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Old 03-12-2008, 04:36 PM   #1
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Aaaaarrrggg!!!

http://money.cnn.com/2008/03/12/mark..._eia/index.htm

Quote:
NEW YORK (CNNMoney.com) -- Oil prices rebounded to another record high Wednesday afternoon after initially plummeting when a government report said supplies of crude and gasoline had risen much more than expected.In afternoon trading, U.S. light crude for April delivery surged to a high of $110.20 before closing at $109.92. Oil had traded as low as at $107.09 following the report's release on Wednesday morning.

In its weekly inventory report, the U.S. Energy Information Administration, a government agency that measures oil and gas supplies, said crude stocks rose by 6.2 million barrels last week. Analysts were looking for a rise of 1.6 million barrels, according to a Dow Jones poll.

Gasoline supplies rose by 1.7 million barrels, significantly more than the 300,000 barrel rise that analysts had forecast. The government said gasoline stockpiles are well above average for this time of year.

"The big number is the build in gasoline," said Stephen Schork, publisher of the industry newsletter the Schork Report. "We usually see a 2 million barrel draw at this time, not a surplus."

Since September, gasoline stockpiles have increased from a 16 million barrel deficit to a 22 million barrel surplus, which Schork believes is due primarily to the continuing low demand for gasoline.

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Old 03-12-2008, 04:43 PM   #2
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WOO HOO!!!! Great news!!!

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Old 03-12-2008, 04:47 PM   #3
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Prices are still rising.
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Old 03-12-2008, 04:48 PM   #4
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Its no thanks to me, I never used less gas. Fact is for this month I've increased from normal usage. I took a 200mi joy ride last saturday.
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Old 03-12-2008, 04:49 PM   #5
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Originally Posted by 02Prove View Post
Prices are still rising.
I know! Great news!!!
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Old 03-12-2008, 04:52 PM   #6
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I know! Great news!!!
WTF?!?! You a major stockholder or something?
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Old 03-12-2008, 04:54 PM   #7
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WTF?!?! You a major stockholder or something?
Why are you guys whining about it? High gas prices are a good thing!
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Old 03-12-2008, 04:56 PM   #8
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Want to explain?
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Old 03-12-2008, 04:58 PM   #9
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Why are you guys whining about it? High gas prices are a good thing!
You got a company gas card too?
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Old 03-12-2008, 04:59 PM   #10
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I live in Midland Texas:

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Midland is a city in and the county seat of Midland County[3] located on the Southern Plains of the western area of the U.S. State of Texas. As of the 2006 U.S. Census estimate, the city had a total population of 102,073. The Midland–Odessa metropolitan area had a population of 251,842. People in Midland are called Midlanders.

Midland was originally founded as the midway point between Fort Worth and El Paso on the Texas and Pacific Railroad in 1881. The city has received national recognition as the hometown of First Lady Laura Bush and the childhood home of President George W. Bush.

History

Midland was originally called Midway because of its location between Fort Worth and El Paso; however the name was soon changed to Midland to avoid confusion with other towns in Texas named Midway.

Once a small town based on farming and ranching, Midland was forever changed by the discovery of oil in the Permian Basin in 1923. Soon Midland was transformed into the administrative center of the West Texas oil fields. Today, the Permian Basin produces a fifth of the nation's total petroleum and natural gas output.

Today, Midland's economy still relies heavily on petroleum; however the city has also diversified to become a regional telecommunications and distribution center. As of August 2006, a busy period of crude oil production had caused a significant workforce deficit. According to the Midland Chamber of Commerce, there were almost 2,000 more jobs available in the Permian Basin than there were workers to fill them.
It's not bad for everyone. Some of us are actually wanting to see it go higher. Our economy is booming.
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Old 03-12-2008, 05:00 PM   #11
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You got a company gas card too?
Actually yes I do.
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Old 03-12-2008, 05:10 PM   #12
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Why are you guys whining about it? High gas prices are a good thing!
I've got a friend in Biofuels and E85, he's making a bunch of money off this too.
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Old 03-12-2008, 06:01 PM   #13
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I've got a friend in Biofuels and E85, he's making a bunch of money off this too.
Yeah I hear ya. I don't mind paying $ 3.00 a gallon for gas if it means my local economy stays healthy. We might as well ride this wave as long as we can.

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