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Old 05-22-2008   #1
  Exclamation  "IN THE NEWS"
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U.S. Policies Fuel Oil Speculation, Hofmeister Says (Update2)

By Daniel Whitten

May 22 (Bloomberg) -- U.S. oil policy is causing speculators to drive up prices to record levels, said John Hofmeister, president of Shell Oil Co.
Speaking to reporters during a break in a House hearing on record oil and gasoline prices, Hofmeister said that by restricting access to domestic supplies, U.S. policymakers are sending a signal to investors that output will be constrained, thereby driving up prices.
``There is no confidence that we can explore and produce more barrels given the U.S. is not letting us do it and that is preventing people from having an optimistic outlook on oil futures, so it looks like demand will continue to run ahead of supply,'' Hofmeister said.
Oil executives for the second day in a row faced lawmaker complaints about high gasoline prices. During today's House Judiciary Committee hearing, executives said again that oil companies need more access to U.S. domestic production in order to bring down prices.
Crude oil futures prices reached a record $135.09 a barrel today on the New York Mercantile Exchange. Prices have more than doubled in the past year. Gasoline reached a record $3.79 a gallon, the Energy Department said May 19.
``We are starved for access, we are not making that up; it is a fact,'' said John Lowe, executive vice president for ConocoPhillips.
Margins
J. Stephen Simon, senior vice president of Exxon Mobil Corp. said the rising cost of crude is driving down profit margins in the industry. He said his company spent $40 billion buying crude and other feedstocks last year. The company also made about $40 billion in profits in 2007.
``The damage you are doing to the economy can be corrected, and I would just ask you to look within your own moral souls and try to do something to help everybody and to help us get off of our reliance on oil and to find alternative energy sources,'' Representative Steve Cohen, a Tennessee Democrat asked the panel of executives.
After lambasting Exxon Mobil's Simon for ``unconscionable'' profits and high energy prices, Cohen said that he owns Exxon Mobil stock and has for some time.
Hofmeister yesterday told the Senate Judiciary Committee that oil should be $35 to $65 per barrel, based on market fundamentals.
To contact the reporter on this story: Daniel Whitten in Washington at dwhitten2@bloomberg.net
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Old 05-22-2008   #2
 
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just more proof they all know but aren't doing anything about it. I am really getting the feeling they all have their hands in the rising oil prices and are profiting from it.
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Old 05-22-2008   #3
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just more proof they all know but aren't doing anything about it. I am really getting the feeling they all have their hands in the rising oil prices and are profiting from it.


“Democracy is two wolves and a lamb voting on
what to have for lunch. Liberty is a well armed lamb contesting the vote.'

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Old 05-23-2008   #4
    We are driving less ..... dau?!
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U.S. Vehicle Miles Driven Fell Most Ever in March, Agency Says

By Angela Greiling Keane
May 23 (Bloomberg) -- U.S. motorists, who are paying record prices for gasoline, drove 4.3 percent less in March for the biggest monthly drop ever, the Federal Highway Administration said.
The decline in vehicle miles traveled was the first for March since 1979, the agency said today in a statement released in Washington.
To contact the reporter on this story: Angela Greiling Keane in Washington at agreilingkea@bloomberg.net
Last Updated: May 23, 2008 10:28 EDT
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Old 05-23-2008   #5
 
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U.S. Vehicle Miles Driven Fell Most Ever in March, Agency Says

By Angela Greiling Keane
May 23 (Bloomberg) -- U.S. motorists, who are paying record prices for gasoline, drove 4.3 percent less in March for the biggest monthly drop ever, the Federal Highway Administration said.
The decline in vehicle miles traveled was the first for March since 1979, the agency said today in a statement released in Washington.
To contact the reporter on this story: Angela Greiling Keane in Washington at agreilingkea@bloomberg.net
Last Updated: May 23, 2008 10:28 EDT
This right here will cost the oil companies money... In a way it is a boycott.... I love it.
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Old 05-23-2008   #6
 
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“Democracy is two wolves and a lamb voting on
what to have for lunch. Liberty is a well armed lamb contesting the vote.'

B. Franklin






never heard that one before. i like it.
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Old 05-26-2008   #7
  Arrow  NEWS FLASH, WATER IN EXXON"S GASOLINE
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I just got a phone call from a friend in western Washington who tells me the there are gas stations serving water with their gasoline. The story is that one of the truck drivers pump water into one of the trucks delivering gasoline to EXXON/MOBIL stations. Whoever he is, you have my blessings.

