rrmorgan224
Rookie Author
Illinois
Posts:48
Points:425
Joined:May 2008
|
Message Posted:
5/13/2008 1:08:08 PM
|
Ignore rrmorgan224 Report Abuse
|
OIL: QATAR, OPEC POWERLESS AGAINST PRICE RALLY
(AGI) - Doha, May 13 - There is nothing the OPEC can do to stop the rally of oil prices and therefore organising another meeting before the one of September is useless: Oil Minister of Qatar Abdullah al-Attiyah said this. "It is no use for us to meet before September because there is nothing we can do" he said. "The oil price is out of control". Supply is sufficient and refineries don't ask for more. The minister commented a remark attributed by a source in the OPEC on the possibility that member states were considering increasing oil output before September. In these days many ministers and government leaders stressed that oil supply is adequate and rejected the request made by US President Bush and other government officials of consuming countries to increase supply to cool prices. According to Attiyah, the price rally is caused by speculations and geopolitical tensions in some producing countries. To the question if an OPEC output increase could lower prices, Attiyah responded: "I don't think this would be a reason to organise a meeting. We don't deal with psychological markets. The fact is there is no lack of supply". Attiyah reminded that in autumn in Moscow a meeting of the Gas Exporting Countries Forum (GECF) is scheduled, though no specific date or agenda has been decided on yet. OPEC members like Qatar, Algeria and Iran, and others, in particular Russia, participate in the Forum.
|
rrmorgan224
Rookie Author
Illinois
Posts:48
Points:425
Joined:May 2008
|
Message Posted:
5/13/2008 12:36:14 PM
|
Ignore rrmorgan224 Report Abuse
|
"Penn Virginia Corporation Announces First Quarter 2008 Results and Provides 2008 Guidance Update
May 7, 2008 4:14 PM EDT RADNOR, Pa.--(BUSINESS WIRE)--
Penn Virginia Corporation (NYSE: PVA) today reported financial and operational results for the three months ended March 31, 2008 and provided an update of full-year 2008 guidance.
First Quarter Highlights and Guidance Update
A reconciliation of non-GAAP financial measures appears in the financial tables later in this release.
In the first quarter of 2008, operating income was $60.1 million, which was $21.6 million, or 56 percent, higher than the first quarter of 2007. The increase was primarily due to 61 percent higher operating income in the oil and gas segment and 207 percent higher operating income in the natural gas midstream (PVR Midstream) segment, offset in part by two percent lower segment operating income from the coal and natural resource management (PVR Coal & NRM) segment and higher corporate general and administrative (G&A) expense.
Operating cash flow in the first quarter of 2008 increased $15.3 million, or 22 percent, as compared to the first quarter of 2007 primarily due to the increase in operating income and higher non-cash depletion, depreciation and amortization (DD&A) expense included in operating income, partially offset by an increase in cash paid to settle derivatives and higher interest expense.
The 21 percent increase in adjusted net income in the first quarter of 2008 as compared to the first quarter of 2007 was primarily due to the increase in operating income, partially offset by the increase in cash paid to settle derivatives and the increase in interest expense.
A. James Dearlove, President and Chief Executive Officer of PVA, said, "We are pleased with the performance of our oil and gas operations during the first quarter of 2008, which delivered a 21 percent production increase over the prior year quarter."
|
rrmorgan224
Rookie Author
Illinois
Posts:48
Points:425
Joined:May 2008
|
Message Posted:
5/13/2008 11:59:38 AM
|
Ignore rrmorgan224 Report Abuse
|
From:
US Oil Shale Market Potential
"The World’s Largest Oil Shale Deposits: The largest known oil shale deposits in the world are in the Green River Formation, which covers portions of Colorado, Utah, Nevada, and Wyoming. The estimated oil resource within the Green River Formation ranges from 1.5 trillion to 1.8 trillion barrels. About 1 trillion barrels are located within the Piceance Basin, which means that this 1,200 square mile area of western Colorado potentially holds as much oil as the entire world’s proven oil reserves.
