WTI Crude Oil
The West Texas Intermediate Crude Oil market has broken higher again during the course of the week to reach towards the $74 level. That being said, the market is likely to see plenty of buyers on dips, with the $67.50 level being my projected “floor the market” currently as it is the top of the ascending triangle. Furthermore, the $70 level of course is an area that would attract a certain amount of attention as well.https://www.fxempire.com/forecasts/article/crude-oil-weekly-price-forecast-crude-oil-markets-continue-to-shoot-higher-746309

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I heard $200 by end of year.. 2012

Hello, everyone I'm new to this board but I really hope your wrong about gold going up 20-30%. If that happens the dollar will take a huge hit.

I think oil might go to $150.00 to 200.00 a barrel before jan 2012. Soon we will cut off buying oil from the middle east and started producing here in the USA. They will probably keep price high here even though it only cost around 16.00 a barrel here to produce. Bye Bye middle east oil! The Euro will continue to lose it value and so will the dollar unless something is done. Gold and silver will probably go up at least 20-30% before 2012.
Unless we have a miracle the system cannot continue.
I suggest everyone get out of debt and have some extra food and water around. Stuff will just probably keep getting higher.

I also think though someone will discover some new energy sources that will help us.

Good read.


Oil drilling in Alaska actually is an answer
Wilton Duncan • My View • May 26, 2008

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Re: "Drilling off Florida isn't the answer" (My View, May 21).


Sen. Bill Nelson took a swing at Robert J. Samuelson's column in the Washington Post that said drilling is the answer. But Samuelson is right. If we are to become energy independent, we must produce our own oil — and we have an awful lot of it.

The senator is correct that we are a nation hooked on oil, but after that he says that drilling won't solve this problem. He brought up the oil problems of the 1970s, and he is right that those were the days of Jimmy Carter with high unemployment, interest rates through the roof and a failing economy, on top of high prices at the pump.

When Ronald Reagan was elected president, his first official act was to deregulate the oil industry, and shortly thereafter oil prices dropped.

We are more dependent now than ever on other nations to furnish our oil. Some are rogue nations that can easily cut us off, and then what? We have no reason to depend on other nations. What's going to happen when China and India, which are both growing at a surreal pace, start buying more and more oil and we have to compete with them?

Environmentalists and their left-leaning buddies in Congress want us to concentrate on solar power and windmills. The senator was right when he said it would be 10 years before any drilling and oil production in the U.S. could reach the market. That's what the oil producers were trying to tell Congress 20 years ago, but to no avail. It's funny that nothing has changed. The environmentalists and our Congress are doing the same thing they did years ago: promoting more efficient cars, solar power, windmills, etc. It sounds so good, but it isn't going to solve our problem of our need for oil.

In 1995, President Clinton vetoed the bill that would have allowed drilling in the Arctic National Wildlife Refuge. Had he signed the bill, we would be using that oil today.

Let's take a serious look at our situation for a minute.

Most of our food and necessities come by truck. Do you think they can run those semis on solar power and windmills?

We travel by air. Solar panels and windmills just aren't going to fit on those planes.

Trains will have a hard time trying to use solar panels and windmills for power.

Ronald Reagan was right when he said, "Government is not the solution to our problem. Government is the problem."

The answer: Drill, drill, drill. The Arctic National Wildlife Refuge is in Alaska. We don't have to buy the land because it is already owned by us. It is more than 19 million acres. We want to cut out 100 acres along the north shore for oil production (that's 100 acres out of 19 million).

The senators from Alaska are all for getting the oil out of the ground and used by us. The Democrats in Congress have stopped this at every turn, yet they complain about the high oil prices and want to blame President Bush for the high gas prices. Unless we start drilling now and build more refineries, we will get further and further behind.

Blame members of Congress! They are bragging about stopping the drilling, but unwilling to take any of the blame for high gasoline prices.

To borrow something from a recent Newt Gingrich column, "High energy prices aren't theoretical, they have real consequences for real people."

