Submitted by: Tony Caputo
Oil hovers near $92 as traders eye Egypt protests
By ALEX KENNEDY, AP
SINGAPORE — Oil prices hovered near $92 a barrel Tuesday in Asia as a chaotic power struggle in Egypt threatened the key crude Suez Canal choke point.
Opposition leaders are planning a massive street protest in Cairo on Tuesday in a bid to oust 82-year-old President Hosni Mubarak as an uprising against his 29-year rule begins its second week. Egypt's military said Monday it would not use force on marchers and recognized "the legitimacy of the people's demands."
Oil has jumped about 8 percent in the last two trading sessions on fears that chaos in Egypt could disrupt the 2 million barrels of crude per day that pass through the Suez Canal and an adjacent pipeline. So far, the Suez remains open, and shipping has not been interrupted.
"The concern that the popular uprising in Egypt will impact either of these pieces of critical infrastructure has applied pressure to the price of crude," said Richard D. Soultanian of NUS Consulting Group.
Investors are also worried violent street protests — which toppled Tunisian President Ben Ali last month — could spread to other Middle Eastern countries.
"The force and duration of this market propellant will depend upon the shape and form of the resolution of the Egyptian uprising and whether this wave of public discontent ends with Egypt or continues to spread to neighboring countries," Soultanian said.
In other Nymex trading in February contracts, heating oil fell 1.4 cent to $2.73 a gallon and gasoline slid 0.9 cent to $2.49 a gallon. Natural gas futures for March delivery were down 1.1 cents at $4.40 per 1,000 cubic feet.
In London, Brent crude was down 61 cents at $100.40 a barrel ICE Futures exchange.
Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Tony Caputo adds:
OIL IN AMERICA!
Here's an interesting read, important and verifiable information:
About 6 months ago, the writer was watching a news program on oil and
one of the Forbes Bros. was the guest. The host said to Forbes, "I am going to
ask you a direct question and I would like a direct answer; how much oil
does the U.S. have in the ground?" Forbes did not miss a beat, he said, "more
than all the Middle East put together." Please read below.
The U. S. Geological Service issued a report in April 2008 that only
scientists and oil men knew was coming, but man was it big. It was a
revised report (hadn't been updated since 1995) on how much oil was in
this area of the western 2/3 of North Dakota , western South Dakota , and extreme eastern Montana ...... check THIS out:
About 6 months ago, the writer was watching a news program on oil and
one of the Forbes Bros. was the guest. The host said to Forbes, "I am going to
ask you a direct question and I would like a direct answer; how much oil
does the U.S. have in the ground?" Forbes did not miss a beat, he said, "more
than all the Middle East put together." Please read below.
The U. S. Geological Service issued a report in April 2008 that only
scientists and oil men knew was coming, but man was it big. It was a
revised report (hadn't been updated since 1995) on how much oil was in
this area of the western 2/3 of North Dakota , western South Dakota , and extreme eastern Montana ...... check THIS out:
http://bakkenshale.net/bakkenshalemap.html
The Bakken is the largest domestic oil discovery since Alaska 's Prudhoe
Bay, and has the potential to eliminate all American dependence on foreign
oil. The Energy Information Administration (EIA) estimates it at 503 billion
barrels. Even if just 10% of the oil is recoverable... at $107 a barrel,
we're looking at a resource base worth more than $5..3 trillion.
"When I first briefed legislators on this, you could practically see
their jaws hit the floor. They had no idea.." says Terry Johnson, the Montana
Legislature's financial analyst.
"This sizable find is now the highest-producing onshore oil field found
in the past 56 years," reports The Pittsburgh Post Gazette. It's a
formation known as the Williston Basin , but is more commonly referred to as the
'Bakken.' It stretches from Northern Montana, through North Dakota and
into Canada .. For years, U. S. oil exploration has been considered a dead
end. Even the 'Big Oil' companies gave up searching for major oil wells
decades ago. However, a recent technological breakthrough has opened up
the Bakken's massive reserves.... and we now have access of up to 500
billion barrels. And because this is light, sweet oil, those billions of barrels
will cost Americans just $16 PER BARREL!
That's enough crude to fully fuel the American economy for 2041 years
straight. And if THAT didn't throw you on the floor, then this next one
should - because it's from 2006!
