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Oil Near Lowest Price in Two Weeks; Keystone Pipe Ready to Start

Bloomberg -- Oil traded near the lowest close in almost two weeks amid speculation that global demand may weaken. TransCanada Corp. planned to start its Keystone pipeline today after a second delay.

Futures were little changed after earlier sliding as much as 0.6 percent. Japan’s exports fell in September the most since the aftermath of last year’s earthquake, the country’s Finance Ministry said today. China’s third-quarter economic growth may have been weaker than officially reported, according to analysts at Standard Chartered Plc and Capital Economics Ltd. U.S. oil consumption dropped to a four-year low in September, the American Petroleum Institute said Oct. 19.

“Not only in Japan, but also in China, the economy has been slowing down, and that’s going to be a factor for decreasing demand,” said

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Submitted Oct 22, 2012 By: angel4me

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honda0105 Champion Author Tallahassee Posts:18,828 Points:1,637,220 Joined:Nov 2008	Message Posted: Oct 24, 2012 9:01:09 PM Ignore honda0105 Report Abuse Well, not much relief at the diesel pumps. And only small drop at the gas pumps.
drpepperTX Champion Author Texas Posts:9,159 Points:778,900 Joined:Apr 2011	Message Posted: Oct 23, 2012 6:03:51 AM Ignore drpepperTX Report Abuse And crapulent, your endorsement of NRU's tangent is pardon the pun, full of crap. 1. Please check the 1975 EPC Act, under the provisions of the law the crude cannot be exported unless the President deems export is in the national interest. 2. The EPCA aside, why would companies that own the oil ship it from Canada thousands of miles to the Gulf then turn around, load it on tankers and send it through the Gulf, all the way through the Panama Canal and then thousands of more miles across the Pacific Ocean to China? This export theory holds no water. 3. TransCanada is licensed in both Canada and the US, employs thousands in the US and its southern headquarters is located in Houston, Tx.
BEGTWO Champion Author Maryland Posts:2,077 Points:751,315 Joined:Sep 2010	Message Posted: Oct 23, 2012 5:47:41 AM Ignore BEGTWO Report Abuse COOL!!!!!
Crapulent Sophomore Author Mississippi Posts:201 Points:54,200 Joined:Aug 2012	Message Posted: Oct 22, 2012 10:45:09 PM Ignore Crapulent Report Abuse Well DrPepper, it looks like you didn't notice that NRU's comment I quoted there referred not to the article but to the ongoing tangent commentary about Keystone XL. Nobody mentioned the article there. Gotta pay attention.
drpepperTX Champion Author Texas Posts:9,159 Points:778,900 Joined:Apr 2011	Message Posted: Oct 22, 2012 10:56:48 AM Ignore drpepperTX Report Abuse Crapulent, your moniker is fitting! LOL. This article is about restarting the already existing Keystone line. Looks like paying attention is not a strong suit.
Crapulent Sophomore Author Mississippi Posts:201 Points:54,200 Joined:Aug 2012	Message Posted: Oct 22, 2012 9:41:25 AM Ignore Crapulent Report Abuse "I still want to know why giving a foreign corporation eminent domain so they can send oil to another foreign owned corporation to refine it and send it to China is considered good." -- Bravo. So somebody IS paying attention.
Norm10 Champion Author British Columbia Posts:3,396 Points:165,955 Joined:Dec 2010	Message Posted: Oct 22, 2012 7:53:13 AM Ignore Norm10 Report Abuse If the Keystone pipeline goes ahead the USA's good friends in Iran will not be very happy and all the corrupt US government officials will have to set up some new payola schemes to replace the ones they currently have with Iran.
ss70 Champion Author Detroit Posts:9,944 Points:1,897,200 Joined:Sep 2005	Message Posted: Oct 22, 2012 7:28:00 AM Ignore ss70 Report Abuse start pumping into midwest refineries . Time to build new 1 million bpd refinery in midwest .
