From the Detroit Free Press:
Oil prices go sky-high, but don’t fear $5 gas
If oil prices reach $100 a barrel for the first time, does that mean gasoline will be $5 a gallon?
Analysts say no — gas won’t even hit $4, because oil supplies are good.
“This is 100% manipulation by the financial players … and the [...]
Opec,Opec >
100% Manipulation? 
Inventories are Falling Fast
There has been a lot of speculation lately over whether the Saudi oil production cuts over the past year have been voluntary. I have argued that they were voluntary based on a combination of what was happening with inventories last spring (crude inventories were very high and trending higher), and then price (started falling in [...]
Herding Behavior
The bandwagon on $100 oil filled up very quickly. I thought we were likely to see $100 oil next year, which is why I have consistently said I wouldn’t make that bet on oil prices for 2008. But, if you look back just a couple of months ago, nobody was calling for $100 oil this [...]
Where Our Gasoline Imports Come From
I started this post almost a year ago, but forgot about it. But someone at The Oil Drum just said they wished they had more information on where our gasoline imports come from. No need to wonder, because the EIA publishes this information.
For 2007, our Top 10 importers of finished gasoline into the U.S. in [...]
Where Our Oil Imports Come From
Following the theme of the previous post on where we get our gasoline imports, below is the list of our Top 10 sources of oil imports for 2007.
For 2007, our Top 10 importers of crude oil into the U.S. in million barrels were:
1. Canada 680.533 million barrels
2. Saudi Arabia 530.245
3. Mexico 514.48
4. Venezuela 419.841
5. Nigeria [...]
Oil Cracked $140 Today
Peak demand or not, oil prices show no signs of subsiding:
Oil Surges Above $140 to Record as Libya Warns of Output Cut
June 26 (Bloomberg) — Crude oil jumped above $140 a barrel to a record as Libya threatened to cut output, OPEC’s president said prices may reach $170 by the summer and the dollar weakened.
Libya [...]
Nothing Left to Give
The reason I am not a short-term trader is that you have that extra variable of market sentiment to take into account. Market sentiment can change in a hurry; it can shave the value of a stock by 50% in one trading session. In the longer-term, it is less of a factor and you can [...]
This Week in Petroleum 11-28-07
2nd Update
Crude was down sharply following today’s release. The AP explains:
NEW YORK (AP) — Oil’s rise to $100 a barrel, which seemed a done deal as recently as two days ago, was dealt a severe blow Wednesday when the government reported an increase in supplies at the Nymex delivery terminal in Cushing, Okla., which is [...]
This is a Good Idea?
Update: Obama Says ‘No Way’
WASHINGTON – President Barack Obama on Friday rejected his transportation secretary’s suggestion that the administration consider taxing motorists based on how many miles they drive instead of how much gasoline they buy.
“It is not and will not be the policy of the Obama administration,” White House press secretary Robert Gibbs told [...]
IEA Slashes Demand Projections
Today the International Energy Agency (IEA) released their Oil Market Report. While the report is only available for subscribers for the first 2 weeks following the release, reports are already emerging on some of the contents:
Record oil prices put brake on demand growth – IEA
LONDON (Reuters) – The International Energy Agency on Tuesday sharply reduced [...]
