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Behind high gas prices: The refinery crunch
When gasoline prices surge, a lack of refining capacity is often blamed. What's being done, and is it enough?
By Steve Hargreaves, CNNMoney.com staff writer
April 17 2007: 3:43 PM EDT
NEW YORK (CNNMoney.com) -- It's the same story every year.
Each spring, just before the summer driving season, gasoline prices skyrocket. And every year, these four words appear in news reports nationwide as a big reason for the runup: "lack of refining capacity."
Then experts call for more refineries, politicians pledge to make the dirty behemoths easier to build, but guess what? Nothing really happens. Next year, repeat story.
So why hasn't a new refinery been built in the U.S. since 1976?
"There have been calls every year this decade for new refining capacity, yet no new projects initiated," said Geoff Sundstrom, a spokesman for AAA, the motorist organization. "Refining capacity has not kept pace with demand for gasoline."
Exxon: The defiant one
Numbers from the government prove Sundstrom correct.
In 1995 American drivers burned about 17 million more gallons of gasoline a day than the country produced, according to the government's Energy Information Administration. The difference was made up for by imports.
By 2005, the latest figures available, the gap had widened considerably to about 36 million.
"Consumer demand just continues to grow, and we can't grow as fast at the refining level," said Charlie Drevna, executive vice president at the national Petrochemical and Refiners Association, which includes companies like Valero (Charts), ExxonMobil (Charts), Chevron (Charts), and ConocoPhillips (Charts). "But there are plenty of economic reasons why that hasn't happened."
First off, experts note, gasoline, like any commodity, is subject to big price swings. After all, in the late 1990s it was selling for less than $1 a gallon, hardly an encouraging number if you're a refinery exec looking at making a decades-long, multi-billion dollar investment.
While retail gasoline prices are currently near record highs at just below $3 a gallon, where they might be five years from now is a matter of debate.
Some experts say new investment, in both alternative energy and conventional sources, will boost supply and could cut prices in half. If a global recession hit, the drop could be even more dramatic.
Others say rampant demand, especially in the developing world, will keep prices from going anywhere but up. For an oil executive trying to decide on a refinery investment, picking who's right is a tough call.
Secondly, stringent environmental laws and effective community organizing have made it very difficult to build a new refinery in the U.S.
"Everyone is quick to say "look at these refiners, they're driving up the price,'" said Phil Flynn Flynn, senior market analyst at Alaron Trading in Chicago. "But if I wanted to build a refinery tomorrow, I couldn't do it."
And then there's the public's newfound concern over global warming and its supposed commitment to do something about it. President Bush himself has called for a 20 percent reduction in gasoline use over the next 10 years.
"What refining executive in their right fiscal mind would say, gee, we need to add refining capacity right now," said Drevna at the refiners' association.
While refinery capacity may not be growing as fast as demand, it is growing.
For example, Drevna noted that expansion projects at the nation's existing refineries have had the effect of adding the equivalent of a brand new refinery every year. That increase came despite mandates for cleaner gasoline and diesel fuel, which take longer to make.
And the future looks even brighter.
"There is a tremendous amount of expansion," said Tom Kloza, chief oil analyst at the Oil Price Information Service, speaking of projects at existing facilities. "We will have a solid increase in North American refining capacity, but not for another two years."
Kloza said much of the expansion would come along the Gulf of Mexico and in the Midwest, an ideal spot to process heavy crude from Canada's emerging oil sand deposits.
The only place that might not see more capacity is the West Coast, said Kloza, where there is little refinery expansion planned, leaving the region more dependent on expensive imports.
Energy companies prominent in Fortune 500
Overseas expansion is moving even more quickly, with $300 billion slated for refining projects over the next 20 years in places like India, the Caribbean, Mexico, the Middle East, Africa, and the Asia-Pacific region.
"I think there'll be a concern that the world added too much capacity and refining will go in the dumpster again," said Kloza.
Much of the international capacity will feed surging demand in the developed world. But some will also supply the United States and Europe.
