Winter weather gives oil a boost

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 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 ...

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...

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...

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 Breaches $91 a Barrel in Light Trading
Oil Prices on Tuesday reached the $91-a-barrel mark in light trading as strong demand and limited supply continues to push up prices toward the end of the year. Oil for February delivery increased 27 cents to $91.27 a barrel in New York Mercantile Exchange trading Tuesday. It had been trading at about $81 a barrel about a month ago. Sponsored Links The higher oil prices reflect tightened petroleum inventories and what may be a slight resurgence in the U.S. economy, which is increasing demand....

$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...

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 $...

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 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. ...

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. ...

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 ...

Local Gas Prices Climb 8 Cents In Week
GREENVILLE, S.C. -- Gas Prices in the Greenville area have climbed 8 cents during the past week, according to GasBuddy.com. The website said that the average price for a gallon of Gasoline is at $2.86 as of Monday, but that price is below the national average of $3.03 per gallon -- up 4.3 cents over last week. Monday's prices were 44.2 cents higher than the same day last year and 26.2 cents higher than a month ago, the website reported. Nationally, GasBuddy.com said, the average price for a gall...

Former shell executive raises the specter of $5 per gallon gas
Gas Prices became a major topic of discussion this week after the former president of Shell said that the United States could see gas prices as high as $5 per gallon in 2012. "When American Consumers are short or prices are so high — $5 a gallon for Gasoline, for example, by 2012 — that's going to set a new tone. It's going to be panic time on behalf of the politicians," John Hofmeister, who was president of the company from 2005 to 2009, told Platts Energy Week. Platts Energy Week aired t...

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...

Guest Post: Former Shell Oil Chief Predicts $5 Gas by 2012
Former Shell Oil Chief Predicts $5 Gas by 2012 Though he’s no longer running one of the largest companies in the world, former President of Shell Oil John Hofmeister warns that the outlook for Gas Prices in the coming decade is not looking good: I’m predicting a worse outcome over the next two years, which takes us to 2012 with higher Gasoline prices, uncertainty as to the future of hydrocarbons, more Regulation on the hydrocarbon industry based upon who the administration is today...

Gasoline Prices Are Spiking Way Out Of Season
Email Sent! You have successfully emailed the post. Doug Short is the CEO of Dshort.com. On our brief Christmas afternoon drive home from a family gathering in Clayton NC, we spotted a Wal-Mart service station sign for $3.019 regular gas. The post-Thanksgiving Holiday Season is not one I normally associate with high Gas Prices. As the chart below shows, the general pattern is for Gasoline prices to peak in the summer and decline after Labor Day. This year has run counter to the pattern by a si...

Ex-Shell President: Gas Might Go Up To $5 a Gallon in 2012
The one good thing is that both parties have a narrative/answer for this -- the Republicans, expanding domestic drilling, including in ANWR, and the Democrats, filling out tanks with starshine and rainbows -- but prices at this level will compel moving on both. The public may still want their starshine and rainbows, but they're not going to be content with only that option. "I'm predicting actually the worst outcome over the next two years which takes us to 2012 with higher Gasoline prices," he...

$5 A Gallon Gas Forecast Has Ex-Shell Exec Making Headlines
What is this? Predicting that Gasoline will hit $5 a gallon by some time in 2012 has put former Shell Oil president John Hofmeister on the News Media's radar today. Why's he think the price will go there? "The issues that gave rise to high priced Gasoline in 2007 and 2008 are repeating themselves, except the world demands even more oil in the next several years than before," Hofmeister tells CNN (he's due on tonight's edition of Parker Spitzer). "Asian growth is continuing. ... U.S. economic rec...

$5 A Gallon Gas Forecast Has Ex-Shell Exec Making Headlines
What is this? Predicting that Gasoline will hit $5 a gallon by some time in 2012 has put former Shell Oil president John Hofmeister on the News Media's radar today. Why's he think the price will go there? "The issues that gave rise to high priced Gasoline in 2007 and 2008 are repeating themselves, except the world demands even more oil in the next several years than before," Hofmeister tells CNN (he's due on tonight's edition of Parker Spitzer). "Asian growth is continuing. ... U.S. economic rec...

Stock index futures signal early gains
Traders work on the floor of the New York Stock Exchange, December 15, 2010. PARIS (Reuters) - Stock index futures pointed to a higher open on Wall Street on Wednesday, with futures for the S&P 500 up 0.14 percent, Dow Jones futures up 0.14 percent and NASDAQ 100 futures up 0.18 percent at 0948 GMT (4:48 a.m. ET). European stocks inched higher in early trade, mirroring gains in Asia and on Wall Street and adding to their sharp December rally, but the rise was limited by a drop in mining sha...

Stock index futures signal early gains
PARIS | Wed Dec 29, 2010 5:19am EST PARIS (Reuters) - Stock index futures pointed to a higher open on Wall Street on Wednesday, with futures for the S&P 500 up 0.14 percent, Dow Jones futures up 0.14 percent and NASDAQ 100 futures up 0.18 percent at 0948 GMT (4:48 a.m. ET). European stocks inched higher in early trade, mirroring gains in Asia and on Wall Street and adding to their sharp December rally, but the rise was limited by a drop in mining shares as Heavy Rains disrupt Australian c...

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 ...

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; ...