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Crude Oil Rises a Second Day on U.S. Gasoline Supply Forecas

Bloomberg -- Aug. 20 (Bloomberg) -- Crude oil rose for a second day before a weekly U.S. government report on stockpiles that may show gasoline supplies shrank for a fourth week in the world's largest energy user.

U.S. supplies of gasoline probably fell by 3 million barrels last week from 202.8 million barrels the previous week, according to a Bloomberg survey. Goldman Sachs Group Inc. repeated its forecast that prices will top last month's $147.27 record this year as emerging market demand strains global supplies.

``The forecasts are pointing to a decline of as much as 3 million barrels in gasoline supplies while we remain in the peak driving season,'' said Robert Montefusco, a broker at Sucden (U.K.) Ltd. in London. ``On top of that, Goldman are still bullish and some OPEC members are calling for cuts at the next meeting.''

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Submitted Aug 20, 2008 By: JT

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chas_commuter All-Star Author South Carolina Posts:830 Points:226,085 Joined:Mar 2008	Message Posted: Aug 21, 2008 9:01:00 AM Ignore chas_commuter Report Abuse Fill up now :)
DFleming Veteran Author Alberta Posts:430 Points:89,735 Joined:May 2008	Message Posted: Aug 21, 2008 8:59:56 AM Ignore DFleming Report Abuse Maybe things will smooth out soon
Toppers Champion Author Atlanta Posts:2,699 Points:1,218,345 Joined:Mar 2005	Message Posted: Aug 21, 2008 8:59:15 AM Ignore Toppers Report Abuse Bac 2 Normalcy!
timwil Champion Author Arkansas Posts:3,238 Points:640,315 Joined:May 2007	Message Posted: Aug 21, 2008 8:58:09 AM Ignore timwil Report Abuse will it never end
oncotime Champion Author Milwaukee Posts:11,165 Points:2,004,875 Joined:May 2003	Message Posted: Aug 21, 2008 8:55:06 AM Ignore oncotime Report Abuse here we go again
rbdesigns All-Star Author Modesto Posts:523 Points:385,320 Joined:May 2008	Message Posted: Aug 21, 2008 8:53:27 AM Ignore rbdesigns Report Abuse They are trying everything they can to keep prices up. We don't buy, so they don't make.
Mikey8494 Champion Author Dayton Posts:3,805 Points:1,109,650 Joined:Jul 2006	Message Posted: Aug 21, 2008 8:52:28 AM Ignore Mikey8494 Report Abuse One Word DRILL
Jayhorn Champion Author Fort Worth Posts:2,193 Points:963,270 Joined:Sep 2005	Message Posted: Aug 21, 2008 8:52:26 AM Ignore Jayhorn Report Abuse canescommuter is right. If we decide that $3.50 is a low enough price and start driving like we did a few years ago, the price will just settle in at that level. We need to continue to act ougraged!
HockeyLady Champion Author New Jersey Posts:1,721 Points:1,225,285 Joined:Jun 2005	Message Posted: Aug 21, 2008 8:52:01 AM Ignore HockeyLady Report Abuse keep conserving.
canescommuter Champion Author Greensboro Posts:1,670 Points:370,755 Joined:Feb 2008	Message Posted: Aug 21, 2008 8:47:38 AM Ignore canescommuter Report Abuse Oil prices will settle at what we're satisfied paying. Show you're still upset by conserving, supporting alternate fuels research and defeat greedy OPEC.
phatride92 Champion Author Kansas Posts:5,564 Points:1,296,410 Joined:Oct 2005	Message Posted: Aug 21, 2008 8:45:29 AM Ignore phatride92 Report Abuse Feds need to work on Dollar the exchange rate.
tomok Champion Author Portland Posts:14,871 Points:1,080,185 Joined:Aug 2006	Message Posted: Aug 21, 2008 8:43:28 AM Ignore tomok Report Abuse Crude oil rose a little but I hope it does not stay there. Fuel prices need to go down more, more, more and more.
cableman31 Champion Author New York Posts:2,616 Points:788,765 Joined:May 2004	Message Posted: Aug 21, 2008 8:41:23 AM Ignore cableman31 Report Abuse They will find a way to reverse the trend.
greytdino Veteran Author Indiana Posts:491 Points:102,635 Joined:Sep 2005	Message Posted: Aug 21, 2008 8:36:46 AM Ignore greytdino Report Abuse Hopefully it doesn't go higher.
danielle6181 All-Star Author Houston Posts:754 Points:403,065 Joined:Aug 2005	Message Posted: Aug 21, 2008 8:36:33 AM Ignore danielle6181 Report Abuse Yeah yeah...this keeps getting old.
mhewer All-Star Author Detroit Posts:590 Points:243,430 Joined:Sep 2007	Message Posted: Aug 21, 2008 8:35:35 AM Ignore mhewer Report Abuse are you surprised
Zinnoil Champion Author Florida Posts:16,693 Points:1,876,640 Joined:May 2004	Message Posted: Aug 21, 2008 8:34:49 AM Ignore Zinnoil Report Abuse The Russians and Arab terrorists need more money.
