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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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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!!
Rick01 Champion Author Utah Posts:2,559 Points:1,132,335 Joined:Sep 2005	Message Posted: Aug 21, 2008 7:57:16 AM Ignore Rick01 Report Abuse Here we go again
bar1035 Champion Author North Carolina Posts:1,351 Points:290,225 Joined:Aug 2006	Message Posted: Aug 21, 2008 7:55:53 AM Ignore bar1035 Report Abuse Crude supplies are up and gasoline supplies are down. The refiners are their own worst enemeies in the court of human opinion. And of course Goldman is trying to drive the price back up. I guess that must be the way they bet the house money.
Tnerbeel Champion Author Houston Posts:2,310 Points:490,760 Joined:Mar 2007	Message Posted: Aug 21, 2008 7:55:49 AM Ignore Tnerbeel Report Abuse Fasten your seat belt
domer2 Champion Author Gary Posts:1,487 Points:500,925 Joined:May 2007	Message Posted: Aug 21, 2008 7:53:09 AM Ignore domer2 Report Abuse should see a 20 cent a gallon pop
ChiefHowe Veteran Author New Jersey Posts:391 Points:1,019,835 Joined:Apr 2005	Message Posted: Aug 21, 2008 7:52:10 AM Ignore ChiefHowe Report Abuse Already on their way up.
Cuzilla Champion Author Indianapolis Posts:7,461 Points:1,303,325 Joined:Sep 2005	Message Posted: Aug 21, 2008 7:51:49 AM Ignore Cuzilla Report Abuse Drill Drill Drill !!! Drill here, Drill now, Make alternatives!!!
tags610 Champion Author Lincoln Posts:4,201 Points:874,890 Joined:Nov 2005	Message Posted: Aug 21, 2008 7:50:06 AM Ignore tags610 Report Abuse It should be temporary.
wwcj All-Star Author Virginia Posts:990 Points:256,525 Joined:Jul 2008	Message Posted: Aug 21, 2008 7:48:31 AM Ignore wwcj Report Abuse Lowering demand is not the solution unless we like the higher cost of living (NOT). This country runs on OIL! We need cheap OIL to maintain our life styles, low food prices and other consumables. Unless we all want to go back to the horse and buggy days and live in caves or underground, we need OIL. I see no great plans to replace the internal combustion engine at this time.
ledoy Champion Author Dayton Posts:6,700 Points:1,350,725 Joined:Aug 2005	Message Posted: Aug 21, 2008 7:48:06 AM Ignore ledoy Report Abuse so prices will go up for labor day just like all the other holidays
foxups Champion Author Toledo Posts:2,817 Points:554,110 Joined:Feb 2004	Message Posted: Aug 21, 2008 7:46:35 AM Ignore foxups Report Abuse just keep it high
soncorn Sophomore Author Missouri Posts:237 Points:416,040 Joined:Aug 2006	Message Posted: Aug 21, 2008 7:46:01 AM Ignore soncorn Report Abuse here comes a price increase
txyankee Champion Author Milwaukee Posts:5,946 Points:1,050,295 Joined:Sep 2005	Message Posted: Aug 21, 2008 7:43:57 AM Ignore txyankee Report Abuse our winter natural gas is going up 22% anfd fuel oil almost 50%..
The_WB Champion Author Detroit Posts:7,382 Points:813,350 Joined:Apr 2007	Message Posted: Aug 21, 2008 7:43:25 AM Ignore The_WB Report Abuse Anticipation of Labor Day
doobrah Veteran Author Virginia Beach Posts:365 Points:286,380 Joined:May 2007	Message Posted: Aug 21, 2008 7:41:43 AM Ignore doobrah Report Abuse I want a nuclear car. One that will glow in the dark.
joelimite Sophomore Author Virginia Posts:241 Points:73,910 Joined:Jan 2008	Message Posted: Aug 21, 2008 7:40:28 AM Ignore joelimite Report Abuse It rises on speculation as always.
qaqcsup Champion Author Michigan Posts:5,236 Points:487,835 Joined:Jun 2008	Message Posted: Aug 21, 2008 7:40:24 AM Ignore qaqcsup Report Abuse US consumers still have not completely lowered demand enough.
wwcj All-Star Author Virginia Posts:990 Points:256,525 Joined:Jul 2008	Message Posted: Aug 21, 2008 7:37:51 AM Ignore wwcj Report Abuse This is the reason we must be in control of our own energy supplies, If Russia would take over Georgia, control that pipe line, see what would happen to Oil prices. Russia controls much of Europe now with the threat of cutting off their oil.
