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Fuel Stocks at 20-Year High May Send Oil to $70: Energy Mark

Bloomberg -- The biggest U.S. petroleum stockpiles in two decades are leading oil bears to predict further price declines that may lead OPEC to restrict production.

Inventories of crude and fuel products rose to 1.13 billion barrels last week, the highest level since the Energy Department began keeping combined weekly data in January 1990, according to a report Aug. 18. Oil has fallen 11 percent since reaching a three-month high on Aug. 3.

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Submitted Aug 23, 2010 By: ziyulu

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honda0105 Champion Author Tallahassee Posts:15,272 Points:1,143,275 Joined:Nov 2008	Message Posted: Aug 24, 2010 10:51:53 PM Ignore honda0105 Report Abuse MidNJ: gold is at all time highs. Not sure that's a good "trade" - but anything to get specutraitors off oil, right?
honda0105 Champion Author Tallahassee Posts:15,272 Points:1,143,275 Joined:Nov 2008	Message Posted: Aug 24, 2010 6:04:13 AM Ignore honda0105 Report Abuse tidalwave: you're always welcome to trade hot muggy Florida for Miss-oo-rah.
honda0105 Champion Author Tallahassee Posts:15,272 Points:1,143,275 Joined:Nov 2008	Message Posted: Aug 24, 2010 6:03:27 AM Ignore honda0105 Report Abuse NJColt: that's b/c it takes a lot more money and effort to find / produce oil from areas we didn't usually see them drill.
tidalwave3 Veteran Author Tallahassee Posts:394 Points:1,041,620 Joined:Jun 2008	Message Posted: Aug 24, 2010 2:44:58 AM Ignore tidalwave3 Report Abuse Pumps here seem to be slower than normal to drop. With Future prices dropping to lowest since Nov of last year 1.84 (the low within 12 mos is 1.60) they have to drop. I do wish I was in Mo. espeacially Springfield some times.
us4usa Champion Author Missouri Posts:3,826 Points:681,300 Joined:May 2008	Message Posted: Aug 24, 2010 12:40:57 AM Ignore us4usa Report Abuse droped 10 cents to $2.35 a gal still too high needs the drop below $2
Number43 Champion Author Lexington Posts:6,304 Points:1,191,830 Joined:Oct 2008	Message Posted: Aug 24, 2010 12:17:54 AM Ignore Number43 Report Abuse Today the wholesale price of gas fell 5 cents. It has been falling all week. Why would prices at the pump go up--greed.
Number43 Champion Author Lexington Posts:6,304 Points:1,191,830 Joined:Oct 2008	Message Posted: Aug 24, 2010 12:16:21 AM Ignore Number43 Report Abuse Yet prices at the pump are rising. CROOKS....Thieves....Scoundrels
NotmeuQc Champion Author Montreal Posts:3,315 Points:669,920 Joined:Apr 2009	Message Posted: Aug 24, 2010 12:09:08 AM Ignore NotmeuQc Report Abuse That's why gas just jumped up .10/litre in the last hour
PaylessKY Champion Author Kentucky Posts:6,110 Points:1,124,450 Joined:Oct 2008	Message Posted: Aug 24, 2010 12:08:32 AM Ignore PaylessKY Report Abuse I would like the price at the pump come down to $2.00 a gallon, but I don't expect it to.
joel27nc Champion Author Raleigh Posts:8,162 Points:1,393,420 Joined:Mar 2008	Message Posted: Aug 24, 2010 12:06:22 AM Ignore joel27nc Report Abuse I wonder what percentage of the available storage is being used?
kyrunner Champion Author Lexington Posts:6,600 Points:1,234,140 Joined:Aug 2008	Message Posted: Aug 24, 2010 12:04:26 AM Ignore kyrunner Report Abuse Sure would love to gas prices below $2.00 again.
CobraLeader Champion Author New Jersey Posts:267,902 Points:1,200,750 Joined:Apr 2007	Message Posted: Aug 24, 2010 12:03:54 AM Ignore CobraLeader Report Abuse ... And maximum profits coming... ...
Blue_Cruzer Champion Author Lexington Posts:5,157 Points:1,203,700 Joined:Mar 2007	Message Posted: Aug 24, 2010 12:03:24 AM Ignore Blue_Cruzer Report Abuse Pump prices should be lower than they are then.
rxman1 Champion Author Toledo Posts:7,006 Points:1,398,245 Joined:Nov 2007	Message Posted: Aug 24, 2010 12:00:52 AM Ignore rxman1 Report Abuse It's about time for prices to go lower.
GasitupJB Champion Author Columbia Posts:3,771 Points:572,255 Joined:Sep 2005	Message Posted: Aug 23, 2010 11:49:06 PM Ignore GasitupJB Report Abuse And they still have record profits. When will the madness end?
