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GasBuddy News Article

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Oil Heads for Longest Run of Weekly Gains Since 2009 on Economy

Bloomberg.com -- Oil headed for a seventh weekly advance in New York, the longest run of gains in almost four years, amid signs of global economic growth and a drop in crude stockpiles at Cushing, the U.S. storage hub. Futures were little changed after yesterday’s advance, the biggest in a week. U.S. jobless claims fell to a five-year low, data from the Labor Department show. A report from China, the biggest crude consumer after the U.S., indicated manufacturing is expanding. Inventories at Cushing, Oklahoma, the delivery point for West Texas Intermediate oil, slid for the first time since November, according to the Energy Department.

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Submitted Jan 25, 2013 By: Teslukbla
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: Oil Heads for Longest Run of Weekly Gains Since 2009 on Economy Back to Topics
REPLIES (newest first) Post a Reply
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honda0105
Champion Author Tallahassee

Posts:22,950
Points:2,217,065
Joined:Nov 2008
Message Posted: Jan 28, 2013 5:51:07 AM

fedupMN: I agree... another round of BOHICA on the way. And it's not helping the economy one lousy bit.
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fedupMN
Champion Author Twin Cities

Posts:5,237
Points:1,078,840
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Message Posted: Jan 25, 2013 5:51:10 PM

Here it comes..... bend over.....
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oilfreak
All-Star Author Houston

Posts:723
Points:39,210
Joined:Oct 2012
Message Posted: Jan 25, 2013 2:18:03 PM

Gotta blame speculators and big oil execs for high prices.
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ClassicWheeler
Champion Author Montgomery

Posts:3,176
Points:912,550
Joined:Apr 2012
Message Posted: Jan 25, 2013 1:14:13 PM

What do you expect? We are the losers in the long run. And no one represents us, the people.
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bobcatfan
Champion Author Kentucky

Posts:3,449
Points:1,172,695
Joined:Apr 2011
Message Posted: Jan 25, 2013 1:12:06 PM

Fake rise in price. Eliminate all speculators.
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CAD69
Champion Author Milwaukee

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Points:1,422,395
Joined:Nov 2010
Message Posted: Jan 25, 2013 1:11:17 PM

Well that didn't last long!
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dan30thz28
Champion Author New Jersey

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Message Posted: Jan 25, 2013 1:01:43 PM

Great! This is not cool!
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Kent54
Sophomore Author Albuquerque

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Points:115,260
Joined:Aug 2005
Message Posted: Jan 25, 2013 12:59:39 PM

We will see an increase at the pump, it's under $3.00 in my market now, I think we see $4.00 before we see $2.00 (if ever)!
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IMLURCH
Champion Author Minnesota

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Message Posted: Jan 25, 2013 12:57:24 PM

The speculators and oil companies want more profits to pad their wallets at our expense.
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gsayeg1
Champion Author Milwaukee

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Points:228,690
Joined:Jun 2008
Message Posted: Jan 25, 2013 12:57:00 PM

lets all pee in our gas tanks and see if that helps
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PangON
All-Star Author London

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Message Posted: Jan 25, 2013 12:53:01 PM

Will it matter at the pumps?
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alp
Champion Author Portland

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Message Posted: Jan 25, 2013 12:52:19 PM

Good news for some of us..
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sjf238
Champion Author Philadelphia

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Joined:Mar 2011
Message Posted: Jan 25, 2013 12:50:56 PM

Bad news.
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Bobmilan
Champion Author Louisville

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Message Posted: Jan 25, 2013 12:49:59 PM

Value of the dollar/inflation may be cause?

Solution:Feds must close the deficit.
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hank1326
Champion Author Los Angeles

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Message Posted: Jan 25, 2013 12:49:03 PM

Pump prices are climbing here since midweek.
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MightyDude
Champion Author Minnesota

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Message Posted: Jan 25, 2013 12:47:54 PM

me sad
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MotoDad
Champion Author Phoenix

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Message Posted: Jan 25, 2013 12:45:46 PM

don't like
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PithyOpiner
Champion Author Stockton

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Message Posted: Jan 25, 2013 12:41:20 PM

How do they do that? They are financial wizards there on Wall Street. They can force the market to make money for them no matter what is happening in the world. The world could be coming to an end and they would find a way to make a profit on it.
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Night Owl
Champion Author Toronto

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Message Posted: Jan 25, 2013 12:15:45 PM

Greedy Wall Street oil speculators are simply too greedy. Why do they get to set oil prices to whatever they feel like?

