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UPDATE 5-Oil falls, more Saudi supply seen

Reuters (via Yahoo! News) -- Oil fell on Wednesday as the prospect of more Saudi supply offset optimism about an improving global economy bolstering demand.

April Brent crude futures were 40 cents down at $117.12 a barrel after posting their first gain in four sessions on Tuesday. U.S. crude added 16 cents to $96.82. The contract expires later on Wednesday.

Saudi Arabia, the world's top exporter of crude oil, expects to raise its output in the second quarter to satisfy higher demand from China and drive economic recovery elsewhere, oil industry sources said, but the exact rise in volume was unclear.

Saudi Arabia's move to cut output sharply by about 700,000 barrels per day (bpd) in the last two months of 2012 had helped tighten supply and supported oil prices.

These higher prices are starting to have an impact...

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Submitted Feb 21, 2013 By: Tiernan2012

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52MPG Champion Author Dayton Posts:7,397 Points:1,768,430 Joined:Apr 2006	Message Posted: Feb 21, 2013 11:16:25 PM Ignore 52MPG Report Abuse Change you can belive in.
Double_Golden Champion Author San Francisco Posts:2,695 Points:632,110 Joined:Aug 2011	Message Posted: Feb 21, 2013 12:59:24 PM Ignore Double_Golden Report Abuse but gas prices keep heading north...
EMoe57 Champion Author Jacksonville Posts:4,748 Points:1,042,540 Joined:Apr 2009	Message Posted: Feb 21, 2013 12:14:20 PM Ignore EMoe57 Report Abuse But SPECULATORS drive up the price
NightRider Champion Author Dallas Posts:1,473 Points:82,785 Joined:Apr 2012	Message Posted: Feb 21, 2013 11:08:05 AM Ignore NightRider Report Abuse The formula for the increased price of a gallon of gas: The amount of money the average person has left over at the end of the month divided by the average number of gallons of gasoline used. This equals the amount available for a price increase per gallon. Gas price increase equals up to 100% of this amount. [Edited by: NightRider at 2/21/2013 12:09:35 PM EST]
DutchTreatMI Champion Author Grand Rapids Posts:3,441 Points:778,190 Joined:Mar 2011	Message Posted: Feb 21, 2013 11:04:42 AM Ignore DutchTreatMI Report Abuse We need to build more new refineries to make a difference.
rjojo40AL All-Star Author Alabama Posts:919 Points:136,100 Joined:Oct 2010	Message Posted: Feb 21, 2013 11:02:59 AM Ignore rjojo40AL Report Abuse Iran does not have the balls to attack anybody, without help from a superpower, so nuke Iran and be done with it. can't hurt the area or the decor, more crumbled rock to build homes. LOL
BAJALRRP All-Star Author Tacoma Posts:545 Points:1,289,490 Joined:Oct 2005	Message Posted: Feb 21, 2013 10:58:22 AM Ignore BAJALRRP Report Abuse What happens when Iran attacks Saudi Arabia? Watch it go up then!
gasper Champion Author Edmonton Posts:4,580 Points:1,392,835 Joined:Mar 2002	Message Posted: Feb 21, 2013 10:56:42 AM Ignore gasper Report Abuse We need more North America oil supply and more refining to improve the economy or a recession will hit us harder than last time. No jobs and higher costs of living will drive people mad and more mental illness on the populations.
Bigtex09 Champion Author Dallas Posts:4,422 Points:1,185,890 Joined:Oct 2009	Message Posted: Feb 21, 2013 10:56:35 AM Ignore Bigtex09 Report Abuse build more refineries people, oh yea, not in my backyard right?
Sapper08 Champion Author Indianapolis Posts:1,203 Points:347,980 Joined:Mar 2012	Message Posted: Feb 21, 2013 10:55:46 AM Ignore Sapper08 Report Abuse Supply? We can't get it refined quickly enough!
pricechecker08 Champion Author Ohio Posts:8,016 Points:1,728,400 Joined:Jan 2008	Message Posted: Feb 21, 2013 10:54:32 AM Ignore pricechecker08 Report Abuse Who ever beleives a shortage of oil is nuts.
dwbuddy Champion Author Fort Worth Posts:1,915 Points:774,600 Joined:Dec 2010	Message Posted: Feb 21, 2013 10:52:22 AM Ignore dwbuddy Report Abuse oil has too much control over us all....it is a shame. Need a better way soon
homespesial All-Star Author Seattle Posts:710 Points:169,445 Joined:Oct 2012	Message Posted: Feb 21, 2013 10:50:40 AM Ignore homespesial Report Abuse interesting
