Better Fill up today

[frawin]

I RECENTLY NOTED AN ARTICLE THAT SAID" BY AMERICAN ONLY", I READ IT AND IT MADE A LOT OF SENSE UNTIL I REALIZED IT DIDN'T MENTION ENERGY CONSUMPTION. IF WE BOUGHT AMERICAN ONLY INCLUDING ENERGY, WE WOULD  HAVE APPROXIMATELY 70% LESS ENERGY WE HAVE A LONG WAY TO GO TO BE ENERGY SELF SUFFICENT AND WE ARE NOT DOING A VERY GOOD JOB OF TRYING TO GET THERE.

[frawin]

Oil Rises From Six-Week Low on Tropical Storm, Iran Tensions



By Alexander Kwiatkowski

July 21 (Bloomberg) -- Crude oil rose from a six-week low as a tropical storm headed toward the Gulf of Mexico and Iran, the world's fourth-biggest producer, resisted demands to suspend nuclear research.



U.S. forecasters said there is a 29 percent chance Tropical Storm Dolly may strengthen to a hurricane after it enters the Gulf of Mexico. Iran risks ``further isolation'' if it doesn't respond in two weeks to the United Nations offer of economic aid in return for halting uranium enrichment, U.S. officials said July 19.



``U.S. refinery operations in the Gulf of Mexico are safe at present, but Mexico's oil operations are at risk,'' said Robert Laughlin, senior broker at MF Global Ltd. in London. ``If the direction was to change, a protective shut in of production facilities across the Gulf of Mexico is likely.''



Crude oil for August delivery rose as much as $2.14, or 1.7 percent, to $131.02 a barrel on the New York Mercantile Exchange. It was at $130.53 at 11:36 a.m. in London.



The contract fell 41 cents, or 0.3 percent, to settle at $128.88 on July 18, the lowest close since June 5. Prices dropped 11 percent last week, the most in more than three years, on signs of slowing global economic growth and faltering U.S. fuel demand.





Iran snubbed Western efforts to get it to suspend nuclear enrichment at talks in Geneva on July 19, setting the stage for new sanctions if the Middle East's second-largest oil producer doesn't respond to an existing proposal within two weeks.



Top Negotiator



``We did not get what we were looking for,'' European Union foreign policy chief Javier Solana said at a press conference following four hours of talks with Iran's top nuclear negotiator, Saeed Jalili.



``The assumption was the talks would take some pressure off the market, but they didn't end as they were supposed to,'' said Eugen Weinberg, an analyst at Commerzbank AG in Frankfurt. ``Any escalation of aggression will definitely affect the price positively.''



Iran, the second-largest producer in the Organization of Petroleum Exporting Countries, borders the Straits of Hormuz and has in the past threatened to close the waterway carrying about a fifth of the world's oil deliveries.



Brent crude oil for September settlement rose as much as $2.35, or 1.8 percent, to $132.54 a barrel on London's ICE Futures Europe exchange. It was trading at $131.87 a barrel at 11:37 a.m. local time.



Hurricane Season



The North Atlantic hurricane season runs June through November. September is historically the busiest month for storms and hurricanes.



The northern Gulf of Mexico accounts for about 25 percent of U.S. oil production. Tropical Storm Dolly's projected path over the tip of the Yucatan Peninsula takes it north of Campeche Bay, where Petroleos Mexicanos produces about 1.07 million barrels of oil a day.



Dolly may strengthen again as it crosses the gulf on a path that may take it toward the Mexico-Texas border, hurricane center said. There is a 43 percent chance it will remain a storm, with wind speeds between 39 and 73 miles an hour and a 12 percent chance it will dissipate before making land a second time around July 24.





Tropical Storm Dolly Crosses Yucatan, May Strengthen (Update1)



By Alex Morales



July 21 (Bloomberg) -- Tropical Storm Dolly pounded Mexico's Yucatan Peninsula with 50 mile-per-hour winds and may become a hurricane by tomorrow as it passes back over sea, the U.S. National Hurricane Center said.



Dolly's center was located about 150 miles (240 kilometers) east of Progreso, Mexico, and heading northwest at 15 mph, the center said in an advisory posted on its Web site at about 5 a.m. Miami time. A tropical storm warning was in place for the Yucatan Peninsula from the border between Mexico and Belize to Campeche.



