rrmorgan224
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OIL: QATAR, OPEC POWERLESS AGAINST PRICE RALLY
(AGI) - Doha, May 13 - There is nothing the OPEC can do to stop the rally of oil prices and therefore organising another meeting before the one of September is useless: Oil Minister of Qatar Abdullah al-Attiyah said this. "It is no use for us to meet before September because there is nothing we can do" he said. "The oil price is out of control". Supply is sufficient and refineries don't ask for more. The minister commented a remark attributed by a source in the OPEC on the possibility that member states were considering increasing oil output before September. In these days many ministers and government leaders stressed that oil supply is adequate and rejected the request made by US President Bush and other government officials of consuming countries to increase supply to cool prices. According to Attiyah, the price rally is caused by speculations and geopolitical tensions in some producing countries. To the question if an OPEC output increase could lower prices, Attiyah responded: "I don't think this would be a reason to organise a meeting. We don't deal with psychological markets. The fact is there is no lack of supply". Attiyah reminded that in autumn in Moscow a meeting of the Gas Exporting Countries Forum (GECF) is scheduled, though no specific date or agenda has been decided on yet. OPEC members like Qatar, Algeria and Iran, and others, in particular Russia, participate in the Forum.
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rrmorgan224
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5/13/2008 11:36:14 AM
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"Penn Virginia Corporation Announces First Quarter 2008 Results and Provides 2008 Guidance Update
May 7, 2008 4:14 PM EDT RADNOR, Pa.--(BUSINESS WIRE)--
Penn Virginia Corporation (NYSE: PVA) today reported financial and operational results for the three months ended March 31, 2008 and provided an update of full-year 2008 guidance.
First Quarter Highlights and Guidance Update
A reconciliation of non-GAAP financial measures appears in the financial tables later in this release.
In the first quarter of 2008, operating income was $60.1 million, which was $21.6 million, or 56 percent, higher than the first quarter of 2007. The increase was primarily due to 61 percent higher operating income in the oil and gas segment and 207 percent higher operating income in the natural gas midstream (PVR Midstream) segment, offset in part by two percent lower segment operating income from the coal and natural resource management (PVR Coal & NRM) segment and higher corporate general and administrative (G&A) expense.
Operating cash flow in the first quarter of 2008 increased $15.3 million, or 22 percent, as compared to the first quarter of 2007 primarily due to the increase in operating income and higher non-cash depletion, depreciation and amortization (DD&A) expense included in operating income, partially offset by an increase in cash paid to settle derivatives and higher interest expense.
The 21 percent increase in adjusted net income in the first quarter of 2008 as compared to the first quarter of 2007 was primarily due to the increase in operating income, partially offset by the increase in cash paid to settle derivatives and the increase in interest expense.
A. James Dearlove, President and Chief Executive Officer of PVA, said, "We are pleased with the performance of our oil and gas operations during the first quarter of 2008, which delivered a 21 percent production increase over the prior year quarter."
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rrmorgan224
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Illinois
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5/13/2008 10:59:38 AM
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From:
US Oil Shale Market Potential
"The World’s Largest Oil Shale Deposits: The largest known oil shale deposits in the world are in the Green River Formation, which covers portions of Colorado, Utah, Nevada, and Wyoming. The estimated oil resource within the Green River Formation ranges from 1.5 trillion to 1.8 trillion barrels. About 1 trillion barrels are located within the Piceance Basin, which means that this 1,200 square mile area of western Colorado potentially holds as much oil as the entire world’s proven oil reserves.
Market Potential: It is becoming increasingly clear that America’s reliance on oil as a principal energy source is not sustainable over the long term. As a result of rising petroleum prices and improving extraction techniques, oil shale deposits may be recoverable in the future at a cost that could make them an attractive alternative to conventional crude oil."
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rrmorgan224
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Illinois
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5/13/2008 10:43:12 AM
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George Knapp, Investigative Reporter
Nevada's Hidden Treasure: Black Gold
Those prices at the pump could make any of us wish we had an oil goldmine in our backyards, but that wish may not too far off the mark in Nevada. Geologists think there could be billions of gallons of oil under Nevada's deserts. If so, why hasn't anyone found it? Eyewitness News has reported in past years about Nevada's petroleum potential.
Nevada BLM Oil & Gas Lease Sale Information
As the price of crude has passed $60 and then $70 a barrel, companies have been gobbling up the mineral rights to vast tracts of government land here. So, when are they going to start drilling?
