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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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magnumCA Champion Author Los Angeles Posts:2,219 Points:438,950 Joined:Jan 2008	Message Posted: Aug 21, 2008 6:42:26 PM Ignore magnumCA Report Abuse OH MY.................................
rtw777 Champion Author Florida Posts:3,523 Points:690,850 Joined:Jan 2008	Message Posted: Aug 21, 2008 12:06:34 PM Ignore rtw777 Report Abuse Oil should be on the spot market only. That may help keep the price reasonable.
letmathe Champion Author Chicago Posts:9,231 Points:2,133,445 Joined:May 2001	Message Posted: Aug 21, 2008 11:48:23 AM Ignore letmathe Report Abuse kdhloretto ~ your last point was crucial for our future and as a way to relieve the stranglehold of the oil industry (= improved efficiency of existing technology, reduced demand via conservation and alternative fuel development and use).
rtw777 Champion Author Florida Posts:3,523 Points:690,850 Joined:Jan 2008	Message Posted: Aug 21, 2008 11:34:33 AM Ignore rtw777 Report Abuse Oil is at $121+, up over $5. What the hell happen.
2DRILL4 Champion Author Alberta Posts:6,690 Points:1,187,000 Joined:Mar 2005	Message Posted: Aug 21, 2008 11:30:45 AM Ignore 2DRILL4 Report Abuse Interesting post bykdhloretto. I think its interesting that if it requires that much electricity to produce hydrogen, why don't they just go straight to electric cars? Oh yeah, they did but they were killed by the California government. Too bad!
drthunder Champion Author New York Posts:1,190 Points:272,855 Joined:Sep 2005	Message Posted: Aug 21, 2008 11:30:37 AM Ignore drthunder Report Abuse Yea Right
kdhloretto Veteran Author Twin Cities Posts:407 Points:479,935 Joined:Apr 2006	Message Posted: Aug 21, 2008 11:20:34 AM Ignore kdhloretto Report Abuse For those of you that keep raving about hydrogen: It very well may be a good alternative energy mode in the future, but there are a number of difficult obstacles to overcome. Think of it as more like a battery than as fuel. Hydrogen is one of the most common elements around us. The only problem is that it does not exist naturally as pure hydrogen. It takes lots of energy to separate it out as a discrete element. (Usually into a gas). Current readily available technologies are about 70% efficient (Not bad). Then you have to compress it to a very high pressure (~7000+ PSI) to get enough of it into a tank where you can drive more than a few miles. This requires more energy, reducing the overall efficiency. Hydrogen is a very small molecule, so it leaks out of very small cracks etc. This requires special tanks and other (currently) very expensive equipment. Today it takes about $5 or $6 worth of electricity (at ~ .07/Kwh) to extract 1 Kg of hydrogen out of 1/2 gallon of water. This is about equal to the energy of 1 gallon of gasoline. Then you have the efficiency losses in using the stuff in fuel cells or other engines. (The exhaust is water vapor) There is a lot of research going on to improve the efficiencies and technologies, but any way you look at it, we need massive amounts of electrical power. Way more than our current electrical grid can support. Solar or wind will never produce enough to support the need either, unless you dedicate areas the size of Texas for it. The only way it can be done cleanly (In my humble opinion) is we better start building a lot of nuclear power plants and major transmission lines. This is many years (probably decades) away from becoming mainstream technology, so we need to keep expanding our current petroleum and coal energy sources until then, or our economy will go in the tank. We have the technology to do it far cleaner and safer than ever before. (Encourage your kids to become engineers and scientists! We need a lot more here in the good ol' USA!)
rtw777 Champion Author Florida Posts:3,523 Points:690,850 Joined:Jan 2008	Message Posted: Aug 21, 2008 11:18:52 AM Ignore rtw777 Report Abuse If price fixing is not the answer, then what is? Everyone, EVERYONE I know has cut back on driving and energy use, yet prices climb. Supplies are up not down and so a reduction is ordered. I don't hear anything from either Candidate about this hugh problem. What can be done other than ride your bicycle?
TBoneSoCA All-Star Author Orange County Posts:509 Points:88,430 Joined:May 2007	Message Posted: Aug 21, 2008 11:16:10 AM Ignore TBoneSoCA Report Abuse You've got to love those conflicting reports...