"Partly what's going on here is part of a broader trend in manufacturing, and that is the movement of it offshore," said AAA's Sundstrom. "With it go environmental issues, tax structure, legal liabilities."
Hi Dutch, I have JW on Ignore. Still trying to figure out what is going on on Level II. We finally cleared out the .02s and had a trade at .04 and up jumps WDCO an MM I have never seen on the NSHV Level II before so I don't know where he got the shares he is now dumping at .022. Seems the MMs are taking turns being the devil in control for now and just won't let this go up.
HDSN has now joined the biders but apparently wants to accumulate shares as he is not on the ask.
If we can keep up this volume we should be rid of the NPYC dumpers by the time the website is launched, which in turn should launch our pps.
cat
You only have to worry about earthquakes and fires. Moved from So. CA. last May to southern AZ, no earthquakes, tornadoes, fires, freeway jams, gas is under $3 but probably not for long.
cat
I also was wondering about that. But for the 1st time we have more MMs on the bid than the ask. To me that means there are more MMs wanting to buy than sell. At least the volume today attracted some attention and will help get rid of the NPYC dumpers.
cat
That's a great idea. NSHV needs all the publicity it can get but it will happen.
ETRD just joined the bidders so there are now 6 MMs on the bid. I hope this is an indication that the MMs are expecting something to happen here and not just the increased volume we are seeing today. ETRD also jumped on the ask at .04 and is the only one at that price.
There have sure been enough storms in Texas.
Just got back from shopping and Level II is totally different from when I left. Looks like they effectively halted trading with a .02 bid x .06 ask. With a spread like that our ship will tread water.
I also notice that HILL has joined the bidding MMs which now total 5, a new high number while there are only 4 on the ask. With volume at 1.48 million, that is also very high. I can't figure this out as I have never seen a spread this big! If the 5 MMs want shares, they need to up their bid. Could it be that VERT is finally done as he is still absent from the ask.
Cat
Level II looking good with VERT not showing up on the ask which is now at .03. We now have RBCM @.03 and NITE at .04, then DOMS at .07 and VNDM at .16.
Looks like this could be the end of cheap shares.
cat
Thanks for that info. I knew VERT was dumping shares as he was always on the ask but not on the bid and that confirms that they are NPYC shares just as I assumed. That also explains why they are not interested in keeping the shares as NSHV.
Nashville should be releasing another PR adding Juice and Moe to the XMas album, then another PR announcing the website launch.
Cat
Doubt there will be many profit takers on NSMG anytime soon. Guessing they moved on already and those of us holding and adding will be here when the storms hit.
cat
For Country Music Lovers.....
From Alabama to Nashville: Superstar Producer for Collin Raye
Tuesday April 24, 12:45 pm ET
NASHVILLE, TN--(MARKET WIRE)--Apr 24, 2007 -- Nashville Records, Inc. (NSHV.PK) is proud to announce that Teddy Gentry, Alabama's long-time band member, has been selected as the producer for country star Collin Raye on the Nashville Records Label(TM). Teddy is responsible for selecting 80% of the music group's many hits. His new passion is to produce Collin Raye. "I am and have always been a huge fan of Collin Raye, from the very first time I ever heard him."
Alabama is one of the most outstanding success stories in American entertainment. Their music legacy has resulted in 21 gold, platinum and multi-platinum albums, 42 number one singles, and over 73 million records sold. The group has also received over 150 industry awards including eight country music "Entertainer of the Year" honors, two Grammies, two People's Choice Awards and their very own star on the "Hollywood Walk of Fame." They were named the "Artist of the Decade" by the Academy of Country Music in 1989 and "Country Group of the Century" by the Recording Industry Association of America in 1999. On November 15th, 2005, Alabama was inducted into the Country Music Hall of Fame capping their extraordinary road to international success.