On certain outcroppings in central Nevada, you can pick up a rock, bust it open, and literally smell petroleum, or something like it. Deposits of chainman shale are thicker there than anywhere outside of Saudi Arabia and Kuwait. As far back as 1905, Nevadans were touting our state's oil potential.
Alan Coyner, with the Nevada Commission on Mineral Resources, said, "We have an established track record for oil production in this state and people know that."
State minerals chief Alan Coyner is bullish on Nevada's oil potential, and with good reason. The single most productive oil well in the nation sits in Nevada's Railroad Valley. The Grant Canyon well peaked at 4,000 barrels per day -- more than 40 million barrels overall -- and is still pumping decades later.
Other pools of oil have been found in Railroad Valley but nothing like Grant Canyon, and as it's output has lessened, so has the state's, dropping from more than 3.5 million barrels per year to less than 500,000 barrels today.
In spite of this trend, the buzz has never been bigger. Last year's discovery of a billion-barrel field in neighboring Utah has would-be oil barons licking their chops. Four times each year, the Bureau of Land Management holds public auctions where wannabe wildcatters can be for the mineral rights on government land. The minimum bid is 2 bucks per acre, but spirited competition can drive the price much higher.
It's a fascinating process, for the gamesmanship if nothing else. Bidders play their cards close to their chests. Since anyone can nominate a parcel to the auction, cagey oilmen have been known to pad the auction list with less desirable parcels as distractions for the competition.
Of all the bidders during this recent auction, only one was willing to talk about his plans. "This is a fun hobby. It's a grown-up treasure hunt," said Curt Rosen, a Michigan oil investor.
Rosen got the oil bug many years ago and when a $360 investment ended up paying him 7 figures per year for several years, he was hooked. On the day we saw him, he picked up 300 acres of BLM land.
George Knapp: "What's next with your parcels?"
Curt Rosen: "I'm going to sit on them and accumulate more."
Oil speculators lease the rights to large chunks of land in hopes that someone bigger will come along and buy them out or cut them in. Few of them are interested in the risks of paying to drill themselves. Only three new drilling permits have been approved by the state this year. None of the three has started drilling. One reason is geology.
Nevada's twisted and fractured geology makes it very tough to find the oil that everyone believes is down there, and far more expensive than drilling somewhere else. Although the potential is enormous, the big oil companies find it cheaper to drill in, say, Indonesia.
Alan Coyner continued, "It's tough to explore for oil here. The faulting and geothermal activity creates a difficult situation in the search for oil."
So it's left to the little guys, the dreamers, to roll the dice and hope for a score. And if one of these Rockefellers-in-waiting does find oil, the big companies will come calling.
Curt Rosen added, "It's a poker game without the house taking a percentage. Mother Nature is the house."
Another factor in a lack of drilling here is a shortage of drilling rigs. With so much new drilling elsewhere, Nevada doesn't have enough rigs since we're a long way from the centers of oil productions. These rigs can cost up to $100,000 a day to lease. The same rigs are needed for geothermal exploration. One of these days, though, someone will hit a pool here and the shortage will vanish.
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rrmorgan224
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Illinois
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Message Posted: 5/11/2008 8:46:01 AM Ignore kingdick Report Abuse
Even if the major U.S. oil corporations were allowed to drill every square inch of the U.S., there simply isn't enough projected oil reserves for the U.S. to ever achieve energy independency based upon the current oil-based economy.
Not true. The shales in Nevada are said to be the richest in the world and could produce enough oil to make the US independent for the next 600 years. Oil companies just refuse to drill there. And the Government has laws governing the use of the land and won't allow drilling. We're our own worst enemies.
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rrmorgan224
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Illinois
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5/13/2008 10:34:04 AM
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Heard a good one yesterday. The Local news was reporting an idea they had for stations to post prices per the 1/2 gallon instead of the whole gallon to make comsumers feel better about how much they are paying. So you would see prices at $2.03 instead of the whole $4.06.
Why not report the news and help the country to fight for their rights!! Report on how much the Oil companies are raping everyone and making billions!! We attacked Iraq. In return, we were supposed to get oil as part of the agreement for restructuring the country. Where is that oil??
::: I'll take who is B.S.-ing me for $500 Alex!! :::
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POLELANE
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Ohio
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5/12/2008 10:19:02 AM
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ok; it ain't so
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gasforus
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Michigan
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5/11/2008 6:57:00 AM
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Tell me it ain't so!!
