Archive for DRILL NOW

How Will Drilling Help If Refineries Are Cutting Back?

Posted in Uncategorized with tags , , , , , , , , , on August 13, 2008 by highboldtage

Oil Rises $2.99 on Bigger-Than-Expected Gasoline Supply Decline

By Mark Shenk

Aug. 13 (Bloomberg) — Crude oil futures rose more than $2 a barrel after a U.S. Energy Department report showed a bigger- than-forecast decline in inventories of gasoline as refiners shut units and imports fell.

Gasoline supplies dropped 6.39 million barrels to 202.8 million barrels last week, the biggest decline since October 2002 when Hurricane Lili and Tropical Storm Isidore disrupted output along the Gulf of Mexico. Stockpiles were forecast to decrease 2.15 million barrels, according to a Bloomberg News survey.

“Refiners are cutting runs and imports plunged because demand is so weak,” said Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts. “Refiners weren’t making money so it made sense to shut units.”

http://www.bloomberg.com/apps/news?pid=20601087&sid=ajmWimfe_vQc&refer=home

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UPDATE: Behind the Drill Shills: Exxon ’07 Reserves Below 100%

Posted in Uncategorized with tags , , , , , , , , , , , , , , on August 7, 2008 by highboldtage

UPDATE OF THIS POSTED ORIGINALLY FEB 15TH.

THIS IS THE REAL REASON THE REPUBLICANS ARE PUSHING FOR DRILLING – NOT FOR OIL BUT FOR RESERVES FOR THEIR OIL BUDDIES.

Exxon ’07 Reserves Below 100%

HOUSTON -(Dow Jones)- Citing the loss of Venezuelan oil reserves, Exxon Mobil Corp. (XOM) Friday became the latest oil major to fall short of 100% reserve replacement in 2007, posting a 76% reserve replacement for the year.

The Irving, Texas oil giant said it replaced 1.2 billion oil-equivalent barrels in 2007, compared with production of about 1.6 billion barrels, a ratio of 76%. The result is the latest sign of the growing challenge the private oil majors face in replacing production.

http://urlet.com/exclusively.crazy