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Old 05-26-2008   #8
 
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Congress doesn't care unless they can complain in a way to make the people believe the oil companies are the real problem. I don't want to see them profit like they are, but until Congress tells the blowhards that drilling is necessary and our oil companies get new refineries, etc., they will continue to profit because the prices are too high.
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Old 05-26-2008   #9
 
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U.S. Policies Fuel Oil Speculation, Hofmeister Says (Update2)

By Daniel Whitten

May 22 (Bloomberg) -- U.S. oil policy is causing speculators to drive up prices to record levels, said John Hofmeister, president of Shell Oil Co.
Speaking to reporters during a break in a House hearing on record oil and gasoline prices, Hofmeister said that by restricting access to domestic supplies, U.S. policymakers are sending a signal to investors that output will be constrained, thereby driving up prices.
``There is no confidence that we can explore and produce more barrels given the U.S. is not letting us do it and that is preventing people from having an optimistic outlook on oil futures, so it looks like demand will continue to run ahead of supply,'' Hofmeister said.
Oil executives for the second day in a row faced lawmaker complaints about high gasoline prices. During today's House Judiciary Committee hearing, executives said again that oil companies need more access to U.S. domestic production in order to bring down prices.
Crude oil futures prices reached a record $135.09 a barrel today on the New York Mercantile Exchange. Prices have more than doubled in the past year. Gasoline reached a record $3.79 a gallon, the Energy Department said May 19.
``We are starved for access, we are not making that up; it is a fact,'' said John Lowe, executive vice president for ConocoPhillips.
Margins
J. Stephen Simon, senior vice president of Exxon Mobil Corp. said the rising cost of crude is driving down profit margins in the industry. He said his company spent $40 billion buying crude and other feedstocks last year. The company also made about $40 billion in profits in 2007.
``The damage you are doing to the economy can be corrected, and I would just ask you to look within your own moral souls and try to do something to help everybody and to help us get off of our reliance on oil and to find alternative energy sources,'' Representative Steve Cohen, a Tennessee Democrat asked the panel of executives.
After lambasting Exxon Mobil's Simon for ``unconscionable'' profits and high energy prices, Cohen said that he owns Exxon Mobil stock and has for some time.
Hofmeister yesterday told the Senate Judiciary Committee that oil should be $35 to $65 per barrel, based on market fundamentals.
To contact the reporter on this story: Daniel Whitten in Washington at dwhitten2@bloomberg.net

Simple solution. get off our duffs, start drilling and building refineries and working them with our own people. We have the source and ability to do it. Then quit sending arms to Saudi and let them fin for them selves. Iran would love it, Put our troops back here and protect our borders.
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Old 05-27-2008   #10
  Exclamation  Soros Cites Speculators for Soaring Oil Prices.
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Soros Cites Speculators for Soaring Oil Prices, Telegraph Says

By John Simpson


May 26 (Bloomberg) -- George Soros says speculators are a key cause of the sharp rise in the price of crude oil, the Daily Telegraph reported, citing an interview with the billionaire investor.
The Telegraph said Soros maintained that while the soaring oil price, which hit a record $135 a barrel last week, can be linked to the weak dollar, declining Middle East supply and rising demand by China, speculators have had a strong effect on the crude oil market.
The price increase has a ``parabolic shape,'' Soros said, noting that such a shape is ``characteristic of bubbles,'' according to the newspaper.
The oil bubble will not burst until the U.S. and Britain are both in recession, at which time oil prices may drop dramatically, the Telegraph cited Soros as saying.
To contact the reporter on this story: John Simpson in Toronto jsimpson12@bloomberg.net
Last Updated: May 25, 2008 21:03 EDT
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Old 05-29-2008   #11
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LONDON: Hundreds of trucks rolled into central London on Tuesday to jam a major route into the capital to protest the rising price of fuel.


Around 300 truck drivers honked their horns and parked on a highway on the edge of the city, forcing police to close off a section of road and divert hundreds of motorists during the busy morning rush hour.
Truckers protesting the soaring cost of fuel in Britain — where diesel now costs more than $9 a gallon — called for Prime Minister Gordon Brown's government to lower fuel taxes for trucking companies.
"It's getting to a point of being ridiculous. We simply can't keep pace with the rising costs," Peter Carroll, who owns a 51-truck hauling firm in Maidstone in southern England, told The Associated Press by telephone as he joined the protest in London.
Truckers say thousands of jobs in their industry are in jeopardy.

