Oil Prices Rise Above $69 Per Barrel

[ozymandius]

NEW YORK - Oil prices rose above $69 a barrel on Thursday ahead of the long weekend, as worries about possible supply disruptions overshadowed the news that U.S. crude inventories are at their highest level in eight years.

Gasoline prices also rose, extending gains that have begun to trickle down to U.S. consumers, who are now paying on average $2.717 for a gallon of gasoline, according to AAA's daily fuel gauge report Thursday. That is up more than 45 cents from a year ago.

"We're just in this terrific bull run right now, and the worries just steepen," said John Kilduff, analyst at Fimat USA. He added that as long as political tensions continue in Nigeria and Iran, crude futures next week are apt to break their previous trading record of $70.85 a barrel, reached Aug. 30 after Hurricane Katrina struck the Gulf coast.

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[ozymandius]

1. and on a related note...

Exxon Chairman Got Retirement Package Worth at Least $398 Million

Last year's high oil prices not only helped Exxon Mobil report $36 billion in profit — the most ever for any corporation — they also allowed Lee R. Raymond to retire in style as chairman of Exxon Mobil.

Mr. Raymond received a compensation package worth about $140 million last year, including cash, stock, options and a pension plan. He is also still entitled to stock, options and long-term compensation worth at least another $258 million, according to a proxy statement filed by Exxon with the Securities and Exchange Commission yesterday.

The total sum for Mr. Raymond's golden years comes to at least $398 million, among the richest compensation packages ever. The record was the payout of $550 million to Michael D. Eisner, the former head of Walt Disney, in 1997.

Exxon's board also agreed to pick up Mr. Raymond's country club fees, allow him to use the company aircraft and pay him another $1 million to stay on as a consultant for another year. Mr. Raymond agreed to reimburse Exxon partly when he uses the company jet for personal travel. "It begs the old question again, When is enough, enough?" said Brian Foley, an executive compensation consultant in White Plains. "This looks like a spigot that you can't turn off."

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http://www.nytimes.com/2006/04/13/business/13exxon.html

[Roland99]

2. And it's all PURE SPECULATION due to * and his warmongering!

[ozymandius]

3. Gasoline Is Approaching $3 a Gallon

California's average cost of regular rises 6.8 cents in the last week to $2.811 as the summer driving season looms. `It's going to get pretty ugly.'

With oil prices heading higher and fuel-supply worries mounting, market watchers say that $3-a-gallon gasoline nationwide is a near certainty as the U.S. gears up for the summer driving season.

And along the way, refiners' profits are soaring.

The nationwide average pump price shot up 9.5 cents in the last week to $2.683 for a gallon of self-serve regular, the Energy Department said Monday, based on its weekly survey of service stations. The latest average is 44.3 cents above February's low.

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"It's going to get pretty ugly. It's ugly already," said Phil Flynn, senior market analyst at Alaron Trading Corp. in Chicago. "We're going to hit $3 a gallon nationwide…. That's the number that I'm hoping that we're going to stop at."

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[ozymandius]

4. High oil prices widens global imbalances: IMF

WASHINGTON (Reuters) - Rising oil prices are fueling global distortions in trade, with oil producers raking in profits while the current account gaps of fuel importers move further into the red, the International Monetary Fund said on Thursday.

In the first chapters of its semi-annual World Economic Outlook, the IMF said that over the past two years, higher oil prices had accounted for one-half, or about one percentage point of GDP, of the deterioration in the US current account.

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Futures prices now range between $68 to $70 per barrel.

"When we look at the futures markets...basically they see oil prices remaining at around the current level over the medium term -- a little bit of a rise in the short term, a little bit of a decline in the longer run, but around the same level overall," IMF deputy director of research David Robinson told reporters.

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[hadrons]

5. reg. is at around $2.95 in NY right now

[tservo]

7. It has gone up from $2.59 to $2.79 in the past week in

Lincoln, NE

[Javaman]

6. The water the frog is in, just warmed up a bit more...

And yet nothing is being done about it.

Funny how that works when you have an oil man* in the WH.

