Today is the first day of summer and you know what that means...

**schrocat** · 04-19-2006, 08:30 PM

Quote:

Originally Posted by Ninong

WANTED
Dead and Alive
Schrodinger's cat!

**Ninong** · 04-20-2006, 12:11 PM

Quote:

Originally Posted by Ninong

At the risk of boring you guys to death, I would like to point out that gold is now $629.70/oz. Momentum is taking over. I wouldn't be surprised to see a 10% correction sometime soon.

At 5 a.m. ET this morning, gold hit $646/oz in London trading. Once N.Y. opened, it traded briefly above $640/oz and then panic selling set in and it dropped to $606/oz within two hours. Right now it has bounced and is trading at $616/oz. (They don't like to call it "selling," they prefer to call it "consolidation.")

If you check back in this thread, you will see that gold was down around $606/oz just two days ago. Talk about volatility!

**Ninong** · 04-20-2006, 01:21 PM

Laurence Lindsey – President Bush’s senior economic advisor at the time — argued in 2002 that the Iraq war would increase oil supplies and lower prices. From the Washington Times, 9/19/02:

“Under every plausible scenario, the negative effect will be quite small relative to the economic benefits that would come from a successful prosecution of the war.”

“The key issue is oil, and a regime change in Iraq would facilitate an increase in world oil,” which would drive down oil prices, giving the U.S. economy an added boost.

This is almost as bad as Rumsfeld and Wolfowitz guaranteeing us that the total cost of the war would not exceed $50 billion and that Iraq's oil revenues would fully fund its reconstruction. Back in 2002 and 2003, oil was trading in the $20's/bbl range. It has tripled since then. Oh, well... At least he was right about it being all about oil.

Nice to see the Bush Administration has decided to make some personnel changes in the White House. They got rid of that pesky Scott McClellan. Do as the ancient Greeks always did when the news from the battlefield was not good: Kill the messenger.

Then they relieved Karl Rove of his policy role so that he would have more time to concentrate on dirty tricks for the November elections. If we're lucky, Patrick Fitzgerald will keep him too busy to engage in too many dirty tricks.

We still have the same president, the same vice president, the same secretary of defense, the same failed policies and the same quagmire in Iraq. Time to start a new war to get the American people to rally round the flag. This old war isn't all that interesting anymore.

**Ninong** · 04-21-2006, 10:00 AM

The average price of unleaded regular gasoline for the year 2002 in California (not one of your cheaper markets) was $1.51.

Yesterday, the price of full service premium gasoline at a gas station in Beverly Hills was over $4/gal.

That was a rather extreme example but gas everywhere in California is now over $3/gal even for self-serve regular:

Just think how high it would be if we hadn't invaded Iraq. Probably at least $7/gal. Thank goodness those neo-con fellas were smart enough to invade Iraq to keep oil prices low for us.

**Ninong** · 04-21-2006, 10:12 AM

TEHRAN, Iran - Iran's president said on Friday the rise in oil price was “very good,” Iran’s Mehr News Agency reported, emphasizing the hawkish position of the world’s fourth largest oil exporter as crude prices have hit record levels.

“The increase of the oil price and growth of oil income is very good and we hope that the oil prices reach their real levels,” Mahmoud Ahmadinejad said as he toured an oil exhibition in Tehran, the agency reported.

He did not say what those real levels should be. But these and other earlier remarks suggest he believes crude prices should rise above this week’s record high of over $74 a barrel.

Read the rest of the article here.

**Ninong** · 04-21-2006, 10:19 AM

Yesterday was a really wild ride for the precious metals markets. Gold was at $646/oz early in the day in London and then it was down to $606/oz just a few hours later in New York. Silver dropped from $16.60/oz all the way down to $12.40/oz. That's a very big percentage drop in one day.

As of right now, gold is back up around $630/oz and silver is hovering around $12.60/oz.

Light sweet crude has dropped to around $73/bbl. "Mad Dog" Mahmoud thinks it should be $100/bbl.

**Ninong** · 04-21-2006, 03:33 PM

Oil is now $75.15/bbl and it's not even summer yet.

**Ninong** · 04-21-2006, 06:21 PM

Crude futures in New York closed at a record $75.17 per barrel after hitting an intra-day high of $75.35 a barrel shortly after 2 p.m.

**Poseidon** · 04-21-2006, 08:05 PM

That STINKS!