Market Potential: It is becoming increasingly clear that America’s reliance on oil as a principal energy source is not sustainable over the long term. As a result of rising petroleum prices and improving extraction techniques, oil shale deposits may be recoverable in the future at a cost that could make them an attractive alternative to conventional crude oil."
|
rrmorgan224
Rookie Author
Illinois
Posts:48
Points:425
Joined:May 2008
|
Message Posted:
5/13/2008 11:43:12 AM
|
Ignore rrmorgan224 Report Abuse
|
George Knapp, Investigative Reporter
Nevada's Hidden Treasure: Black Gold
Those prices at the pump could make any of us wish we had an oil goldmine in our backyards, but that wish may not too far off the mark in Nevada. Geologists think there could be billions of gallons of oil under Nevada's deserts. If so, why hasn't anyone found it? Eyewitness News has reported in past years about Nevada's petroleum potential.
Nevada BLM Oil & Gas Lease Sale Information
As the price of crude has passed $60 and then $70 a barrel, companies have been gobbling up the mineral rights to vast tracts of government land here. So, when are they going to start drilling?
On certain outcroppings in central Nevada, you can pick up a rock, bust it open, and literally smell petroleum, or something like it. Deposits of chainman shale are thicker there than anywhere outside of Saudi Arabia and Kuwait. As far back as 1905, Nevadans were touting our state's oil potential.
Alan Coyner, with the Nevada Commission on Mineral Resources, said, "We have an established track record for oil production in this state and people know that."
State minerals chief Alan Coyner is bullish on Nevada's oil potential, and with good reason. The single most productive oil well in the nation sits in Nevada's Railroad Valley. The Grant Canyon well peaked at 4,000 barrels per day -- more than 40 million barrels overall -- and is still pumping decades later.
Other pools of oil have been found in Railroad Valley but nothing like Grant Canyon, and as it's output has lessened, so has the state's, dropping from more than 3.5 million barrels per year to less than 500,000 barrels today.
In spite of this trend, the buzz has never been bigger. Last year's discovery of a billion-barrel field in neighboring Utah has would-be oil barons licking their chops. Four times each year, the Bureau of Land Management holds public auctions where wannabe wildcatters can be for the mineral rights on government land. The minimum bid is 2 bucks per acre, but spirited competition can drive the price much higher.
It's a fascinating process, for the gamesmanship if nothing else. Bidders play their cards close to their chests. Since anyone can nominate a parcel to the auction, cagey oilmen have been known to pad the auction list with less desirable parcels as distractions for the competition.
Of all the bidders during this recent auction, only one was willing to talk about his plans. "This is a fun hobby. It's a grown-up treasure hunt," said Curt Rosen, a Michigan oil investor.
Rosen got the oil bug many years ago and when a $360 investment ended up paying him 7 figures per year for several years, he was hooked. On the day we saw him, he picked up 300 acres of BLM land.
George Knapp: "What's next with your parcels?"
Curt Rosen: "I'm going to sit on them and accumulate more."
Oil speculators lease the rights to large chunks of land in hopes that someone bigger will come along and buy them out or cut them in. Few of them are interested in the risks of paying to drill themselves. Only three new drilling permits have been approved by the state this year. None of the three has started drilling. One reason is geology.
Nevada's twisted and fractured geology makes it very tough to find the oil that everyone believes is down there, and far more expensive than drilling somewhere else. Although the potential is enormous, the big oil companies find it cheaper to drill in, say, Indonesia.
Alan Coyner continued, "It's tough to explore for oil here. The faulting and geothermal activity creates a difficult situation in the search for oil."
So it's left to the little guys, the dreamers, to roll the dice and hope for a score. And if one of these Rockefellers-in-waiting does find oil, the big companies will come calling.
Curt Rosen added, "It's a poker game without the house taking a percentage. Mother Nature is the house."
Another factor in a lack of drilling here is a shortage of drilling rigs. With so much new drilling elsewhere, Nevada doesn't have enough rigs since we're a long way from the centers of oil productions. These rigs can cost up to $100,000 a day to lease. The same rigs are needed for geothermal exploration. One of these days, though, someone will hit a pool here and the shortage will vanish.
|
rrmorgan224
Rookie Author
Illinois
Posts:48
Points:425
Joined:May 2008
|
Message Posted:
5/13/2008 11:40:46 AM
|
Ignore rrmorgan224 Report Abuse
|
Message Posted: 5/11/2008 8:46:01 AM Ignore kingdick Report Abuse
Even if the major U.S. oil corporations were allowed to drill every square inch of the U.S., there simply isn't enough projected oil reserves for the U.S. to ever achieve energy independency based upon the current oil-based economy.
