Oil Prices continue above $30 per barrel, Natural Gas Pipeline Proposal goes forward
This article from a day or two ago does not emphasize the high price
of oil, but it gives the important info as to OPEC's price range goal
($22-$28 per barrel). As I write, Oil is well above $31 per barrel,
up sharply for the day by more than a dollar.
With stocks, commodities, day-to-day purchases like gasoline, I've
been thinking for awhile that an important issue is not only the price
range, but also the length of time that the item spends at that range.
Oil seems to have been above OPEC's supposed goal for awhile now. Gas
prices around here have been I'm not sure where, maybe $1.70 per
gallon for 87 octane? I haven't taken a hard look recently.
Natural Gas is sort of holding steady to my eye, a bit under $5 per
unit. The question of course is how that will go leading up to this
An energy bill has been making its way through Congress and part of it
apparently is a nearly $20 billion incentive or something to increase
Natural Gas delivery from Alaska to the US via a pipeline, involving
Exxon Mobil, Connoco PHillips and BP. This is a separate issue I
think from the (apparently) failed proposal to drill for OIl in ANWR.
This story doesn't mention clearly the Natural GAs Pipeline issue, but
summarizes the energy bill situation:
I'm not sure yet as to the meaning of the ethanol-related matters.
No mention of EVs of course. We wouldn't want to allow car owners
more flexibility, beyond a nascient biodiesel effort and a little
ethanol percentage, not to buy their fuel from the Oil companies.
Unleaded gas is at about roughly its highest level of the last two
years, excluding the War Spike in March.
NYMEX crude closed way up, apparently above $32 per barrel, up a
whopping $1.77 on the September contract:
Natural Gas, on the other hand, seemed to close well down.