Oil Spirals up 7% to $140 Today - Gas Up Now
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    Oil Spirals up 7% to $140 Today - Gas Up Now

    FT.com / In depth - Shortage fears push oil futures near $140

    Shortage fears push oil futures near $140

    By Carola Hoyos and Javier Blas in London
    Published: May 20 2008 19:06 | Last updated: May 21 2008 10:57

    Fears of a shortage within five years propelled long-term oil futures prices to almost $140 a barrel, further stoking inflationary pressures in the global economy.
    The spot price of Nymex West Texas Intermediate hit a record $130.30 a barrel on Wednesday. On Tuesday investors had rushed to buy oil futures contracts as far forward as December 2016, pushing their prices as high as $139.50 a barrel, up more than $9.50 on the day.
    EDITOR’S CHOICE

    Lex: Cost inflation in E&P - May-21


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    Editorial comment: The $130 oil conundrum - May-20


    Analysis: Running on empty? - May-19




    Veteran traders said they had never seen such a jump and said investors were increasingly betting that oil production would soon peak because of geopolitical and geological constraints.
    Neil McMahon, of Sanford Bernstein, said: “Peak oil views – regardless of whether right or wrong – are seeping into the market and supporting high prices.”
    Anne-Louise Hittle, of Wood Mackenzie, added that investors were shifting their focus from the short-term to the medium-term, where supply fears played a bigger role. Since January, long-term futures oil contracts, such as those for delivery in 2016, have jumped almost 60 per cent, while near-term prices have gone up 35 per cent.
    That trend was exacerbated by T. Boone Pickens, the influential investor who believes world oil production is about to peak as aging fields run dry. He warned that oil prices would hit $150 a barrel by the end of the year.
    “Eighty-five million barrels of oil a day is all the world can produce, and the demand is 87m,” Mr Pickens told CNBC. “It’s just that simple.”
    Mr Pickens’s view is still in the minority in the oil industry. But concerns over future oil supplies are fast moving into the mainstream and influencing investors.
    Politicians have expressed concern that speculators are forcing prices higher and Joseph Lieberman, the influential senator, said he was considering legislation to limit big institutional investors in commodities markets.
    Some energy executives have warned that geopolitical supply constraints will mean production will not be able to match demand as early as 2012 to 2015.
    This comes as demand, especially from China, is set to continue to grow, while that of the US slows. Adam Sieminski, chief energy economist at Deutsche Bank, said: “The price is going to go up until governments that subsidise oil consumption in Asia and the Middle East can no longer afford it.”
    So far China is doing the opposite, having recently retrenched subsidies. Analysts say Chinese demand could surge further as the country faces shortages of coal and hydropower.
    Nervousness about Chinese energy demand was exacerbated on Tuesday when officials said 32 power plants had been forced to close because of coal shortages.
    PetroChina and Sinopec, the two biggest domestic oil groups, also have diverted fuel supplies to the quake-hit Sichuan region.


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    Re: Oil Spirals up 7% to $140 Today - Gas Up Now

    $3.79 in Ames, already



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    Re: Oil Spirals up 7% to $140 Today - Gas Up Now

    And the stock market (and my fake and real port are going to ****) is taking a giant dump today.



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    Re: Oil Spirals up 7% to $140 Today - Gas Up Now



    Go Cubs Go!

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    Re: Oil Spirals up 7% to $140 Today - Gas Up Now

    Quote Originally Posted by thunderdave View Post
    $3.79 in Ames, already
    GEEZ... Thank god I don't have to drive to DM to work everyday... Oh, wait I do.



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    Re: Oil Spirals up 7% to $140 Today - Gas Up Now

    People flocking to the pumps panicking in 5...4...3...



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    Re: Oil Spirals up 7% to $140 Today - Gas Up Now

    This is just getting (expletive) riduculous. The oil companies keep getting richer and richer. Is it ever going to end?


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    Re: Oil Spirals up 7% to $140 Today - Gas Up Now

    Quote Originally Posted by Cardinal&Gold11 View Post
    This is just getting (expletive) riduculous. The oil companies keep getting richer and richer. Is it ever going to end?
    tell speculators to stop bidding up the price of oil, it is not oil companies that set the prices.


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    Re: Oil Spirals up 7% to $140 Today - Gas Up Now

    Quote Originally Posted by Cardinal&Gold11 View Post
    This is just getting (expletive) riduculous. The oil companies keep getting richer and richer. Is it ever going to end?
    Not as long as we are addicted to their product.


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    Re: Oil Spirals up 7% to $140 Today - Gas Up Now

    That price is for June or July oil, I believe. But that never stops the retailer from raising the price on the gas they already have in the tanks.

    That never seemed quite fair to me.


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    Re: Oil Spirals up 7% to $140 Today - Gas Up Now

    Based on $3 a gallon, here is where the money goes:

    Gasoline Retailer $.01 cents per gallon
    Oil Company $.08 cents per gallon
    Refining $.29 cents per gallon
    Marketing/Distribution $.32 cents per gallon
    Taxes $.59 cents per gallon
    Cost of crude $1.71 per gallon (delivered)



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    Re: Oil Spirals up 7% to $140 Today - Gas Up Now

    Quote Originally Posted by brianhos View Post
    tell speculators to stop bidding up the price of oil, it is not oil companies that set the prices.
    People don't realize this. It's easier to blame the oil companies.



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    Re: Oil Spirals up 7% to $140 Today - Gas Up Now

    I'd love to stay and chat but I have to run and fill up my cars and 42 gas cans before gas hits $5/gal!!!


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    Re: Oil Spirals up 7% to $140 Today - Gas Up Now

    Quote Originally Posted by SuperCy View Post
    People don't realize this. It's easier to blame the oil companies.
    That's who they are told to blame.


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    Re: Oil Spirals up 7% to $140 Today - Gas Up Now

    i think the oil companies only have about a 5-7% profit margin. the oil companies are making more money than any other industry, but their gross profit margins are relatively low when compared to other industries.



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