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Gasoline Prices Expected to Rebound - 6/13/2007 6:03:35 PM

selfbnd411

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Gas, Oil Futures Up on Inventory Report
Wednesday June 13, 3:33 pm ET
By John Wilen, AP Business Writer
Gas and Oil Futures Jump After a Government Report Shows Little Change in Gasoline Inventories

NEW YORK (AP) -- Gas and oil futures jumped Wednesday on a government report that raised concerns that refiners aren't producing enough gasoline to meet peak summer demand.

In its weekly inventory report, Energy Department's Energy Information Administration said gasoline stockpiles were unchanged last week and refinery utilization fell. Analysts had expected solid increases in both measures. Imports of refined gasoline also declined.

As a result, some analysts think prices at the pump are about to stop falling.

"These numbers ... I think suggest a rebound in retail gasoline prices," said Jim Ritterbusch, president of Ritterbusch & Associates in Galena, Ill.

....

Gasoline inventories were unchanged at 201.5 million barrels in the week ended June 8, the EIA report said. Analysts expected gas inventories to rise by 2 million barrels. Gas stockpiles are down 6 percent from the same week last year.

Refinery utilization, which had been expected to grow by 0.8 percent, fell 0.4 percent to 89.2 percent, the second straight weekly decline. Most analysts think refineries should be using 94 percent to 95 percent of their capacity this time of year.

"To have a decline in this operating environment is just troubling," said John Kilduff, vice president of risk management at Man Financial Inc., of the utilization numbers.

In a sign that refineries are serving as a bottleneck in the system, crude oil inventories rose by 100,000 barrels last week, when analysts had expected a 400,000-barrel decline.

http://biz.yahoo.com/ap/070613/oil_prices.html?.v=19

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RE: Gasoline Prices Expected to Rebound - 6/13/2007 6:46:04 PM

Lordandmaster

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All you need to know.

quote:

ORIGINAL: selfbnd411

In its weekly inventory report, Energy Department's Energy Information Administration said gasoline stockpiles were unchanged last week and refinery utilization fell.

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RE: Gasoline Prices Expected to Rebound - 6/13/2007 9:47:18 PM

Sinergy

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Let me see if I get this correctly.

1) Gas is running out on the planet.

2) Gas companies make more money if gas costs more.

3) Not producing Gas makes gas prices go up.

4) It is a big surprise to some people that gas prices are going to go up.

Sinergy

p.s. I imagine the gas companies want to fuck us as much as they can prior to the rest of the Republican idiotocracy losing their jobs in Congress and the Executive Branch next election and we get people who actually pass laws mandating energy standards and research into alternative energy sources.

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RE: Gasoline Prices Expected to Rebound - 6/13/2007 9:54:57 PM

juliaoceania

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Demand for their expensive gas went down, so now they have to find ways to snooker us into paying even more at the pump....

The thing is that when oil companies can project record profits year after year after year... something is very rotten in Denmark.

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RE: Gasoline Prices Expected to Rebound - 6/13/2007 10:06:08 PM

slaverosebeauty

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Our gas prices have DROPPED in the last week, heck, its dropped over 5 cents in the last week. It might not last, but at least its a reprieve.

When are the 'price goudging' (sp?) investigations going to start?

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RE: Gasoline Prices Expected to Rebound - 6/13/2007 10:11:33 PM

Sinergy

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quote:

ORIGINAL: slaverosebeauty

Our gas prices have DROPPED in the last week, heck, its dropped over 5 cents in the last week. It might not last, but at least its a reprieve.

When are the 'price goudging' (sp?) investigations going to start?

Idiotocracy out.

Congressional investigations in.

Sinergy

edited to point out that the main thing the Idiotocracy investigated under Clinton was a blowjob.

< Message edited by Sinergy -- 6/13/2007 10:12:13 PM >

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"There is a fine line between clever and stupid"
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"Every so often you let a word or phrase out and you want to catch it and bring it back. You cant do that, it is gone, gone forever." J. Danforth Quayle

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RE: Gasoline Prices Expected to Rebound - 6/13/2007 10:39:27 PM

selfbnd411

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quote:

ORIGINAL: slaverosebeauty

Our gas prices have DROPPED in the last week, heck, its dropped over 5 cents in the last week. It might not last, but at least its a reprieve.

When are the 'price goudging' (sp?) investigations going to start?

I don't think we're being gouged per se. The definition of gouging is fairly narrow--it's charging significantly more than the market rate for a product.

Refiners don't need to gouge when constricted supply (not enough refinery capacity) meets inelastic demand to increase profits. Companies like Exxon are actually reducing their capital expenditure budgets. They're spending less than they need to on refineries and oil production because they claim that global energy demand will decrease. For the 2 years that I've been tracking the energy markets, most of the energy companies have based their infrastructure decisions on $40/barrel crude even though crude has never dipped below $55 during the period.

It's more of a cartel situation--there's an understanding among energy companies that if they add refinery capacity, they won't be able to run the annual price game. Refinery problems reduce supply, so prices go up and they win. Consumers grow outraged, and that's when the supply is brough back online so the price drops (but not as much as it went up). Consumers feel like they dodged a bullet and the refiner wins big.

Gasoline is as necessary a commodity as electricity and water, and I think it ought to be run as such. I don't care if refineries are run as public or private enterprises, but the government ought to mandate that energy infrastructure always keeps up with demand.

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RE: Gasoline Prices Expected to Rebound - 6/14/2007 6:37:43 AM

pahunkboy

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now is a good chance to highjack this thread.

2010 Pennsylvania- and [? other states] will experience full utility deregulation. It was wrotte up in the local paper taht we aint seen nothing yet- as compared to 2010 per household utilities.

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RE: Gasoline Prices Expected to Rebound - 6/14/2007 7:10:01 AM

farglebargle

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Does the name "Enron" ring a bell?

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