OK this toasts my butt-gasoline going up because of platform incident!

[DEMDeepEllumMusic]

What in the hell does that thing have to do with current gasoline prices? IT WAS AN EXPLORATION AND FUTURE PRODUCTION WELL none of that oil was going to go into the market for quite some time and it still will at some future date so there is no reduction in current supply for at least a few months. SO WHY ARE PEOPLE BEINg SUCKERED INTO THIS?

Yes the leak, if it continues unabated for a while, could effect a couple refineries from taking on tanker loads for a few days because of safety but that has no real effect on national gasoline supplies since the Big Refineries are no where near being effected by the spill. (Murphy Oil east of New Orleans may be effected and there may be a couple other small ones east of them) but this is just a spit in the bucket vs the size of the ones over near Houston's Ship Channel.

So are the Oil Companies just using this as an excuse to profit off of it since it is in the news?

BTW I heard that they stopped one of the 3 leaks overnight and that they were real close on getting the 70+ ton Containment Vessel on site to cap the Biggest leak.

[sporkthedork]

Just another excuse to raise gasoline prices...

[DSL_PWR]

As they said, "never let a good crisis go to waste." They are taking advantage of this and will for some time.

[photonewb]

I'm sorry, but if you didn't see this coming you're blind.

[rab3rd]

Gas is run on a futures market that is based on oil futures. Expect to see the price keep climbing. I am predicting the near 4 dollar a gallon region again.

[DEMDeepEllumMusic]

Oh I saw it coming but NOBODY IN THE NATIONAL PRESS IS ASKINg ANY ?'s!!! Really does Big Oil Own all the news sources?

[rab3rd]

What questions should they ask, its a simple "preceived" supply and demand senerio. The preception is there will be less oil in the near future, which means oil prices go up. That in turn raises the raw material cost to the refineries who will raise gas prices now to cover future cost...

[DEMDeepEllumMusic]

Originally Posted by rab3rd

Gas is run on a futures market that is based on oil futures. Expect to see the price keep climbing. I am predicting the near 4 dollar a gallon region again.

Futures is why those traders in California manipulated electricity prices a few years back that sucked tens of millions out of peoples pockets- some 20 somethings playing their version of Donky Kong with the market.

As to how this platform affected future supplies it would register as a momentary blip since only a short time of production from this ONE FIELD has been effected! The amount of crude lost is not really that much out of what the earth uses on a daily basis, it comes down to as a made up reason to jack up prices,.

Time to go top off the tank and then show a reduction in refined reserves which will allow them to run around like Chicken Little saying that the sky is falling and prices need to go up even more!

BTW BP's stock is starting to go back up.

[rab3rd]

I didnt say I agree with it, but thats how its always been. And its not just the one well. Its no new permits for drilling of any kind and the new exploration being taken away. Couple that with the knee jerk reationist of the traders market and the coming normal summer hike in prices due to vacations and you have a fast rising gas price.

[DEMDeepEllumMusic]

Originally Posted by rab3rd

What questions should they ask, its a simple "preceived" supply and demand senerio. The preception is there will be less oil in the near future, which means oil prices go up. That in turn raises the raw material cost to the refineries who will raise gas prices now to cover future cost...

Heck BP doesn't even have a data sheet out yet on this well
BP Crudes
Thunder Horse which is south of this field is in production and has one BP Crude Marketing - Thunder Horse and I think the crude is very similar so how can the FUTURES MARKET Make a market in product that they do not even know what it is composed of? ALL CRUDE OIL IS DIFFERENT!

No it is just some flyboys playing on their desktops and screwing everything up! I thought after the Enron crap that the feds were all over this!

[DEMDeepEllumMusic]

The Fed stop of new drilling permits is temporary and since it effects mostly greenfield work, they can still do seismic work, that oil would not be hitting the market for a couple years anyway-takes a lot of infrastructure to bring a greenfield on line-ie pipelines, supply yards, exploration platforms, production platforms, etc etc etc.

[TxLerman]

Folks - Take a deep breath and take note of the current date. It is the first week of May. Summer driving season starts in a couple of weeks (Memorial Day) and fuel prices alway rise in May as the refiners begin switching to the summer formulations. This happens every year.

[DigiSLR]

The price of OIL is actually on the decline. Gas on the other hand is up.

The "experts" predict prices no higher than $3.00 / gallon.

WTI is down to under $80 / barrel as I write this. Gas futures are also down 10 cents per gallon, but retail prices still rise for the summer driving season.

I've read the decline in oil is due to the economic problems in Greece which have caused a decline in the Euro, a Strong US dollar, and therefore a decline in global oil prices since it is traded in US currency.

[DEMDeepEllumMusic]

Originally Posted by TxLerman

Folks - Take a deep breath and take note of the current date. It is the first week of May. Summer driving season starts in a couple of weeks (Memorial Day) and fuel prices alway rise in May as the refiners begin switching to the summer formulations. This happens every year.

And we are fed the same line every year, oh we are changing formulations so the price has to go up! Hogwash!
http://ir.eia.gov/wpsr/wpsr.txt
Summary of Weekly Petroleum Data for the Week Ending April 30, 2010

"
U.S. commercial crude oil inventories (excluding those in the Strategic
Petroleum Reserve) increased by 2.8 million barrels from the previous week. At
360.6 million barrels, U.S. crude oil inventories are above the upper limit of
the average range for this time of year. Total motor gasoline inventories
increased by 1.2 million barrels last week, and are above the upper limit of
the average range. Finished gasoline inventories decreased while blending
components inventories increased last week. Distillate fuel inventories
increased by 0.6 million barrels, and are above the upper boundary of the
average range for this time of year. Propane/propylene inventories increased
by 1.8 million barrels last week and are in the upper half of the average
range. Total commercial petroleum inventories increased by 9.8 million barrels
last week, and are above the upper limit of the average range for this time of
year. "
So it isn't supply, and the Summer Blend isn't going on yet so WHAT?

Also it is usually after Memorial Day when the Summer Driving Prices kick in!

[DEMDeepEllumMusic]

Not sure what field the platform was in.