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kingdick
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Minnesota
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5/11/2008 6:46:01 AM
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Even if the major U.S. oil corporations were allowed to drill every square inch of the U.S., there simply isn't enough projected oil reserves for the U.S. to ever achieve energy independency based upon the current oil-based economy.
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urchin6294
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Stockton
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5/11/2008 6:37:51 AM
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well, it's good to see supply and demand (and ultimately cost) is working in the USA still
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kingdick
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Minnesota
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5/11/2008 6:36:04 AM
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-----------------------------------
Walmart shoppers come DRIVE UP UP Crude prices !!
-----------------------------------
Trade deficits lower the value of the dollar and raises the cost of gas
-----------------------------------
Walmart alone creates a trade deficit that approaches the oil trade deficit.
We should manufacture most goods here in the USA.
This would also reduce the fuel wasted in extra transportation cost.
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Another form of destroy USA.
We can be our own worse enemy, our own personal GREED.
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The Walmart effect is a major reason why we are in this fuel crunch.
Send our jobs and money to china make them rich and up the demand for fuel.
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We reduce our demand but china and india increase at a far greater rate.
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Anyone that buys walmart JUNK and thinks it is the same quality needs to do more thinking.
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They have also driven DOWN the Quality of almost all products in the name of profits.
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kingdick
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Minnesota
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5/11/2008 6:34:48 AM
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-----------------------------------
Because of Republican policies-
-----------------------------------
Inflation-Adjusted mid point Wages are 1/3rd what they were in 1980.
The Rich Republicans at the top are 1-2000 times richer at the expense of the middle class and poor.
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They do not need bush's tax cut, they just hire illegal aliens and cut the wages for the middle class.
-----------------------------------
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courier400
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Kansas
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5/11/2008 6:34:09 AM
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rockinrog, yep and its getting worse, my relatives in North Battelford SK are just as bad off,they are just pulling through, too
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Gassie1
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Akron
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Message Posted:
5/11/2008 6:28:06 AM
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Walk when you can.
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HDUltra03
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Oregon
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5/11/2008 6:25:49 AM
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Whoever is buying fuel for America at these prices IS involved with driving the prices up world wide.
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rockinrog
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Ontario
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5/11/2008 6:25:26 AM
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The sad part is that Americans are getting a triple whammy.
High gas/oil prices
Higher food prices
and worst of all, high debt per person.
There was a news story on CNN the other day that says Americans owe
850 Billion dollars on there credit cards.
USA Population approx 300 million
Therefore every man, woman and child owes $2,833.00 at interest rates from 8-30%. I think this problem is worse that higher gas prices.
Live within your means people!!!!
Good luck on getting out of these tough times because it's going to get worse.
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Marson
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Pennsylvania
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Message Posted:
5/11/2008 6:21:57 AM
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It used to be we worked so many days to pay our annual tax bill, soon we will work more days to par our fuel bill.
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Towne234
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Greensboro
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5/11/2008 6:21:35 AM
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What would expect across the United States today?!
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DerHahn
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Illinois
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5/11/2008 6:20:52 AM
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rattles my wallet. the cars stays parked most of the time.
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Spitzer
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Charleston
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Message Posted:
5/11/2008 6:19:45 AM
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So what else is new ?
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capt455
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North Carolina
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5/11/2008 6:17:47 AM
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I think steep gas costs are here to stay. There's just too much global demand vs. supply. I also think the high prices will lead to a variety of alternatives before too many years. The success of the Prius shows that we motorists are eager to move toward new technology that consumes less fuel. When a product comes to market that is petroleum free, with price and capabilities similar to a gasoline powered vehicle, I think we'll see a flood of such vehicles from numerous manufacturers. Then we'll see demand really diminished for crude oil based fuels, and the price will come down in the long term.
Maybe in 20 years, my corner gas station will offer charging stations, hydrogen, and biodiesel. Perhaps there will be one little gasoline pump there for the few cars still powered by it. (Like my beloved '71 Grandville convertible).
Well anyway, just my opinion of how this mess may turn out.....
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Cuzilla
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Indianapolis
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5/11/2008 6:14:58 AM
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Less drivers on the road? That's good for me.