The answer, paraphrasing Ronald Reagan, "isn't easy, but it's simple — so simple it could fit on a bumper sticker: Drill Here, Drill Now, Pay Less."

LOL - Ditto.

LOL, no kidding. This shows how inept our elected leaders are and just how freaking stupid they are.


"We can't drill our way to lower prices," said Sen. Richard Durbin, D-Ill.

We have the crazy invironmentalist fools stopping us and getting the polar bear on the endangered list while the polar bear population has FRIGGIN exploded.

I just heard about the populasion explosion the other day from a radio show. But hey lets not let facts get in the way.

hey moojer! YOU SUCK!

The United States would look like a piece of swiss cheese if I had anything to do with it.



Drill now and invest in alternatives along the way

Anybody who trades stocks can tell you the oil companies only make ab 8% profit on their product.THE GOVERNMENT MAKES MORE OFF OIL/GAS THAN THE ACTUALL COMPANIES THAT DO ALL THE WORK MAKE.8% PROFIT WOULD PUT EVERY OTHER COMPANY OUT OF BUIS.iTS THE SPECULATORS WHO ARE MAKING ALL THE MONEY AND SETTING THE PRICE OF OIL.SIMPLE SUPPLY AND DEMAND.If you can sell your product for $130 bucks then why would you accept 90 bucks for it???If 130 bucks was too high ...the price and demand would fall...DUH

Nice board.Glad too see it .I live on the gulf coast of florida and the chinese and cubans are allowed to drill off our coast but we USA are not.This is a point of complete frustration for me.How many oil spills do you hear about off the Texas or alabame mississippi coasts?almost NEVER.I would love to see oil rigs out my window.I know the economic impact it would have PLUS I surf and fish and those rigs would supply an enormouse habbitat for my hobbies.We have the crazy invironmentalist fools stopping us and getting the polar bear on the endangered list while the polar bear population has FRIGGIN exploded.Just to stop us from drilling in the polar bears habitat....Any hoo thanks for letting me vent......I live on the beach and you are welcome to drill in my back yard !!!!

Truly sad.

Yep. Same old story. Instead of going after the root of the problem which is we need an alternative fuel that the US comes up with they are to lazy to do it. Will OK to much $$$$$$$$$$$$ would be lost in their fat pockets to care about the future enough to do it.

"Just a matter of time, $$$, commitment"

It's the commitment part that our elected leaders do not have. They would rather sit around and blame oil execs and try and sue OPEC instead of getting us energy independent.

Wrote this about a week ago on my board. I have a different perspective to the whole issue that when completed would make the US the power house it once was with a BOOMING economy.


It's time to say goodbye FOOLS! Take every last dollar available and put it to technology for an alternative fuel that will REPLACE oil. Then watch these clowns say screw you.
It's long over due by about 50 years. Turn the world upside down. I can guarantee you this when they see the US put every dollar they have cutting back program after program to put more $$$$$$$$$$$ into the cause they will start pumping oil like the mad man they are. You'll see the price go down as soon as they see REAL action on our part. Pull out of Iraq and start the promotion right there as the reason we are pulling out.
That would shock the whole world. Tell them we are going to start taking care of US now. Show the POWER we use to have. Tell them the money we were putting in every day there in Iraq is now going to labs around the US to discover an alternative fuel. It exists. Just a matter of time, $$$, commitment.



Saudis give Bush royal welcome, but no oil help
Kingdom refuses to increase output to ease rising price
By TERENCE HUNT
THE ASSOCIATED PRESS

RIYADH, Saudi Arabia -- President Bush failed to win the help he sought from Saudi Arabia to relieve skyrocketing American gas prices Friday, a setback for the former Texas oilman who took office predicting he would jawbone oil-producing nations to help the U.S.

Bush got a red-carpet welcome to this desert kingdom, home to the world's largest oil reserves, and promised to ask King Abdullah to increase production to reduce pressure on prices, which soared past $127 for the first time Friday. But Saudi officials said they already were meeting the needs of their customers worldwide and there was no need to pump more.