NavyEOD Champion Author Los Angeles Posts:4,268 Points:886,490 Joined:Jul 2007	Message Posted: Aug 21, 2008 11:12:59 AM Ignore NavyEOD Report Abuse They said the worst was over. Yea Right!!!
Caspertherat Sophomore Author Arkansas Posts:155 Points:37,530 Joined:Jul 2008	Message Posted: Aug 21, 2008 11:12:56 AM Ignore Caspertherat Report Abuse How do you get gas prices up so your investors can make more money? Make dire predictions about supply or war or something/anything. After all, Labor Day weekend is coming up and they have to hurry and get their last shot at us before the driving season ends. Goldman Sachs is part of the problem.
evasilion All-Star Author Virginia Beach Posts:701 Points:132,320 Joined:Mar 2008	Message Posted: Aug 21, 2008 11:10:44 AM Ignore evasilion Report Abuse OPEC?
ftsgt Champion Author Illinois Posts:7,548 Points:1,511,625 Joined:Dec 2004	Message Posted: Aug 21, 2008 11:09:21 AM Ignore ftsgt Report Abuse crude is up almost $4 so far today...ouch
Don20 Champion Author Oklahoma City Posts:3,867 Points:1,474,165 Joined:Mar 2005	Message Posted: Aug 21, 2008 11:09:12 AM Ignore Don20 Report Abuse Its all a gamble, heck life is a gamble..
Caspertherat Sophomore Author Arkansas Posts:155 Points:37,530 Joined:Jul 2008	Message Posted: Aug 21, 2008 11:09:08 AM Ignore Caspertherat Report Abuse Goldman Sachs hopes and prays they are right so their investors can make more money. Goldman Sachs would love for prices to go back up because the recent declines hurt those people who were betting on higher prices and bought futures at the higher prices.
dabuzman Champion Author Seattle Posts:3,167 Points:864,080 Joined:Apr 2006	Message Posted: Aug 21, 2008 11:08:51 AM Ignore dabuzman Report Abuse Hope someone find a magic pill to get better fuel milage and show OPEC we can do it and they can keep their crude. Then watch then cry.
Cyberpeep24 Champion Author Oakland Posts:1,605 Points:138,645 Joined:Apr 2008	Message Posted: Aug 21, 2008 11:07:34 AM Ignore Cyberpeep24 Report Abuse keep conserving
NissanGirl Veteran Author Oregon Posts:308 Points:200,010 Joined:Jan 2008	Message Posted: Aug 21, 2008 11:05:30 AM Ignore NissanGirl Report Abuse Goldman Sachs can take a hike! Supply is down? How can that be when we are cutting back as much as we are??
Lovelee Champion Author Detroit Posts:13,580 Points:916,600 Joined:Mar 2007	Message Posted: Aug 21, 2008 11:05:05 AM Ignore Lovelee Report Abuse So now they cut production. Demand is still up. Guess what's going to happen.
NoodlyWee All-Star Author Orange County Posts:567 Points:94,895 Joined:Mar 2008	Message Posted: Aug 21, 2008 11:03:03 AM Ignore NoodlyWee Report Abuse Isn't "forecasting" like speculating? Then it's all like gambling and all odds are in favor of whomever holds the cards.
Gorlock Sophomore Author Toledo Posts:212 Points:29,090 Joined:Jul 2008	Message Posted: Aug 21, 2008 10:58:23 AM Ignore Gorlock Report Abuse What controls everything......money
bobsalwaysmt Champion Author Long Island Posts:1,974 Points:134,140 Joined:Oct 2007	Message Posted: Aug 21, 2008 10:55:39 AM Ignore bobsalwaysmt Report Abuse If consumption is lower than last year (as it has been for the last few months) this is nothing but PURE and UNABASHED MANIPULATION - CRIMINAL!
Caspertherat Sophomore Author Arkansas Posts:155 Points:37,530 Joined:Jul 2008	Message Posted: Aug 21, 2008 10:53:10 AM Ignore Caspertherat Report Abuse Let me see here, we are driving less and yet supplys are shrinking? Call me a nut case but do you think the supply problem may not be on this end but on the other end in order to keep prices up???? Just a wild guess.