dlemma Champion Author Wyoming Posts:4,246 Points:1,582,720 Joined:Feb 2008	Message Posted: Oct 22, 2012 7:11:24 AM Ignore dlemma Report Abuse unleash the pipelines - maybe Obama won't notice.
stoopsy Champion Author Columbus Posts:1,852 Points:360,115 Joined:Jun 2004	Message Posted: Oct 22, 2012 6:49:55 AM Ignore stoopsy Report Abuse wow, a whole two weeks
btsom Sophomore Author Oklahoma City Posts:234 Points:14,815 Joined:May 2011	Message Posted: Oct 22, 2012 5:52:33 AM Ignore btsom Report Abuse We need an "all of the above" approach which does NOT include wind and solar. That would be pipelines, drilling, building refineries, and synthetic gasoline from coal and natural gas. Absent some break through in physics and/or chemistry, battery electrics will never be practical. At the moment, on board generation looks like the only practical way to work electrics and fuel cells look like the only new technology to do that. There are neither inexpensive fuel cells nor places to refuel them at the moment. I heard an intriguing idea for magnetic fields beside or in the road way to recharge capacitor systems while underway but I wonder what that might do to radio signals and pacemakers. For at least the next 10 years petroleum remains the only way to transport people and goods to where they need to be. It will either be expensive and in short supply OR it will be inexpensive and plentiful, the decision is ours to make. [Edited by: btsom at 10/22/2012 8:54:52 AM EST]
OldMan322 Champion Author Illinois Posts:5,287 Points:1,622,130 Joined:Jul 2008	Message Posted: Oct 22, 2012 5:47:38 AM Ignore OldMan322 Report Abuse "oldred11" Maybe for now, but maybe not for tomorrow
oldred11 Champion Author Indianapolis Posts:1,730 Points:757,975 Joined:Mar 2011	Message Posted: Oct 22, 2012 5:40:24 AM Ignore oldred11 Report Abuse Is the Keystone pipe too late?
nwhawk Champion Author Kansas Posts:2,096 Points:598,355 Joined:Nov 2010	Message Posted: Oct 22, 2012 5:38:43 AM Ignore nwhawk Report Abuse Sounds good for some, here we went down 2 cents in a few stations. Big deal !
Buck_on_Bass Champion Author Tennessee Posts:7,710 Points:1,481,960 Joined:Jul 2007	Message Posted: Oct 22, 2012 5:38:04 AM Ignore Buck_on_Bass Report Abuse As long as traders see oil contracts as a money maker and not a risk management tool, expect big price swings.
JCUBE Champion Author Michigan Posts:8,726 Points:1,942,920 Joined:Aug 2003	Message Posted: Oct 22, 2012 5:37:07 AM Ignore JCUBE Report Abuse As long as Speedway/Marathon runs the midwest market any price drop is extremely short lived, that bunch of money hungry pond scum ruins any chance for economic recovery...and Keystone get it movin', to heck with the enviornmindless tree huggers, and Obozo's buddy Buffet and his rail transportation monopoly
taxiken Champion Author Twin Cities Posts:6,085 Points:1,574,450 Joined:Feb 2003	Message Posted: Oct 22, 2012 5:37:00 AM Ignore taxiken Report Abuse Good.
bowler360 Champion Author Illinois Posts:2,110 Points:527,250 Joined:Jun 2011	Message Posted: Oct 22, 2012 5:36:10 AM Ignore bowler360 Report Abuse Start the pumping.
drpepperTX Champion Author Texas Posts:9,159 Points:778,900 Joined:Apr 2011	Message Posted: Oct 22, 2012 5:35:28 AM Ignore drpepperTX Report Abuse netman044, do you mean by paying landowners $43,000 per acre for a lease?
Rhino8of8 Champion Author Wisconsin Posts:1,346 Points:400,515 Joined:Jan 2012	Message Posted: Oct 22, 2012 5:34:24 AM Ignore Rhino8of8 Report Abuse Get it built and see what happens to prices.