Gas was just under $3 when I went to work today, I didn't look on my way home. Maybe we should invade Iran, if we can keep them from torching the oil fields, we could just up the production rates. We will still pay them for it of course, just NOT $75 a barrel. Then DUBYA can mandate something like all new cars must burn alternate fuels by 2010 and we can start ridding ourselves of all this foreign oil.

**schrocat** · 04-21-2006, 11:25 PM

Quote:

Maybe we should invade Iran, if we can keep them from torching the oil fields, we could just up the production rates. We will still pay them for it of course, just NOT $75 a barrel.

They'll greet us as liberators.

**Poseidon** · 04-22-2006, 11:33 AM

Quote:

Originally Posted by schrocat

They'll greet us as liberators.

Of course they will!

I guess my statement falls in line with Napolean eh?

**Ninong** · 04-23-2006, 04:30 PM

Anyone see a common trend here? The first chart shows contributions by the oil and gas industry to the two major political parties. Note that for the past ten years, the oil and gas industry has contributed four times as much to the GOP as to the Democrats.

The second chart shows the value of oil and gas company stocks over the past three years. The index has nearly tripled, going from 430 to 1100.

The third chart shows the price of a barrel of oil over the past two years -- it closed at $75.17/bbl this past Friday, April 21, 2006. It was only $35/bbl two years ago. It was around $25/bbl when Bush took office.

**Ninong** · 04-23-2006, 10:47 PM

ExxonMobil (XOM) reported the largest annual profit in U.S. corporate history Monday, a $36.1 billion jackpot that included a record-setting fourth quarter.

**schrocat** · 04-23-2006, 11:34 PM

Maybe we should switch gears here and assume our refineries will greet us as liberators.

**Ninong** · 04-24-2006, 10:46 AM

NEW YORK (Dow Jones)--House Speaker J. Dennis Hastert, R-Ill., and Senate Majority Leader Bill Frist, R-Tenn., are preparing to send a letter to President George W. Bush on Monday asking him to order investigations into possible price gouging by oil companies as crude oil prices hit record highs and average gasoline prices in the nation's capital rise past the $3-a-gallon mark, the Washington Post reported on its Web site.

The lawmakers will ask Bush to direct the Federal Trade Commission and Justice Department to investigate alleged price gouging and instruct the Environmental Protection Agency to issue waivers that might make it easier for oil refiners to produce adequate gasoline supplies, Hastert spokesman Ron Bonjean said, according to the newspaper.

They have no shame. Never miss an opportunity to help our oil industry friends. Environment? What environment?

**Ninong** · 04-25-2006, 11:08 AM

Looks like Bush is taking the advice of Dr. Frist and Denny Hastert and will deliver a little pep talk to the nation, no doubt explaining to us that we're "addicted to oil" and warning us that gasoline prices are likely to go higher this summer.

"President Bush has decided to temporarily halt deposits to the nation’s strategic petroleum reserve to make more oil available for consumer needs and relieve pressure on pump prices, a senior administration official said Tuesday." Notice they didn't say anything about releasing any oil from the strategic reserves, just that they're going to stop buying it at today's high prices and sticking it back in the ground, which is what they have been doing. In other words, the government has agreed to temporarily suspend buying oil on the open market so that they can add it to their reserves.

Maybe he can slip in another call for drilling in the national parks? What about drilling off the west coast of Florida? He wants to do it but JebBob is dead set against it.

I'm sure he will use his Decider-in-Chief powers to temporarily lift those pesky EPA restrictions that make it difficult for his oil industry friends to turn a decent profit. After all, somebody has to help ExxonMobil pay for the $400,000,000.00 retirement golden parachute they just gave their retiring CEO. Taking that out of their modest $36,100,000,000.00 profit last year would be asking a lot. In fact, they need more of that govmit money Dubya promised them in the new energy bill before they're willing to build any new refineries.

Nice to see that Hugo Chavez is back in the news offering more cheapy fuel oil to folks in New England. This guy is driving Dubya nuts. He's like a mosquito buzzing around your head that you can't seem to hit. You end up slapping yourself upside the head a dozen or more times but it's still there buzzing away.

