About Oil Prices

gulp! asked:


Liberals keep claiming that the recent substantial rise in oil prices is normal for the holidays heading into the summer. How often does the price of oil nearly double for the holidays heading into the summer?

No Bush rants please, this question has nothing to do with Bush. Please answer the actual question. For those who intentionally ignore the question, here it is again: How often does the price of oil nearly double for the holidays?
Hint for the libs - It never doubled for this period though is did nearly double last year.

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english_improve asked:


I want to know about the price of oil in the world right now. Do you have some website that updates every minutes abput the oil price?

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That Guy asked:


Did we suddenly find massive quantities of the stuff?
Did the world suddenly curb its thirst for oil?
Could it be that the threat from the US to become more energy independent has driven the costs down?
Why is it that with a 50% reduction in oil prices that there is not a 50% reduction in gasoline prices?

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Olukunle Odebo asked:


WORLD oil prices eased yesterday, as traders took profits after briefly surging to a one-year peak above $79 per barrel on demand recovery hopes and the weak dollar, traders said.

New York’s main contract, light sweet crude for November delivery, sank 47 cents to $78.06 a barrel, having earlier spiked to $79.05 shortly after midnight. That was the highest intra-day level in one year.

Elsewhere, Brent North Sea crude for December delivery reversed 44 cents to reach $76.55.

Despite Monday’s slight falls, New York crude oil remains close to a one-year peak as the market is boosted by hopes of recovering worldwide economic growth — and demand for energy.

“Crude oil is currently trading just under $79 a barrel on speculation demand will increase as the global economy recovers from recession,” said BetOnMarkets analyst David Evans.

“Last week, oil futures posted their biggest weekly gain in almost two months as US refiners cut operating rates to a six-month low to clear gasoline and distillate stockpiles.”

Oil prices had risen for a seventh straight session on Friday, powered by a jump in industrial production in the United States, rising tensions in oil-rich Nigeria and the flagging US currency.

Later yesterday, traders will digest the latest US company results for a handle on the pace of US economic recovery.

“Market participants will be keeping an eye on more US earning results that could be a key element for crude oil direction,” said analysts at the Sucden Financial Research brokerage.

Apple and Texas Instruments are scheduled to report quarterly earnings later yesterday, while Caterpillar and Coca-Cola report their results today.

London-based energy consultancy CGES yesterday warned that the oil market was “vulnerable” to “misreading” the signals about the strength of a possible global economic recovery.

“The world appears to be coming out of recession, but growth remains fragile and patchy,” the influential Centre for Global Energy Studies (CGES) said in a monthly report.

“Governments have pumped unprecedented amounts of money into the global economy and will need to carefully manage the endgame of the stimulus.

“Oil prices are being driven by wider economic forces and remain vulnerable to the misreading of economic signals,” it added.

Prices have surged in recent sessions, fuelled by a slumping dollar that has boosted investors’ appetite for hard assets such as oil and other commodities as they seek to protect their wealth from the falling US unit.

A struggling greenback makes dollar-priced crude cheaper for buyers holding stronger currencies, which tends to stimulate demand.

The European single currency hit a 14-month high of $1.4968 last Thursday.

“Oil prices are likely to test the $80 per barrel mark this week,” predicted BetOnMarkets analyst Evans, who added that “euro/dollar is poised to break through the 1.50 mark.”



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Daniel Hirsch asked:


When we talk about domestic heating oil prices there arise lots of question in mind like how to use them and how to preserve them safely. The expert professionals can show you the way how to deal with the situations that comes up from heating oil prices. However, the responsibilities that arise from preserving such oil are handled by the owner, the installer and the oil company. They do all things for maintaining the tank where oil has been preserved.

To ignore the Maine Heating Oil Prices one must know the conditions and facilities that home heating oil services provide. However, it is essential for the homeowners to maintain annually their fuel oil appliances by having a TSSA certified oil burner technician service to clean the appliances. Such technicians deliver safety programs to the public in order to make aware among the common people about its safety usage.

You need not to pay huge amount for there are certain options that opens your way to get affordable home heating oil. So do not forget to check out the price lists that are available in the website which deal in oil. It can be seen that there are no contracts to sign and no pressure to purchase. We can take enough time to settle your mind from where you want to purchase.

Make a survey of the price details available in the market and fix the things clearly. The heating oil vendors will show the daily pricing into its new program. People of different regions like to buy such affordable oil which can help them to save in huge amounts. This way they can do budget expenditure for their home and enjoy the usage of oil within an affordable rate. The budget conscious homemakers will definitely enjoy such opportunity.