U. S. Oil Discovery- Largest Reserve in the World
Bay, and has the potential to eliminate all American dependence on foreign
oil. The Energy Information Administration (EIA) estimates it at 503 billion
barrels. Even if just 10% of the oil is recoverable... at $107 a barrel,
we're looking at a resource base worth more than $5..3 trillion.
"When I first briefed legislators on this, you could practically see
their jaws hit the floor. They had no idea.." says Terry Johnson, the Montana
Legislature's financial analyst.
"This sizable find is now the highest-producing onshore oil field found
in the past 56 years," reports The Pittsburgh Post Gazette. It's a
formation known as the Williston Basin , but is more commonly referred to as the
'Bakken.' It stretches from Northern Montana, through North Dakota and
into Canada .. For years, U. S. oil exploration has been considered a dead
end. Even the 'Big Oil' companies gave up searching for major oil wells
decades ago. However, a recent technological breakthrough has opened up
the Bakken's massive reserves.... and we now have access of up to 500
billion barrels. And because this is light, sweet oil, those billions of barrels
will cost Americans just $16 PER BARREL!
That's enough crude to fully fuel the American economy for 2041 years
straight. And if THAT didn't throw you on the floor, then this next one
should - because it's from 2006!
U. S. Oil Discovery- Largest Reserve in the World
Stansberry Report Online - 4/20/2006
Hidden 1,000 feet beneath the surface of the Rocky Mountains lies the
largest untapped oil reserve in the world. It is more than 2 TRILLION
barrels. On August 8, 2005 President Bush mandated its extraction. In
three and a half years of high oil prices none has been extracted. With this
motherload of oil why are we still fighting over off-shore drilling?
They reported this stunning news: We have more oil inside our borders,
than all the other proven reserves on earth. Here are the official estimates:
- 8-times as much oil as Saudi Arabia
- 18-times as much oil as Iraq
- 21-times as much oil as Kuwait
- 22-times as much oil as Iran
- 500-times as much oil as Yemen
- and it's all right here in the Western United States .
HOW can this BE? HOW can we NOT BE extracting this? Because the
environmentalists and others have blocked all efforts to help America
become independent of foreign oil! Again, we are letting a small group of
people dictate our lives and our economy.....WHY?
James Bartis, lead researcher with the study says we've got more oil in
this very compact area than the entire Middle East -more than 2 TRILLION
barrels untapped. That's more than all the proven oil reserves of crude oil in
the world today, reports The Denver Post.
Don't think 'OPEC' will drop its price - even with this find? Think
again!
It's all about the competitive marketplace, - it has to. Think OPEC just
might be funding the environmentalists?
Got your attention yet? Now, while you're thinking about it, do this:
Pass this along. If you don't take a little time to do this, then you
should stifle yourself the next time you complain about gas prices - by
doing NOTHING, you forfeit your right to complain.
--------
Now I just wonder what would happen in this country if every one of you
sent this to every one in your address book.
Hidden 1,000 feet beneath the surface of the Rocky Mountains lies the
largest untapped oil reserve in the world. It is more than 2 TRILLION
barrels. On August 8, 2005 President Bush mandated its extraction. In
three and a half years of high oil prices none has been extracted. With this
motherload of oil why are we still fighting over off-shore drilling?
They reported this stunning news: We have more oil inside our borders,
than all the other proven reserves on earth. Here are the official estimates:
- 8-times as much oil as Saudi Arabia
- 18-times as much oil as Iraq
- 21-times as much oil as Kuwait
- 22-times as much oil as Iran
- 500-times as much oil as Yemen
- and it's all right here in the Western United States .
HOW can this BE? HOW can we NOT BE extracting this? Because the
environmentalists and others have blocked all efforts to help America
become independent of foreign oil! Again, we are letting a small group of
people dictate our lives and our economy.....WHY?
James Bartis, lead researcher with the study says we've got more oil in
this very compact area than the entire Middle East -more than 2 TRILLION
barrels untapped. That's more than all the proven oil reserves of crude oil in
the world today, reports The Denver Post.
Don't think 'OPEC' will drop its price - even with this find? Think
again!
It's all about the competitive marketplace, - it has to. Think OPEC just
might be funding the environmentalists?
Got your attention yet? Now, while you're thinking about it, do this:
Pass this along. If you don't take a little time to do this, then you
should stifle yourself the next time you complain about gas prices - by
doing NOTHING, you forfeit your right to complain.
--------
Now I just wonder what would happen in this country if every one of you
sent this to every one in your address book.
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