Whenever and wherever tickets went on sale for Alabama's performances, Teddy and his band-mates became immediate concert sellouts. Many of those who flocked to Alabama's live performances were not necessarily country music fans, but because of Alabama's energetic approach and unique rhythmic formatting, more and more new listeners were attracted to the country music scene. Alabama's multi-platinum record sales, overflowing concert arenas, and nation-wide radio audience not only helped the group leave a legendary mark on the music industry, but also gave American country music wide cross-over identity and appeal.
Teddy's passion for music and the mark he made with Alabama have clearly prepared him to become a leading producer in the music marketplace. As producer for Canadian country music group, Emerson Drive, their new hit single "Moments" was the strongest climb of the week and has climbed to #9 on the country charts. Their song "Fall Into Me" claimed #1 on CMT's top 20 countdown. Teddy is as passionate now as when he was a driving force behind Alabama's success.
Nashville Records President Gene Sibbett stated, "The team is already selecting the songs. The recordings began this week for Collin's new album -- all of which will be hit-worthy material." The Company plans a single release in the near future. He further added that Teddy claims his objective is to make millions of dollars for Nashville Records and Collin Raye and is confident that this is exactly what he will do. "With passion like that," smiled Sibbett, "you've got to believe it."
For Country Music Lovers.....
From Alabama to Nashville: Superstar Producer for Collin Raye
Tuesday April 24, 12:45 pm ET
NASHVILLE, TN--(MARKET WIRE)--Apr 24, 2007 -- Nashville Records, Inc. (NSHV.PK) is proud to announce that Teddy Gentry, Alabama's long-time band member, has been selected as the producer for country star Collin Raye on the Nashville Records Label(TM). Teddy is responsible for selecting 80% of the music group's many hits. His new passion is to produce Collin Raye. "I am and have always been a huge fan of Collin Raye, from the very first time I ever heard him."
Alabama is one of the most outstanding success stories in American entertainment. Their music legacy has resulted in 21 gold, platinum and multi-platinum albums, 42 number one singles, and over 73 million records sold. The group has also received over 150 industry awards including eight country music "Entertainer of the Year" honors, two Grammies, two People's Choice Awards and their very own star on the "Hollywood Walk of Fame." They were named the "Artist of the Decade" by the Academy of Country Music in 1989 and "Country Group of the Century" by the Recording Industry Association of America in 1999. On November 15th, 2005, Alabama was inducted into the Country Music Hall of Fame capping their extraordinary road to international success.
Whenever and wherever tickets went on sale for Alabama's performances, Teddy and his band-mates became immediate concert sellouts. Many of those who flocked to Alabama's live performances were not necessarily country music fans, but because of Alabama's energetic approach and unique rhythmic formatting, more and more new listeners were attracted to the country music scene. Alabama's multi-platinum record sales, overflowing concert arenas, and nation-wide radio audience not only helped the group leave a legendary mark on the music industry, but also gave American country music wide cross-over identity and appeal.
Teddy's passion for music and the mark he made with Alabama have clearly prepared him to become a leading producer in the music marketplace. As producer for Canadian country music group, Emerson Drive, their new hit single "Moments" was the strongest climb of the week and has climbed to #9 on the country charts. Their song "Fall Into Me" claimed #1 on CMT's top 20 countdown. Teddy is as passionate now as when he was a driving force behind Alabama's success.
Nashville Records President Gene Sibbett stated, "The team is already selecting the songs. The recordings began this week for Collin's new album -- all of which will be hit-worthy material." The Company plans a single release in the near future. He further added that Teddy claims his objective is to make millions of dollars for Nashville Records and Collin Raye and is confident that this is exactly what he will do. "With passion like that," smiled Sibbett, "you've got to believe it."
We went to an Alabama concert in Redmond, OR. at their Expo Center. This is a small town, current population about 17,000. The Expo Center holds about 8,000 people for this type of concert. Alabama was scheduled for 2 nights of performances and imagine my surprise when they were sold out in 4 days. People came from all over to be entertained by them.
Cat
OT - I just moved from Scotrade to choicetrade because I was spending over $200 in commissions and choicetrade has Level II for the pinks, a real plus as far as I am concerned. I paid $10 a month for it but with enough trades it may be free, not sure.
