Oil Breaches $91 a Barrel in Light Trading

Oil hovers above $91 as traders eye crude supplies
Oil prices hovered above $91 a barrel Wednesday in Asia ahead of reports that may show a third week of U.S. crude inventory reductions, a sign demand is improving. Benchmark Oil for February delivery rose 1 cent to $91.50 a barrel late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose 49 cents to settle at $91.49 on Tuesday. Crude supplies likely fell 3.2 million barrels last week, according to analysts surveyed by Platts, the energy informatio...

$5 Gas by 2012? Ex-Shell Oil Exec Predicts
John Hofmeister, former president of Shell Oil, believes the $5 gas will be average in 2012 here in America. During a recent interview, Hofmeister, who left Shell Oil in 2008 and now heads Citizens for Affordable Energy, predicts that the price of a gallon of gas will be $5, if not more, by 2012. Last weekend, the taped interviewed was aired on Platts Energy Week television. Hofmeister blames global demand, tighter supplies and government inaction for a increases at the gas pump. Already, the p...

Oil Stays Above $91 As OPEC Signals No Output Hike
Monday, December 27, 2010 By Alex Kennedy, Associated Press Singapore (AP) - Oil Prices hovered above $91 a barrel Monday in Asia as some OPEC ministers signaled the group doesn't plan to boost output to cool the recent jump in crude. Benchmark Oil for February delivery fell 17 cents to $91.34 a barrel midday Singapore time in electronic trading on the New York Mercantile Exchange. On Thursday, the contract rose $1.03 to settle at $91.51, the highest level since October 2008. Global Oil mar...

Gas to Hit $5 a Gallon? Yes, Says Ex-Oil Exec
"In the U.S., we use 20 million barrels a day. We produce about seven. We're not drilling. We're going to produce about six a year, year-and-a-half from now. That means we have to import more Oil, while the whole rest of the world is also importing oil. It's going to put tremendous upside pressure on the Crude Oil price, which is the only way to tamp down demand. It's very worrying for consumers and, really, for the American Economy to think we would go back to such high prices." Hofmeister cal...

Oil steadies above $91 ahead of U.S. inventory data
By Randy Fabi Singapore | Wed Dec 29, 2010 1:12am EST Singapore (Reuters) - Oil steadied above $91 a barrel on Wednesday ahead of U.S. inventory data expected to show a drawdown in crude and distillate stocks in the world's largest oil user. NYMEX crude for February delivery slipped seven cents to $91.42 a barrel by 0531 GMT (12:31 a.m. ET), while ICE Brent Crude fell 14 cents to $94.24. U.S. Oil Prices climbed to a 26-month high of $91.88 on Monday, driven by a broad spectrum of factors rang...

Oil steadies above $91 ahead of U.S. inventory data
SINGAPORE (Reuters) - Oil steadied above $91 a barrel on Wednesday ahead of U.S. inventory data expected to show a drawdown in crude and distillate stocks in the world's largest oil user. NYMEX crude for February delivery slipped seven cents to $91.42 a barrel by 0531 GMT (12:31 a.m. ET), while ICE Brent Crude fell 14 cents to $94.24. U.S. Oil Prices climbed to a 26-month high of $91.88 on Monday, driven by a broad spectrum of factors ranging from The Dollar and cold weather to OPEC and surging ...

Gold continues rise in light trading
NEW YORK (AP) - Gold prices continued their surge Wednesday amid light holiday trading, as investors seemed convinced that Precious Metals will make a good hedge against Inflation during 2011. Gold for February delivery rose $7.90 to settle at $1,413.4560 an ounce. Silver continued its long-standing pattern of following in gold's wake, with contracts for March delivery rising 38.1 cents to $30.704 an ounce. A sagging dollar and concerns about global Inflation seem to be propping gold above its...

Gold run-up stops shy of record
NEW YORK, Dec. 29 (UPI) -- Gold prices climbed above $1,410 per troy ounce in New York Wednesday as The Dollar index dropped 0.72 percent. Gold might have seen more of a bounce, but many investors played their hands Tuesday, sending gold up by close to $24 to within reach of its record above $1,420. On the Comex division of the New York Mercantile Exchange Wednesday, gold gained another $6 to $1,411.60 per troy ounce. February delivery crude Oil Prices lost 47 cents to $91.02 per barrel. The do...