**Ninong** · 04-25-2006, 08:58 PM

Are you ready? Maybe you should be sitting down for this. Here goes:

House Majority Whip Roy Blunt (R-Mo.) blamed Democrats and "radical environmentalists" for high gas prices today in a press release. How are they to blame? They opposed the administration's plans to increase our energy supply by drilling in our national parks and wildlife refuges and they insisted on cleaner burning fuel that is more costly to produce.

Fox News Anchor Tony Snow, who is expected to take Scott McClellan's place as White House Press Secretary, looks like he will fit right in. Last night on The O’Reilly Factor, Snow said that “people complaining about Donald Rumsfeld” were partially to blame for high gas prices. How is that, you ask? Because complaining about Rumsfeld made people jittery and caused people to doubt our leaders' ability to lead the nation in a time of war. I guess that amounts to treason but he didn't come right out and say so, not yet anyway. No doubt he's saving himself for his new assignment.

And we all know who Jerry Falwell and Pat Robertson will blame, so there's no use wasting time visiting their creepy websites for their latest garbage and/or snake oil potions.

**Ninong** · 05-02-2006, 04:04 PM

Right now gold is above $667/oz and crude oil is getting ready to push above $75/bbl again. Crude hit a record high of $75.35/bbl a week and a half ago and then it pulled back to less than $71/bbl, but it's on the rise again. Right now it's $74.70/bbl.

**schrocat** · 05-02-2006, 04:11 PM

Ninong
Moderator
Join Date: Jun 2000
Location: Louisiana
Posts: 13,014

**Poseidon** · 05-02-2006, 07:01 PM

Awww come on now, that is only SIX posts per day! 7 days a week, 365 days a year!

Plus NONE of George's posts are ever one word answers....

Shameless plug coming.... I can't think of anyone else that I would rather have answer my questions either.

Besides, I know I am up there in post count too, behind George, Scott and Gene I think.

04-20-2006, 01:21 PM	#63
Ninong Moderator Join Date: Jun 2000 Location: Louisiana Posts: 20,692	Speaking of oil prices... Laurence Lindsey – President Bush’s senior economic advisor at the time — argued in 2002 that the Iraq war would increase oil supplies and lower prices. From the Washington Times, 9/19/02: “Under every plausible scenario, the negative effect will be quite small relative to the economic benefits that would come from a successful prosecution of the war.” “The key issue is oil, and a regime change in Iraq would facilitate an increase in world oil,” which would drive down oil prices, giving the U.S. economy an added boost. This is almost as bad as Rumsfeld and Wolfowitz guaranteeing us that the total cost of the war would not exceed $50 billion and that Iraq's oil revenues would fully fund its reconstruction. Back in 2002 and 2003, oil was trading in the $20's/bbl range. It has tripled since then. Oh, well... At least he was right about it being all about oil. Nice to see the Bush Administration has decided to make some personnel changes in the White House. They got rid of that pesky Scott McClellan. Do as the ancient Greeks always did when the news from the battlefield was not good: Kill the messenger. Then they relieved Karl Rove of his policy role so that he would have more time to concentrate on dirty tricks for the November elections. If we're lucky, Patrick Fitzgerald will keep him too busy to engage in too many dirty tricks. We still have the same president, the same vice president, the same secretary of defense, the same failed policies and the same quagmire in Iraq. Time to start a new war to get the American people to rally round the flag. This old war isn't all that interesting anymore. __________________ Ninong

04-21-2006, 10:00 AM	#64
Ninong Moderator Join Date: Jun 2000 Location: Louisiana Posts: 20,692	The average price of unleaded regular gasoline for the year 2002 in California (not one of your cheaper markets) was $1.51. Yesterday, the price of full service premium gasoline at a gas station in Beverly Hills was over $4/gal. That was a rather extreme example but gas everywhere in California is now over $3/gal even for self-serve regular: Just think how high it would be if we hadn't invaded Iraq. Probably at least $7/gal. Thank goodness those neo-con fellas were smart enough to invade Iraq to keep oil prices low for us. __________________ Ninong

04-21-2006, 10:12 AM	#65
Ninong Moderator Join Date: Jun 2000 Location: Louisiana Posts: 20,692	"Mad Dog" Mahmoud says rising oil prices are "very good." TEHRAN, Iran - Iran's president said on Friday the rise in oil price was “very good,” Iran’s Mehr News Agency reported, emphasizing the hawkish position of the world’s fourth largest oil exporter as crude prices have hit record levels. “The increase of the oil price and growth of oil income is very good and we hope that the oil prices reach their real levels,” Mahmoud Ahmadinejad said as he toured an oil exhibition in Tehran, the agency reported. He did not say what those real levels should be. But these and other earlier remarks suggest he believes crude prices should rise above this week’s record high of over $74 a barrel. Read the rest of the article here. __________________ Ninong