I have had no problems placing orders and so far I am happy with them. No restrictions on amounts, etc.
Check them out at www.choicetrade.com
cat
Nashville adds - Moe Bandy-- Hit Songs
- I Just Started Hatin' Cheatin' Songs Today
- It Was So Easy to Find an Unhappy Woman
- Bandy the Rodeo Clown
- Hank Williams You Changed My Life
- Here I Am Drunk Again
- She Took More Than Her Share
- She Just Loved the Cheatin' Out of Me
- It's a Cheatin' Situation with Janie Fricke
- Holding the Bag with Joe Stampley
- Where's the Dress?
Bandy was nicknamed Moe by his father when a child in the home-town of the legendary Jimmie Rodgers, so it is perhaps not surprising that he grew up to be a country singer. He made some appearances with his father's country band, the Mission City Playboys, but generally during his high school days, he showed little interest in music but a great deal in rodeos. He tried bronco-busting and bull-riding and by the time he was 16, he was competing in rodeos all over Texas.
Later he began to pursue a career in country music. His first single was, "Lonely Lady". In 1973, he went solo when record producer Ray Baker, who had listened to Bandy's demos the previous year, suggested he come to Nashville. Bandy managed to obtain a loan and recorded a song called "I Just Started Hatin' Cheatin' Songs Today". In March 1974, it entered the US country charts, eventually peaking at number 17. Other hits followed, including "It Was Always So Easy To Find An Unhappy Woman (Till I Started Looking For Mine)" and "Don't Anyone Make Love At Home Anymore".
Writers Lefty Frizzell and Whitey Shaffer gave him a number 7 country hit, firmly establishing his reputation with "Bandy The Rodeo Clown" which not only became one of his own favorites but also was one of his most popular recordings. (Shaffer was greatly amused by the way Bandy pronounced woman as "wah-man" and began to send him songs with "wah-man" in them.)
Bandy sang in a simple style that extracted the utmost from his songs of lost love, sadness and life. Although by no means a Hank Williams sound-alike, he showed a very distinct influence in his method of putting across his honky tonk songs. He met with immediate success at Columbia Records with Paul Craft's "Hank Williams, You Wrote My Life" and quickly added further hits, including "Here I Am Drunk Again".
Between 1977 and 1979, he was a country chart regular with singles such as "I'm Sorry For You, My Friend" (the song Williams had written for their mutual friend Lefty Frizzell), "Cowboys Ain't Supposed To Cry", "That's What Makes The Jukebox Play" and a duet with Janie Fricke, "It's A Cheating Situation".
In 1979, he achieved his first solo number 1 with "I Cheated Me Right Out Of You". Also during 1979, as a result of touring together in Europe, Bandy joined forces with Joe Stampley and a single release of "Just Good Ol' Boys" became a number 1 country hit, leading to a continuation of the partnership over the following years. They proved a successful double act. Between 1979 and 1985, their further hits included "Holding The Bag", "Tell Ole I Ain't Here" and "Hey Joe (Hey Moe)".
In addition to their single successes, Moe and Joe recorded several albums together. During the 80s, Bandy maintained a steady line of solo successes including "Yesterday Once More", "Rodeo Romeo", "She's Not Really Cheatin' (She's Just Gettin' Even)" and "Till I'm Too Old To Die Young".
Over the years he maintained a touring schedule estimated to average between 250 and 300 days a year and he also made numerous network television shows. In later years he cut back considerably on his schedules. He was never a regular Grand Ole Opry member but has made guest appearances from time to time.
Bandy opened his popular Americana Theatre in Branson, Missouri in 1991, where he attracts thousands and thousands of people each year.
Juice Newton - Added to the Nashville Site
Juice Newton-- Juice Newton was part of the first wave of country singers raised on rock, folk-rock, & singer songwriters, which is evident from her hit singles. "Angel of the Morning" and "Queen of Hearts," her two crossover hits, have country-pop arrangements, but their roots are in '60s pop and new wave roots rock, respectively. That's why she managed pop crossover hits in the early '80s and also why she was able to sustain country success.