``Strengthening is expected to begin when the center of the storm moves into the Gulf of Mexico and Dolly could become a hurricane by Tuesday,'' the center said. Hurricanes have maximum sustained winds of at least 74 mph.



Dolly's tropical storm-force winds, of at least 39 mph, extend outwards by up to 175 miles and may affect the western tip of Cuba with gusts early today, the center said.



To the northeast, Tropical Storm Cristobal moved away from North Carolina's Outer Banks islands, and was located about 110 miles northeast of Cape Hatteras at 5 a.m. Miami time, the center said. Packing 50 mph winds, the system was moving northeast at 13 mph.



``On this track Cristobal will be well offshore of the mid- Atlantic coast later today,'' the center said.

[frawin]

Crude Oil close at $131.04 up $2.16 and Natural Gas Closed at $10.51 down $0.06.

[Diane Amberg]

I wish we still had our oil wells! 

[frawin]

September, front month Crude is trading flat at $131.80 , off $0.02 and Natural Gas for front month August is trading down at $10.36 off $0.15

[frawin]

Hopefully we can avoid in long term shutdowns of Platforms in the Gulf. We need to rebuild Natural Gas inventories before Winter and a lot of our gas comes from the Gulf Offshore Producing Platforms.
Frank

Oil Is Steady as Storm Forecast to Miss Gulf Production Areas

By Christian Schmollinger and Grant Smith
July 22 (Bloomberg) -- Crude oil traded little changed in New York as forecasters said a storm in the Gulf of Mexico will probably miss U.S. oil fields and refineries, easing concern that supplies will be disrupted.
Tropical Storm Dolly is predicted to come ashore tomorrow near the Texas border with Mexico, south of the Gulf of Mexico area that accounts for about 25 percent of U.S. oil output, the National Hurricane Center said. U.S. crude supplies probably dropped last week as near-record prices discouraged buying, according to a Bloomberg News survey.
``We're expecting Dolly to miss the row of refineries that lies in the Gulf of Mexico,'' said Robert Laughlin, senior broker at MF Global Ltd. in London. ``Local weather is calm with warm water so there is nothing to suggest that she will change direction.''
Crude oil for August delivery traded 14 cents higher at $131.18 a barrel at 10:40 a.m. in London. Earlier today the contract fell as much as 77 cents, or 0.6 percent, to $130.27 a barrel on the New York Mercantile Exchange. Futures are up 74 percent from a year ago.
Yesterday, oil rose $2.16, or 1.7 percent, to settle at $131.04 a barrel. It was the first increase in five days. The August contract expires today. The more-active September futures rose 21 cents to $132.02 a barrel at 10:38 a.m. London time.
Oil settled at $128.88 on July 18, the lowest close since June 5. Prices dropped 11 percent last week, the most in more than three years, on signs of slowing global economic growth and faltering U.S. fuel demand.
Dolly's Winds
Brent crude oil for September settlement was at $132.84 a barrel at 10:39 a.m. London time on the ICE Futures Europe exchange. The contract yesterday rose $2.42, or 1.9 percent, to settle at $132.61 a barrel. Prices climbed to a record $147.50 on July 11.
Dolly strengthened over the Gulf of Mexico, and may become a hurricane before making landfall near the Texas-Mexico border, the U.S. National Hurricane Center said today.
Dolly's maximum sustained winds strengthened to 60 miles (97 kilometers) per hour, the agency said in an advisory on its Web site at about 4:30 a.m. Miami time. The storm was 295 miles southeast of Brownsville, Texas, and moving west at 15 mph, with a turn toward the west-northwest forecast.

Exxon Evacuates
Exxon Mobil Corp., the world's biggest energy company, said it started evacuating workers from oil and gas wells in the Gulf of Mexico before Dolly arrives. There has been minimal production impact for Exxon, the company said in a statement today.
Royal Dutch Shell Plc, Europe's biggest oil company, has started evacuation of personnel from oil platforms in the Gulf of Mexico because of the approaching storm. The company removed about 125 people from its operations in the western part of the Gulf July 20, and was planning to evacuate another 60 yesterday, it said in an e-mailed statement.
``No further evacuations are planned at this time after yesterday, and based on current information and forecast we do not expect any impact on Shell-operated production in the Gulf of Mexico,'' The Hague-based Shell said.
No oil or natural-gas production has been shut as a result of the approaching storm, the Minerals Management Service, part of the U.S. Interior Department, said yesterday.