packards42 Champion Author Washington Posts:6,535 Points:1,147,920 Joined:Feb 2005	Message Posted: Feb 21, 2013 10:50:28 AM Ignore packards42 Report Abuse Saudi Export are a record low , only 7 million barrels a day recently. [Edited by: packards42 at 2/21/2013 11:50:50 AM EST]
Cableman66 Champion Author North Carolina Posts:2,247 Points:517,585 Joined:May 2011	Message Posted: Feb 21, 2013 10:49:36 AM Ignore Cableman66 Report Abuse We imported 611,000 bpd and exported 484,000 bpd with refineries in the states shutting down or doing maintenance. Doesn't pass the smell test. To many places for people to play with prices to get a handle on it. Or to many hands in the pie and we get leftovers.
wmderrick All-Star Author Twin Cities Posts:665 Points:497,575 Joined:Apr 2010	Message Posted: Feb 21, 2013 10:47:53 AM Ignore wmderrick Report Abuse This is all happening so that when the prices fall back to $3/gallon we will think it is cheap!
f4driver Champion Author Maine Posts:2,628 Points:698,430 Joined:Aug 2007	Message Posted: Feb 21, 2013 10:47:21 AM Ignore f4driver Report Abuse Damn shame that our driving habits are subject to a bunch of camel humpers who still wipe their butts with their left thumb.
sdiddydaddy Champion Author Grand Rapids Posts:1,101 Points:416,295 Joined:Jan 2012	Message Posted: Feb 21, 2013 10:45:17 AM Ignore sdiddydaddy Report Abuse CaChase1 - let me know when you take a trip next year and I'll be sure to wait and fill up when you get home. :)
drakeman70 Sophomore Author Vermont Posts:110 Points:41,215 Joined:Oct 2008	Message Posted: Feb 21, 2013 10:44:53 AM Ignore drakeman70 Report Abuse Thank the speculators.
VernonOR Champion Author Oregon Posts:3,013 Points:758,005 Joined:Aug 2010	Message Posted: Feb 21, 2013 10:43:19 AM Ignore VernonOR Report Abuse China thirst for fuel is one big reason why prices are skyrocketing.
MitchelSdReview Champion Author South Dakota Posts:1,070 Points:227,670 Joined:Jun 2008	Message Posted: Feb 21, 2013 10:43:09 AM Ignore MitchelSdReview Report Abuse ok
Cachase1 Champion Author Oklahoma City Posts:11,584 Points:2,406,810 Joined:Aug 2003	Message Posted: Feb 21, 2013 10:41:11 AM Ignore Cachase1 Report Abuse Since I just finished my road-trip, it is okay for prices to fall now. This happened last year too. I might not take a trip next year, and see what happens.
eaglev Champion Author Oklahoma City Posts:4,001 Points:937,155 Joined:Jul 2005	Message Posted: Feb 21, 2013 10:40:12 AM Ignore eaglev Report Abuse We need to drill for our own oil, add to our refineries so they can handle more when needed. Get the EPA out of the way.
marion1739 All-Star Author Missouri Posts:964 Points:287,085 Joined:Jan 2011	Message Posted: Feb 21, 2013 10:37:29 AM Ignore marion1739 Report Abuse The laws of supply and demand no longer apply to gasoline
braves89 Champion Author Chicago Posts:7,783 Points:1,657,210 Joined:Apr 2008	Message Posted: Feb 21, 2013 10:36:21 AM Ignore braves89 Report Abuse jimL1 you really think the speculators will ever lose money?
VaPider Veteran Author Richmond Posts:374 Points:127,105 Joined:Nov 2012	Message Posted: Feb 21, 2013 10:35:24 AM Ignore VaPider Report Abuse Even though crude oil is falling, the prices will continue to rise as companies pass of the cost of maintenance and repair of the refineries.
JimL1 Champion Author Phoenix Posts:8,314 Points:1,258,495 Joined:Jul 2003	Message Posted: Feb 21, 2013 10:35:17 AM Ignore JimL1 Report Abuse We can all welcome an increase in Saudi production, including the speculators, who will now have to take their profits and sell and sell short on oil and fuels.
truckpdlr Champion Author Tucson Posts:3,081 Points:1,122,740 Joined:Sep 2009	Message Posted: Feb 21, 2013 10:32:14 AM Ignore truckpdlr Report Abuse Lets hope crude keeps following
mikesr100 Champion Author Sacramento Posts:4,030 Points:1,107,440 Joined:Apr 2008	Message Posted: Feb 21, 2013 10:31:22 AM Ignore mikesr100 Report Abuse Oil Cartels are just wonderful organizations?
radiorumor Champion Author Texas Posts:2,946 Points:780,565 Joined:Feb 2011	Message Posted: Feb 21, 2013 10:30:03 AM Ignore radiorumor Report Abuse There will be a bunch of us saving on gasoline after the Sequester. We want have a job to go to.