Not true. The shales in Nevada are said to be the richest in the world and could produce enough oil to make the US independent for the next 600 years. Oil companies just refuse to drill there. And the Government has laws governing the use of the land and won't allow drilling. We're our own worst enemies.
|
rrmorgan224
Rookie Author
Illinois
Posts:48
Points:425
Joined:May 2008
|
Message Posted:
5/13/2008 11:34:04 AM
|
Ignore rrmorgan224 Report Abuse
|
Heard a good one yesterday. The Local news was reporting an idea they had for stations to post prices per the 1/2 gallon instead of the whole gallon to make comsumers feel better about how much they are paying. So you would see prices at $2.03 instead of the whole $4.06.
Why not report the news and help the country to fight for their rights!! Report on how much the Oil companies are raping everyone and making billions!! We attacked Iraq. In return, we were supposed to get oil as part of the agreement for restructuring the country. Where is that oil??
::: I'll take who is B.S.-ing me for $500 Alex!! :::
|
POLELANE
Champion Author
Ohio
Posts:1,179
Points:115,500
Joined:Mar 2008
|
Message Posted:
5/12/2008 11:19:02 AM
|
Ignore POLELANE Report Abuse
|
|
ok; it ain't so
|
gasforus
Champion Author
Michigan
Posts:1,135
Points:603,285
Joined:Dec 2005
|
Message Posted:
5/11/2008 7:57:00 AM
|
Ignore gasforus Report Abuse
|
|
Tell me it ain't so!!
|
kingdick
Champion Author
Minnesota
Posts:17,480
Points:1,405,195
Joined:Aug 2004
|
Message Posted:
5/11/2008 7:46:01 AM
|
Ignore kingdick Report Abuse
|
Even if the major U.S. oil corporations were allowed to drill every square inch of the U.S., there simply isn't enough projected oil reserves for the U.S. to ever achieve energy independency based upon the current oil-based economy.
|
urchin6294
Rookie Author
Stockton
Posts:90
Points:89,370
Joined:Jul 2005
|
Message Posted:
5/11/2008 7:37:51 AM
|
Ignore urchin6294 Report Abuse
|
|
well, it's good to see supply and demand (and ultimately cost) is working in the USA still
|
kingdick
Champion Author
Minnesota
Posts:17,480
Points:1,405,195
Joined:Aug 2004
|
Message Posted:
5/11/2008 7:36:04 AM
|
Ignore kingdick Report Abuse
|
-----------------------------------
Walmart shoppers come DRIVE UP UP Crude prices !!
-----------------------------------
Trade deficits lower the value of the dollar and raises the cost of gas
-----------------------------------
Walmart alone creates a trade deficit that approaches the oil trade deficit.
We should manufacture most goods here in the USA.
This would also reduce the fuel wasted in extra transportation cost.
-----------------------------------
Another form of destroy USA.
We can be our own worse enemy, our own personal GREED.
-----------------------------------
The Walmart effect is a major reason why we are in this fuel crunch.
Send our jobs and money to china make them rich and up the demand for fuel.
-----------------------------------
We reduce our demand but china and india increase at a far greater rate.
-----------------------------------
Anyone that buys walmart JUNK and thinks it is the same quality needs to do more thinking.
-----------------------------------
They have also driven DOWN the Quality of almost all products in the name of profits.
-----------------------------------
|
kingdick
Champion Author
Minnesota
Posts:17,480
Points:1,405,195
Joined:Aug 2004
|
Message Posted:
5/11/2008 7:34:48 AM
|
Ignore kingdick Report Abuse
|
-----------------------------------
Because of Republican policies-
-----------------------------------
Inflation-Adjusted mid point Wages are 1/3rd what they were in 1980.
The Rich Republicans at the top are 1-2000 times richer at the expense of the middle class and poor.
-----------------------------------
They do not need bush's tax cut, they just hire illegal aliens and cut the wages for the middle class.
