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Old 05-08-2008, 09:45 AM   #57
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<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by MtManLee:
They cannot sell the wells because we have no place in the US to refine it. </div></BLOCKQUOTE>

There currently is no gas/fuel or any refined oil product shortage, thus no more oil refining capacity is needed.

They do not cap wells because of no refining capacity. They cap wells because of oil demands.

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Old 05-08-2008, 10:02 AM   #58
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<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by NeilV:
If we could take out the extreme greed and the constant pursuit of obscene profit margin of 15% but today even a net profit of 35% dosn't seem to satisfy the greedy and they are constantly wrangling to achieve their extreme profit goal regardless of the consequences to the rest of humanity. It boils down to loving money more than your fellow man. </div></BLOCKQUOTE>

It's true that as crude prices have surged, so have profits for the companies that produce the stuff. Exxon Mobil last week posted a $10.9 billion profit for the latest quarter " the second-biggest U.S. quarterly corporate profit ever. $11 billion for three months' work? Isn't that a little much?

Let's start with drugs. There are eight major drug makers in the Standard & Poor's 500; collectively they made $36.2 billion over the past 12 months on revenues of $237.2 billion. That means they pocketed about 15 cents of every dollar's worth of product sold. Not bad.

How about software? The seven big companies in the sector (including Microsoft) took in $92.3 billion in revenues and earned $23.6 billion in profits, or about 25 cents on every dollar.

Banking? Despite their problems with subprime loans, the eight big "money center" banks in the S&P 500 took in profits of $41.3 billion on revenues of $267.3 billion, about 15 cents on the dollar.

Now let's look at the three oil majors in the S&P 500. In the last 12 months, ExxonMobil, Chevron and ConocoPhillips took in $833.7 billion in revenues but reported profits of $71.8 billion. That works out to about 8.6 cents of profit for every dollar's worth of crude.

Refiners fared even worse. They sold $293.6 billion worth of gasoline and other fuels and made $11.9 billion in profits, or about 4 cents on the dollar.
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Old 05-08-2008, 10:45 AM   #59
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It's been my experience that liar's figure & figures lie.
Ya can't always believe what the "bean counters" spew out, be it government bean counters or oil company bean counters.
Do you think that maybe they might just have "some" incentive to understate their profits???
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Old 05-08-2008, 10:51 AM   #60
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Since Enron, corporate America has been under tight regulation on reporting its financial results due to the Sarbanes/Oxley law. If they are "cooking the books", then the outside auditors, SEC and DOJ would have to be part of the alleged conspiracy.

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Old 05-08-2008, 11:05 AM   #61
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<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by RustyJC:
Since Enron, corporate America has been under tight regulation on reporting its financial results due to the Sarbanes/Oxley law. If they are "cooking the books", then the outside auditors, SEC and DOJ would have to be part of the alleged conspiracy.

Rusty </div></BLOCKQUOTE>

And, the ever present IRS.

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Old 05-08-2008, 11:07 AM   #62
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Neil:

What procedure did you use to determine that the reservoirs you mapped contained petroleum. Of those that you determined contained petroleum what procedure did you use to determine it was in economic recovery amounts?
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Old 05-08-2008, 11:12 AM   #63
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Here is data from May 8th. Make your own decisions.

I don't think there is too much problem with the data as suggested above but I do believe there are huge problems in how it is interpreted and how some use it and the purpose they use it for.


Table 1. U.S. Petroleum Balance Sheet, 4 Weeks Ending 05/02/2008
Cumulative
Four Week Averages Daily Averages
Petroleum Supply Ending % 122 Days %
(Thousand Barrels per Day) 05/02/08 05/02/07 Change 2008 2007 Chg
------------------------------------------------------------------------------------
Crude Oil Supply
Domestic Production (1) 5,099 5,219 -2.3 5,100 5,186 -1.7
Net Imports (Incl SPR) (2) 9,915 10,165 -2.5 9,759 9,939 -1.8
Gross Imports (Excl SPR) 9,941 10,185 -2.4 9,780 9,961 -1.8
SPR Imports 0 0 -- 0 0 --
Exports 26 20 30.0 21 22 -4.5
SPR Stocks W/D or Added -35 -26 -- -37 -7 --
Other Stocks W/D or Added -342 -192 -- -286 -211 --
Product Supplied and Losses 0 0 -- 0 0 --
Unaccounted-for Crude Oil (3) -22 -112 -- 52 -75 --