no_monkey2002 Champion Author Tallahassee Posts:2,464 Points:865,955 Joined:Mar 2006	Message Posted: Aug 21, 2008 7:37:42 AM Ignore no_monkey2002 Report Abuse the rise and fall of the Roman sword {}xxx{}::::::::::::::>
thwadi Champion Author Cleveland Posts:2,006 Points:425,640 Joined:Mar 2008	Message Posted: Aug 21, 2008 7:35:23 AM Ignore thwadi Report Abuse Quit buying those foreign products. Tell the retailers you want local/US products. I saw a lightweight rain jacket at Dick's last night for $160 next to it was one on sale for $29 both made in China. I find it hard to believe that a $160 jacket could not have been profitable to make in USA.
thedennis64 All-Star Author Dallas Posts:966 Points:775,170 Joined:Aug 2003	Message Posted: Aug 21, 2008 7:31:11 AM Ignore thedennis64 Report Abuse Here go the speculators again...
rvnvet70 Champion Author Michigan Posts:2,708 Points:1,301,225 Joined:Sep 2005	Message Posted: Aug 21, 2008 7:30:51 AM Ignore rvnvet70 Report Abuse Just another reason to raise the price of gas.
Hawkeyejd All-Star Author Ontario Posts:507 Points:282,750 Joined:Sep 2006	Message Posted: Aug 21, 2008 7:29:34 AM Ignore Hawkeyejd Report Abuse OK
WVU23 Champion Author Charleston Posts:7,745 Points:333,465 Joined:Aug 2008	Message Posted: Aug 21, 2008 7:28:39 AM Ignore WVU23 Report Abuse More BS to raise pricing, they cant stand that it is falling
Kimberpacker45 All-Star Author Indianapolis Posts:538 Points:192,025 Joined:Apr 2008	Message Posted: Aug 21, 2008 7:28:02 AM Ignore Kimberpacker45 Report Abuse As long as we are dependent on OPEC for oil, they will control most of the pricing with their production (or lack thereof) quotas.
jmuse Champion Author Long Island Posts:2,219 Points:445,370 Joined:May 2008	Message Posted: Aug 21, 2008 7:27:57 AM Ignore jmuse Report Abuse As I type, it's trading over $117.
Palmtrees13 All-Star Author Twin Cities Posts:622 Points:310,810 Joined:Nov 2005	Message Posted: Aug 21, 2008 7:25:20 AM Ignore Palmtrees13 Report Abuse This is not good news.
Kimberpacker45 All-Star Author Indianapolis Posts:538 Points:192,025 Joined:Apr 2008	Message Posted: Aug 21, 2008 7:21:40 AM Ignore Kimberpacker45 Report Abuse There goes the retail price of gas at the pump back up!!
olcowboy14 Champion Author Spokane Posts:3,240 Points:536,110 Joined:Jul 2007	Message Posted: Aug 21, 2008 7:21:14 AM Ignore olcowboy14 Report Abuse Sorry folks, it's my fault, I had to buy gas for my lawn mower which depleted the reserves.
mwhals Champion Author Charleston Posts:7,056 Points:1,182,960 Joined:Jun 2006	Message Posted: Aug 21, 2008 7:20:20 AM Ignore mwhals Report Abuse First there is a shortage, then there is more supply than thought, then there is less supply than thought, then.............. [Edited by: mwhals at 8/21/2008 7:20:39 AM EST]
eights Champion Author Ohio Posts:1,702 Points:440,110 Joined:Aug 2006	Message Posted: Aug 21, 2008 7:20:06 AM Ignore eights Report Abuse drill for the future
MAXARONI All-Star Author Virginia Posts:555 Points:311,310 Joined:Apr 2008	Message Posted: Aug 21, 2008 7:17:17 AM Ignore MAXARONI Report Abuse reply to tomt2lee I agree what you are saying but you can't fight people with the power and money if there greed detroys us we can't stop it
crusader1975 All-Star Author Louisiana Posts:798 Points:177,635 Joined:Apr 2008	Message Posted: Aug 21, 2008 7:16:00 AM Ignore crusader1975 Report Abuse Let's hope its not long term and the down trend starts back
DRHCNY Champion Author New York Posts:1,296 Points:433,800 Joined:Oct 2007	Message Posted: Aug 21, 2008 7:15:27 AM Ignore DRHCNY Report Abuse Hit them in the pocket book
LaCajunDJ Veteran Author Louisiana Posts:498 Points:113,260 Joined:Jul 2008	Message Posted: Aug 21, 2008 7:15:22 AM Ignore LaCajunDJ Report Abuse Yeah...yeah...yeah...BS!
PhilMay Champion Author Detroit Posts:3,041 Points:513,950 Joined:May 2008	Message Posted: Aug 21, 2008 7:15:13 AM Ignore PhilMay Report Abuse Keep Dropping!
