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Oil Near Lowest Price in Two Weeks; Keystone Pipe Ready to Start

Bloomberg -- Oil traded near the lowest close in almost two weeks amid speculation that global demand may weaken. TransCanada Corp. planned to start its Keystone pipeline today after a second delay.

Futures were little changed after earlier sliding as much as 0.6 percent. Japan’s exports fell in September the most since the aftermath of last year’s earthquake, the country’s Finance Ministry said today. China’s third-quarter economic growth may have been weaker than officially reported, according to analysts at Standard Chartered Plc and Capital Economics Ltd. U.S. oil consumption dropped to a four-year low in September, the American Petroleum Institute said Oct. 19.

“Not only in Japan, but also in China, the economy has been slowing down, and that’s going to be a factor for decreasing demand,” said


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Submitted Oct 22, 2012 By: angel4me
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: Oil Near Lowest Price in Two Weeks; Keystone Pipe Ready to Start Back to Topics
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honda0105
Champion Author Tallahassee

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Message Posted: Oct 24, 2012 11:01:09 PM

Well, not much relief at the diesel pumps. And only small drop at the gas pumps.
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drpepperTX
Champion Author Texas

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Message Posted: Oct 23, 2012 8:03:51 AM

And crapulent, your endorsement of NRU's tangent is pardon the pun, full of crap.

1. Please check the 1975 EPC Act, under the provisions of the law the crude cannot be exported unless the President deems export is in the national interest.
2. The EPCA aside, why would companies that own the oil ship it from Canada thousands of miles to the Gulf then turn around, load it on tankers and send it through the Gulf, all the way through the Panama Canal and then thousands of more miles across the Pacific Ocean to China? This export theory holds no water.
3. TransCanada is licensed in both Canada and the US, employs thousands in the US and its southern headquarters is located in Houston, Tx.
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BEGTWO
Champion Author Maryland

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Message Posted: Oct 23, 2012 7:47:41 AM

COOL!!!!!
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Crapulent
Sophomore Author Mississippi

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Message Posted: Oct 23, 2012 12:45:09 AM

Well DrPepper, it looks like you didn't notice that NRU's comment I quoted there referred not to the article but to the ongoing tangent commentary about Keystone XL. Nobody mentioned the article there. Gotta pay attention.
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drpepperTX
Champion Author Texas

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Message Posted: Oct 22, 2012 12:56:48 PM

Crapulent, your moniker is fitting! LOL.

This article is about restarting the already existing Keystone line.

Looks like paying attention is not a strong suit.
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Crapulent
Sophomore Author Mississippi

Posts:201
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Message Posted: Oct 22, 2012 11:41:25 AM

"I still want to know why giving a foreign corporation eminent domain so they can send oil to another foreign owned corporation to refine it and send it to China is considered good."

-- Bravo. So somebody IS paying attention.
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Norm10
Champion Author British Columbia

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Message Posted: Oct 22, 2012 9:53:13 AM

If the Keystone pipeline goes ahead the USA's good friends in Iran will not be very happy and all the corrupt US government officials will have to set up some new payola schemes to replace the ones they currently have with Iran.
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ss70
Champion Author Detroit

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Message Posted: Oct 22, 2012 9:28:00 AM

start pumping into midwest refineries . Time to build new 1 million bpd refinery in midwest .
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dlemma
Champion Author Wyoming

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Message Posted: Oct 22, 2012 9:11:24 AM

unleash the pipelines - maybe Obama won't notice.
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stoopsy
Champion Author Columbus

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Message Posted: Oct 22, 2012 8:49:55 AM

wow, a whole two weeks
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btsom
All-Star Author Oklahoma City

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Message Posted: Oct 22, 2012 7:52:33 AM

We need an "all of the above" approach which does NOT include wind and solar. That would be pipelines, drilling, building refineries, and synthetic gasoline from coal and natural gas.

Absent some break through in physics and/or chemistry, battery electrics will never be practical. At the moment, on board generation looks like the only practical way to work electrics and fuel cells look like the only new technology to do that. There are neither inexpensive fuel cells nor places to refuel them at the moment. I heard an intriguing idea for magnetic fields beside or in the road way to recharge capacitor systems while underway but I wonder what that might do to radio signals and pacemakers.

For at least the next 10 years petroleum remains the only way to transport people and goods to where they need to be. It will either be expensive and in short supply OR it will be inexpensive and plentiful, the decision is ours to make.

[Edited by: btsom at 10/22/2012 8:54:52 AM EST]
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OldMan322
Champion Author Illinois

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Message Posted: Oct 22, 2012 7:47:38 AM

"oldred11" Maybe for now, but maybe not for tomorrow
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oldred11
Champion Author Indianapolis

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Message Posted: Oct 22, 2012 7:40:24 AM

Is the Keystone pipe too late?
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nwhawk
Champion Author Kansas

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Message Posted: Oct 22, 2012 7:38:43 AM

Sounds good for some, here we went down 2 cents in a few stations. Big deal !
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Buck_on_Bass
Champion Author Tennessee

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Message Posted: Oct 22, 2012 7:38:04 AM

As long as traders see oil contracts as a money maker and not a risk management tool, expect big price swings.
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JCUBE
Champion Author Michigan

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Message Posted: Oct 22, 2012 7:37:07 AM

As long as Speedway/Marathon runs the midwest market any price drop is extremely short lived, that bunch of money hungry pond scum ruins any chance for economic recovery...and Keystone get it movin', to heck with the enviornmindless tree huggers, and Obozo's buddy Buffet and his rail transportation monopoly
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taxiken
Champion Author Twin Cities