Crude Oil Input to Refineries 14,615 15,054 -2.9 14,587 14,833 -1.7

Other Supply
Natural Gas Liquids Prod. (4) 2,448 2,399 2.0 2,312 2,327 -0.6
Other Liquids New Supply 350 -153 328.8 274 -68 502.9
Crude Oil Product Supplied 0 0 0.0 0 0 0.0
Processing Gain 971 958 1.4 986 980 0.6
Net Product Imports (5) 2,141 2,425 -11.7 1,736 2,128 -18.4
Gross Product Imports (5) 3,485 3,721 -6.3 3,296 3,462 -4.8
Product Exports (5) 1,345 1,296 3.8 1,560 1,334 16.9
Prod Stocks W/D or Added (6)(7) 88 -101 -- 330 521 --

Total Prod Supplied for Domestic Use 20,611 20,581 0.1 20,226 20,722 -2.4

Products Supplied
Finished Motor Gasoline (4) 9,263 9,239 0.3 9,028 9,082 -0.6
Kerosene-Type Jet Fuel 1,554 1,650 -5.8 1,558 1,613 -3.4
Distillate Fuel Oil 4,188 4,207 -0.5 4,229 4,345 -2.7
Residual Fuel Oil 812 718 13.1 666 791 -15.8
Propane/Propylene 994 1,073 -7.4 1,368 1,445 -5.3
Other Oils (8) 3,801 3,695 2.9 3,376 3,446 -2.0

Total Products Supplied 20,611 20,581 0.1 20,226 20,722 -2.4

Total Net Imports 12,055 12,590 -4.2 11,495 12,067 -4.7
------------------------------------------------------------------------------------
Petroleum Stocks % Chg fr
(Million Barrels) 05/02/08 04/25/08 05/02/07 Prev Week Yr Ago
------------------------------------------------------------------------------------
Crude Oil (Excluding SPR) (9) 325.6 319.9 337.8 1.8 -3.6
Total Motor Gasoline 211.9 211.1 197.0 0.4 7.6
Reformulated 1.6 2.0 1.9 -20.0 -15.8
Conventional 103.8 105.9 106.8 -2.0 -2.8
Blending Components 106.5 103.2 88.4 3.2 20.5
Kerosene-Type Jet Fuel 38.8 38.7 40.2 0.3 -3.5
Distillate Fuel Oil (7) 105.7 105.8 121.0 -0.1 -12.6
15 ppm sulfur and Under 66.0 66.8 62.2 -1.2 6.1
&gt; 15 ppm to 500 ppm sulfur 18.0 17.5 23.7 2.9 -24.1
&gt; 500 ppm sulfur 21.7 21.6 35.1 0.5 -38.2
Residual Fuel Oil 38.6 39.5 38.3 -2.3 0.8
Propane/Propylene 29.8 28.5 29.9 4.6 -0.3
Unfinished Oils 87.4 89.1 96.6 -1.9 -9.5
Other Oils (10) 135.4 135.0 139.0 0.3 -2.6

Total Stocks (Excl SPR) (7) 973.3 967.8 999.8 0.6 -2.7
Crude Oil in SPR (11) 701.3 701.3 689.4 0.0 1.7
Total Stocks (Incl SPR) (7) 1,674.6 1,669.1 1,689.3 0.3 -0.9