SueB1863 Veteran Author Detroit Posts:305 Points:24,195 Joined:Apr 2008	Message Posted: Aug 21, 2008 7:10:39 AM Ignore SueB1863 Report Abuse Oil's back up in Asia this morning: By PABLO GORONDI Associated Press Writer (AP) - Oil prices rose Thursday above $116 a barrel as investors considered a fall in U.S. gasoline inventories and a possible output tightening by OPEC at its next meeting in September. By midday in Europe, light, sweet crude for October delivery was up $1.37 at $116.93 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose $1.01 overnight to settle at $115.56 a barrel.
imcruizn Champion Author Georgia Posts:3,968 Points:1,176,805 Joined:Oct 2005	Message Posted: Aug 21, 2008 7:10:34 AM Ignore imcruizn Report Abuse I hope it is not starting again
Masercal Champion Author Michigan Posts:2,985 Points:645,890 Joined:Oct 2007	Message Posted: Aug 21, 2008 7:10:15 AM Ignore Masercal Report Abuse The oil and gas companies will do anything to keep the prices of oil and fuel inflated.
Dennis783 Champion Author Wisconsin Posts:7,381 Points:1,472,655 Joined:Sep 2005	Message Posted: Aug 21, 2008 7:08:14 AM Ignore Dennis783 Report Abuse supply and demand... they are manipulting supply tol stop the price fall
winggnutt Champion Author Detroit Posts:6,332 Points:1,425,425 Joined:Aug 2005	Message Posted: Aug 21, 2008 7:07:55 AM Ignore winggnutt Report Abuse manipulating thieves!
NJColt Champion Author New Jersey Posts:6,390 Points:1,385,630 Joined:Aug 2005	Message Posted: Aug 21, 2008 7:07:44 AM Ignore NJColt Report Abuse wow - yhey will NEVER learn!
Crumbfel Champion Author Virginia Posts:6,165 Points:1,132,460 Joined:Aug 2006	Message Posted: Aug 21, 2008 7:06:54 AM Ignore Crumbfel Report Abuse Speculators can't wait to send us down again.
Paz37 Sophomore Author Worcester Posts:123 Points:21,110 Joined:Jul 2008	Message Posted: Aug 21, 2008 7:05:08 AM Ignore Paz37 Report Abuse Ugh!
FLF Champion Author South Dakota Posts:1,386 Points:525,585 Joined:Jul 2007	Message Posted: Aug 21, 2008 7:05:07 AM Ignore FLF Report Abuse LESS OIL BECAUSE THE OIL COMPANIES ARE NOT BRINGING IT HERE!
cucamping Champion Author Omaha Posts:5,383 Points:1,150,130 Joined:Jun 2006	Message Posted: Aug 21, 2008 7:03:31 AM Ignore cucamping Report Abuse supplies shrank, because the oil companies want to keep the price up.
TomT2Lee Champion Author Cincinnati Posts:2,634 Points:915,825 Joined:Sep 2005	Message Posted: Aug 21, 2008 6:57:44 AM Ignore TomT2Lee Report Abuse This is the first and so far only blog I have stayed with for a couple of years. I have learned a lot about people. It is very clear that very few people can filter out the propaganda and look at the fundamentals. If you want to be down right angry and focus that anger on a prime cause of the higher prices, this should be your target: The US Federal Reserve (toss in the other global banks for good measure). They are DESTROYING the value of the dollar. The original charter for the US dollar was to retain it's value and provide a fair monetary system. That is NOT (NOT) what is happening. In case you can not make the connection, let me be clear. Devaluation of the US dollar means higher commodity prices. INFLATION. How about 200 million Americans send an email to the Federal Reserve daily demanding the return of a US dollar that does NOT lose value and a fair monetary system. Focus your energy on one of the causes of high fossil fuel prices instead of the propaganda.
tarbaby1 Champion Author Twin Cities Posts:3,973 Points:1,115,170 Joined:Oct 2005	Message Posted: Aug 21, 2008 6:49:41 AM Ignore tarbaby1 Report Abuse Wait and see...
Outie Champion Author New Brunswick Posts:3,033 Points:898,425 Joined:Oct 2005	Message Posted: Aug 21, 2008 6:49:11 AM Ignore Outie Report Abuse That electric car is not coming soon enough....
WonderfulMI Champion Author Michigan Posts:4,079 Points:522,475 Joined:Jun 2008	Message Posted: Aug 21, 2008 6:44:25 AM Ignore WonderfulMI Report Abuse Of the five stories posted, one states that gasoline is down 40 cents, one story stated that the price spike is believed over, one story states that pump prices are falling, and this story states that crude oil prices are going back up. What can we believe? Buying a tank of gasoline is similar to playing the stock market. The big difference is that you DON’T need to buy stock when you don’t want to, but you do need to buy gasoline regularly