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Old 09-05-2006, 12:07 PM   #151
Ksyrup
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Down to $2.28 here. And some more good news, too!



Chevron says Gulf drilling a success

Well could become the nation's biggest new domestic source of oil, according to newspaper report.

September 5 2006: 10:37 AM EDT
NEW YORK (Reuters) -- Chevron Corp. said Tuesday it had successfully drilled for oil in the Gulf of Mexico's deep waters, in what could be one of the most significant finds for the domestic oil industry in a generation.

The successful well, known as Jack 2, reached a record total depth of 28,175 feet, coming in 7,000 feet of water, and more than 20,000 feet under the sea floor. Analysts said the find suggested the success of that drilling may mean more oil than previously believed is available under the Gulf of Mexico, a region that already provides a quarter of U.S. output.

One published report suggested the breakthrough could increase U.S. oil reserves by as much as 50 percent.

During the test at record depths and pressure, the Jack No. 2 well flowed at more than 6,000 barrels of crude per day, Chevron (Charts) said. That puts it on a par with discoveries in exploration hotspots such as the waters off Angola.

Chevron, the No. 2 U.S. oil company after Exxon Mobil (Charts), did not give an estimate of the field's reserves.

The Wall Street Journal cited Chevron officials as estimating recent discoveries in the Gulf of Mexico could hold as much as 15 billion barrels of oil and gas reserves. That would boost U.S. current reserves by 50 percent.

The region could become the nation's biggest new domestic source of oil since the discovery of Alaska's North Slope more than a generation ago, the Journal said.
"This region is proving quite prospective. Certainly the test well results are on the top end of most analysts' ranges," said Jason Kenney, an analyst at ING in London.
Mike Wittner of investment bank Calyon cautioned that until the size of the field was known it was difficult to draw conclusions.

"It seems to be a significant find and there is still life left in the deepwater Gulf of Mexico, particularly as you move into ultra-deep water," he added.

Chevron is the operator of the Jack prospect with a 50 percent working interest. Devon Energy (Charts) and Statoil (Charts) each own a 25 percent working interest.

"The results of the Jack test allow Chevron and its co-owners to better understand the deliverability of the emerging lower tertiary trend, a trend where Chevron is the largest leaseholder," said Gary Luquette, Chevron's president, North America Exploration and Production.

Chevron was not immediately available for further comment.

Chevron first announced the discovery of the Jack prospect in September 2004. It is 270 miles southwest of New Orleans and 175 miles offshore. The test on Jack 2 broke Chevron's 2004 Tahiti well test record as the deepest successful well test in the Gulf of Mexico.

More than half a dozen world records for test equipment pressure, depth, and duration in deepwater were set during the Jack well test, Chevron said.

Chevron and its co-owners plan to drill an additional appraisal well in 2007.

Chevron said it is the largest lease holder in the deepwater Gulf of Mexico, and is currently developing the $3.5 billion Tahiti project, scheduled to commence production in 2008.
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Old 09-05-2006, 12:12 PM   #152
JS19
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I don't understand these differences with gas prices. How can it be $2.28 as it is in Ksyrups case, while where I live it's about $3.30. I can understand a few cents here and there, but a dollar per gallon difference seems a tad bit much.
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Old 09-05-2006, 12:14 PM   #153
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I don't understand these differences with gas prices. How can it be $2.28 as it is in Ksyrups case, while where I live it's about $3.30. I can understand a few cents here and there, but a dollar per gallon difference seems a tad bit much.

State taxes
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Old 09-05-2006, 12:15 PM   #154
sooner333
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I don't understand these differences with gas prices. How can it be $2.28 as it is in Ksyrups case, while where I live it's about $3.30. I can understand a few cents here and there, but a dollar per gallon difference seems a tad bit much.

Well, I don't know where you live in New York, but it's probably a regional supply and demand. If you're in the city, there might also be greater transportation costs involved with getting fuel to the pump or a greater local demand with millions of people and not proportionally more gas stations in the city. When I lived in the Bay Area there was a significant difference between the east bay prices and those in San Francisco proper.
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Old 09-05-2006, 12:17 PM   #155
tarcone
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its $2.39 here and we have about 28 cents worth of state taxes
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Old 09-05-2006, 12:18 PM   #156
finketr
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9/4/06:

~180mi on I-74 Champaign/Urbana, IL: $2.589
~135mi on I-74 Bloomington/Normal, IL: $2.489
~90 mi on I-74 Peoria, IL: $2.739
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Old 09-05-2006, 12:42 PM   #157
stevew
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2.699 And only slightly dropping over the past week and a half. I would think it will go to about 2.599 this week or lowr.
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Old 09-05-2006, 01:14 PM   #158
Airhog
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2.36 down here in norman
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Old 09-15-2006, 07:09 AM   #159
Ksyrup
This guy has posted so much, his fingers are about to fall off.
 