15 TOP 10 SINGLES IN POP & COUNTRY
10 MILLION RECORDS SOLD WORLDWIDE
Grammy: Best Pop female Vocalist
4 Grammy Nominations
CMA "New Female Vocalist Of The Year"
2 TIME BILLBOARD ALBUM ARTIST OF THE YEAR
AMERICAN VIDEO ASSOCIATION: "Best Video"
The "GIFT OF MUSIC" Award
Bammie: "BEST FEMALE VOCALIST
Austrailian Music Medias Number One International Country Artist
It was at Capitol records where Juice made her mark with such hits as "Angel of the Morning," "Queen of Hearts", and her first country hit, "The Sweetest Thing." Through the mid-eighties, she followed these hits with "Break It To Me Gently" , which won her a Grammy, "Love's Been A Little Bit Hard On Me", and "A Little Love". A second signing with RCA produced a string of top 10 country hits such as "You Want To Make You Mine", "Hurt", "Old Flame", "Cheap Love", "Both To Each Other", "Tell Me True", and "What Can I Do With My Heart?".
Juice Newton known for her impact on the pop, as well as the country music scene, exhibits diversity in her music as well as her stage show. Juice keeps her performances varied with the energy of her top-notch touring band, and the intimacy of an acoustic setting. That spectrum is wide but identifiable. Juice Newton remains one of the most riveting performers in country music, any music, rocking on stage and playing each emotion for what it's worth". Juice and her band take the audience on an emotion filled ride from the stirring stillness of "The Sweetest Thing" to the rollicking "Love's Been a Little bit Hard on Me," with a big dose of other Juice favorites as well as her ever expanding repertoire.
I use Choicetrade.com for trading the OTC stocks and pay $5 per trade. BUT on a $100 order that is $5 in and $5 out for $10 in commissions. Not a math major but that comes to $10 which is 10% on a $100 trade.
cat
just checked my e-mail - nothing there, even checked the spam box.
cat
Interesting that you should post that article as I am in for 3,800 shares of NSHV at .026.
www.nashvillerecords.com
Their new website is set to launch May 1st so this should be fun.
By the way, I put these shares in my IRA because it is too expensive to flip shares when you have to pay IRS 35%, you need to make 50% return just to break even with commissions..
cat
HDSN is on the bid but not on the ask. Looks like he wants to accumulate some shares. VNDM also on the bid at .02 also wants to keep his shares as he is asking .16 for them. Very strange.
cat
I've been wondering about that. "Tens of millions" of viewers sounds like some type of TV entertainment event as "viewers" is the "key" word here and I don't know where else you could collect that many "viewers".
I noticed that there are now 3 MMs on the bid and it has been raised from .02 to .026. Guess they are running out of dumpers at the .02 price.
cat
Congratulations on the good DD and it is great that it comes from the local paper giving more creditability to Nashville Records.
I had already done quite a bit of research on Sibbett and feel good that what I found confirms my decision to invest in this company.
As soon as the NPYC dumpers get done we will be heading north. I am anxious to see their new website, set to launch on May 1st.
cat
I have my seat belt fastened but would someone get us out of reverse?? Can't believe anyone would sell at these prices, poor souls must be desperate for chump change.
cat
My Level II not showing anyone at .012, ABLE and VFIN both at .0125. Ask looks thin to me with .013 empty.
That 1000000 at .0099 is really ugly but at least it was not a 5,000 share trade. Someone got a bargain.
You read my post correctly and remember I said it made me mad that Citgo was helping our Native American Indians in Montana to heat their homes.
I would expect Citgo was looking for and in dire need of any good PR after Chavez rattled off his big mouth.
I am hoping that NVMG will be able to put an end to this and the Indians won't need to accept help from that SA dictator ever again.
Cat
I'm onboard and will take the afternoon shift. You deserve the rest of the day off. Enjoy!