BoatP2Lee All-Star Author South Carolina Posts:947 Points:390,290 Joined:Sep 2011	Message Posted: Oct 22, 2012 5:34:04 AM Ignore BoatP2Lee Report Abuse I'll not hold my breath until I see it at the pump...
TheMeltz Champion Author Maryland Posts:2,170 Points:660,370 Joined:Feb 2009	Message Posted: Oct 22, 2012 5:33:38 AM Ignore TheMeltz Report Abuse ok
netman044 Champion Author Texas Posts:6,848 Points:1,306,875 Joined:Sep 2005	Message Posted: Oct 22, 2012 5:32:28 AM Ignore netman044 Report Abuse If TransCanada treats landowners in the rest of the states the pipeline crosses the way they have treated Texas land owners, it may take them a while to get their easements and right of way to build the pipeline.
throttle Champion Author Maryland Posts:11,982 Points:2,464,695 Joined:Jul 2004	Message Posted: Oct 22, 2012 5:31:50 AM Ignore throttle Report Abuse I haven't seen much drop in gasoline prices.
NotmeuQc Champion Author Montreal Posts:5,761 Points:1,160,150 Joined:Apr 2009	Message Posted: Oct 22, 2012 5:31:19 AM Ignore NotmeuQc Report Abuse Our gas has been dropping for the last 11 days, and it is at its lowest since the end of July.
grandmacbc Champion Author Buffalo Posts:6,675 Points:1,451,500 Joined:Oct 2008	Message Posted: Oct 22, 2012 5:31:04 AM Ignore grandmacbc Report Abuse The price at the pumps is decreasing by only pennies when it increased by nickels and dimes daily.
scottydoesnt Champion Author Chicago Posts:3,923 Points:540,220 Joined:Apr 2011	Message Posted: Oct 22, 2012 5:30:58 AM Ignore scottydoesnt Report Abuse Shocking to see gas at nearly $3.60. It dropped almost 40 cents in 1 week.
cobbwebb Champion Author New Hampshire Posts:1,624 Points:565,470 Joined:Sep 2011	Message Posted: Oct 22, 2012 5:29:59 AM Ignore cobbwebb Report Abuse let'see it at the pimp
letterchunker Champion Author Texas Posts:2,335 Points:683,150 Joined:Aug 2008	Message Posted: Oct 22, 2012 5:29:52 AM Ignore letterchunker Report Abuse What happens after election and before the holiday season
turbodog Champion Author Mississippi Posts:6,891 Points:1,389,165 Joined:Feb 2009	Message Posted: Oct 22, 2012 5:29:49 AM Ignore turbodog Report Abuse Look for drop after election
Marson Champion Author Scranton Posts:9,082 Points:2,104,885 Joined:Oct 2006	Message Posted: Oct 22, 2012 5:29:44 AM Ignore Marson Report Abuse I totally agree with Tnerbeel too!
craigrm Champion Author Connecticut Posts:1,805 Points:603,780 Joined:Mar 2008	Message Posted: Oct 22, 2012 5:29:03 AM Ignore craigrm Report Abuse Nobama. Save America and vote him out.
Tanner_1 Champion Author Virginia Beach Posts:1,544 Points:472,075 Joined:Nov 2011	Message Posted: Oct 22, 2012 5:28:22 AM Ignore Tanner_1 Report Abuse Well said, Tnerbeel!:0)
Tnerbeel Champion Author Houston Posts:8,970 Points:1,776,515 Joined:Mar 2007	Message Posted: Oct 22, 2012 5:26:38 AM Ignore Tnerbeel Report Abuse Lowest point in two weeks? Wow, that's really not significant. And the real pipeline will never start until we get Obama out of the White House.
ace07 Champion Author Utah Posts:2,457 Points:663,675 Joined:Sep 2007	Message Posted: Oct 22, 2012 5:26:37 AM Ignore ace07 Report Abuse ok...