Gerund1 Champion Author Toronto Posts:1,237 Points:840,480 Joined:Apr 2003	Message Posted: Aug 21, 2008 10:52:23 AM Ignore Gerund1 Report Abuse Can someone explain, in English, how it is that oil reserves are at a high and gas supplies are dropping. Can you say "manipulation for profit"?
DarthDadJr Champion Author Virginia Posts:2,515 Points:499,085 Joined:Jul 2008	Message Posted: Aug 21, 2008 10:52:01 AM Ignore DarthDadJr Report Abuse Keep the pressure on --- CONSERVE ENERGY!
Austin1850 Champion Author Austin Posts:7,069 Points:608,750 Joined:May 2008	Message Posted: Aug 21, 2008 10:50:47 AM Ignore Austin1850 Report Abuse knew it wouldn't last long
maindrag Champion Author Ontario Posts:1,113 Points:61,515 Joined:Dec 2005	Message Posted: Aug 21, 2008 10:50:25 AM Ignore maindrag Report Abuse 115 i'll take it. we're at 123
kypeanuts Veteran Author Louisville Posts:342 Points:74,160 Joined:May 2008	Message Posted: Aug 21, 2008 10:49:05 AM Ignore kypeanuts Report Abuse of course - got to keep it going up
murdershewrote Champion Author Riverside Posts:3,763 Points:1,459,810 Joined:Mar 2005	Message Posted: Aug 21, 2008 10:47:40 AM Ignore murdershewrote Report Abuse 115$ this a.m. and climbing...not good..party over?
BM4225 Champion Author Atlanta Posts:4,584 Points:1,004,530 Joined:Aug 2006	Message Posted: Aug 21, 2008 10:46:04 AM Ignore BM4225 Report Abuse The oil industry does have competition coming on line. Florida Power & Light is building a solar farm in the Mojave dessert. That's a long way from home, with todays cost of building a solar farm almost matching the cost of an oil fired plant, it was decided this was a way to go. Smart thinking, I don't think the cost of solar energy is going to be going up any time soon.
10k Champion Author North Carolina Posts:11,289 Points:1,105,175 Joined:May 2006	Message Posted: Aug 21, 2008 10:45:25 AM Ignore 10k Report Abuse i still remember 25 cents/gallon gas--and it ain't been that long ago...40 years ago it was 25 cents here--so this is one redneck suth'rn'r who ain't gonna be happy til it falls under $1 again...gas prices didn't fall here in the past 2-3 weeks--i guess they were waiting for the spike...
bkstecklein All-Star Author Tulsa Posts:515 Points:740,815 Joined:Sep 2004	Message Posted: Aug 21, 2008 10:42:49 AM Ignore bkstecklein Report Abuse lets see here, we are driving less, and buy less gasoline, and gas supply fell. how did that happen, must be production. they do have a way with price multiplication
TwoEyes Champion Author New Haven Posts:1,683 Points:1,576,335 Joined:May 2005	Message Posted: Aug 21, 2008 10:38:33 AM Ignore TwoEyes Report Abuse probably no decline in sight for today -- oil has spiked up $4.44 to over $119/barrel.
jdbgn Champion Author Los Angeles Posts:6,125 Points:998,990 Joined:Apr 2007	Message Posted: Aug 21, 2008 10:36:23 AM Ignore jdbgn Report Abuse rtw777 The government has no business setting prices. They can't even do what they are supposed to do let alone set prices. There are too many interest groups out there with way too much money and the fools in government are way too greedy. They are heavily influenced by big oil and industry already. [Edited by: jdbgn at 8/21/2008 10:37:10 AM EST]
Caspertherat Sophomore Author Arkansas Posts:155 Points:37,530 Joined:Jul 2008	Message Posted: Aug 21, 2008 10:35:30 AM Ignore Caspertherat Report Abuse Of course we have to have this kind of prediction. How else are they going to find a way to jack up prices for the Labor Day weekend? Their last desperate chance this driving season and then they start looking for the dire predictions on FUEL OIL and the coldest winter on record as their next excuse.