Lots of interesting information on Alaska drilling can be found here.
http://www.gasdrillingmatsu.org/media.html
Launch of new website slated for May 1, 2007.
Great reminder of why we are shareholders now and will be for years to come. I just can't find any reason to part with these shares.
cat
I believe I heard them talk about using switchgrass. Here is information about it. Very interesting and promising.
http://bioenergy.ornl.gov/papers/misc/switgrs.html
I vote for that, would be nice to plan around the opening of UWNK's Las Vegas location.
The company signing no one you ever heard of???? Sorry maybe you're deaf!!! It is obvious you are not a CW fan, whoops, that means country western. You probably have never heard of CMT either.
http://www.cmt.com/
Nashville Records continues to add talented, experienced and well known artists.
"Collin is considered one of the most magical and gifted singers in country music today with Fifteen #1 hits, including "Love Me", "That's My Story", "One Boy, One Girl", and "In This Life".
Mickey Gilley - sixteen #1 hits "It was Gilley's cameo appearance (and songs) in the movie "Urban Cowboy" that catapulted his musical career into national prominence bringing him six straight #1 country music singles and a series of top 10 hits. Gilley is the recipient of multiple awards, including; Entertainer of the Year, Album of the Year, Song of the Year, Single of the Year, and numerous other awards."
Johnny Lee - "When Urban Cowboy was shot at Gilley's, Lee ended up with a million-seller song and the musical centerpiece for the movie became "Lookin' For Love". The song became Lee's first Gold Record. The song also became a huge crossover hit. While spending 3 weeks at Number 1 on the US Country chart and becoming a US Top 5 Pop hit, it also received a Grammy nomination. Johnny's song shared the soundtrack with such legends as; The Eagles, Anne Murray, Kenny Rogers, Linda Ronstadt, Bob Seger, and many others.
Roy Clark - "As one of the hosts of TV's popular show "Hee Haw" for more than 20 years, Clark picked and sang and offered his unique country humor to over 30 million viewers a week. A superb entertainer, Clark has always drawn crowds at venues as diverse as Las Vegas, Atlantic City, and the "Opry". Clark's middle-of-the-road approach has filled a national void, with this super-picker offering country music that is harder-edged than Kenny Rogers but softer and more accessible than Waylon Jennings. Clark has also co-starred on the silver screen with Mel Tillis, in the comedy "Uphill All the Way."
Roy Clarks Awards
1999 TNN/Music City News Minnie Pearl Award
1996 Academy of Country Music Pioneer Award
1982 Grammy Best Country Instrumental Performance
1980 CMA Musician of the Year
1980 Music City News Country Instrumentalist of the Year
1979 Music City News Country Instrumentalist of the Year
1978 CMA Musician of the Year
1978 Music City News Country Instrumentalist of the Year
1977 Academy of Country Music Guitar Player of the Year
1977 CMA Musician of the Year
1977 Music City News Country Instrumental Entertainer of the Year
1976 Academy of Country Music Jim Reeves Memorial Award
1976 Music City News Country Instrumental Entertainer of the Year
1975 Music City News Country Instrumental Entertainer of the Year
1974 Music City News Country Instrumentalist of the Year
1973 Academy of Country Music Entertainer of the Year
1973 CMA Entertainer of the Year
1972 Academy of Country Music Entertainer of the Year
1972 Music City News Country Instrumentalist of the Year
1971 Academy of Country Music Comedy Act
1971 Music City News Country Instrumentalist of the Year
1970 Academy of Country Music Comedy Act
1970 Music City News Country Instrumentalist of the Year
1969 Academy of Country Music Comedy Act
1969 Music City News Country
I find it impossible that you have never heard of any of these award winning artists.
So you know nothing about cw music, why did you buy stock in a company that you know nothing about?
Sell and move on.
cat
I took the AON off and they gave me 15,000 @.03. Then RBCM upticked to .04. DOMS still at @.03 so I should get the rest of my order from him.