lindamay Champion Author Minnesota Posts:1,849 Points:408,685 Joined:Feb 2008	Message Posted: Aug 21, 2008 8:34:35 AM Ignore lindamay Report Abuse Okay. Is it going up or down? Do they know? Does anyone know?
docwilly All-Star Author Scranton Posts:554 Points:104,335 Joined:Feb 2008	Message Posted: Aug 21, 2008 8:33:51 AM Ignore docwilly Report Abuse if not this the oil co will find sime other reason to raise gas prices
CoronaKid Champion Author Riverside Posts:8,220 Points:1,455,675 Joined:Mar 2005	Message Posted: Aug 21, 2008 8:31:43 AM Ignore CoronaKid Report Abuse $5 a gallon here we come!
Jizme Champion Author Lincoln Posts:3,476 Points:1,646,265 Joined:Oct 2004	Message Posted: Aug 21, 2008 8:31:37 AM Ignore Jizme Report Abuse Whatever, as long as the price continues to drop
tonycmd All-Star Author Maryland Posts:515 Points:129,830 Joined:Jun 2008	Message Posted: Aug 21, 2008 8:31:33 AM Ignore tonycmd Report Abuse This was not a surprise
vandad03 Sophomore Author Syracuse Posts:121 Points:541,650 Joined:Apr 2007	Message Posted: Aug 21, 2008 8:31:13 AM Ignore vandad03 Report Abuse The reason for the decline in gas supplies is not an increase in driving, it is a decrease in refinery production. Once again th eoil companies are playing with supply and demand to keep their profits at record levels.
Mortarpsg Sophomore Author Charlotte Posts:220 Points:296,430 Joined:Jul 2005	Message Posted: Aug 21, 2008 8:30:13 AM Ignore Mortarpsg Report Abuse That's right; pad the speculators pockets some more.
NeilPage Champion Author Baltimore Posts:1,417 Points:357,695 Joined:Nov 2005	Message Posted: Aug 21, 2008 8:27:26 AM Ignore NeilPage Report Abuse Uh-oh.......
keo Champion Author Illinois Posts:4,733 Points:936,240 Joined:May 2004	Message Posted: Aug 21, 2008 8:27:16 AM Ignore keo Report Abuse HAHA! Yeah, I think Goldman is wagging the dog!
racerdj Champion Author Indianapolis Posts:3,460 Points:793,110 Joined:Jun 2003	Message Posted: Aug 21, 2008 8:26:11 AM Ignore racerdj Report Abuse People who are talking 'trash' oil's going to this price and that price are the speculators who stand to profit if their predictions are true.
smwhite Champion Author Indiana Posts:3,428 Points:816,025 Joined:Jun 2007	Message Posted: Aug 21, 2008 8:25:44 AM Ignore smwhite Report Abuse Had to be expected.
cv Champion Author Raleigh Posts:8,797 Points:2,003,605 Joined:Oct 2003	Message Posted: Aug 21, 2008 8:24:46 AM Ignore cv Report Abuse Deja vous all over again.
JPGKC Champion Author Tampa Posts:4,419 Points:820,500 Joined:Sep 2006	Message Posted: Aug 21, 2008 8:23:34 AM Ignore JPGKC Report Abuse Just another excuse.
bh1995 Champion Author Detroit Posts:1,200 Points:1,060,650 Joined:Jul 2005	Message Posted: Aug 21, 2008 8:22:38 AM Ignore bh1995 Report Abuse Rebound is normal even though declining.
librerica Veteran Author Greensboro Posts:292 Points:71,125 Joined:Apr 2008	Message Posted: Aug 21, 2008 8:22:06 AM Ignore librerica Report Abuse "Venezuela, South America's biggest oil producer, will propose that the Organization of Petroleum Exporting Countries cut oil output quotas if prices continue to fall, Energy and Oil Minister Rafael Ramirez said yesterday. " see ^ oil producing countries are like addicts - addicted to the profit they just found out was possible when we had $4 gas whereas last year it was ok to have $2.70 gas, now that they know people will pay $4, they want to cut production to make gas prices go back up to the obscene level of profits they had before and they can, because our transportation energy market is an oil MONOPOLY - which is why the only real solution is to bring some other fuel to the market that can compete with oil ---- only when oil companies have to compete for our business will prices follow the principles of supply and demand as long as oil/gas is our only option, they know they've got us right where they want us and we are at their mercy if we want to take back our national economic security, we will launch a massive effort to bring a viable alternative to the market
Wildman14 Champion Author Virginia Posts:1,165 Points:271,135 Joined:Jul 2008	Message Posted: Aug 21, 2008 8:21:35 AM Ignore Wildman14 Report Abuse Peak driving season, where most consumers have cut back and reduced their driving. Where has Montefusco been the past few months?