ElCubano Champion Author Miami Posts:2,038 Points:418,575 Joined:Sep 2006	Message Posted: Aug 21, 2008 10:32:19 AM Ignore ElCubano Report Abuse I agree with rtw777
whitemiata Champion Author Albany Posts:7,577 Points:1,614,335 Joined:Mar 2005	Message Posted: Aug 21, 2008 10:32:15 AM Ignore whitemiata Report Abuse or is the strengthening dollar part of the reason as well?
amacquarrie All-Star Author Nevada Posts:511 Points:111,775 Joined:Jun 2008	Message Posted: Aug 21, 2008 10:29:21 AM Ignore amacquarrie Report Abuse we get all excite about the lower prices and now it's time to sock it to us again
rtw777 Champion Author Florida Posts:3,523 Points:690,850 Joined:Jan 2008	Message Posted: Aug 21, 2008 10:28:39 AM Ignore rtw777 Report Abuse I never thought I would say this--Fuel prices should be set by the government! I am a free market man, but greed has taken over. Other countries do it and it works for them. I know they may be commies, but only oil and gas prices should be controlled. It is sad to say and makes me feel as if I am giving up. Maybe I am.
Arktander Champion Author Illinois Posts:1,205 Points:778,460 Joined:Aug 2005	Message Posted: Aug 21, 2008 10:25:21 AM Ignore Arktander Report Abuse This is the kind of behavior by business that furthers conspiracy theories.
dohanian Champion Author Illinois Posts:3,343 Points:790,245 Joined:Sep 2005	Message Posted: Aug 21, 2008 10:23:27 AM Ignore dohanian Report Abuse They think the US public has become desensitized to the higher price and now they want to jack it up to 5.00 to see if we will become desensitized to 4.00. Well let me tell you I am still stinging from over 3.00 [Edited by: dohanian at 8/21/2008 10:23:55 AM EST]
superglidefxd Champion Author Michigan Posts:2,329 Points:456,650 Joined:Aug 2006	Message Posted: Aug 21, 2008 10:20:07 AM Ignore superglidefxd Report Abuse same thing keeps happening over and over, they just use any excuse to make huge profits.
Roo08 Veteran Author Grand Rapids Posts:398 Points:57,115 Joined:Jul 2008	Message Posted: Aug 21, 2008 10:19:16 AM Ignore Roo08 Report Abuse jrobbie is right, it all sounds like someone just trying to talk the price back up because they have been hurt they want to make another killing on us.
AnObserver Champion Author New Jersey Posts:3,574 Points:1,266,345 Joined:Sep 2005	Message Posted: Aug 21, 2008 10:17:27 AM Ignore AnObserver Report Abuse spec - u - la - tion
bluebird1 Champion Author Toronto Posts:9,822 Points:1,971,785 Joined:May 2004	Message Posted: Aug 21, 2008 10:17:10 AM Ignore bluebird1 Report Abuse I wouldn't count on things stabilizing yet.
Chazzer Champion Author Nevada Posts:10,409 Points:2,185,285 Joined:May 2002	Message Posted: Aug 21, 2008 10:15:05 AM Ignore Chazzer Report Abuse Yeah, the refineries are holding back product!
spunky4443 Champion Author Washington Posts:3,335 Points:907,035 Joined:May 2005	Message Posted: Aug 21, 2008 10:14:25 AM Ignore spunky4443 Report Abuse Well I hope People continue to Conserve.
roydarecker Champion Author Minnesota Posts:5,144 Points:1,085,870 Joined:Sep 2006	Message Posted: Aug 21, 2008 10:13:36 AM Ignore roydarecker Report Abuse I think everything is going to stay on a even platue
SeerLV Champion Author Las Vegas Posts:2,686 Points:557,235 Joined:Jun 2008	Message Posted: Aug 21, 2008 10:13:11 AM Ignore SeerLV Report Abuse High prices could come right back if OPEC cuts production.
radicale All-Star Author Calgary Posts:976 Points:241,475 Joined:Aug 2006	Message Posted: Aug 21, 2008 10:11:57 AM Ignore radicale Report Abuse Hmm, didn't I see this yesterday?