04-21-2006, 10:19 AM	#66
Ninong Moderator Join Date: Jun 2000 Location: Louisiana Posts: 20,692	How wild can it get? Yesterday was a really wild ride for the precious metals markets. Gold was at $646/oz early in the day in London and then it was down to $606/oz just a few hours later in New York. Silver dropped from $16.60/oz all the way down to $12.40/oz. That's a very big percentage drop in one day. As of right now, gold is back up around $630/oz and silver is hovering around $12.60/oz. Light sweet crude has dropped to around $73/bbl. "Mad Dog" Mahmoud thinks it should be $100/bbl. __________________ Ninong

04-21-2006, 03:33 PM	#67
Ninong Moderator Join Date: Jun 2000 Location: Louisiana Posts: 20,692	Oil is now over $75/bbl... Oil is now $75.15/bbl and it's not even summer yet. __________________ Ninong

04-21-2006, 06:21 PM	#68
Ninong Moderator Join Date: Jun 2000 Location: Louisiana Posts: 20,692	I guess this makes it official now: Crude futures in New York closed at a record $75.17 per barrel after hitting an intra-day high of $75.35 a barrel shortly after 2 p.m. __________________ Ninong

04-21-2006, 08:05 PM	#69
Poseidon Moderator Join Date: Sep 2001 Location: Swartz Creek, MI Posts: 6,539	That STINKS! Gas was just under $3 when I went to work today, I didn't look on my way home. Maybe we should invade Iran, if we can keep them from torching the oil fields, we could just up the production rates. We will still pay them for it of course, just NOT $75 a barrel. Then DUBYA can mandate something like all new cars must burn alternate fuels by 2010 and we can start ridding ourselves of all this foreign oil. __________________ Need a Photographer? Just say NO to CRABS Mike

04-23-2006, 04:30 PM	#72
Ninong Moderator Join Date: Jun 2000 Location: Louisiana Posts: 20,692	Return on investment: Anyone see a common trend here? The first chart shows contributions by the oil and gas industry to the two major political parties. Note that for the past ten years, the oil and gas industry has contributed four times as much to the GOP as to the Democrats. The second chart shows the value of oil and gas company stocks over the past three years. The index has nearly tripled, going from 430 to 1100. The third chart shows the price of a barrel of oil over the past two years -- it closed at $75.17/bbl this past Friday, April 21, 2006. It was only $35/bbl two years ago. It was around $25/bbl when Bush took office. Attached Thumbnails __________________ Ninong

04-23-2006, 10:47 PM	#73
Ninong Moderator Join Date: Jun 2000 Location: Louisiana Posts: 20,692	"I'm the decider and I decide what's best for the country." -- GWB ExxonMobil (XOM) reported the largest annual profit in U.S. corporate history Monday, a $36.1 billion jackpot that included a record-setting fourth quarter. __________________ Ninong

04-23-2006, 11:34 PM	#74
schrocat Moderator Join Date: Jul 2000 Location: Hilliard , Fl. Posts: 3,392	Maybe we should switch gears here and assume our refineries will greet us as liberators. __________________ "One man's vulgarity is another man's lyric" -Justice John Marshall Harlan "Send Lawyers, Guns and Money." -WZ

04-24-2006, 10:46 AM	#75
Ninong Moderator Join Date: Jun 2000 Location: Louisiana Posts: 20,692	Politics as usual, GOP style: NEW YORK (Dow Jones)--House Speaker J. Dennis Hastert, R-Ill., and Senate Majority Leader Bill Frist, R-Tenn., are preparing to send a letter to President George W. Bush on Monday asking him to order investigations into possible price gouging by oil companies as crude oil prices hit record highs and average gasoline prices in the nation's capital rise past the $3-a-gallon mark, the Washington Post reported on its Web site. The lawmakers will ask Bush to direct the Federal Trade Commission and Justice Department to investigate alleged price gouging and instruct the Environmental Protection Agency to issue waivers that might make it easier for oil refiners to produce adequate gasoline supplies, Hastert spokesman Ron Bonjean said, according to the newspaper. They have no shame. Never miss an opportunity to help our oil industry friends. Environment? What environment? __________________ Ninong

