xcel
06-22-2009, 12:34 AM
http://www.cleanmpg.com/photos/data/2/AmericanFlag.jpg Short term stability and long term trouble. (cleanmpg.com/forums/showthread.php?p=216859)
http://www.cleanmpg.com/photos/data/501/Gas_Pumps.jpgWayne Gerdes - CleanMPG (cleanmpg.com) - June 19, 2009
Price experienced at the pump is climbing but should stabilize shortly.
Crude Oil
New York, NY – NYMEX’ West Texas Intermediate Crude Oil for July delivery closed down $1.82 to settle at $69.55 per barrel on Friday. The fall back below $70 per barrel halted an almost continuous increase over the past 2-months. With a high reached Thursday of $72.23, the pull back was a welcome sign of for the rest of the summer driving season.
Oils long term pricing forecasts
Fundamentals including a recent EIA forecast drop in future production and North Sea production declines occurring in real time point the way to much higher prices in the future.
British production in the North Sea is set to drop to just 1.46 Million barrels per day in 2009 compared with its peak of 2.9 Million Barrels per day produced in 1999. Additionally, the EIA recently reduced its 2030 production from 107 million barrels per day to just 93 million.
Somewhat alarmist but a more ominous long term fundamental would be that China displaces the U.S. as the world’s largest economy and consumer of oil as early as 2015. If the Chinese Yuan were to become the world’s reserve currency by 2020, overwhelming market forces will force the Yuan’s appreciation against other world currencies including the $USD and in doing so, general debt obligation borrowing and crude oil prices within the country could explode to levels making gasoline all but unaffordable to the average consumer.
Gasoline
For the seventh consecutive week, the national average price for a gallon of regular unleaded gasoline increased five cents to $2.67 a gallon.
The Gulf Coast residents on average are paying the least of any other region at $2.53 per gallon.
On the West Coast, gasoline shot up over nine cents to $2.90 per gallon. And as has been the case for months, Californian’s are paying the highest price in the country, up nice cents to $2.98 per gallon.
Diesel
The national average price for a gallon of diesel rose for the sixth week, rising seven cents to $2.57 per gallon.
Citizens of the Rocky Mountain States are the most fortunate with the lowest price of any region at $2.52 per gallon, up eight cents form the prior week.
The West Coast had the smallest increase of any region at just a nickel but the highest regional price at $2.66 per gallon.
Californian’s experienced a price increase of six cents to $2.73 per gallon.
http://www.cleanmpg.com/photos/data/501/Gas_Pumps.jpgWayne Gerdes - CleanMPG (cleanmpg.com) - June 19, 2009
Price experienced at the pump is climbing but should stabilize shortly.
Crude Oil
New York, NY – NYMEX’ West Texas Intermediate Crude Oil for July delivery closed down $1.82 to settle at $69.55 per barrel on Friday. The fall back below $70 per barrel halted an almost continuous increase over the past 2-months. With a high reached Thursday of $72.23, the pull back was a welcome sign of for the rest of the summer driving season.
Oils long term pricing forecasts
Fundamentals including a recent EIA forecast drop in future production and North Sea production declines occurring in real time point the way to much higher prices in the future.
British production in the North Sea is set to drop to just 1.46 Million barrels per day in 2009 compared with its peak of 2.9 Million Barrels per day produced in 1999. Additionally, the EIA recently reduced its 2030 production from 107 million barrels per day to just 93 million.
Somewhat alarmist but a more ominous long term fundamental would be that China displaces the U.S. as the world’s largest economy and consumer of oil as early as 2015. If the Chinese Yuan were to become the world’s reserve currency by 2020, overwhelming market forces will force the Yuan’s appreciation against other world currencies including the $USD and in doing so, general debt obligation borrowing and crude oil prices within the country could explode to levels making gasoline all but unaffordable to the average consumer.
Gasoline
For the seventh consecutive week, the national average price for a gallon of regular unleaded gasoline increased five cents to $2.67 a gallon.
The Gulf Coast residents on average are paying the least of any other region at $2.53 per gallon.
On the West Coast, gasoline shot up over nine cents to $2.90 per gallon. And as has been the case for months, Californian’s are paying the highest price in the country, up nice cents to $2.98 per gallon.
Diesel
The national average price for a gallon of diesel rose for the sixth week, rising seven cents to $2.57 per gallon.
Citizens of the Rocky Mountain States are the most fortunate with the lowest price of any region at $2.52 per gallon, up eight cents form the prior week.
The West Coast had the smallest increase of any region at just a nickel but the highest regional price at $2.66 per gallon.
Californian’s experienced a price increase of six cents to $2.73 per gallon.