I saw $1.91 today in Tampa
The rollercoaster continues. Today they lowered Diesel back to $1.89.
$1.53 on 2/11/03
$1.99 on 2/12/03
$1.89 on 2/13/03
I feel sorry for the sign changers. They should opt for the electronic signs if there going to change the prices this often.
BTW, my stock pick of the day is any oil company. Record earnings for 03.
I saw $1.91 today in Tampa
02/14 1:03P (DJ) =DJ US Oil Inventories Seen Very Low, Danger Zone Or Not
Story 5000 (BP, COP, CVX, U.BP, XOM, GB0007980591, US1667641005...)
By Campion Walsh
Of DOW JONES NEWSWIRES
WASHINGTON (Dow Jones)--U.S. commercial oil inventories have fallen to
worrisomely low levels whether or not the 270-million-barrel level breached
last week is significant, industry analysts say.
The U.S. Energy Information Administration reported that as of Feb. 7
commercial U.S. crude oil inventories had fallen to 269.8 million barrels.
That marked their lowest level since 1975 and the first drop below a
270-million-barrel threshold established by industry experts in the late
"How serious is this? Real serious," says Matthew Simmons, head of
Houston-based energy investment bank Simmons & Co.
It's unknown at what point inventory draws would begin to snarl
transportation and refining to meet the country's thirst for nearly 20 million
barrels a day of oil, industry analysts say.
But Simmons says crude and finished products have been "seesawing down" to
dangerous levels. "At some point in some region, we're going to basically have
a physical shortage, and then it's, `Katie bar the door,"' he says.
I think that is just total bull**** ! We aren't using any more gas/oil than we normally do. Yes I understand about Natural gas/heating oil because of the cold winter we are having. But this so called "shortage" is just a way to gouge us more on prices.
Just take a look at how much profits the oil companies make. I heard somewhere that one oil company has made 50% more profit than last year !
I decided long ago that if a public traded company was making too much money off of something I had to buy then I would buy into the company and share in the profits. This idea has worked out well for the most part over the years. Most of the major oil companies are setting at five year lows and this may be a good idea again. '
Your mention of Exxon (double cross as some call them) earnings being up some 50%, you are right for the fourth quarter but their earnings were down considerably for the year ($1.68 for 02 vs $2.21 for 01 per share).
I expect things will get worse before things get better. We are importing well over 50% of our oil needs and some are wanting the liberals to free up more domestic areas to drill in, and this would help some but will not solve the problems. The major oil companies still prefer to produce outside the US in order to avoid all the red tape, EPA, taxes, law suits, high cost of labor and materials, etc. It is just much cheaper to find oil outside the US.
The balance between supply and comsumption is very delicate and anything that throws it out of balance will have an extreme impact on prices (South America as an example). Be prepared as we approach the summer demand and try to hedge your bet.
It has gone up 20 cents a gallon here in little over a week.
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