Oil prices dip before inventory report
NEW YORK, Dec. 29 (UPI) -- Crude Oil Prices slid away from a run towards $92 per barrel Wednesday in New York, as trading remains light between major holidays. Traders are also waiting for a weekly report on U.S. stockpiles that generally provides hesitancy before the Wednesday afternoon report is released. On the New York Mercantile Exchange, February delivery light, sweet Crude Oil dropped from an overnight peak of $91.53 per barrel to $91.18. Heating Oil Prices shed 0.24 cents to $2.5331 per ...

With Gas Prices Well Over $3 a Gallon In Some Parts of the Country, Where Are the 'Pain at the Pump' Stories?
What a difference a president makes. On November 5, 2007 Gas Prices topped $3 a gallon for the first time ever, the media had stories about how it was hitting people right in the wallet. We're not seeing too many of those stories today with prices well over $3, the price was $1.81 when Obama took office. Here's a few headlines of that same price during the Bush presidency ...

Winter weather gives oil a boost
NEW YORK, Dec. 28 (UPI) -- Ongoing winter weather supported Oil Prices Tuesday morning, with a barrel of oil gaining 10 cents to $91.03 per barrel on the New York Mercantile Exchange. A weaker dollar also gave oil a boost, The Dollar index down 0.34 percent Tuesday, giving foreign buyers an advantage in commodities, like oil, which are priced in U.S. dollars. Heating Oil Prices shed 0.31 cents Tuesday to $2.5135 per gallon. Reformulated Gasoline blendstock lost 1.43 cents to $2.4063 per gallon. ...

Gold soars in year-end juggling
On the Comex division of the New York Mercantile Exchange, gold gained $23.60 to $1,406.50 per troy ounce, shy of the Dec. 6 record above $1,420, but a gain of about 1.7 percent. A possible explanation for the run-up is investors ditching equities to seek end-of-year positions for tax purposes. On Wall Street, trading was light with only 2.4 billion shares exchanged. Crude Oil Prices for February delivery added 23 cents to $91.23 per barrel. The Dollar index rose 0.1 percent, as the dollar was l...

Obamas Energy Policies Will Cost U.S. Dearly
The fact is every $1 increase in crude Oil Prices reduces the US Gross Domestic Product by an estimated $100 billion. Every one cent increase in Gasoline prices lowers disposable income by an estimated $600 million. US government regulations in the Gulf of Mexico; no drilling off the East and West coasts; increased environmental regulations; restriction on Nuclear Power plants, limits on coal fired Power Plants, etc, etc, will increase our energy costs and increase our importation of Crude Oil. ...

Energy prices lower, still around two-year highs
Energy prices fell Wednesday, while the East Coast continued to dig itself out of Monday's blizzard and a cold snap swept across other parts of the country. Heating oil, Natural Gas and other energy commodities usually get more expensive as the weather chills. But analysts said most traders already have locked in their energy contracts for the year, and those still buying are looking ahead to 2011. With the U.S. sitting on higher than average heating oil and Natural Gas supplies, temperatures wo...

Energy prices lower, still around two-year highs
NEW YORK (AP) - Energy Prices fell Wednesday, while the East Coast continued to dig itself out of Monday's blizzard and a cold snap swept across other parts of the country. Heating oil, Natural Gas and other energy commodities usually get more expensive as the weather chills. But analysts said most traders already have locked in their energy contracts for the year, and those still buying are looking ahead to 2011. With the U.S. sitting on higher than average heating oil and Natural Gas supplies...

Coming and Going
Gasoline prices typically deflate during winter months when demand is relatively low. When the weather warms, price rises in step with increased seasonal demand. This doesn't bode well for 2011. (In June 2008 prices peaked at over $4.50/gal.) Up until a few weeks ago crude Oil Prices were in the low $80s per barrel. Currently, the price is $91. Rising crude has prompted speculators to jump into the oil market . That trend likely will continue, with major Investment Banks projecting a return to $...