Bleeder Champion Author Virginia Posts:6,143 Points:1,270,680 Joined:Jan 2008	Message Posted: Aug 23, 2010 11:41:30 PM Ignore Bleeder Report Abuse That is exactly what I would expect OPEC to do.
SBlouch Champion Author San Antonio Posts:6,896 Points:1,472,830 Joined:Apr 2007	Message Posted: Aug 23, 2010 11:40:06 PM Ignore SBlouch Report Abuse Well, with the economy still in the pits and people still losing jobs, there were even fewer vacations taken then last year.
judgemobile Champion Author Ohio Posts:5,255 Points:1,985,195 Joined:Nov 2005	Message Posted: Aug 23, 2010 11:34:30 PM Ignore judgemobile Report Abuse summer is about over, no demand, Israel did not attack Iran, world is drowning in oil and anyone wonder why prices are going DOWN ???
Romey08 Champion Author Virginia Posts:4,242 Points:1,026,300 Joined:Apr 2008	Message Posted: Aug 23, 2010 11:30:35 PM Ignore Romey08 Report Abuse Folks will keep using less gas due to the current high price point and poor and uncertain economy
mstearno Champion Author Dayton Posts:5,874 Points:1,288,175 Joined:Jan 2008	Message Posted: Aug 23, 2010 11:27:27 PM Ignore mstearno Report Abuse I was 2 hrs north today and prices were 13 cents cheaper what gives?
Ken2OD Champion Author Grand Rapids Posts:6,683 Points:1,508,050 Joined:Dec 2005	Message Posted: Aug 23, 2010 11:24:00 PM Ignore Ken2OD Report Abuse I think there was a line in an old song that went something this, "I think I've heard this song before...."
aldog365 Champion Author Nashville Posts:3,150 Points:1,559,710 Joined:Aug 2005	Message Posted: Aug 23, 2010 11:23:23 PM Ignore aldog365 Report Abuse Hurricane season is up on us.That should jack it back up.
lightbulbman2008 Champion Author Worcester Posts:187,924 Points:1,121,150 Joined:Oct 2008	Message Posted: Aug 23, 2010 11:22:59 PM Ignore lightbulbman2008 Report Abuse cheaper gasoline prices would be real nice.!!!!
mmene Champion Author Houston Posts:4,347 Points:938,970 Joined:May 2008	Message Posted: Aug 23, 2010 11:17:55 PM Ignore mmene Report Abuse prices will fall even lower than they are predicting
Bus561 Champion Author Lexington Posts:14,081 Points:2,754,080 Joined:May 2004	Message Posted: Aug 23, 2010 11:16:25 PM Ignore Bus561 Report Abuse I hope it sends it down to $20 per barrel.
egd Champion Author Twin Cities Posts:6,059 Points:1,723,790 Joined:Mar 2005	Message Posted: Aug 23, 2010 11:13:46 PM Ignore egd Report Abuse wont last long when global economy recovers
zee10 Veteran Author California Posts:362 Points:47,200 Joined:Mar 2010	Message Posted: Aug 23, 2010 11:12:40 PM Ignore zee10 Report Abuse Sounds good to me now lets see those gas prices fall.
Bigwaynef Champion Author South Carolina Posts:7,665 Points:1,614,935 Joined:Dec 2006	Message Posted: Aug 23, 2010 11:12:20 PM Ignore Bigwaynef Report Abuse Just keep it low till Dec 26th...please
janctx Champion Author Lubbock Posts:2,715 Points:882,880 Joined:Nov 2007	Message Posted: Aug 23, 2010 11:08:46 PM Ignore janctx Report Abuse where does this help us?
hank1326 Champion Author Los Angeles Posts:6,697 Points:1,281,310 Joined:Jun 2008	Message Posted: Aug 23, 2010 11:07:54 PM Ignore hank1326 Report Abuse Let's hope the pump prices will reflect this.
ctriverrunner Sophomore Author New Hampshire Posts:230 Points:74,930 Joined:May 2007	Message Posted: Aug 23, 2010 11:05:35 PM Ignore ctriverrunner Report Abuse The fear of a "double-dip" recession (even though the first one has not ended) is really driving the market--the hope of recovery this summer drove up prices even with record stockpiles reported weekly at Cushing.
ctriverrunner Sophomore Author New Hampshire Posts:230 Points:74,930 Joined:May 2007	Message Posted: Aug 23, 2010 11:02:50 PM Ignore ctriverrunner Report Abuse We had record stockpiles all summer long and prices rose as they usually do. CNBC credits the strengthening dollar to the current drop, not supplies.
ricker8 Champion Author Ontario Posts:3,128 Points:675,325 Joined:Oct 2008	Message Posted: Aug 23, 2010 11:01:12 PM Ignore ricker8 Report Abuse despite all of the articles that remind us of how much surplus oil there is and that stock piles haven't been this high for 20 years we are still being gouged at the pumps by the oil companies for their gas and as we all try and conserve and try and force teh oil companies to cut the prices we seem to have little effect on the gas prices in the long run.
djtdi Champion Author San Jose Posts:2,829 Points:523,805 Joined:Aug 2005	Message Posted: Aug 23, 2010 10:59:46 PM Ignore djtdi Report Abuse I don't think OPEC is going to drop prices.