04-25-2006, 11:08 AM	#76
Ninong Moderator Join Date: Jun 2000 Location: Louisiana Posts: 20,692	Looks like Bush is taking the advice of Dr. Frist and Denny Hastert and will deliver a little pep talk to the nation, no doubt explaining to us that we're "addicted to oil" and warning us that gasoline prices are likely to go higher this summer. "President Bush has decided to temporarily halt deposits to the nation’s strategic petroleum reserve to make more oil available for consumer needs and relieve pressure on pump prices, a senior administration official said Tuesday." Notice they didn't say anything about releasing any oil from the strategic reserves, just that they're going to stop buying it at today's high prices and sticking it back in the ground, which is what they have been doing. In other words, the government has agreed to temporarily suspend buying oil on the open market so that they can add it to their reserves. Maybe he can slip in another call for drilling in the national parks? What about drilling off the west coast of Florida? He wants to do it but JebBob is dead set against it. I'm sure he will use his Decider-in-Chief powers to temporarily lift those pesky EPA restrictions that make it difficult for his oil industry friends to turn a decent profit. After all, somebody has to help ExxonMobil pay for the $400,000,000.00 retirement golden parachute they just gave their retiring CEO. Taking that out of their modest $36,100,000,000.00 profit last year would be asking a lot. In fact, they need more of that govmit money Dubya promised them in the new energy bill before they're willing to build any new refineries. Nice to see that Hugo Chavez is back in the news offering more cheapy fuel oil to folks in New England. This guy is driving Dubya nuts. He's like a mosquito buzzing around your head that you can't seem to hit. You end up slapping yourself upside the head a dozen or more times but it's still there buzzing away. __________________ Ninong

04-25-2006, 08:58 PM	#77
Ninong Moderator Join Date: Jun 2000 Location: Louisiana Posts: 20,692	Why are gas prices so high? Are you ready? Maybe you should be sitting down for this. Here goes: House Majority Whip Roy Blunt (R-Mo.) blamed Democrats and "radical environmentalists" for high gas prices today in a press release. How are they to blame? They opposed the administration's plans to increase our energy supply by drilling in our national parks and wildlife refuges and they insisted on cleaner burning fuel that is more costly to produce. Fox News Anchor Tony Snow, who is expected to take Scott McClellan's place as White House Press Secretary, looks like he will fit right in. Last night on The O’Reilly Factor, Snow said that “people complaining about Donald Rumsfeld” were partially to blame for high gas prices. How is that, you ask? Because complaining about Rumsfeld made people jittery and caused people to doubt our leaders' ability to lead the nation in a time of war. I guess that amounts to treason but he didn't come right out and say so, not yet anyway. No doubt he's saving himself for his new assignment. And we all know who Jerry Falwell and Pat Robertson will blame, so there's no use wasting time visiting their creepy websites for their latest garbage and/or snake oil potions. __________________ Ninong

05-02-2006, 04:04 PM	#78
Ninong Moderator Join Date: Jun 2000 Location: Louisiana Posts: 20,692	Right now gold is above $667/oz and crude oil is getting ready to push above $75/bbl again. Crude hit a record high of $75.35/bbl a week and a half ago and then it pulled back to less than $71/bbl, but it's on the rise again. Right now it's $74.70/bbl. __________________ Ninong

05-02-2006, 04:11 PM	#79
schrocat Moderator Join Date: Jul 2000 Location: Hilliard , Fl. Posts: 3,392	speaking of predictions... Ninong Moderator Join Date: Jun 2000 Location: Louisiana Posts: 13,014 __________________ "One man's vulgarity is another man's lyric" -Justice John Marshall Harlan "Send Lawyers, Guns and Money." -WZ

05-02-2006, 07:01 PM	#80
Poseidon Moderator Join Date: Sep 2001 Location: Swartz Creek, MI Posts: 6,539	Awww come on now, that is only SIX posts per day! 7 days a week, 365 days a year! Plus NONE of George's posts are ever one word answers.... Shameless plug coming.... I can't think of anyone else that I would rather have answer my questions either. Besides, I know I am up there in post count too, behind George, Scott and Gene I think. __________________ Need a Photographer? Just say NO to CRABS Mike

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