gas prices, take 2 |
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gas prices, take 2 |
scotty914 |
Aug 29 2005, 02:39 PM
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#1
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suby torque rules Group: Members Posts: 1,528 Joined: 20-July 03 From: maryland, the land of 25 year Member No.: 924 |
okay with the hurrican i have been watching a lot of fox news. according to opec they will pump more oil to help. here is the crazy part opec is going to hold a meeting next month to figure out why gas prices are as high as they are, they stated the opec pumps and sells the oil at 12 per barrel.
so who ever is buying the oil at 12 per barrel is marking it up to a current price of 67 a barrel, i wonder if this is along the lines of enron, artificially marking up the oil. i have read a few things lately about oil wells, some thing like 70 % of the wells that were dry 10 to 20 years ago now have oil in them again, and but that they mean full flow pumping, not partial. right now there is a 55 billion gallon oil surpluse ( just heard it ) in storage in this country. |
Sammy |
Aug 30 2005, 06:21 PM
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#2
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. Group: Members Posts: 1,190 Joined: 21-January 03 From: Orange, Ca Member No.: 178 |
they went from just under 6% profit last year, to just over about 10% profit this year. that's the 44% increase they are talking about. Oil company stocks traditionally don't react as strongly to what happens today as other sectors do, they are driven more by what will happen in six months. Much of it is fairly easily predicted based on projected costs, supplies, and demands. Sure some things can upset the apple cart but most of the time the driving indicators are fairly stable. Refining stocks are usually driven by projected crack speads which is the difference in price between crude oil and he finished product that is derived from the crude. At least that is how it all worked until the recent imbalance in supply/demand started factoring in, much of which is influenced by China's sudden thirst for oil. Since that started the oil sector has become much more volatile but the majors like XOM are still more stable than the independents. |
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