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The_WB
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Detroit
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5/11/2008 6:12:00 AM
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Stop driving so much
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GasMoos
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Charlotte
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5/11/2008 6:07:20 AM
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When we stop blaming our leaders and oil companies, then we might accomplish something. But it's so much easier to blame something else while we clog the roads with SUVs, live 50 miles from where we work, refuse to support mass transit, and shirk individual responsibility. I don't care if gas is $10 a gallon, I'm already prepared for that and more.
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hauler43
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Oakland
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5/11/2008 6:06:00 AM
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Nothing is being done about the rising gas prices
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weenerdog
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Detroit
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5/11/2008 6:05:05 AM
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I cannot imagine what our country will be like in January 2009 when we've had to spend a year of consistently higher gas prices.
What will our christmas spending season be like. $100 gift certificates for a tank of gas?
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Masercal
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Michigan
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5/11/2008 6:02:57 AM
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Our leaders are leading this country into a depression. They should be pushing affordable, renewable energy. But as always they are pushing for more oil to bring us down even further. When will this country wake up and realize oil needs to fade away?
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Mazdaman7Q
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South Carolina
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5/11/2008 5:57:59 AM
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When will the US finally say enough is enough!
Get the pocketed Big Oil politicians out of office and pass some laws to protect our economy, protect the citizens?!?
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kingdick
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Minnesota
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5/11/2008 5:54:39 AM
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-----------------------------------
Most of us like SPEED - drive like crazy people.
You will use about 25% less fuel if you drive 55 instead of 70
If you take a bus instead of planes 75% fuel savings
If you take a Train instead of planes 95% fuel savings
If goods are transported by Train instead of truck or plane this country could have a vast surplus of fuel !!
-----------------------------------
Save Crude Oil Don't fly commercial airplanes.
-----------------------------------
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winggnutt
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Detroit
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5/11/2008 5:52:13 AM
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RANKLED IS MORE LIKE IT!
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n3his
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Pennsylvania
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Message Posted:
5/11/2008 5:49:28 AM
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The prices of gasoline is rattling a lot more than just driving
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bug27
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Kentucky
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5/11/2008 5:49:28 AM
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So?
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suckingfumes
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London
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5/11/2008 5:49:24 AM
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It's time for people to reconsider their lifestyles(lots of foolish spending habits)and make more practical and economic choices
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phatride92
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Kansas
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5/11/2008 5:45:56 AM
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old stuff
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ankhes
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Toronto
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5/11/2008 5:40:46 AM
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All of these news articles are caught in a loop. Is there not even a single article out there that has some good news for a change?
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walker1
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Ohio
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Message Posted:
5/11/2008 5:40:42 AM
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same old crappie news, glad i don't read u s today
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UTOrangeMan
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Atlanta
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5/11/2008 5:39:17 AM
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Won't it be great when it costs as much to drive to work as you are getting paid?
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Zinnoil
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Illinois
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5/11/2008 5:36:33 AM
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Rationing after the election seems to be what Congress is intent on allowing.
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SpruceGuse2
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Michigan
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5/11/2008 5:34:23 AM
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The only thing temporary in life is life itself.
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rxman1
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Toledo
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5/11/2008 5:31:00 AM
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Don't get run over in the stampede for smaller more mpg cars.
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Matts_Pap
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Pennsylvania
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5/11/2008 5:29:47 AM
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The price of gas hurts; but the Ethanol fiasco and its effect on food prices is killing us.
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jjulson
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North Dakota
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Message Posted:
5/11/2008 5:29:39 AM
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ok
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tomok
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Portland
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5/11/2008 5:26:40 AM
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'Gas prices rattle Americans'
as well they should!
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4warned
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Michigan
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5/11/2008 5:26:38 AM
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This will drive inflation!
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Cachase1
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Oklahoma City
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5/11/2008 5:23:53 AM
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I agree, old news.
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tags610
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Lincoln
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5/11/2008 5:20:58 AM
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Old news.
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Gellin
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Michigan
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5/11/2008 5:20:18 AM
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The next time they jack the price in our area I'm thinking we'll hit the $4/gal mark. Coming even before the Memorial holiday starts.
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brutus
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Alberta
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5/11/2008 5:17:06 AM
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If you drive to the corner Starbucks, you can afford the gas prices. Otherwise you could make coffee at home.
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marbljk
Sophomore Author
Alabama
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Message Posted:
5/11/2008 5:12:07 AM
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Rattling me.
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racerdj
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Indianapolis
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5/11/2008 5:08:58 AM
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I'm holding little hope of lower prices.
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