texasbig8 All-Star Author Dallas Posts:910 Points:219,290 Joined:Jul 2008	Message Posted: Aug 21, 2008 8:21:31 AM Ignore texasbig8 Report Abuse So they say they are going to cut oil production...let's stop shipping food and money to them.....that will get their attention.
bradkos Rookie Author Ohio Posts:94 Points:35,160 Joined:May 2008	Message Posted: Aug 21, 2008 8:19:53 AM Ignore bradkos Report Abuse What about the article prior to this one about the "Oil spike being over", glad I wasn't one of them that thought this was over. As long as we pay they will rise costs. Boycott where possible. Stay home!
gas_too_high Champion Author Columbus Posts:2,534 Points:716,425 Joined:Aug 2005	Message Posted: Aug 21, 2008 8:18:42 AM Ignore gas_too_high Report Abuse We need more supply. Drill, drill, drill. And drill through the hopes of any Presidential candidate who says "No" to drilling instead of "Yes we can".
swepson Veteran Author Greensboro Posts:363 Points:396,880 Joined:Jul 2008	Message Posted: Aug 21, 2008 8:18:00 AM Ignore swepson Report Abuse With very low gasoline inventories, we’re one refinery accident away from another huge price run up.
dougrusty All-Star Author Illinois Posts:684 Points:260,785 Joined:Mar 2008	Message Posted: Aug 21, 2008 8:17:53 AM Ignore dougrusty Report Abuse Here we go again!
TommyTraveler Champion Author Cincinnati Posts:2,227 Points:434,125 Joined:Nov 2007	Message Posted: Aug 21, 2008 8:17:21 AM Ignore TommyTraveler Report Abuse We need to find different sources of energy now. Quit blaming oil. It are fault for not doing something about this 35 years ago.
GolfTDI03 Champion Author Richmond Posts:2,435 Points:578,305 Joined:Jul 2005	Message Posted: Aug 21, 2008 8:14:56 AM Ignore GolfTDI03 Report Abuse Investors my foot, speculators. How else do you explain Heat and Crud rising on higher inventories?
Petesgas Rookie Author Madison Posts:35 Points:3,100 Joined:Aug 2008	Message Posted: Aug 21, 2008 8:13:25 AM Ignore Petesgas Report Abuse Investors are not giving up easily!
Raider44 All-Star Author Allentown Posts:900 Points:468,335 Joined:Apr 2008	Message Posted: Aug 21, 2008 8:12:44 AM Ignore Raider44 Report Abuse Oil and gas prices will meander a bit until some large factor - OPEC production cuts, more Russian or Irani aggression, major storm(s), etc. - cause the price to skyrocket. We need to get ourselves off of the oil dependency ASAP.
MNTraveler Sophomore Author Minnesota Posts:210 Points:74,235 Joined:Jul 2008	Message Posted: Aug 21, 2008 8:12:28 AM Ignore MNTraveler Report Abuse Pure greed on the oil companies part.
hvanman Rookie Author Indianapolis Posts:30 Points:113,375 Joined:May 2007	Message Posted: Aug 21, 2008 8:04:30 AM Ignore hvanman Report Abuse Hahahahaha!!!!. The story link above this one said "Most Americans think Oil spike is over". Now, we read that Oil rises for a second day. How wonderful.
salog Champion Author Columbia Posts:2,172 Points:665,960 Joined:Oct 2006	Message Posted: Aug 21, 2008 8:04:14 AM Ignore salog Report Abuse greed
brutus Champion Author Alberta Posts:3,529 Points:1,289,840 Joined:Feb 2003	Message Posted: Aug 21, 2008 8:02:20 AM Ignore brutus Report Abuse And what will the next pump surprise be?
dopster All-Star Author Toledo Posts:832 Points:1,115,250 Joined:Aug 2004	Message Posted: Aug 21, 2008 8:00:32 AM Ignore dopster Report Abuse We're not out of the woods by any means. I'd kinda like to know why we're spending $10B a month to rebuild Iraq, while they're running a $79B surplus in oil sales. SOMETHING STINKS HERE!!!!
TeachR06 Champion Author Raleigh Posts:2,663 Points:812,695 Joined:Sep 2006	Message Posted: Aug 21, 2008 7:59:29 AM Ignore TeachR06 Report Abuse We need to stop being in the middle and find alternative sources that will compete with the Mid East Cartel and Big Oil
tazdriver Champion Author Huntsville Posts:4,120 Points:929,430 Joined:Jan 2007	Message Posted: Aug 21, 2008 7:59:13 AM Ignore tazdriver Report Abuse We still have a 600% price rise to undo.
bug27 Champion Author Kentucky Posts:11,824 Points:1,529,770 Joined:Apr 2005	Message Posted: Aug 21, 2008 7:58:40 AM Ignore bug27 Report Abuse Both oil and gasoline up again this morning.
mahenv7 Champion Author Toronto Posts:1,950 Points:391,475 Joined:Oct 2004	Message Posted: Aug 21, 2008 7:58:19 AM Ignore mahenv7 Report Abuse What sort of forces.... demand decreases...
Helms Champion Author Fort Worth Posts:3,012 Points:963,255 Joined:Jun 2005	Message Posted: Aug 21, 2008 7:57:25 AM Ignore Helms Report Abuse ...and the consumer is caught in the middle!!