As oil tops $133, execs again blame supply and demand

Not logged in [Log In] [Sign Up] [Points Leaders] [My Profile]

Wednesday, August 20, 2008 8:05:00 AM

Featured Sponsor

Save 5% on gas All gas purchases get a 5% rebate with the Discover Card* Click here for more info


Add gas prices to your web site. Click here to find out how!

GasBuddy News Article

As oil tops $133, execs again blame supply and demand Thursday, May 22, 2008
USA Today -- WASHINGTON (Reuters) — As crude oil prices topped $133 a barrel and gasoline headed toward $4 a gallon, executives from five big oil companies Wednesday gave a wide range of estimates when lawmakers asked them how high oil prices should be. Crude oil soared $4.19 to settle at $133.17 a barrel on the New York Mercantile Exchange — about $20 higher than it was at the beginning of May. It passed $134 a barrel in after-hours trading. For the second time this year, executives from ExxonMobil (XOM), Chevron (CVX) and three other big energy companies were called to testify before Congress about oil prices.
Visit USA Today for full article

Message Forum - Read Message

Category: Daily News Article Discussions > Topics		Add to favorite topics Post New Topic
Rate this topic: Low 1 - 2 - 3 - 4 - 5 High Avg rating: 5.0 (1 votes)

Author	Topic: As oil tops $133, execs again blame supply and demand	Post a Reply Back to Topics

JT Moderator	Message Posted: 5/22/2008 10:46:48 AM	Ignore JT Report Abuse
	Thursday, May 22, 2008 USA Today -- WASHINGTON (Reuters) — As crude oil prices topped $133 a barrel and gasoline headed toward $4 a gallon, executives from five big oil companies Wednesday gave a wide range of estimates when lawmakers asked them how high oil prices should be. Crude oil soared $4.19 to settle at $133.17 a barrel on the New York Mercantile Exchange — about $20 higher than it was at the beginning of May. It passed $134 a barrel in after-hours trading. For the second time this year, executives from ExxonMobil (XOM), Chevron (CVX) and three other big energy companies were called to testify before Congress about oil prices. Visit USA Today for full article

REPLIES (newest first)