HEBster Champion Author Kentucky Posts:6,474 Points:1,917,315 Joined:May 2006	Message Posted: Aug 23, 2010 10:59:42 PM Ignore HEBster Report Abuse Hope so...droppin' slightly in KY...
HailstormCA Champion Author San Diego Posts:5,861 Points:1,075,750 Joined:Nov 2008	Message Posted: Aug 23, 2010 10:59:13 PM Ignore HailstormCA Report Abuse And when does it trickle down?
BKool Champion Author Michigan Posts:4,536 Points:1,755,350 Joined:Aug 2005	Message Posted: Aug 23, 2010 10:58:11 PM Ignore BKool Report Abuse BS
must87searcher Champion Author Maryland Posts:6,670 Points:1,316,320 Joined:Apr 2008	Message Posted: Aug 23, 2010 10:56:08 PM Ignore must87searcher Report Abuse Some of this are speculation and facts. With that, there is a chance that things could be different.
abcdMA Champion Author Worcester Posts:5,624 Points:1,115,325 Joined:Nov 2008	Message Posted: Aug 23, 2010 10:54:40 PM Ignore abcdMA Report Abuse maybe gas prices will drop here sometime soon
DEG Champion Author Las Vegas Posts:15,402 Points:3,055,455 Joined:Jul 2003	Message Posted: Aug 23, 2010 10:54:30 PM Ignore DEG Report Abuse Oil should be under $50/barrel (more like $40 to $45/barrel).
Toppers Champion Author Atlanta Posts:6,673 Points:2,007,225 Joined:Mar 2005	Message Posted: Aug 23, 2010 10:53:26 PM Ignore Toppers Report Abuse Pump prices still slowly droppin' in the ATL...
mmproteus Veteran Author Ohio Posts:379 Points:664,780 Joined:Apr 2008	Message Posted: Aug 23, 2010 10:52:13 PM Ignore mmproteus Report Abuse Big oil will jack prices up? The article is saying how both oil prices and pump prices are dropping. How can they rise even higher when they are dropping? ENGLISH MOFO DO YOU SPEAK IT?
NHLiveFree Champion Author New Hampshire Posts:7,217 Points:1,171,310 Joined:Jun 2008	Message Posted: Aug 23, 2010 10:49:26 PM Ignore NHLiveFree Report Abuse Record supply during the high demand summer season is unheard of! Big Oil will still figure out more ways to jack prices up even higher.
ex911 Champion Author San Jose Posts:6,844 Points:1,339,770 Joined:Apr 2005	Message Posted: Aug 23, 2010 10:49:07 PM Ignore ex911 Report Abuse but will that mean a decline at the pump?
Nicoalbum Champion Author Ottawa Posts:3,586 Points:724,310 Joined:Jan 2010	Message Posted: Aug 23, 2010 10:42:26 PM Ignore Nicoalbum Report Abuse Playing oil stocks.
zeddieiv Champion Author Columbia Posts:5,651 Points:1,490,920 Joined:Oct 2006	Message Posted: Aug 23, 2010 10:41:58 PM Ignore zeddieiv Report Abuse Darn speculators!
hauler43 Champion Author Oakland Posts:7,144 Points:2,356,015 Joined:Sep 2003	Message Posted: Aug 23, 2010 10:41:36 PM Ignore hauler43 Report Abuse When is this coming about?
POLELANE Champion Author Ohio Posts:7,148 Points:828,370 Joined:Mar 2008	Message Posted: Aug 23, 2010 10:40:46 PM Ignore POLELANE Report Abuse MAYBE JUST ONE BIG GAME; but we are all players; and we stand to lose each time we purchase fuel.
ctriverrunner Sophomore Author New Hampshire Posts:230 Points:74,930 Joined:May 2007	Message Posted: Aug 23, 2010 10:40:15 PM Ignore ctriverrunner Report Abuse All Bloomberg really is saying is that 70 dollars is the next price resistance level. It is already currently trading at a little over 73, so 70 is not a stretch at all.
RENEGADEGAS Champion Author Missouri Posts:12,067 Points:1,128,155 Joined:Jul 2008	Message Posted: Aug 23, 2010 10:36:31 PM Ignore RENEGADEGAS Report Abuse Just one big game.