Their answer recalled Bush's trip to Saudi Arabia in January when he urged an increase in production but was rebuffed.

Saudi oil minister Ali al-Naimi said the kingdom decided on May 10 to increase production by 300,000 barrels a day to help meet U.S. needs after Venezuela and Mexico cut back deliveries.

"Supply and demand are in balance today," al-Naimi told a news conference, bristling at criticism from the U.S. Congress. "How much does Saudi Arabia need to do to satisfy people who are questioning our oil practices and policies?"

Early this week, Senate Democrats introduced a resolution to block $1.4 billion in arms sales to Saudi Arabia unless Riyadh agreed to increase its oil production by 1 million barrels per day.

Saudi Foreign Minister Saud al-Faisal said the discussion with Bush about oil was friendly. "He didn't punch any tables or shout at anybody," the minister said. "I think he was satisfied."

That couldn't be said for at least one of the candidates hoping to succeed Bush in January. Said Democrat Hillary Clinton: "I think it's very important that we do something more dramatic than going to have tea with the Saudis."

National Security Adviser Stephen Hadley said consumers would not see dramatic price reductions. Oil experts agreed.

Bernard Picchi, an energy analyst at Wall Street Access, an independent research firm, called the 300,000-barrel Saudi production increase "a token amount."

It would be different, he said, if Saudi Arabia boosted production by 1 million or 1.5 million barrels a day. The announced increase will have Saudi Arabia pumping 9.45 million barrels a day by June, Saudi officials said. That's about 2 million barrels below its capacity. Analysts also discounted the impact of the U.S. Energy Department's announcement that it would cancel shipments into the Strategic Petroleum Reserve for six months beginning July 1.

"It's ridiculous because I don't think this is going to bring the price down," said Phil Flynn, analyst at Alaron Trading Corp., of the Energy Department's move.

Midway through a five-day Mideast trip that began in Israel and ends in Egypt, Bush spent the day with Abdullah at his weekend retreat outside the capital. It is known as a horse farm since the king maintains 150 Arabian stallions there. The farm also produces thousands of goats and sheep, bred for the king's royal banquets.

The sagging U.S. economy and painful gasoline prices are the top concerns of Americans in the heart of a heated presidential campaign. The run-up in oil prices has been alarming.

Futures prices of crude on the New York Mercantile Exchange have more than doubled in the past year, from $62.46 a barrel in the first week of May, 2007. Prices reached $100 a barrel for the first time in February and continued rising. They closed at $126.29 Friday.

On Jan. 26, 2000, during a presidential debate, Bush opposed taking oil from the Strategic Petroleum Reserve and instead said then-President Clinton should "jawbone" oil-producing nations. That week crude oil prices were $28 a barrel.

Hadley said the Saudis briefed Bush on plans to increase their production capacity. They also argued that even an increase would be unlikely to bring down the soaring prices, which they said were driven more by uncertainty in the market, lack of refining capacity for the type of oil readily available and other complicated dynamics.

Economists say prices are being driven up by increased demand, not slow production. China and India are stretching supplies as they use ever-increasing amounts of energy.

Bush's visit was billed as a celebration of 75 years of U.S.-Saudi relations, though they have been frayed by Arab perceptions that Washington favors Israel too much in the dispute with the Palestinians, the Iraq war and the Sept. 11, 2001, attacks.

May 22, 2008, 8:00AM
Tempers boil as energy execs, senators spar over oil prices


By DAVID IVANOVICH
Copyright 2008 Houston Chronicle

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Oil prices rise; execs face Congress WASHINGTON -- With oil prices screaming past $133 a barrel and prices at the gas pump smashing records, lawmakers berated, needled, even sneered at oil company executives Wednesday for trying to present themselves as the "hapless victims" in today's energy crisis.

Members of a Senate panel grilled executives from the nation's five largest oil companies over issues ranging from multimillion-dollar executive pay to a possible Exxon Mobil Corp. deal in Iraq.