Mexican Output

Petroleos Mexicanos, Mexico's state oil company, produces about 1.07 million barrels of oil a day in the Bay of Campeche, which is south of the projected track of the storm. Dolly isn't expected to reach company platforms after it enters the Gulf, Petroleos Mexicanos spokesman Javier Delgado Pena said in a telephone interview yesterday.
U.S. crude oil and fuel production plunged and prices rose to records when hurricanes Katrina and Rita shut refineries and platforms as they struck the Gulf of Mexico coast in August and September 2005. Katrina shut 95 percent of offshore output in the region. Almost 19 percent of U.S. refining capacity was idled because of damage and blackouts caused by the hurricanes.
The North Atlantic hurricane season runs from June through November. September is historically the busiest month for storms and hurricanes.

U.S. oil inventories have fallen in seven of the past nine weekly government supply reports. Stockpiles rose 2.95 million barrels in the week ended July 11, the Energy Department said last week.

Tropical Storm Dolly Strengthens Over Gulf of Mexico

By Alex Morales
July 22 (Bloomberg) -- Tropical Storm Dolly strengthened over the Gulf of Mexico, and may become a hurricane before making landfall near the Texas-Mexico border, the U.S. National Hurricane Center said.
Dolly's maximum sustained winds strengthened to 60 miles (97 kilometers) per hour, the agency said in an advisory on its Web site at about 4:30 a.m. Miami time. The storm was 295 miles southeast of Brownsville, Texas, and moving west at 15 mph, with a turn toward the west-northwest forecast.

``Additional strengthening is forecast, and Dolly is expected to become a hurricane prior to landfall,'' the agency said. Hurricanes have maximum sustained winds of at least 74 mph.
Dolly late yesterday prompted authorities to issue hurricane warnings and advise boat-owners to make preparations for the storm. U.S. oil and natural-gas operations in the Gulf aren't likely to be affected by the storm, AccuWeather.com forecaster Kate Wotring said yesterday in an e-mail.
A hurricane warning is in place along a 300-mile stretch of coast from the San Fernando River, Mexico, to Port O'Connor in Texas, and a tropical storm warning is in effect from north of Port O'Connor to San Luis Pass and in Mexico from La Pesca to south of the San Fernando river.
``Preparations to protect life and property should be rushed to completion,'' the center said.
To the northeast, Tropical Storm Cristobal accelerated across the Atlantic and is forecast to weaken. The system, with 60-mph winds, was about 485 miles northeast of Cape Hatteras, North Carolina, and 450 miles south-southwest of Halifax, Canada, the center said in a separate advisory.
Cristobal was moving northeast at 21 mph and forecast to speed up and turn toward the east-northeast.


Exxon Starts Evacuating Workers From Gulf of Mexico Platforms

By Christian Schmollinger

July 22 (Bloomberg) -- Exxon Mobil Corp., the world's biggest energy company, started removing workers from oil and gas wells in the Gulf of Mexico before the arrival of Tropical Storm Dolly, the company said.
``We have initiated evacuation of non-essential personnel from facilities expected to be in the path of the storm,'' according to an e-mailed statement from spokeswoman Margaret Ross. ``We are prepared to evacuate remaining personnel from offshore facilities safely in advance of the storm.''

[frawin]

Oklahoma has nation's cheapest gas prices


By Associated Press
7/22/2008  8:52 AM


OKLAHOMA CITY — It's less expensive to buy gasoline in Oklahoma than anywhere else in the country.

According to AAA, the average price for a gallon of gasoline in Oklahoma on Tuesday is about $3.83 a gallon. It's the second time in a little less than a month that Oklahoma has had the nation's cheapest gas.

Missouri is second on the list with an average price of about $3.86 a gallon, while South Carolina is at $3.87 a gallon.

[DanCookson]

Better run out and fill up all the cans Frank!!!

[frawin]

Dan, crude is trading down $1.62 at $130.20 for Sept 08 ands Natural Gas is trading down a whopping $0.585 at $10.00 even. If the hurricane hype doesn't get to negative I think we could trade down considerably due to the "Speculators bailing out. I keep both of our vehicles full all of the time and never go below a half, the first big rumor of an embargo or cutoff and there is a mad dash by everyone to fill up and it immediately creates a big shortage. The Nation's inventory goes from the service station tanks to the customers tanks. I remember the 73 embargo all to well.

[Wilma]

Gas was 3.69 in Wichita yesterday.