-----------------------------------
|
courier400
Champion Author
Kansas
Posts:6,210
Points:1,472,535
Joined:Mar 2004
|
Message Posted:
5/11/2008 7:34:09 AM
|
Ignore courier400 Report Abuse
|
|
rockinrog, yep and its getting worse, my relatives in North Battelford SK are just as bad off,they are just pulling through, too
|
Gassie1
Champion Author
Akron
Posts:3,774
Points:443,660
Joined:Apr 2007
|
Message Posted:
5/11/2008 7:28:06 AM
|
Ignore Gassie1 Report Abuse
|
|
Walk when you can.
|
HDUltra03
Champion Author
Oregon
Posts:6,286
Points:948,750
Joined:Nov 2005
|
Message Posted:
5/11/2008 7:25:49 AM
|
Ignore HDUltra03 Report Abuse
|
|
Whoever is buying fuel for America at these prices IS involved with driving the prices up world wide.
|
rockinrog
Veteran Author
Ontario
Posts:414
Points:568,950
Joined:May 2006
|
Message Posted:
5/11/2008 7:25:26 AM
|
Ignore rockinrog Report Abuse
|
The sad part is that Americans are getting a triple whammy.
High gas/oil prices
Higher food prices
and worst of all, high debt per person.
There was a news story on CNN the other day that says Americans owe
850 Billion dollars on there credit cards.
USA Population approx 300 million
Therefore every man, woman and child owes $2,833.00 at interest rates from 8-30%. I think this problem is worse that higher gas prices.
Live within your means people!!!!
Good luck on getting out of these tough times because it's going to get worse.
|
Marson
All-Star Author
Pennsylvania
Posts:511
Points:379,995
Joined:Oct 2006
|
Message Posted:
5/11/2008 7:21:57 AM
|
Ignore Marson Report Abuse
|
|
It used to be we worked so many days to pay our annual tax bill, soon we will work more days to par our fuel bill.
|
Towne234
Rookie Author
Greensboro
Posts:78
Points:22,140
Joined:Mar 2008
|
Message Posted:
5/11/2008 7:21:35 AM
|
Ignore Towne234 Report Abuse
|
|
What would expect across the United States today?!
|
DerHahn
Champion Author
Illinois
Posts:1,490
Points:379,195
Joined:May 2004
|
Message Posted:
5/11/2008 7:20:52 AM
|
Ignore DerHahn Report Abuse
|
|
rattles my wallet. the cars stays parked most of the time.
|
Spitzer
Champion Author
Charleston
Posts:7,074
Points:961,890
Joined:Nov 2005
|
Message Posted:
5/11/2008 7:19:45 AM
|
Ignore Spitzer Report Abuse
|
So what else is new ?
|
capt455
Sophomore Author
North Carolina
Posts:130
Points:84,180
Joined:May 2007
|
Message Posted:
5/11/2008 7:17:47 AM
|
Ignore capt455 Report Abuse
|
I think steep gas costs are here to stay. There's just too much global demand vs. supply. I also think the high prices will lead to a variety of alternatives before too many years. The success of the Prius shows that we motorists are eager to move toward new technology that consumes less fuel. When a product comes to market that is petroleum free, with price and capabilities similar to a gasoline powered vehicle, I think we'll see a flood of such vehicles from numerous manufacturers. Then we'll see demand really diminished for crude oil based fuels, and the price will come down in the long term.
Maybe in 20 years, my corner gas station will offer charging stations, hydrogen, and biodiesel. Perhaps there will be one little gasoline pump there for the few cars still powered by it. (Like my beloved '71 Grandville convertible).
Well anyway, just my opinion of how this mess may turn out.....
|
Cuzilla
Champion Author
Indianapolis
Posts:5,429
Points:895,270
Joined:Sep 2005
|
Message Posted:
5/11/2008 7:14:58 AM
|
Ignore Cuzilla Report Abuse
|
|
Less drivers on the road? That's good for me.