The executives have been here before, raising their right hands and swearing to tell the truth to a hostile panel.

But with crude prices spiraling into never-before-seen territory and policymakers at a loss to stop them, Wednesday's hearing took on a more acerbic, personal tone — with Democrats accusing the oil companies of inflicting serious damage to the U.S. economy.

"Does it trouble any of you when you see what you're doing to us?" asked Sen. Richard Durbin, D-Ill.

Appearing before the Senate Judiciary Committee, executives from Exxon Mobil, Chevron, Shell Oil, BP America and ConocoPhillips tried to steer the debate toward their industry's chief policy complaint: that the U.S. has closed off too many areas to oil and gas drilling.

With pink-clad protesters holding up signs — and one being escorted out yelling "We need to separate oil and state!" — the executives tried to make their case that instead of going hat-in-hand to ask such countries as Saudi Arabia to pump more crude, the federal government should allow more drilling here at home.

"If the nation set a goal of increasing domestic production by 2 to 3 million barrels a day by opening up new sources of exploration and production ... we could demonstrate to the world that we are in control of our own destiny," Shell Oil President John Hofmeister said.

But with lawmakers poised to go home for the Memorial Day weekend — the traditional start of the summer driving season — this was not the session in which oil companies were going to win any new converts.


Defending record profits
Sen. Dianne Feinstein, D-Calif., accused the executives of lacking an "ethical compass about the price of gasoline" and dismissed the industry's policy arguments as "just a litany of complaints, that you're all just hapless victims of a system."

Exxon Mobil Senior Vice President J. Stephen Simon defended his company's record profits, arguing that it depends on earnings from the "current up-cycle" to sustain large investments over the longer term.

Committee Chairman Patrick Leahy, D-Vt., pounced on Simon's use of that phrase.

"What a nice term," Leahy scoffed. "And I suppose we can tell our constituents when they're finding that they can't afford to go to work because of the price of gas, 'Don't worry, you're in a 'current up-cycle.' "

Leahy then asked the executives how much they made last year. Compensation packages for all the executives were in the millions, with Exxon Mobil's Simon testifying that he received $12.5 million last year.

When ConocoPhillips Executive Vice President John Lowe said he did not know the exact amount, Leahy responded: "Mr. Lowe, I wish I made enough money that I didn't even have to know how much I make."

With light, sweet crude for July delivery soaring $4.19 a barrel Wednesday to close at a breathtaking $133.17 on the New York Mercantile Exchange, and gas prices — according to AAA — averaging nearly $3.81 a gallon nationwide for regular, lawmakers wanted to know where the oil executives thought oil prices should be.

Shell's Hofmeister said a price range of $35 to $65 a barrel would be consistent with "our ability to run a successful company."

But Chevron Vice Chairman Peter Robertson argued a company can't produce oil from the kind of areas now available to them for that kind of price. And ConocoPhillips' Lowe argued that price would be north of $90 a barrel.

Sen. Charles Schumer, D-N.Y., questioned Exxon Mobil's efforts to land a deal in Iraq, even though the government in Baghdad has not yet finalized a national oil law or decided how to share oil revenues among the various factions in Iraq.


'We're doing all we can'
When pressed to commit Exxon Mobil not to ink any deals before an oil law is in place, Simon responded: "No, I'm not making any commitment of that type."

Calling that decision "outrageous," Schumer argued Exxon Mobil could "exacerbate the very problems that our soldiers, General (David) Petraeus and others are trying to undo."

When challenged by Durbin to say whether they had "any concerns about what you're doing to this country with the prices that you're charging and the profits you're taking," Exxon Mobil's Simon spoke up.

"We have a lot of concern about that," Simon said. "And we're doing all that we can to produce as much product as we can to put downward pressure on prices.

"When you look at what we've done, for example, in refining, we've expanded our refining capacity at a rate 40 percent higher than the rest of industry," Simon said before Durbin interrupted him.

The oil executives are slated to appear on Capitol Hill again today before a House panel.