The happy idiots in this country continue to gripe and complain but ask nothing of our useless gov't to change things.

"And one by one they marched off the cliff, knowing full well, that by following their leader, it would result in their own death. Yet, they still did it, grumbling and sniping along the way."

[file83]

13. America is on a nice SLOW simmer, gently being raised to a BOIL...

:hide:

[Shakespeare]

14. That is EXACTLY the metaphor I used about a week ago....

...when an expert on a news story about rising gas prices said that Americans wouldn't react with outrage, because we'd already gotten used to $3 a gallon gas after Katrina.

These criminals know exactly what they're doing.

[darkmaestro019]

8. I was watching something-gods know what--last night about biodiesel

It was very--"it's your own fault, why don't you convert? the cost is so low, only about $2000, you are to blame if you don't convert, you deserve the extra cost!" Some dolt in a suit clearly said that anyone who doesn't convert or hasn't already is an idiot. Not a nice way to get your message across, guy. Try honey. We've got enough vinegar, thanks. Then they paraded a construction-business owner around who was gleefully thinking of converting like six MORE of his trucks for his business. Yeah, that's good, but not all of us can afford to throw several grand around. And probably it's the broke rabble like me with far less well-maintained cars and cheap-grade gasoline that are doing more environmental harm than better-kept newer cars by better-paid people.


I think we've made $2000, total, maybe, THIS YEAR.


If anyone knows of a movement/place/tek to convert INEXPENSIVELY--two grand is not what I call inexpensive, the CAR isn't worth that--drop me a line. I assume as the gas prices go up and up and the technique gets ironed out and improved, conversion kits and shops that will install them will drop their prices. I hope, anyway. I was hoping to one magical day get another of the '75 El Camino I deeply, heartbrokenly miss (or perhaps, when I really start to fantasize, the very one I lost by chasing the VIN)

The end of the gasoline era was breaking my heart for this (admittedly selfish and immature) reason, but the idea of conversion appeals to me a great deal. (OK, clearly that's nowhere near the ONLY reason this is breaking my heart, just a tiny personal wound)

EDIT: Also, I don't even like to ask businesses for BOXES when moving, I can't imagine running around to a dozen fast food joints begging for used grease. If they want this to take off, they gotta make the conversions cheaper and more universally available AND make the oil itself a lot easier to access. Go ahead and flame me for lazy on this one, but I've had too many business owners treat me like a crook or some kind of insect life for asking for their trash before.

[Tesha]

10. You were watching PBS and "The News Hour" with Jim Lehrer. (NT)

[AndyA]

9. The only good news in this is that this will hurt the Republicans in

November. Americans get angry when things have an adverse effect on them. They have SUVs now that aren't worth much, because no one wants them. Trade in values have plummeted, and dealers don't want them in trade, since they sit on the used car lot for so long.

People will be forced to conserve, drive with the A/C off to conserve fuel, and every time they fill up at big $$$$$$ they will wonder how things got this way.

They know Republicans are and have been in charge. The Repugs can try to blame this all on the Dems or Clinton, but people don't really believe that. Bush is in year #6 now (Heaven help us!) and people know who's responsible.

I believe this will drive the Repug approval ratings lower, and remove some of them from their seats this Fall.

[cliss]

11. I take great joy in that thought.

You hurt people in their pocketbooks, and they're going to be looking for a reason why.

It's been proven: Bush's ratings are inversely related to the price of gas. Goes goes up = Bush comes down.

Only this time, there doesn't seem to be a magic solution, or instant answer on the horizon. Last year was the proof of that.

[file83]

12. Consider it a "bitter-sweet" joy.

[AndyTiedye]

16. And Then Bush Starts Yet Another War in the Middle East

[Earth_First]

15. It went from 2.73/83/93 to 2.83/93/3.03 overnight.

Ten cents overnight here in town, with closely varying increases in the city.

[peter_the_great]

17. I think higher gas prices is great!

I think higher gas prices is great! The federal government refuses to move in any real way towards alternative energy. So higher gas prices will eventually force people to conserve. And is certainly make the Noecons and the republicans look bad!

I am hopping gas will stay above $265 a gallon.