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Message Posted: Oct 22, 2012 7:37:00 AM

Good.
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bowler360
Champion Author Illinois

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Message Posted: Oct 22, 2012 7:36:10 AM

Start the pumping.
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drpepperTX
Champion Author Texas

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Message Posted: Oct 22, 2012 7:35:28 AM

netman044, do you mean by paying landowners $43,000 per acre for a lease?
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Rhino8of8
Champion Author Wisconsin

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Message Posted: Oct 22, 2012 7:34:24 AM

Get it built and see what happens to prices.
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BoatP2Lee
Champion Author South Carolina

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Message Posted: Oct 22, 2012 7:34:04 AM

I'll not hold my breath until I see it at the pump...
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TheMeltz
Champion Author Maryland

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Message Posted: Oct 22, 2012 7:33:38 AM

ok
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netman044
Champion Author Texas

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Message Posted: Oct 22, 2012 7:32:28 AM

If TransCanada treats landowners in the rest of the states the pipeline crosses the way they have treated Texas land owners, it may take them a while to get their easements and right of way to build the pipeline.
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throttle
Champion Author Maryland

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Message Posted: Oct 22, 2012 7:31:50 AM

I haven't seen much drop in gasoline prices.
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NotmeuQc
Champion Author Montreal

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Message Posted: Oct 22, 2012 7:31:19 AM

Our gas has been dropping for the last 11 days, and it is at its lowest since the end of July.
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grandmacbc
Champion Author Buffalo

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Message Posted: Oct 22, 2012 7:31:04 AM

The price at the pumps is decreasing by only pennies when it increased by nickels and dimes daily.
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scottydoesnt
Champion Author Chicago

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Message Posted: Oct 22, 2012 7:30:58 AM

Shocking to see gas at nearly $3.60. It dropped almost 40 cents in 1 week.
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cobbwebb
Champion Author New Hampshire

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Message Posted: Oct 22, 2012 7:29:59 AM

let'see it at the pimp
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letterchunker
Champion Author Texas

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Message Posted: Oct 22, 2012 7:29:52 AM

What happens after election and before the holiday season
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turbodog
Champion Author Mississippi

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Message Posted: Oct 22, 2012 7:29:49 AM

Look for drop after election
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Marson
Champion Author Scranton

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Message Posted: Oct 22, 2012 7:29:44 AM

I totally agree with Tnerbeel too!
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craigrm
Champion Author Connecticut

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Message Posted: Oct 22, 2012 7:29:03 AM

Nobama. Save America and vote him out.
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Tanner_1
Champion Author Virginia Beach

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Message Posted: Oct 22, 2012 7:28:22 AM

Well said, Tnerbeel!:0)
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Tnerbeel
Champion Author Houston

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Message Posted: Oct 22, 2012 7:26:38 AM

Lowest point in two weeks? Wow, that's really not significant. And the real pipeline will never start until we get Obama out of the White House.
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ace07
Champion Author Utah

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Message Posted: Oct 22, 2012 7:26:37 AM

ok...
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ClarkSC
Champion Author South Carolina

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Message Posted: Oct 22, 2012 7:26:27 AM

Higher prices are coming.
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BCM1
Champion Author Pennsylvania

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Message Posted: Oct 22, 2012 7:25:17 AM

The price drop is for the election. It will go back up as soon as it is over.
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ByGuy
Champion Author Dallas

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Message Posted: Oct 22, 2012 7:24:49 AM

Fire up Keystone!
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kyrunner
Champion Author Lexington

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Message Posted: Oct 22, 2012 7:24:44 AM

As our economy continues to tank gas prices should fall. Now regarding the Keystone pipeline project, as soon as we remove the current President this project will move forward very fast.
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niceguytx
Champion Author Houston

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Message Posted: Oct 22, 2012 7:24:38 AM

I hope this is a peak for oil prices.
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maxcap59
Champion Author Texas

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Message Posted: Oct 22, 2012 7:24:05 AM

I've read here that gas is expected to drop a whole 5-10 cents/gallon over the next couple weeks.
Last night on the news, they predicted a 50 cent/gallon drop.
Chop off another $1/gallon on top of that, and I'll start breathing a sigh of relief. Until then, it's my usual bend-over-and-fill-up-once-a-day routine.
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bozo
Champion Author Boston

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Message Posted: Oct 22, 2012 7:23:34 AM

welcome, but hardly a trend.
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itzagasgasgas1
Champion Author Cincinnati

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Message Posted: Oct 22, 2012 7:21:53 AM

Too bad the health of the world's economy is dependent on something crude.
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DOMFL
Veteran Author Miami

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Message Posted: Oct 22, 2012 7:21:45 AM

ok
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ricoblanco
Champion Author Chicago

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Message Posted: Oct 22, 2012 7:21:43 AM

ok
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pmc3
Champion Author Missouri

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Message Posted: Oct 22, 2012 7:21:34 AM

Oil can keep going down to around $50.00 a barrel!!!!
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mazdaboy
Champion Author Portland

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Message Posted: Oct 22, 2012 7:20:53 AM

Still holding out for lower prices.
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krzysiek_ck
Champion Author Illinois

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Message Posted: Oct 22, 2012 7:20:41 AM

Still 2 dollars too high.
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livedream
Champion Author Michigan

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Message Posted: Oct 22, 2012 7:20:41 AM

This article is written for Wall Street investors and speculators.

Keen observation by RobertSpratt -- "And ten minutes from now it will be up again."
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Tiernan
Champion Author Chicago

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Message Posted: Oct 22, 2012 7:20:40 AM

2 weeks means nothing, of course.
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