Writers and Authors
Wednesday, December 29, 2010 By Rich Galen I am a professional writer. Not an author, but a writer because I have never had a book published (at least, in part, because I've never written one). According to Webster's Third Unabridged, an author is defined as "the writer of a literary work (as a book)." See the difference? I just counted the number of MULLINGS I will have sent out by New Year's Eve this year: 146. Each is about 750 words - the length of a standard newspaper op-ed. Allowing ...

Oil majors to spend big in 2011
Washington imposed a Moratorium on deep-water drilling after BP's Deepwater Horizon Oil rig caught fire and sank in April, leading to one of the worst Environmental Disasters in the history of the industry. A survey by Investment Bank Barclays Capital, however, indicates that major energy companies are planning to spend as much as $500 billion next year on Oil and gas exploration. James West, an energy analyst at the bank, told The Wall Street Journal that spending on new energy efforts in 2011 ...

U.S. gas price tops $3 a gallon, highest since Oct '08
Source: Reuters WASHINGTON (Reuters) – The average price of U.S. Gasoline rose above $3 a gallon over the past week, reaching its highest level since October 2008, the Energy Department said on Monday. The national price for regular Gasoline increased 7 cents from the previous week to an average of $3.05 per gallon, as rising crude Oil Prices bolstered fuel costs. Crude Oil settled down 51 cents at $91 a barrel on the New York Mercantile Exchange on Monday as a major blizzard in the U.S. Northea...

U.S. gas price tops $3 a gallon, highest since Oct '08
The national price for regular Gasoline increased 7 cents from the previous week to an average of $3.05 per gallon, as rising crude Oil Prices bolstered fuel costs. Crude Oil settled down 51 cents at $91 a barrel on the New York Mercantile Exchange on Monday as a major blizzard in the U.S. Northeast cut down on already thin holiday trading volume. Diesel fuel prices increased 4.6 cents to $3.29 a gallon, the department said in its weekly survey of service stations. (Reporting by Ayesha Rascoe; ...

U.S. gas price tops $3 a gallon, highest since Oct '08
WASHINGTON | Tue Dec 28, 2010 2:48am EST WASHINGTON (Reuters) - The average price of U.S. Gasoline rose above $3 a gallon over the past week, reaching its highest level since October 2008, the Energy Department said on Monday. The national price for regular Gasoline increased 7 cents from the previous week to an average of $3.05 per gallon, as rising crude Oil Prices bolstered fuel costs. Crude Oil settled down 51 cents at $91 a barrel on the New York Mercantile Exchange on Monday as a major ...

Oil risse above $91 in light end-of-year trading
NEW YORK (AP) - Oil Prices rose above $91 per barrel Tuesday in the final week of trading before the new year. Trading has been especially light during the holiday week. It's the time of year when most traders have solidified investments, typically leaving only those who work for oil producers and commercial refineries, companies that still need to lock in supply contracts, analyst Stephen Schork said. Benchmark crude for February delivery rose 30 cents to $91.30 per barrel on the New York Mer...

Oil rise above $91 in light end-of-year trading
NEW YORK (AP) - Oil Prices rose above $91 per barrel Tuesday in the final week of trading before the new year. Trading has been especially light during the holiday week. It's the time of year when most traders have solidified investments, typically leaving only those who work for oil producers and commercial refineries, companies that still need to lock in supply contracts, analyst Stephen Schork said. Benchmark crude for February delivery rose 49 cents to settle at $91.49 per barrel on the Ne...

Oil risse above $91 in light end-of-year trading
Oil prices rose above $91 per barrel Tuesday in the final week of trading before the new year. Trading has been especially light during the holiday week. It's the time of year when most traders have solidified investments, typically leaving only those who work for oil producers and commercial refineries, companies that still need to lock in supply contracts, analyst Stephen Schork said. Benchmark crude for February delivery rose 30 cents to $91.30 per barrel on the New York Mercantile Exchange. ...

Gas Prices Could Top $5 a Gallon by 2012
Chicago - The former President of Shell Oil John Hofmeister predicts we'll be paying $5 a gallon by 2012 because of global demand. Other market analysts say it will happen in the next decade. At a BP station at Roosevelt and Wabash in Chicago Tuesday, gas was $3.58 per gallon for regular grade. Premium was $3.80, the highest prices since late 2008 when the Recession was at its worst. The Economy is improving, but Gas Prices could reach record highs by the end of the year. Nationally, the average...