|
The_WB
Champion Author
Detroit
Posts:3,100
Points:362,875
Joined:Apr 2007
|
Message Posted:
5/11/2008 7:12:00 AM
|
Ignore The_WB Report Abuse
|
|
Stop driving so much
|
GasMoos
Rookie Author
Charlotte
Posts:53
Points:64,600
Joined:Aug 2007
|
Message Posted:
5/11/2008 7:07:20 AM
|
Ignore GasMoos Report Abuse
|
|
When we stop blaming our leaders and oil companies, then we might accomplish something. But it's so much easier to blame something else while we clog the roads with SUVs, live 50 miles from where we work, refuse to support mass transit, and shirk individual responsibility. I don't care if gas is $10 a gallon, I'm already prepared for that and more.
|
hauler43
Champion Author
Oakland
Posts:1,177
Points:1,098,355
Joined:Sep 2003
|
Message Posted:
5/11/2008 7:06:00 AM
|
Ignore hauler43 Report Abuse
|
|
Nothing is being done about the rising gas prices
|
weenerdog
All-Star Author
Detroit
Posts:949
Points:180,210
Joined:Jan 2008
|
Message Posted:
5/11/2008 7:05:05 AM
|
Ignore weenerdog Report Abuse
|
I cannot imagine what our country will be like in January 2009 when we've had to spend a year of consistently higher gas prices.
What will our christmas spending season be like. $100 gift certificates for a tank of gas?
|
Masercal
All-Star Author
Michigan
Posts:881
Points:220,085
Joined:Oct 2007
|
Message Posted:
5/11/2008 7:02:57 AM
|
Ignore Masercal Report Abuse
|
|
Our leaders are leading this country into a depression. They should be pushing affordable, renewable energy. But as always they are pushing for more oil to bring us down even further. When will this country wake up and realize oil needs to fade away?
|
Mazdaman7Q
Champion Author
South Carolina
Posts:3,158
Points:670,220
Joined:Jun 2006
|
Message Posted:
5/11/2008 6:57:59 AM
|
Ignore Mazdaman7Q Report Abuse
|
When will the US finally say enough is enough!
Get the pocketed Big Oil politicians out of office and pass some laws to protect our economy, protect the citizens?!?
|
kingdick
Champion Author
Minnesota
Posts:17,480
Points:1,405,195
Joined:Aug 2004
|
Message Posted:
5/11/2008 6:54:39 AM
|
Ignore kingdick Report Abuse
|
-----------------------------------
Most of us like SPEED - drive like crazy people.
You will use about 25% less fuel if you drive 55 instead of 70
If you take a bus instead of planes 75% fuel savings
If you take a Train instead of planes 95% fuel savings
If goods are transported by Train instead of truck or plane this country could have a vast surplus of fuel !!
-----------------------------------
Save Crude Oil Don't fly commercial airplanes.
-----------------------------------
|
winggnutt
Champion Author
Detroit
Posts:4,124
Points:985,305
Joined:Aug 2005
|
Message Posted:
5/11/2008 6:52:13 AM
|
Ignore winggnutt Report Abuse
|
|
RANKLED IS MORE LIKE IT!
|
n3his
Champion Author
Pennsylvania
Posts:1,314
Points:794,625
Joined:Feb 2006
|
Message Posted:
5/11/2008 6:49:28 AM
|
Ignore n3his Report Abuse
|
|
The prices of gasoline is rattling a lot more than just driving
|
bug27
Champion Author
Kentucky
Posts:1,348
Points:1,051,700
Joined:Apr 2005
|
Message Posted:
5/11/2008 6:49:28 AM
|
Ignore bug27 Report Abuse
|
|
So?
|
suckingfumes
Rookie Author
London
Posts:91
Points:474,810
Joined:Aug 2006
|
Message Posted:
5/11/2008 6:49:24 AM
|
Ignore suckingfumes Report Abuse
|
|
It's time for people to reconsider their lifestyles(lots of foolish spending habits)and make more practical and economic choices
|
phatride92
Champion Author
Kansas
Posts:3,127
Points:816,725
Joined:Oct 2005
|
Message Posted:
5/11/2008 6:45:56 AM
|
Ignore phatride92 Report Abuse
|
|
old stuff
|
ankhes
Veteran Author
Toronto
Posts:380
Points:184,010
Joined:Aug 2007
|
Message Posted:
5/11/2008 6:40:46 AM
|
Ignore ankhes Report Abuse
|
|
All of these news articles are caught in a loop. Is there not even a single article out there that has some good news for a change?