First

Next Last

Rick52 Champion Author Milwaukee Posts:1,219 Points:22,725 Joined:Mar 2005	Message Posted: 5/24/2008 8:01:40 AM	Ignore Rick52 Report Abuse
	http://video.google.com/videoplay?docid=3340274697167011147 This is where your money is going for the war loan watch the video it's 1hr long...Then maybe there would be so many speculating posts......
jmuse Veteran Author Long Island Posts:479 Points:100,775 Joined:May 2008	Message Posted: 5/24/2008 7:30:31 AM	Ignore jmuse Report Abuse
	This public wrist slapping is a farce put on by congress to make it appear they're doing their jobs. Is anyone buying it?
SHEP20715 All-Star Author Maryland Posts:560 Points:94,980 Joined:Nov 2007	Message Posted: 5/24/2008 3:09:15 AM	Ignore SHEP20715 Report Abuse
	SPECULATORS ARE RUNNING THE SHOW
kanmandoo All-Star Author Detroit Posts:851 Points:821,250 Joined:Jun 2005	Message Posted: 5/23/2008 2:33:06 PM	Ignore kanmandoo Report Abuse
	Set a cap on profits and take away ALL their tax breaks. $30-billion in profits and we still give THEM a tax break.
ncdiesel Sophomore Author North Carolina Posts:149 Points:39,655 Joined:Sep 2006	Message Posted: 5/23/2008 2:15:17 PM	Ignore ncdiesel Report Abuse
	In about two more months this country will be on it,s knee,s.
eddmac Champion Author Washington Posts:1,701 Points:438,890 Joined:May 2006	Message Posted: 5/23/2008 1:05:20 PM	Ignore eddmac Report Abuse
	Like I've been saying, "they have the supply and demand our money."
NatureBoyKY Rookie Author Kentucky Posts:91 Points:134,415 Joined:Jan 2008	Message Posted: 5/23/2008 12:39:42 PM	Ignore NatureBoyKY Report Abuse
	What a BOGUS crock of "you know what". Oil is up because a handful of rich jerks are running up the futures price. Oil companies are using this as an excuse to jack present prices. This is about rich stock holders sticking it to the rest of the world. These are the people who need a lawful demonstration that can and will be supported by the masses.
wild3bill Sophomore Author New York Posts:135 Points:515,515 Joined:Nov 2005	Message Posted: 5/23/2008 11:47:31 AM	Ignore wild3bill Report Abuse
	Do you remember when those Five big oil companies were Seven or more Big Oil companies. In 1997 an FTC official said "consumers will not pay more for gasoline and other petroleum products, especially on the West Coast." with respect to one of the deals approved which reduced competition. A Very few merged Big Oil Companies control ALL the Supply and, any they can Demand every thing we have for it! [Edited by: wild3bill at 5/23/2008 11:50:17 AM EST]
pcjunkie7 Champion Author Florida Posts:1,001 Points:152,785 Joined:Feb 2008	Message Posted: 5/23/2008 11:45:55 AM	Ignore pcjunkie7 Report Abuse
	I disagree that drilling will only help the world market. Anything that helps the world market will also help us and force the price down globally.
ramshot412 Champion Author Riverside Posts:11,185 Points:1,121,825 Joined:Apr 2004	Message Posted: 5/23/2008 11:37:04 AM	Ignore ramshot412 Report Abuse
	w4kh is right, drilling only help the world market and oil companies. We need CHANGE!
NissanGirl Sophomore Author Oregon Posts:193 Points:111,210 Joined:Jan 2008	Message Posted: 5/23/2008 10:58:23 AM	Ignore NissanGirl Report Abuse
	AAAHHHHH!!!
frede2 Champion Author Texas Posts:3,167 Points:705,795 Joined:May 2005	Message Posted: 5/23/2008 10:51:33 AM	Ignore frede2 Report Abuse
	Yeah, right, oil execs it is all our fault. That is why those greedy oil execs are paying themselves hundreds of millions of dollars in bonuses. Time for the government to put caps on the oil companies, oops, that is the same government that gave us the Iraq war.....never mind!
kmgaslooker Rookie Author Long Island Posts:42 Points:198,690 Joined:Jun 2007	Message Posted: 5/23/2008 10:47:03 AM	Ignore kmgaslooker Report Abuse
	A circus, which is par for the course in Washington
Houckster Champion Author Atlanta Posts:4,429 Points:483,880 Joined:Sep 2003	Message Posted: 5/23/2008 10:46:45 AM	Ignore Houckster Report Abuse
	KINGDICK writes (regarding high oil prices): Republicans do a better job of raising the deficit ! 3+ trillion now Nope. We owe 8 trillion plus. Not enough dollars exist to pay this debt.
TboneGuy Rookie Author Ohio Posts:5 Points:167,950 Joined:May 2007	Message Posted: 5/23/2008 10:44:57 AM	Ignore TboneGuy Report Abuse
	Without exaggerating, does anyone have a realistic guess as to how much gas will cost by July 4th?
w4kh Champion Author Riverside Posts:3,280 Points:563,990 Joined:May 2004	Message Posted: 5/23/2008 10:41:59 AM	Ignore w4kh Report Abuse
