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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:833 Points:227,070 Joined:Mar 2008	Message Posted: Aug 21, 2008 9:01:00 AM Ignore chas_commuter Report Abuse Fill up now :)
DFleming All-Star Author Alberta Posts:500 Points:105,445 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:4,097 Points:1,498,140 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:12,572 Points:2,275,175 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:389,145 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.
Jayhorn Champion Author Fort Worth Posts:3,514 Points:1,227,990 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:2,552 Points:1,492,835 Joined:Jun 2005	Message Posted: Aug 21, 2008 8:52:01 AM Ignore HockeyLady Report Abuse keep conserving.
canescommuter Champion Author Greensboro Posts:1,702 Points:378,595 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:6,990 Points:1,577,635 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:18,269 Points:1,363,135 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:4,017 Points:1,065,855 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:403,890 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:591 Points:303,500 Joined:Sep 2007	Message Posted: Aug 21, 2008 8:35:35 AM Ignore mhewer Report Abuse are you surprised
Zinnoil Champion Author Florida Posts:18,901 Points:2,139,725 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:409,335 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:558 Points:106,415 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:8,709 Points:1,554,750 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:4,903 Points:1,926,140 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:131 Points:684,575 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:296,830 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:5,662 Points:1,121,130 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:4,890 Points:1,076,060 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:4,807 Points:1,089,490 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:10,229 Points:2,285,180 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:821,825 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:1,306,375 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:1,494 Points:416,025 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 Champion Author Dallas Posts:1,799 Points:391,440 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:4,343 Points:989,425 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 All-Star Author Greensboro Posts:543 Points:599,830 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:711 Points:313,275 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:3,666 Points:717,055 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:581,205 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:975 Points:723,140 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:78,360 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:3,515 Points:876,005 Joined:Oct 2006	Message Posted: Aug 21, 2008 8:04:14 AM Ignore salog Report Abuse greed
BeaverBilly Champion Author Alberta Posts:4,960 Points:1,571,735 Joined:Feb 2003	Message Posted: Aug 21, 2008 8:02:20 AM Ignore BeaverBilly Report Abuse And what will the next pump surprise be?
dopster Champion Author Toledo Posts:2,177 Points:1,353,010 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:3,535 Points:1,012,760 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:4,892 Points:1,177,500 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:21,338 Points:1,813,695 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:4,229 Points:1,222,775 Joined:Jun 2005	Message Posted: Aug 21, 2008 7:57:25 AM Ignore Helms Report Abuse ...and the consumer is caught in the middle!!
Rick01 Champion Author Utah Posts:4,005 Points:1,408,665 Joined:Sep 2005	Message Posted: Aug 21, 2008 7:57:16 AM Ignore Rick01 Report Abuse Here we go again