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10 days later, we're at $2.11.
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Old 09-15-2006, 07:25 AM   #160
stevew
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It was 2.49 where i work, dunno what the weekend price will be yet.
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Old 09-15-2006, 07:31 AM   #161
JeeberD
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Down to $2.24...
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Old 09-15-2006, 07:38 AM   #162
JonInMiddleGA
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$2.21 regular to $2.41 super as of last night in Athens.
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Old 09-15-2006, 07:40 AM   #163
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Old 09-15-2006, 07:57 AM   #164
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Old 09-15-2006, 09:14 AM   #165
Logan
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$3.16

You live in Hawaii. Are you trying to get some compassion from all of us?

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Old 09-15-2006, 09:18 AM   #166
molson
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Still about $2.92 in Boise (It's dropped about 6 cents in 3 months). Which just pisses me off. It's friggen Idaho, gas should be cheap here.
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Old 09-15-2006, 09:24 AM   #167
Pumpy Tudors
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$2.559 in downtown Greensburg last night, although I didn't notice what it was on my way to work this morning.
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Old 09-15-2006, 09:27 AM   #168
wade moore
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Still about $2.92 in Boise (It's dropped about 6 cents in 3 months). Which just pisses me off. It's friggen Idaho, gas should be cheap here.

Yeah, but your house only costs $10k for a mansion.
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Old 09-15-2006, 09:33 AM   #169
molson
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Yeah, but your house only costs $10k for a mansion.

Good point (and being a New England transplant, ya, housing is friggen ridiculous here)
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Old 09-15-2006, 09:34 AM   #170
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Old 09-15-2006, 09:36 AM   #171
wade moore
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Good point (and being a New England transplant, ya, housing is friggen ridiculous here)

When I had a different position at my company where I managed operations for a Help Desk we had a desk in San Diego and in Norfolk, VA. We expanded and opened a center in Boise, ID.

Some folks moved their from San Diego to start the center up. They sold their houses and kept their salaries.

They live like FRICKIN KINGS up there.
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Old 09-15-2006, 09:41 AM   #172
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When I had a different position at my company where I managed operations for a Help Desk we had a desk in San Diego and in Norfolk, VA. We expanded and opened a center in Boise, ID.

Some folks moved their from San Diego to start the center up. They sold their houses and kept their salaries.

They live like FRICKIN KINGS up there.
I'm really hoping that is what happens if I move to Colorado Springs for work.
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Old 09-15-2006, 09:48 AM   #173
amdaily
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Dropped from $2.17 yesterday morning to $2.08 in the evening. I filled up in the morning
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Old 09-15-2006, 09:55 AM   #174
Simms
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~$2.65 in Arlington/Alexandria where I work. $2.29 in Woodbridge where I live.
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Old 09-15-2006, 11:47 AM   #175
vex
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$2.16
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Old 09-15-2006, 11:50 AM   #176
QuikSand
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We've been seeing the price drop, too -- most are around $245-$2.55 for regular unleaded.

I am seeing an unusual spread in prices, though -- lots os places seem to have increased the price differential between regular and premium gas. I'm used to seeing a split of maybe 10 or 15 cents -- last night I drove by a place with a 40 cent split -- $2.45, $2.85 and $2.94 for their three grades. Wonder if that's some sort of marketing strategy taking hold -- advertise the chep price for those who care, and milk the premium customers for even more than before?
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Old 09-15-2006, 11:54 AM   #177
Ksyrup
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I haven't seen that. Here, it's the typical 10 cent spread. Diesel is in the $2.85-2.95 range, though. Maybe you saw that?

Recently, I've noticed a number of stations no longer posting all 3 grade level prices on their boards, usually going with only regular and diesel, and maybe the mid-grade. I assume it is some psychological ploy given the high price of gas. With prices coming back down, maybe they haven't switched back to the old way.
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Old 09-15-2006, 11:59 AM   #178
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I haven't seen that. Here, it's the typical 10 cent spread. Diesel is in the $2.85-2.95 range, though. Maybe you saw that?

No, this is multiple stations (though not all of them) and I'm 100% certain that the three prices were for regular, better, and best unleaded. Diesel was listed elsewhere. But I have been seeing unusually large splits between the grades for a few months now.
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Old 09-15-2006, 12:05 PM   #179
Ksyrup
This guy has posted so much, his fingers are about to fall off.
 
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Interesting. I hope that doesn't catch on, as I use only high grade.
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Old 09-15-2006, 03:26 PM   #180
pennywisesb
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I saw $2.75 earlier today which means gas has come down about 30 cents the past month....
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Old 09-15-2006, 04:55 PM   #181
Buccaneer
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Still higher than average (just dropped to 2.57 today) because there had been a shortage of diesel fuel here in Colorado. The refineries had to ramp up production of diesel at the expense of unleaded thus causing a bit of a short-term shortage.
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Old 09-15-2006, 04:56 PM   #182
Greyroofoo
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2.29
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Old 09-15-2006, 07:26 PM   #183
finkenst
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Old 09-16-2006, 09:18 AM   #184
sterlingice
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Originally Posted by QuikSand View Post
No, this is multiple stations (though not all of them) and I'm 100% certain that the three prices were for regular, better, and best unleaded. Diesel was listed elsewhere. But I have been seeing unusually large splits between the grades for a few months now.