Car54BC08 Champion Author British Columbia Posts:4,389 Points:1,537,065 Joined:Jun 2008	Message Posted: Feb 21, 2013 10:29:11 AM Ignore Car54BC08 Report Abuse But there isn't an improving global economy
bearzz Champion Author California Posts:1,568 Points:445,645 Joined:Mar 2011	Message Posted: Feb 21, 2013 10:27:55 AM Ignore bearzz Report Abuse And. . .???
gas_too_high Champion Author Columbus Posts:11,686 Points:1,959,415 Joined:Aug 2005	Message Posted: Feb 21, 2013 10:27:43 AM Ignore gas_too_high Report Abuse About time. Maybe this will break the speculation bubble that has spiked wholesale and retail gas prices in the last few weeks. GTH
nehemiah Champion Author Portland Posts:4,891 Points:957,115 Joined:Jul 2007	Message Posted: Feb 21, 2013 10:26:14 AM Ignore nehemiah Report Abuse meaningless at the retail price
TAT36 Champion Author Florida Posts:6,944 Points:1,329,225 Joined:Sep 2009	Message Posted: Feb 21, 2013 10:24:30 AM Ignore TAT36 Report Abuse Seems like if we read anything into this we are living in a dream world. May be time to wake up but then being asleep feels so good.
deaconjones Champion Author Cleveland Posts:2,254 Points:324,730 Joined:May 2006	Message Posted: Feb 21, 2013 10:22:19 AM Ignore deaconjones Report Abuse saudi has as much blame for our misery as anyone else.......they are muslim and nean to destroy this country like our great muslim leader, barry
badharley Champion Author Tampa Posts:1,154 Points:766,915 Joined:Jul 2010	Message Posted: Feb 21, 2013 10:22:04 AM Ignore badharley Report Abuse Drill in the USA so we don't have to buy someone elses oil.
yelobus Champion Author Houston Posts:5,738 Points:1,583,565 Joined:Aug 2006	Message Posted: Feb 21, 2013 10:20:20 AM Ignore yelobus Report Abuse So??
LuckyD43 Champion Author Long Island Posts:32,460 Points:2,194,795 Joined:Apr 2005	Message Posted: Feb 21, 2013 10:19:46 AM Ignore LuckyD43 Report Abuse As I said in an earlier article, the government is the biggest cause of this problem because they aren't doing a damn thing the correct the situation.
exd121 Champion Author Ottawa Posts:1,908 Points:481,550 Joined:Sep 2010	Message Posted: Feb 21, 2013 10:19:29 AM Ignore exd121 Report Abuse whatever they will find a way to raise prices anyway
olebufnav Champion Author Omaha Posts:4,121 Points:1,049,730 Joined:Nov 2008	Message Posted: Feb 21, 2013 10:19:26 AM Ignore olebufnav Report Abuse Get rid of Barry Hussien O and his EPA.
1stClicker Champion Author Texas Posts:5,451 Points:2,270,270 Joined:Oct 2005	Message Posted: Feb 21, 2013 10:18:27 AM Ignore 1stClicker Report Abuse Drill here, built pipelines & refineries and export less, keep it here & lower prices. Tell Obummer and his EPA to allow it.
jamofsocal All-Star Author Los Angeles Posts:981 Points:250,395 Joined:Aug 2012	Message Posted: Feb 21, 2013 10:18:21 AM Ignore jamofsocal Report Abuse What about all those articles about the US becoming an oil super power in the next few years?
sleuth696 Champion Author Ventura Posts:1,068 Points:229,190 Joined:Oct 2012	Message Posted: Feb 21, 2013 10:17:44 AM Ignore sleuth696 Report Abuse Another false hope article. Won't impact California where we continue to be the highest in the nation right behind Hawaii.
DimitrisIL Champion Author Chicago Posts:1,538 Points:541,090 Joined:Feb 2011	Message Posted: Feb 21, 2013 10:16:10 AM Ignore DimitrisIL Report Abuse Makes you wonder how a handfull of people determine the prices for million consumers.
geezrtek Champion Author Michigan Posts:2,048 Points:449,760 Joined:Apr 2011	Message Posted: Feb 21, 2013 10:15:05 AM Ignore geezrtek Report Abuse OK
HEBster Champion Author Kentucky Posts:8,922 Points:2,400,630 Joined:May 2006	Message Posted: Feb 21, 2013 10:14:07 AM Ignore HEBster Report Abuse Too late to make a difference!
ss70 Champion Author Detroit Posts:9,930 Points:1,896,225 Joined:Sep 2005	Message Posted: Feb 21, 2013 10:13:14 AM Ignore ss70 Report Abuse If more oil is produced someone has to buckle under pressure and try to sell as they need money
AriesMMD Champion Author Sacramento Posts:1,571 Points:436,465 Joined:Dec 2011	Message Posted: Feb 21, 2013 10:13:01 AM Ignore AriesMMD Report Abuse All about the Bennys
vrossi46 Champion Author San Jose Posts:2,797 Points:829,695 Joined:Oct 2008	Message Posted: Feb 21, 2013 10:12:45 AM Ignore vrossi46 Report Abuse pump more