1 Includes lease condensate.
2 Net Imports = Gross Imports (line 3) + Strategic Petroleum Reserve (SPR)
Imports (line 4) - Exports (line 5).
3 Unaccounted-for Crude Oil is a balancing item. See Glossary for further
explanation.
4 Includes adjustments for fuel ethanol and motor gasoline blending components.
5 Includes finished petroleum products, unfinished oils, gasoline blending
components, and natural gas plant liquids.
6 Includes an estimate of minor product stock change based on monthly data.
7 Distillate fuel oil stocks located in the "Northeast Heating Oil Reserve" are
not included. For details see Appendix B.
8 Includes crude oil product supplied, natural gas liquids, liquefied
refinery gases (LRGs), other liquids, and all finished petroleum products
except motor gasoline, kerosene-type jet fuel, distillate, residual fuel oils,
and propane/propylene.
9 Includes domestic and Customs-cleared foreign crude oil in transit to
refineries.
10 Included are stocks of all other oils such as aviation gasoline, kerosene,
natural gas liquids and LRGs (except propane/propylene), other
hydrocarbons and oxygenates, aviation gasoline blending components, naphtha and
other oils for petrochemical feedstock use, special naphthas, lube oils, waxes,
coke, asphalt, naphtha-type jet fuel, road oil, and miscellaneous oils.
11 Crude oil stocks in the SPR include non-U.S. stocks held under foreign or
commercial storage agreements.
Notes: Some data are estimated. See Sources for clarification of estimated data.
Due to independent rounding, individual product detail may not add to total.
Percentages are calculated using rounded numbers.
Sources: (the complete url below appears on two lines)
http://www.eia.doe.gov/pub/oil_gas/petroleum/data_publi...ns/weekly_petroleum_
status_report/current/pdf/sources.pdf
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Old 05-08-2008, 12:58 PM   #64
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Profits understated? Where the heck are they hiding all the rest of the money. With at least 11 investigations in the last 7 years, they couldn't hide a flea in a dog pound! Cynical is one thing but .....
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Old 05-08-2008, 01:01 PM   #65
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Rusty, to the 'tin-foil' beanie babies, that is the likely situation. IT IS ALL A BIG CONSPIRACY!!!!!!!!!
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Old 05-08-2008, 01:59 PM   #66
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One explanation that might help is
The Truth about Oil as frontpagemag

Of course, if you think capitalism and profit are even and the world is run by conspiracies, then probably no hard data will help.
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Old 05-08-2008, 02:36 PM   #67
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<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by Tom N:
<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by MtManLee:
They cannot sell the wells because we have no place in the US to refine it. </div></BLOCKQUOTE>

There currently is no gas/fuel or any refined oil product shortage, thus no more oil refining capacity is needed.

They do not cap wells because of no refining capacity. They cap wells because of oil demands.

-Tom </div></BLOCKQUOTE>

Are you saying there is not enough demand to justify building new refineries? Also is it ok to pay other countries to refine our oil to fuels and than we have to pay higher prices for the fuel because of it?
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Old 05-08-2008, 02:57 PM   #68
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I'm saying, "There currently is no gas/fuel or any refined oil product shortage." You want to pay the huge costs for additional refineries if the demand is being met by the current refiners? That would certainly drive up gas/fuel pricing. Or do you think the oil companies will just pay for it themselves and not pass the huge costs on to the consumer??
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Old 05-08-2008, 03:08 PM   #69
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<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by Tom N:
I'm saying, "There currently is no gas/fuel or any refined oil product shortage." You want to pay the huge costs for additional refineries if the demand is being met by the current refiners? That would certainly drive up gas/fuel pricing. Or do you think the oil companies will just pay for it themselves and not pass the huge costs on to the consumer?? </div></BLOCKQUOTE>

You seem to be right on according to the data for May 8th.

Here is a very simple solution folks, especially for those conspiracy types. Many older refineries go up on the market, buy one and shut up.

Or if you don't want to buy your own refinery then just stop buying high price gas, buy only the low price stuff. Oil prices are high because people buy the high priced refined product. If you stop buying the stuff then it's price will drop and crude's price will drop because of supply and demand. Really quite simple, so what's the problem? I know what it is there is a conspiracy among the consumers to keep the prices high by buying the high priced products.
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Old 05-08-2008, 04:22 PM   #70
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<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by BryanL:
One explanation that might help is
The Truth about Oil as frontpagemag

Of course, if you think capitalism and profit are even and the world is run by conspiracies, then probably no hard data will help. </div></BLOCKQUOTE>

The conspiracy is to keep people ignorant of the facts. Believe me when I say that hedge funds and commodity trading are behind the prices.
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