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Mick W asked:


Clinton, a U.S. senator from New York, made perhaps the most audacious energy claim of the campaign. If elected, she told voters in New Hampshire, “I predict to you, the oil-producing countries will drop the price of oil,” the New York Daily News reported and the Clinton campaign confirmed.

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Alice Chen asked:


www.shcri.com - On July 28th, 2008, China’s Development and Reform Commission issued a notice of lowering processed oil price — cut off 220 RMB/ ton (32.1 USD). The adjusted prices of gasoline and diesel were 6,510 RMB/ton (950.4 USD) and 5,770 RMB/ton (842.3 USD) respectively, equivalent to 0.16 RMB/L and 0.19 RMB/L from 0:00 on July 29th, 2009. This is the second price reduction of Chinese refined oil in 2009, and also the first reduction of refined oil price after the publication of the new price adjustment mechanism.

Market is the first to respond; in all parts of China, the wholesale price of refined oil has already dropped. Recently China’s wholesale price of refined oil dropped continuously; therefore the market profit space of wholesale markets has been greatly compressed. The wholesale prices of refined oil throughout China have been diving sharply; the average decline was between 500-600 RMB / tons.

Behind the cutting of prices is the weak demand. A few days ago, statistics of production and operation released by China’s largest processed oil seller — China Petroleum & Chemical Corporation shown that the whole sales volume for domestic oil products fell by more than 8% in the first half of 2009, with a decrease of almost 6 million tons; with the largest decline rate in retail sales volume of 12.77%.

According to “Oil Pricing Mechanism”, which published by Chinese government on May 8th, 2009, the adjustment of domestic oil products prices would be made when the average international market price of crude oil has been changing more than 4% for 22 days. On July 28th, the price in September crude oil futures contracts was about 67 USD/barrel on the international benchmark of oil prices in New York Exchange, and in the last domestic oil products price adjustment (on June 30th) the quote was about 70 USD / barrel, cut about 4%.

July 28th was just 22 working days from June 30th when China’s National Development and Reform Commission raised the price of refined oil. Monitoring data showed that as far as July 24th , in three regions such as Brent, Dubai, Cinta the change rate of average crude oil price have reached -5.41%, with a decrease rate of more than 5%.

China Development and Reform Commission announced that after this price cut, the Chinese domestic refined oil prices remained more than 7 USD higher than international oil prices, and much lower than the three types of reference prices. However, many people questioned that on June 1st and June 29th, China National Development and Reform Commission twice raised the price of refined oil prices by about 6% and 9% respectively, while at this time the price-cut range is only 4%, which means that the decline rate of domestic refined oil prices cannot keep up with that of international oil prices. Therefore it cannot change people’s questioning for “fast increase and slow decrease”.

The Change Events of China’s Refined Oil Price Since 2009:

? on Jan 14th, gasoline and diesel prices decreased by 140 RMB/ton and 160 RMB /ton respectively 

? on March 25th , gasoline and diesel prices increased by 290RMB /ton and 180 RMB /ton respectively

? on June 1st , the price of petrol and diesel were increased by 400 RMB /ton respectively

?on June 30th , products such as gasoline and diesel oil prices both increased 600 RMB /ton

?on July 28th , gasoline and diesel prices reduced 220 RMB/ton respectively

 

Since China officially launched the fuel tax reform this year, oil prices have been adjusted for 5 times, the increase rate far exceeded the decline rate.

Take the ex-factory price of gasoline as an example, on January 14th and July 28th the price went down by 140 RMB/ton and 220 RMB/ton respectively, but on March 25th, June 1st and June 30th it was raised by 290 RMB/ton, 400 RMB/ton and 600 RMB/ton respectively. By integration calculation, gasoline prices in China have raised 930 RMB/ton this year (135.8 USD/ ton.)

 

Source: China Research and Intelligence

If you’d like to copy or quote this article, please keep the source information

 

More details, please visit

http://shcri.com/reportdetail.asp?id=330



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hero_gt350 asked:


It’s nice that the oil prices are dropping, but I was just wondering why? Is not the hurricane supposed to increase the oir prices?

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pickle head asked:


I don’t recall anything in my economic studies about missiles going up being relevant to oil prices going up. Now, maybe if those missiles hit some important targets, well sure it would have an economic effect but these just went up and came down. - By god, come to think of it, North Korea shooting their rockets out into the water raised oil prices too. - What economic book is this stuff in?

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R-Dawgg asked:


I just want to see the highs and lows of oil price for the past 2 months because petrol has been getting steadily more expensive though I’ve heard oil prices may be dropping again.

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