I agree with this. As opposed to the usual 10c split between grades, I've started seeing a lot of 15c and 20c splits and it doesn't seem to be going away as prices "drop" a little now.

SI
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Old 09-16-2006, 09:46 AM   #185
JonInMiddleGA
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I agree with this. As opposed to the usual 10c split between grades, I've started seeing a lot of 15c and 20c splits and it doesn't seem to be going away as prices "drop" a little now.

SI

Interesting. I saw the splits growing for a while, usually 12-15 cents, but as the prices have come down here they've gone back to the traditional 10 cent margin.
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Old 09-16-2006, 09:58 AM   #186
MJ4H
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paid 2.18 last time i filled
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Old 09-18-2006, 07:16 AM   #187
Ksyrup
This guy has posted so much, his fingers are about to fall off.
 
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$2.05 this morning. An article in Sunday's paper suggested that we could go back to 1999 prices ($1.15) by November. That prediction came from the same guy who predicted the $3.00+ prices a couple of years ago. We'll likely be under $2 by the end of this week. I really never thought I'd see $1.xx again in my lifetime.
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Old 09-18-2006, 07:17 AM   #188
stevew
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2.45 where i work.
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Old 09-18-2006, 07:33 AM   #189
sterlingice
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Originally Posted by Ksyrup View Post
$2.05 this morning. An article in Sunday's paper suggested that we could go back to 1999 prices ($1.15) by November. That prediction came from the same guy who predicted the $3.00+ prices a couple of years ago. We'll likely be under $2 by the end of this week. I really never thought I'd see $1.xx again in my lifetime.

How can you say that? It's election time

SI
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Old 09-18-2006, 07:45 AM   #190
JeeberD
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$2.18 yesterday
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Old 09-18-2006, 08:51 AM   #191
Bearcat729
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It's $1.98 down the road from me.
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Old 09-18-2006, 08:58 AM   #192
Mizzou B-ball fan
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$2.15 in KC.
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Old 09-18-2006, 12:17 PM   #193
QuikSand
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Originally Posted by QuikSand View Post
We've been seeing the price drop, too -- most are around $245-$2.55 for regular unleaded.

I am seeing an unusual spread in prices, though -- lots os places seem to have increased the price differential between regular and premium gas. I'm used to seeing a split of maybe 10 or 15 cents -- last night I drove by a place with a 40 cent split -- $2.45, $2.85 and $2.94 for their three grades. Wonder if that's some sort of marketing strategy taking hold -- advertise the chep price for those who care, and milk the premium customers for even more than before?

Okay, since this observation seemed a bit out of step for some... I have started looking. I have seen a whole lot of places with 15-20 cent splits, but yesterday in NJ, I saw another really weird example of this:



If the pic is't clear, there is a 44 cent spread between the regular and first higher level of gas price there. I know NJ is the bane of all that is sensible in filling stations anyway, but this is really weird to me regardless. This sort of split wasn't common, but it's not one-of-a-kind either.

I have little clue what might cause such a thing for a certain station, even in these odd times.
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Old 09-18-2006, 12:21 PM   #194
Butter
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My wife got $1.99 this morning, but also said a couple of other stations have gone from around $2.09 to $2.25 today. She said there were lines for the $1.99 station.

Gas lines always have amused me. I love that people think it's a good idea to blow 1-2 gallons in gas waiting in line for a half hour to save maybe a total of $4 on a 20 gallon fill up.
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Old 09-18-2006, 02:11 PM   #195
TazFTW
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$3.16

Dropped to $3.09 as of yesterday. Costco is selling unleaded for $2.69.
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Old 09-20-2006, 10:22 AM   #196
Ksyrup
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I'm trying to understand how this works...our prices have been falling on a consistent basis, to the point where we were at $2.02 yesterday morning. Yesterday afternoon, however, as I drove home from work, I see that prices at every station have gone up 20-22 cents, and now we're back in the low-to-mid $2.20s. WTF?
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Old 09-20-2006, 10:24 AM   #197
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Originally Posted by Ksyrup View Post
I'm trying to understand how this works...our prices have been falling on a consistent basis, to the point where we were at $2.02 yesterday morning. Yesterday afternoon, however, as I drove home from work, I see that prices at every station have gone up 20-22 cents, and now we're back in the low-to-mid $2.20s. WTF?
Same thing in STL. The bitch spiked 20 cents overnight.
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Old 09-20-2006, 10:57 AM   #198
Ryche
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About a 20 cent bump up here yesterday as well from 2.15 to 2.35
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Old 09-20-2006, 11:20 AM   #199
Chubby
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We dropped tp 2.63 for regular yesterday (don't know about today, I'm off).

I love being the one to change the prices when they go down
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Old 09-20-2006, 05:19 PM   #200
JeeberD
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Strange, while y'all went up overnight we dropped from $2.18 to $2.08.
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