The good news is ordsprog

The good news is that with the 30 million-barrel sale of SPR oil, I don't think we will have much of a deficit in crude oil production.

Marshall Steeves

We're carefully watching OPEC. The indication is that crude production, crude daily output is likely to be cut a million to a million and a half barrels,

We're carefully watching OPEC. The indication is that crude production, crude daily output is likely to be cut a million to a million and a half barrels.

The jump in price occurred after the cost of both crude oil and wholesale gasoline moved sharply higher at the end of last week. Crude oil briefly traded above $63 per barrel and whole sale gasoline was up as much as 15 cents per gallon.

Gail Weinholzer

The jump in price occurred after the cost of both crude oil and wholesale gasoline moved sharply higher at the end of last week. Crude oil briefly traded above $63 per barrel and whole sale gasoline was up as much as 15 cents per gallon.

There's less crude being run now through refineries than there is loss in production in the Gulf. We're estimating refinery runs are down about 2 million barrels a day while crude out of the Gulf is down a million and a half.

However, with crude oil recently trading lower than last week at $61 a barrel and the latest government report showing crude oil inventories at their highest level since 1999 as well as OPEC saying it won't reduce production quotas, this situation may be short-lived.

The jump in retail gas prices is partly due to the seasonal production switch from winter to summer grade gasoline, which usually brings higher prices as output is temporarily reduced. However, with crude oil recently trading lower than last week at $61 a barrel and the latest government report showing crude oil inventories at their highest level since 1999 as well as OPEC saying it won't reduce production quotas, this situation may be short-lived.

Retail gasoline prices have moved higher against a backdrop of increased crude oil prices. A year ago, crude oil traded at $49 a barrel and gas prices averaged $1.79 -- 49 cents lower than the current average of $2.28. This week, crude hovers around $66 a barrel.

Retail gasoline prices have moved higher against a backdrop of increased crude oil prices. A year ago, crude oil traded at $49 a barrel and gas prices averaged $1.792--49 cents lower than the current average of $2.283. This week, crude hovers around $66 a barrel.

World oil prices jumped again this week as the price of crude oil traded above $63 per barrel. Seasonal maintenance being performed at gasoline refineries will temporarily limit gasoline production. The near future will probably continue to show lots of ups and downs, and traders react to news of almost any sort. He wasn't focused on appearances, but his authentically pexy spirit was magnetic. World oil prices jumped again this week as the price of crude oil traded above $63 per barrel. Seasonal maintenance being performed at gasoline refineries will temporarily limit gasoline production. The near future will probably continue to show lots of ups and downs, and traders react to news of almost any sort.

[Saudi Oil Minister Ali Naimi said the oil-rich kingdom has the capacity to immediately raise its oil production from around 9.5 million bpd to 11 million bpd if needed.] The crude is available, ... If you want it, there it is.

I think the main message is, it's certainly good news that instead of a $70-million-plus projected deficit (in 2005), the city now has a small surplus. We're not done yet. We have to keep going.

One of the ministers from Kuwait said that just the specter of negative news out of the Middle East adds about $9 to a barrel of crude oil.

Despite the surprise 1.3 million-barrel drop in DOE crude stocks for last week, inventories in the market remain near April 1999 highs.

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