CFTC, where are you and why aren't you doing your job?
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steven_flies
Veteran Author Oregon

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Message Posted: Jan 25, 2013 12:15:10 PM

Gas prices will be going up again now...
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doctorindyj
Champion Author Santa Fe

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Message Posted: Jan 25, 2013 11:50:12 AM

More damned if you do and damned if you don't.
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tomok
Champion Author Portland

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Message Posted: Jan 25, 2013 11:38:10 AM

Oil Heads for Longest Run of Weekly Gains Since 2009 on Economy? A drop in crude oil stockpiles, higher fuel prices and Sneeky's lously economy is supposed to be recovering.
One article says one thing, another article says something else. Whom do you believe?
Vehicle manufactures Produce and the population ‘Drives’ vehicles with high MPG, are very safe, reliable, have a ‘reasonable’ cost and a good
‘value’ for the money.
The price of fuel at the pump is too high!
XII/XXII/MMXII! - The Day After......
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smokinjoe54
Champion Author Ohio

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Message Posted: Jan 25, 2013 11:21:33 AM

Don't understand this.
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Ticobird
Champion Author Huntsville

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Message Posted: Jan 25, 2013 11:10:27 AM

Another article predicting the movement of oil out of the Cushing, Oklahoma will raise the price of oil seems to be correct for the reason stated, which is global demand.
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FuelBarge
Champion Author Long Island

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Message Posted: Jan 25, 2013 11:00:00 AM

Gasoline prices to follow shortly...
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Tekkersmom57
Champion Author Syracuse

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Message Posted: Jan 25, 2013 10:53:03 AM

Just the printing of this article.....from Bloomberg, no less, will make the speculators hurry to buy more oil on paper to raise the price even higher. How convenient for Bloomberg and the speculators....a win/win situation for both of them...... a lose/lose situation for ALL of us!

LOVED your comment, craigsf38!

[Edited by: Tekkersmom57 at 1/25/2013 10:54:31 AM EST]
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treehood
Champion Author San Diego

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Message Posted: Jan 25, 2013 10:16:10 AM

Once I used to get 12 MPG now if i am lucky i get 24 MPG. Gas cost $1.50 now it is around $3.50 If i got a Prius or similar i might get 40 MPG or better. So is gas more or less expensive than in the past? Peugeot says they can get me over 100 MPG.
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Lologogo
Champion Author Twin Cities

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Message Posted: Jan 25, 2013 10:14:54 AM

It couldn't be because it's so much colder?
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w4kh
Champion Author Tennessee

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Joined:May 2004
Message Posted: Jan 25, 2013 10:13:16 AM

Even as the seven consecutive weekly "gains" have been small each week, so far the pump price has remained rather steady (here locally)... it doesn't seem like it would take much (and with refinery maintenance "season" nearly ready to kick off, there is one solid push coming) to see pump prices start their inevitable climb.
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ruca2012
Champion Author San Diego

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Message Posted: Jan 25, 2013 10:13:08 AM

longest run gains? then why don't they pass the buck? GREED
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techque
Champion Author St. Louis

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Message Posted: Jan 25, 2013 10:03:11 AM

harbingers of price increases to come.
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Don20
Champion Author Oklahoma City

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Message Posted: Jan 25, 2013 9:57:04 AM

Oil Heads for Longest Run of Weekly Gains Since 2009 on Economy ..

