit a button in time.
I'll use the high octane on a road trip, because I know for a fact my engine performs better on it. But that's highway driving. Stuck in town, never going over 35 miles an hour, there's no point in wasting more money than I already have to because of the criminals.Eat Us And Smile
Cenk For America 2024!!
Justice Democrats
"If the American people had ever known the truth about what we (the BCE) have done to this nation, we would be chased down in the streets and lynched." - Poppy Bush, 1992Comment
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High octane works well in one of these too. I wouldn't mind putting those criminals responsible for the high gas prices on the receiving end of one.
No! You can't have the keys to the wine cellar!Comment
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The Wall Street oil speculators are a big part of the problem.ROTH ARMY MILITIA
Originally posted by EAT MY ASSHOLE
Sharky sometimes needs things spelled out for him in explicit, specific detail. I used to think it was a lawyer thing, but over time it became more and more evident that he's merely someone's idiot twin.Comment
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Hell yeah they are. We need to start treating economic treason as seriously as any other form of treason. And since corporations want to call themselves "persons", then like any other "person" they should be subject to the death penalty for treason.Eat Us And Smile
Cenk For America 2024!!
Justice Democrats
"If the American people had ever known the truth about what we (the BCE) have done to this nation, we would be chased down in the streets and lynched." - Poppy Bush, 1992Comment
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Just to clarify, it's the corporate "person" I'm talking about killing. At least at first. If the humans behind the executed corporations form other corporations and commit the same treason, then it becomes obvious that THEY are treasonous. Two strikes and they're out.
Eat Us And Smile
Cenk For America 2024!!
Justice Democrats
"If the American people had ever known the truth about what we (the BCE) have done to this nation, we would be chased down in the streets and lynched." - Poppy Bush, 1992Comment
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That's almost as fucked up. Haven't seen that down here, but I usually select pretty quickly. next time I will wait & see what happens.
Gas stations I use
7-11 Inexpensive and I'm usually there anyways for coffee & smokes
Chevron Just cause it's the closest to the house if I'm running really low I go there as emergency
76 Only cause they got a kick ass mexican fast food place inside.
Hardly ever use Arco - AM/PM. it's always cheapest, but the lines are ridiculous. Fuck that.“Great losses often bring only a numb shock. To truly plunge a victim into misery, you must overwhelm him with many small sufferings.”Comment
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