This is strange as DOMS is on the ask @.03 and was previously on the ask @.07. He must have picked up a client that wants to dump some shares fast. He has not been on the bid yesterday or today so where did he get these cheapies??
This makes me mad. We need these tribes to become self-sufficient and NAEG can/will do that!
Montana, S.D. tribes receive more than $1 million in heating assistance - Saturday, February 17, 2007
By JODI RAVE of the Missoulian
With more than a month of winter heating bills ahead, a private donation from a Venezuelan oil giant is helping thousands of U.S. citizens pay their heating bills, including 163 tribes.
Montana and South Dakota tribes received more than $1 million this week from CITGO Petroleum Corp., just as many low-income families on the Cheyenne River Reservation had been filling the pinch of heating assistance program funds, which ran out in October.
Reporter Jodi Rave can be reached at 406-523-5299 or at jodi.rave@missoulian.com
"Since then, people have had to make do," Margaret Bad Warrior, a tribal attorney for the Cheyenne River Sioux Tribe in Eagle Butte, S.D., said on Friday. "People have heated their home with dryers. A lot of children have been ill because of cold homes. Tribal programs haven't had heat."
CITGO-Venezuela's discounted fuel-heating program is helping more than 400,000 households in 16 states. The program was expanded this year after fuel recipients from last year met with Venezuelan President Hugo Chávez and requested additional help.
"We are more than just an oil company," said Félix Rodríguez, CITGO president and CEO. "We are neighbors and friends who care for those in need. This is a people-to-people program that comes from the heart of Venezuela to the homes of American families who just can't pay their energy bills."
CITGO, owned by Petróleos de Venezuela, the Venezuelan national oil company, has designated Citizens Energy Corp., a Boston-based nonprofit, to run the household delivery program, which was formed in 1979 by former Rep. Joseph P. Kennedy II. His organization has been assisting the poor and elderly with heating oil for more than 25 years.
"We approached every major oil company and every OPEC nation last year to ask that a small slice of their record profits go to help the poor," said Kennedy. "Only one oil company - CITGO - and only one nation - Venezuela - stepped up to the plate to offer a helping hand."
Rep. Connie Mack, R-Fla., has criticized Citizens Energy for accepting the Venezuelan charity, given Chavez's recent United Nations remarks equating President Bush to "the devil."
More than 150 Alaskan Native tribes have benefited this year from the fuel program. Seven Montana tribes, including 980 families on the Flathead Reservation in Montana will also feel relief from the cold.
"Our gratitude is so hard to express because it's so profound," said Teresa Wall-McDonald, a policy analyst for the Confederated Salish and Kootenai Tribes on Montana's Flathead Reservation, where eligible family households will receive $259 in extra assistance.
The energy assistance fuel season runs from Nov. 1 to March 31. "Some families on the rez had used their entire fuel allocation by Nov. 15 because of the high cost of propane, oil and electricity," said Wall-McDonald. "The funds will give families a boost from costs that are out of control."
Tribes' cash donation from CITGO will be matched dollar-for-dollar by the federal government under guidelines for the Low-Income Home Energy Assistance Program, or LIHEAP.
Wall-McDonald said she received a letter on Friday from the U.S. Department of Health and Human Services. "They were congratulating the collective efforts of the tribes," she said. "So each tribe next year will get additional energy assistance funds."
My order for 35,000 AON @.03 GTC is still waiting to be filled. RBCM is on the ask @.04 along with NITe. ETRD wants .05, DOMS wants .07 and VNDM wants .16.
On the Bid are VNDM, HDSN and NITE all @.02.
So VNDM wants to buy shares @.02 and he wants to sell them at .16. Hey I would like that too.
I don't know where RBCM came from as I don't ever recall seeing him on the bid so he must be the MM doing the dumping for someone.
Only NITE and ETRD left @.013. Need to get rid of them.
We have 8 MMs stacked behind the wall at .014, 2 MMs at .0145, one at .015 and then to .02 but all that can change in a flash. Need to batter down the wall at .014.