That is good, lets keep in going in that direction...
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GoLancer4
Champion Author Ohio

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Message Posted: Jan 25, 2013 9:54:03 AM

mm hmm
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bloonfoot
Sophomore Author Cleveland

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Joined:Nov 2009
Message Posted: Jan 25, 2013 9:52:56 AM

Sorry to say it, but this is what we have to expect as the economy improves, however slowly. With the ever-widening income and wealth gaps between those in the executive suite and the working poor, the increases in gas prices exacerbate the problem of just scraping by for the working poor and the un- and under-employed. Gas price increases lower the standard of living for all of us who don't own oil company stocks or work in management for an oil company.

Think about when that drop in the standard of living began. If you were at least a young teen at the time of the Arab Oil Embargo in 1973, you've seen average families' position eroded, with higher energy prices and slowly-rising or flat wages. In the meantime, in the period between 1979-2007, the top 1% saw an increase in before tax income of 266% and 304% after tax, while the bottom 20% saw increases of 37-41%.

http://www.cbpp.org/cms/index.cfm?fa=view&id=3629

So you see, there REALLY IS class warfare...but WE didn't start it, and WE are losing.

Just so you know, what cost $100 in 1979 would cost $282.14 in 2007. There was a huge disparity between the rate of inflation for wages and for consumer products. Check it with this inflation calculator:

http://www.westegg.com/inflation/

Exporting energy, whether oil or gas, will keep the money flowing out of OUR pockets and into those of the oil CEOs. It won't make us energy independent. Pardon the length of this. It's a forum, and we all benefit by informing ourselves, as I had to do to write this. What can we do about all this? Don't hesitate to write and email or letter to your Senators and member of the House, or, better yet, call them. Let them know what you think. Move them to work for the people...not special interests. Be your own lobby.
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infinititom
Champion Author Dallas

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Message Posted: Jan 25, 2013 9:51:19 AM

Gee, oil prices behaving just like at the start of Obama's first term. Coincidence?? No it must be Bush's fault!
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LJGP_MO95
Champion Author Missouri

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Message Posted: Jan 25, 2013 9:50:32 AM

Boo!
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craigsf38
Champion Author Rochester

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Message Posted: Jan 25, 2013 9:49:39 AM

Whatever the speculators will run with the small hint of growth. At times it reminds me of sharks getting ready for a feeding frenzy
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MikLamb
Champion Author Texas

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Joined:Jun 2006
Message Posted: Jan 25, 2013 9:47:36 AM

More records are coming, unfortunately.
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LuckyD43
Champion Author Long Island

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Joined:Apr 2005
Message Posted: Jan 25, 2013 9:47:27 AM

It's gotten to the point where they'll use ANY excuse to raise prices. According to an earlier article here, that drop in crude stockpiles in Cushing is due to the reopening of the Seaway Pipeline.
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BillHeatherL
Champion Author Alberta

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Message Posted: Jan 25, 2013 9:47:04 AM

greed rules
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DerTaubman
Champion Author Detroit

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Message Posted: Jan 25, 2013 9:46:01 AM

And up go gas prices again.
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theWizK
Champion Author Columbus

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Message Posted: Jan 25, 2013 9:45:51 AM

Go figure
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niceguytx
Champion Author Houston

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Message Posted: Jan 25, 2013 9:45:03 AM

Bad news for the economy.
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2962
Champion Author Omaha

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Message Posted: Jan 25, 2013 9:44:19 AM

Stock market up all week oil up all week........
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dopster
Champion Author Toledo

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Message Posted: Jan 25, 2013 9:44:16 AM

Well, of COURSE it is!
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gasrat6083
Champion Author Long Island

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Message Posted: Jan 25, 2013 9:43:51 AM

Why do I not find this heartwarming?
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albert2008
Champion Author Winnipeg

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Message Posted: Jan 25, 2013 9:43:50 AM

not nice
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gaspumpin
Champion Author Indiana

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Message Posted: Jan 25, 2013 9:42:58 AM

Amidist what economic gains?--I haven't seen any.
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Mariuxus
Champion Author Chicago

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Message Posted: Jan 25, 2013 9:42:30 AM

wow...what a surprise...
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ironbox_sara
Champion Author Albany

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Message Posted: Jan 25, 2013 9:42:20 AM

Imagine that.
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