	Supply and demand are at work... HOWEVER, keep in mind that these Big Oil Giants are INTERNATIONAL, and they know the GLOBAL MARKET will buy up whatever they can produce... if we allow them to drill off shore, or drill in ANWR, they will bring that oil to the GLOBAL MARKET where China, India, and other emerging economies will bid for the oil, keeping the price high and profits even higher! Vote for good sense in November, and let's stop having oil people in Congress deciding our fate...
Don20 Champion Author Oklahoma City Posts:1,080 Points:923,290 Joined:Mar 2005	Message Posted: 5/23/2008 10:41:53 AM	Ignore Don20 Report Abuse
	The price at the pump has had nothing to do with Supply and Demand, for the last two years. ( if it did gas would be 1.90 a gal.) More like greed. How high can we get it and maintain with change in production.
rustyOR Veteran Author Oregon Posts:484 Points:106,700 Joined:Apr 2008	Message Posted: 5/23/2008 10:40:50 AM	Ignore rustyOR Report Abuse
	Economics 101
EarlyMoose Champion Author Seattle Posts:1,490 Points:619,115 Joined:Dec 2005	Message Posted: 5/23/2008 10:39:23 AM	Ignore EarlyMoose Report Abuse
	who cares who's to blame. Let's find a solution and quit the belly-achin'
KO292 Champion Author Twin Cities Posts:1,489 Points:473,190 Joined:Apr 2007	Message Posted: 5/23/2008 10:38:56 AM	Ignore KO292 Report Abuse
	not good
CatbirdWoman All-Star Author Ohio Posts:729 Points:252,530 Joined:Jan 2007	Message Posted: 5/23/2008 10:38:22 AM	Ignore CatbirdWoman Report Abuse
	Kingdick, now I wouldn't blame everything on Walmart and Bush. True, our jobs were sent over to China, and elsewhere, but what if you can't afford anything except Walmart? The war, I won't go there, but I like Bush, no, he's not perfect by all means, but this is a hard time for any president, be it Bush, Obama or whomever. I am glad Bush is in right now. A lot is our congress' fault! They like the big profits just as well as the oil big guns! They could do something about it. They could start to drill, or something. Anyways, that's my two cents!
FuelGrinch Sophomore Author Kansas Posts:156 Points:47,500 Joined:Aug 2005	Message Posted: 5/23/2008 10:37:50 AM	Ignore FuelGrinch Report Abuse
	I heard that the oil company's show a slight loss in the month of april....wah wah wah! They are still making way to much!
throttle Champion Author Maryland Posts:4,122 Points:931,575 Joined:Jul 2004	Message Posted: 5/23/2008 10:34:09 AM	Ignore throttle Report Abuse
	Speculators need no reason...they just play the game.
tomok Champion Author Portland Posts:7,775 Points:627,135 Joined:Aug 2006	Message Posted: 5/23/2008 10:34:08 AM	Ignore tomok Report Abuse
	no way - oil companies are charging way too much for everything. They do not want alternative fuels because they have no control over it. Produce more and many different alternative fuels using NON FOOD sources. Limit the import of OPEC oil. There are many lands alternative plants can be grown on that food crops cannot. Algae is also a good source of bio oil for diesel or other refined products. Limit the import of OPEC oil.
gasman50 All-Star Author Portland Posts:930 Points:731,665 Joined:Nov 2005	Message Posted: 5/23/2008 10:32:36 AM	Ignore gasman50 Report Abuse
	Very ugly
krmack Champion Author Illinois Posts:1,000 Points:118,210 Joined:Apr 2008	Message Posted: 5/23/2008 10:31:57 AM	Ignore krmack Report Abuse
	The blame is sooooo fun!
funandtrvl All-Star Author Illinois Posts:958 Points:128,650 Joined:Feb 2008	Message Posted: 5/23/2008 10:31:00 AM	Ignore funandtrvl Report Abuse
	If we're buying less of the imported stuff, where are the people in those countries getting the money to buy more gas?
Masercal Champion Author Michigan Posts:1,041 Points:251,785 Joined:Oct 2007	Message Posted: 5/23/2008 10:28:16 AM	Ignore Masercal Report Abuse
	Let them keep playing the blame game while the rest of us move to affordable, renewable energy that is produced and distributed domestically. That way when they come back to us and say we need help because we are tanking now, we can play the blame game right back and say you didn't listen to us when we said you need to bring prices down. So sorry for your luck!
fairchildd All-Star Author Kansas City Posts:668 Points:280,535 Joined:Aug 2007	Message Posted: 5/23/2008 10:28:14 AM	Ignore fairchildd Report Abuse
	and they gave the same answers I'm sure they have been giving. It's not OUR fault (whine, whine)
stvpete Rookie Author Minnesota Posts:54 Points:315,355 Joined:Sep 2006	Message Posted: 5/23/2008 10:26:45 AM	Ignore stvpete Report Abuse
	They can't blame me, I haven't bought gas in over two weeks, and won't for another two.
ledoy Champion Author Dayton Posts:4,680 Points:950,775 Joined:Aug 2005	Message Posted: 5/23/2008 10:25:49 AM	Ignore ledoy Report Abuse
	ok
laddyboy62 Champion Author Riverside Posts:1,115 Points:902,360 Joined:Mar 2005	Message Posted: 5/23/2008 10:22:23 AM	Ignore laddyboy62 Report Abuse
