September 29, 2006

YOU'RE SOAKING IN IT:

Oil falls sharply, despite Nigeria, Venezuela cuts (Randy Fabi, 9/29/06, Reuters)

Oil prices fell more than a dollar on Friday as traders questioned whether planned output cuts by OPEC members Nigeria and Venezuela would be enough to stem a two-month slide in prices. [...]

"People are waiting for evidence that the market is beginning to tighten or that actual cuts are being instigated, rather than just talk before prices can be bid up again," said London-based oil analyst Geoff Pyne.

"There is still plenty of oil around at the moment."

Posted by Orrin Judd at September 29, 2006 12:33 PM
Comments

Free sets of drinking glasses soon with a 10 gallon or more fill-up at Citgo stations, though you may have to scrape the image of Hugo off the side of the glass with a knife.

Posted by: John at September 29, 2006 12:54 PM

Two large and usually very crowded Citgo stations across a busy road from each other were devoid of customers when I passed by coming and going yesterday.

Harbingers of more of the same, I hope.

Posted by: erp at September 29, 2006 1:47 PM

And Thank Heaven for 7-Eleven!

"A week after Venezuelan President Hugo Chavez called George W. Bush "the devil," convenience store chain 7-Eleven Inc. said Wednesday it will stop selling gasoline from Venezuelan-controlled Citgo Petroleum Corp.

The Dallas, Texas-based company said in a statement it disapproved of Chavez' comments, but a spokeswoman insisted politics were not part of the decision to end its 20-year agreement with Houston-based Citgo, a position supported by Venezuelan and Citgo officials."

Posted by: Rick T. at September 29, 2006 2:56 PM

Just read the IBD editorial on this, they're blaming "middle America."

And panicking now that the purchasing power of America and its $4 billion won't be flowing into Hugo's coffers as much.

Posted by: Sandy P at September 29, 2006 4:29 PM

7-11 actually announced a month ago they'd be dropping the Citgo brand for others across the nation. It may have just been a simple business deal or they may have seen the handwriting on the wall with Hugo and jumped before they were pushed by public pressure.

(Of course, out here in West Texas, 7-11 dropped Citgo years ago. But the company they replaced them with was French-run Total-Elf-Fina which owns a refinery in Big Spring, so it's sort of six of one and half a dozen of the other.)

Posted by: John at September 30, 2006 12:26 AM
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