Related Articles


French president to propose suspension of VAT tax on fuel



Today in Europe


"Everybody is feeling the impact of the increased cost of living; it is not restricted to one sector," said legislator Louise Ellman, head of the House of Commons Transport committee.


Carroll said hauling companies will press Brown to offer them a rebate of around 25 pence a liter — about $1.85 per gallon — on the cost of fuel. A delegation of truckers was heading to the leader's Downing Street residence on Tuesday to hand in a letter calling for action.
Heavy goods vehicle operators hope to strike a similar deal to the terms offered to bus companies, which are reimbursed some of their fuel taxes, Carroll said.
Protests in London follow demonstrations in France, where fishermen blocked ports last week and disrupted deliveries to two refineries of oil company Total SA.
In 2000, gas station pumps in Britain ran dry when fuel protesters blockaded refineries in a series of major protest that lasted a week.
"People are feeling the pinch, and it's up to the government to step in and help out where it can," said protester John Davis, 49, a trucker and army reservist from Grays, in southern England. "Every time the fuel goes up, tax revenue goes up with it."
Following protests at income tax changes that affected low income workers — and led in part to a stinging special election defeat for Brown's Labour Party last week — the leader has been warned by lawmakers to heed concerns over rising fuel costs.
Some legislators have questioned Treasury chief Alistair Darling's plan to introduce higher taxes for so-called "gas-guzzling" cars, including sport utility vehicles, in an attempt to force motorists to use vehicles that emit less carbon dioxide.
Thirty Labour lawmakers have signed a motion calling for a review of the plan before the changes go into force next year.
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Old 05-29-2008   #12
 
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oil companies are not to blame sure they are making huge profits but morgan stanly and a few others make more then exxon/mobil and never take shippment do the research and you will see
it's the speculators and futures making this price rediculous
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Old 05-30-2008   #13
 
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Please go to CNN MONEY.COM AND VOTE YES THAT YOU BELEVE IT IS MANUPULATION OF THE MARKET DRIVING UP PRICES......
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Old 06-01-2008   #14
 
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Was listening to nightly news on NBC tonight (6/1/08) at 6:45 and Lester Holt reported that refineries were CUTTING BACK production since americans were driving less. So much for the arguement that if we only had more refineries the price would go down. WE could build 100 refineries and the S.O.B.'s would still manipulate the price. ARE Y'ALL GETTIN MAD YET!
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Old 06-01-2008   #15
 
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Was listening to nightly news on NBC tonight (6/1/08) at 6:45 and Lester Holt reported that refineries were CUTTING BACK production since americans were driving less. So much for the arguement that if we only had more refineries the price would go down. WE could build 100 refineries and the S.O.B.'s would still manipulate the price. ARE Y'ALL GETTIN MAD YET!
This will be good info for my next email to my representatives, as well as other representatives I send emails to. Thanks rebel.

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Old 06-01-2008   #16
 
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Was listening to nightly news on NBC tonight (6/1/08) at 6:45 and Lester Holt reported that refineries were CUTTING BACK production since americans were driving less. So much for the arguement that if we only had more refineries the price would go down. WE could build 100 refineries and the S.O.B.'s would still manipulate the price. ARE Y'ALL GETTIN MAD YET!
Lol, Honey, I been so ANGRY for so long I'm surprised i haven't had a STROKE yet. I told my husband last night i could get on my roof top and yell 'WAKE THE HELL UP AMERICA".
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Old 06-01-2008   #17
 
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Lawmakers Hope To Help The Region’s Truckers
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Old 06-01-2008   #18
 
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This One is a MUST read..
A Tough Road for Truckers - Feature Article - World Trade
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Old 06-01-2008   #19
 
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Thats it, we can just pawn our roads to private corporations since we cant afford to maintain them ourselves...Wake the hell up people!
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Old 06-02-2008   #20
 
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No problem SS. Another site you may or may not Know is Govtrack.us. It has bills in congress, how legislators voted, and my favorite, contact info. Sometimes, I like to reach out and touch someone.
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