|
walker1
Veteran Author
Ohio
Posts:480
Points:656,500
Joined:Mar 2006
|
Message Posted:
5/11/2008 6:40:42 AM
|
Ignore walker1 Report Abuse
|
|
same old crappie news, glad i don't read u s today
|
UTOrangeMan
Champion Author
Atlanta
Posts:1,338
Points:106,700
Joined:Mar 2008
|
Message Posted:
5/11/2008 6:39:17 AM
|
Ignore UTOrangeMan Report Abuse
|
|
Won't it be great when it costs as much to drive to work as you are getting paid?
|
Zinnoil
Champion Author
Illinois
Posts:11,508
Points:1,393,070
Joined:May 2004
|
Message Posted:
5/11/2008 6:36:33 AM
|
Ignore Zinnoil Report Abuse
|
|
Rationing after the election seems to be what Congress is intent on allowing.
|
SpruceGuse2
Champion Author
Michigan
Posts:1,101
Points:740,400
Joined:Mar 2006
|
Message Posted:
5/11/2008 6:34:23 AM
|
Ignore SpruceGuse2 Report Abuse
|
|
The only thing temporary in life is life itself.
|
rxman1
Veteran Author
Toledo
Posts:399
Points:178,635
Joined:Nov 2007
|
Message Posted:
5/11/2008 6:31:00 AM
|
Ignore rxman1 Report Abuse
|
|
Don't get run over in the stampede for smaller more mpg cars.
|
Matts_Pap
All-Star Author
Pennsylvania
Posts:667
Points:113,120
Joined:Feb 2008
|
Message Posted:
5/11/2008 6:29:47 AM
|
Ignore Matts_Pap Report Abuse
|
|
The price of gas hurts; but the Ethanol fiasco and its effect on food prices is killing us.
|
tomok
Champion Author
Portland
Posts:7,125
Points:596,410
Joined:Aug 2006
|
Message Posted:
5/11/2008 6:26:40 AM
|
Ignore tomok Report Abuse
|
'Gas prices rattle Americans'
as well they should!
|
4warned
All-Star Author
Michigan
Posts:604
Points:496,820
Joined:Nov 2006
|
Message Posted:
5/11/2008 6:26:38 AM
|
Ignore 4warned Report Abuse
|
|
This will drive inflation!
|
Cachase1
Champion Author
Oklahoma City
Posts:2,523
Points:631,005
Joined:Aug 2003
|
Message Posted:
5/11/2008 6:23:53 AM
|
Ignore Cachase1 Report Abuse
|
|
I agree, old news.
|
tags610
Champion Author
Lincoln
Posts:1,716
Points:397,350
Joined:Nov 2005
|
Message Posted:
5/11/2008 6:20:58 AM
|
Ignore tags610 Report Abuse
|
|
Old news.
|
Gellin
All-Star Author
Michigan
Posts:847
Points:1,001,190
Joined:Apr 2005
|
Message Posted:
5/11/2008 6:20:18 AM
|
Ignore Gellin Report Abuse
|
|
The next time they jack the price in our area I'm thinking we'll hit the $4/gal mark. Coming even before the Memorial holiday starts.
|
brutus
Champion Author
Alberta
Posts:1,137
Points:814,630
Joined:Feb 2003
|
Message Posted:
5/11/2008 6:17:06 AM
|
Ignore brutus Report Abuse
|
|
If you drive to the corner Starbucks, you can afford the gas prices. Otherwise you could make coffee at home.
|
marbljk
Sophomore Author
Alabama
Posts:107
Points:907,370
Joined:May 2004
|
Message Posted:
5/11/2008 6:12:07 AM
|
Ignore marbljk Report Abuse
|
Rattling me.
|
racerdj
Champion Author
Indianapolis
Posts:1,006
Points:309,485
Joined:Jun 2003
|
Message Posted:
5/11/2008 6:08:58 AM
|
Ignore racerdj Report Abuse
|
|
I'm holding little hope of lower prices.
|
Shiff
All-Star Author
Pennsylvania
Posts:904
Points:307,405
Joined:May 2006
|
Message Posted:
5/11/2008 6:02:10 AM
|
Ignore Shiff Report Abuse
|
|
nothing new
|
