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Online Stock Market Trading Gasoline prices are continuing to decline around the country with the progress of U.S.-led forces in Iraq and a surge in crude oil flows around the world. The increased oil output has offset the shutdown of Iraqi oil fields during the war.

While Wall Street's concern over foreign oil prices loom on the edge of winter's demands for heating oil, domestic companies are profiting.

Stock Investing Course The price of regular unleaded gasoline averaged $1.726 a gallon in the District and its Maryland suburbs on April 4, according to the latest Lundberg report, down 11/5 cents from the previous report two weeks earlier. It was the first decline this year reported by the biweekly survey, which covers 150 stations in the Washington area and 8,000 nationwide.

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Stock Market Game Crude oil for May delivery fell 66 cents, or 2.3 percent, to $27.96 a barrel on the New York Mercantile Exchange yesterday. Oil prices on the exchange are 30 percent below a 12-year high of $39.99 a barrel reached on Feb. 27.

Now you know why he is so opposed to drilling–it would lower the price of gasoline. Ethanol needs higher priced gasoline to justify its very existence. This is neither hope nor change– unless you mean Obama is hopeless and a change for the worse. Bayh 2008–if you like even higher food and gasoline prices. Sounds like one loser and one hoosier. Just a Chicago machine hack politician.

Stock Investing Game Iraq's major northern oil fields are still occupied by Iraqi forces, and a possible sabotage of wells there could cause a spike in prices. Some of the current drop in crude oil prices has been driven by speculative trading on commodity markets, analysts said, and traders' reactions are volatile, analysts note.

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Journal Prime Rate Street Wall But so much oil is flowing from other producing nations that Iraq's output isn't needed currently, said Fadel Gheit, an industry analyst with Fahnestock & Co., in New York.

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Stock Market News "The war news is taking a back seat and industry supply and demand fundamentals will take over," he added.

Stock Investing Basics The campaign against Saddam Hussein's regime shut down most of Iraq's oil production, eliminating exports of about 2 million barrels a day, about 3 percent of the world's supply. But Saudi Arabia, Venezuela, Russia and other producers have increased production by more than that amount, according to industry estimates. Tankers carrying the additional production are showing up at U.S. and European refiners, pushing oil prices down.

Stock Investing Software The surplus in crude oil has alarmed members of the Organization of Petroleum Exporting Countries, which provides one-third of the world's oil supplies. OPEC's production decisions are a critical factor in determining crude oil prices.

Stock Market Trading OPEC members yesterday announced plans for an emergency meeting April 24 to consider a cutback in production to keep oil prices from falling too low. OPEC tries to maintain prices within a range of $22 to $28 a barrel. Prices below the target range cut hard into OPEC profits. But high prices hurt economic growth and cut the demand for oil.

Stock Investing For Dummy World oil markets are facing "a glut and not a shortage," Qatar's oil minister and OPEC President Abdullah bin Hamad Attiyah, told reporters in Paris yesterday. Unless OPEC does reduce output, crude oil prices could fall to $20 a barrel this summer, Gheit and other analysts predict.

Stock Market Crash But one important OPEC member, Venezuela, said yesterday that it will not reduce oil output this year, even if its OPEC production quota is cut. After a costly oil strike this winter, it needs the revenue from increased sales, it said.

Stock Investing Tip Non-OPEC producing states such as Russia aren't bound by the oil cartel's policies and aren't likely to cut back production this summer, said Lawrence J. Goldstein, president of the Petroleum Industry Research Foundation in New York.

Stock Market Chart Gasoline prices should fall further still, analysts said, because of the even steeper downtrend in crude oil prices since the onset of the conflict.

Online Stock Investing Crude prices are more than $10 a barrel lower than the prewar peaks, and that drop is equivalent to a 24-cent-a-gallon decline in pump prices.

Stock Market Crash Of But the decline in gasoline prices hasn't kept up. Average prices for regular brands have dropped nearly 8 cents a gallon since the start of the Iraq war, the Energy Information Administration reported last week.

Stock Investing For Beginner Gasoline probably will not match the entire drop in crude prices because gasoline inventories in the United States are still far below average levels for this time of year. The unique problems of the U.S. gasoline industry also keep fuel prices from dropping as far as crude prices do, EIA analyst Douglas MacIntyre noted.

Finance Journal Personal Many different gasoline formulas are required to meet varying clean-air requirements in U.S. metropolitan areas, and thus the shutdown of a single gasoline refinery during the summer can create local fuel shortages and sudden price increases, experts said.

Stock Market Report "There's enough oil out there to be hopeful of lower gasoline prices, but not confident," MacIntyre said. "There are so many uncertain factors in the market."

Finance Investing Stock Market By Peter Behr
Washington Post - 4/8/2003

Topic: Petroleum Industry

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