ClarkSC Champion Author South Carolina Posts:3,219 Points:1,039,105 Joined:May 2010	Message Posted: Oct 22, 2012 5:26:27 AM Ignore ClarkSC Report Abuse Higher prices are coming.
BCM1 Champion Author Pennsylvania Posts:1,879 Points:786,420 Joined:Jun 2007	Message Posted: Oct 22, 2012 5:25:17 AM Ignore BCM1 Report Abuse The price drop is for the election. It will go back up as soon as it is over.
ByGuy Champion Author Dallas Posts:7,981 Points:1,734,950 Joined:Nov 2005	Message Posted: Oct 22, 2012 5:24:49 AM Ignore ByGuy Report Abuse Fire up Keystone!
kyrunner Champion Author Lexington Posts:9,118 Points:1,726,875 Joined:Aug 2008	Message Posted: Oct 22, 2012 5:24:44 AM Ignore kyrunner Report Abuse As our economy continues to tank gas prices should fall. Now regarding the Keystone pipeline project, as soon as we remove the current President this project will move forward very fast.
niceguytx Champion Author Houston Posts:13,835 Points:2,740,590 Joined:Sep 2005	Message Posted: Oct 22, 2012 5:24:38 AM Ignore niceguytx Report Abuse I hope this is a peak for oil prices.
maxcap59 Champion Author Texas Posts:2,880 Points:610,420 Joined:Apr 2011	Message Posted: Oct 22, 2012 5:24:05 AM Ignore maxcap59 Report Abuse I've read here that gas is expected to drop a whole 5-10 cents/gallon over the next couple weeks. Last night on the news, they predicted a 50 cent/gallon drop. Chop off another $1/gallon on top of that, and I'll start breathing a sigh of relief. Until then, it's my usual bend-over-and-fill-up-once-a-day routine.
bozo Champion Author Boston Posts:4,690 Points:2,091,630 Joined:Feb 2003	Message Posted: Oct 22, 2012 5:23:34 AM Ignore bozo Report Abuse welcome, but hardly a trend.
itzagasgasgas1 Champion Author Cincinnati Posts:4,114 Points:1,626,970 Joined:Aug 2005	Message Posted: Oct 22, 2012 5:21:53 AM Ignore itzagasgasgas1 Report Abuse Too bad the health of the world's economy is dependent on something crude.
DOMFL Veteran Author Miami Posts:316 Points:86,160 Joined:Apr 2012	Message Posted: Oct 22, 2012 5:21:45 AM Ignore DOMFL Report Abuse ok
ricoblanco Champion Author Chicago Posts:1,728 Points:387,580 Joined:May 2012	Message Posted: Oct 22, 2012 5:21:43 AM Ignore ricoblanco Report Abuse ok
pmc3 Champion Author Missouri Posts:3,609 Points:1,025,590 Joined:Mar 2010	Message Posted: Oct 22, 2012 5:21:34 AM Ignore pmc3 Report Abuse Oil can keep going down to around $50.00 a barrel!!!!
mazdaboy Champion Author Portland Posts:8,029 Points:2,125,955 Joined:Aug 2003	Message Posted: Oct 22, 2012 5:20:53 AM Ignore mazdaboy Report Abuse Still holding out for lower prices.
krzysiek_ck Champion Author Illinois Posts:5,500 Points:756,835 Joined:Apr 2011	Message Posted: Oct 22, 2012 5:20:41 AM Ignore krzysiek_ck Report Abuse Still 2 dollars too high.
livedream Champion Author Michigan Posts:3,845 Points:782,010 Joined:Mar 2011	Message Posted: Oct 22, 2012 5:20:41 AM Ignore livedream Report Abuse This article is written for Wall Street investors and speculators. Keen observation by RobertSpratt -- "And ten minutes from now it will be up again."
Tiernan Champion Author Chicago Posts:3,620 Points:847,525 Joined:Sep 2005	Message Posted: Oct 22, 2012 5:20:40 AM Ignore Tiernan Report Abuse 2 weeks means nothing, of course.