	killing us
MASHBY Rookie Author South Carolina Posts:91 Points:22,835 Joined:May 2008	Message Posted: 5/23/2008 10:21:44 AM	Ignore MASHBY Report Abuse
	they need to give a massive brake to us all
greywolves All-Star Author Las Vegas Posts:726 Points:845,900 Joined:Dec 2004	Message Posted: 5/23/2008 10:21:20 AM	Ignore greywolves Report Abuse
	SUCKERS!
blazerbob91 All-Star Author Milwaukee Posts:756 Points:317,105 Joined:Aug 2005	Message Posted: 5/23/2008 10:20:41 AM	Ignore blazerbob91 Report Abuse
	The CEO for Royal dutch said on CNBC yesterday that supply of crude is adequate.
MightyDude Champion Author Minnesota Posts:1,560 Points:941,395 Joined:Mar 2003	Message Posted: 5/23/2008 10:19:39 AM	Ignore MightyDude Report Abuse
	oh boy
_angel35_ Sophomore Author Michigan Posts:194 Points:67,405 Joined:Aug 2005	Message Posted: 5/23/2008 10:18:33 AM	Ignore _angel35_ Report Abuse
	'headed toward'? no station in my area is under 4$/gal for reg any more NONE
praises7 Champion Author Twin Cities Posts:9,881 Points:1,834,440 Joined:Feb 2003	Message Posted: 5/23/2008 10:17:08 AM	Ignore praises7 Report Abuse
	Record profits and they keep excepting public tax dollars!
SpruceGuse2 Champion Author Michigan Posts:1,256 Points:771,125 Joined:Mar 2006	Message Posted: 5/23/2008 10:13:59 AM	Ignore SpruceGuse2 Report Abuse
	And the oil companies don't understand why they have such large profits?
CyanSquirrel All-Star Author Virginia Posts:533 Points:116,105 Joined:Jun 2004	Message Posted: 5/23/2008 10:12:58 AM	Ignore CyanSquirrel Report Abuse
	Mirror, meet pension package and golden parachute.
Yvonner Champion Author Alberta Posts:1,700 Points:366,100 Joined:Aug 2004	Message Posted: 5/23/2008 10:10:14 AM	Ignore Yvonner Report Abuse
	Don't get me started!
RdHogg Champion Author Houston Posts:10,704 Points:1,288,395 Joined:Jun 2004	Message Posted: 5/23/2008 10:08:43 AM	Ignore RdHogg Report Abuse
	yes
tobasco Champion Author Los Angeles Posts:2,721 Points:756,440 Joined:Mar 2004	Message Posted: 5/23/2008 10:05:11 AM	Ignore tobasco Report Abuse
	Of course they do...
gatj1025 Rookie Author Georgia Posts:92 Points:25,840 Joined:May 2008	Message Posted: 5/23/2008 10:02:55 AM	Ignore gatj1025 Report Abuse
	mmene - I really don't think the oil companies need to raise too much more capital for exploration; they could just use some of those Billions in profits to pay for it. I really think that Big Oil could keep prices a little lower than they are without feeling the pinch too bad.
suportoffroad30 Rookie Author Wisconsin Posts:48 Points:211,710 Joined:Aug 2007	Message Posted: 5/23/2008 10:01:21 AM	Ignore suportoffroad30 Report Abuse
	The rich get richer and the poor get poorer, paying the $$ for gas, and food, and other stuff.
mmene Sophomore Author Houston Posts:125 Points:45,700 Joined:May 2008	Message Posted: 5/23/2008 9:57:33 AM	Ignore mmene Report Abuse
	kingdick: all your rantings do not make sense. Speculators can temporarily affect the price of oil, but they also can help raise the capital it takes to do exploration for more oil. And oil speculators are no different than speculators on housing, corn, pork bellies or any other commodity. You can blame them for short term movements, but not the overall behavior of a commodity. And the rant against Walmart makes even less sense. Walmart has plenty of competition, you just need to go to those stores and buy stuff and convince the rest of the US to do it and they will cease to exist. If you have to blame someone blame the consumer who goes to Walmart over other stores because they are not personally willing to subsidize the US economy by paying higher prices. It is not like Chinese companies will stop having a cost advantage is Walmart disappears. They will just find other ways to reach the consumer. Of course if you are advocating socialism and closed markets then your argument would make more sense though I would disagree for different reasons.
MG_Sputnik Veteran Author Philadelphia Posts:430 Points:374,480 Joined:Apr 2006	Message Posted: 5/23/2008 9:56:17 AM	Ignore MG_Sputnik Report Abuse
	What is all this with the big execs going to accomplish? NOTHING! The government can't do a thing, probably because they don't want to.
NavyEOD Champion Author Los Angeles Posts:1,496 Points:339,455 Joined:Jul 2007	Message Posted: 5/23/2008 9:53:53 AM	Ignore NavyEOD Report Abuse
	Demand is down.
RandyK9 Champion Author London Posts:3,084 Points:619,145 Joined:Jul 2006	Message Posted: 5/23/2008 9:52:50 AM	Ignore RandyK9 Report Abuse
	More stories.
POLELANE Champion Author Ohio Posts:1,450 Points:146,225 Joined:Mar 2008	Message Posted: 5/23/2008 9:52:21 AM	Ignore POLELANE Report Abuse
	they demand we pay, and we supply the payment