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Rescue Me and Take Me In Your Arms!

THE VAN DER VALK GAS PRICE ADVISORY FOR 3-23-09

Aretha Franklin's signature song is being revived by the banking industry and US Government to convince the skeptical American taxpayers to throw more of their good money after bad investments made by the Wall Street banks. Other bad news will follow as crude oil will follow suit and increase in response to this program, which is the government's latest attempt to keep the financial industry afloat.

Crude oil for May delivery raised towards the $53 a barrel mark this morning, the highest in almost four months. This was mostly supported by a weak dollar after the Treasury Secretary Timothy Geithner announced plans to remove toxic mortgage assets from bank balance sheets. The administration's new rescue program will consist of the US Government going into partnership with private institutions and spend more taxpayer’s cash for mortgage trash.

This new enterprise tentatively called the Congressional Legacy Asset Program or CLAPCO, to go along with the other government created debacle AIG for Ain't It Grand, may have Congress back pedaling on giving this new program their automatic stamp of approval.
The US government rolled out the new plan on Monday with the hopes that it will purge banks of up to $1 trillion in toxic assets in an attempt to pull the economy out of its current recession.

May WTI crude oil is at $52 a barrel, having earlier climbed to $52.90, the highest price since December 1, 2008 The crude oil price increased from below $33 a barrel in December, 2008 and has been boosted since that time with production cuts by the Organization of the Petroleum Exporting Countries.

On the West Coast refiners are buyers for Los Angeles pipeline gasoline. The BP/Arco refinery in Carson reported a flaring problem last Friday causing the spot market gasoline to spike another 7.5 cents per gallon to $1.61 per gallon.

That relates to the price for unbranded unleaded regular gasoline at the pump in California to be at $2.30 per gallon. The AAA fuelgauge report showed gasoline prices leveling off at $2.13 in Los Angeles and up slightly to $2.18 per gallon in Seattle over the weekend. The prospect for gasoline prices to increase over the next week look better than the chances for the new financial rescue program to be approved by Congress.

Last Friday the US congress passed a bill that will spell the end to the big pay days for any employees of bailed out institutions, imposing a 90% special tax on any pay outs. This move has railed the Wall Street investment community, with some bankers declaring it similar to the McCarthyism from the 1950's. The term being used is that they will now have to learn to live with Obamanism.

Gas prices expected to reverse course starting now.

Oil prices have jumped by $14 a barrel in the last 30 days while gas prices have declined by a dime.

Today, UCAN's Gas Project at www.fueltracker.com reported a slight rise in the price of gasoline this morning of one-tenth of a penny to an average of $2.168 a penny.

"It isn't much," says Charles Langley, Manager of UCAN's Gas Project, "but it is statistically significant and represents the reversal of a steady price decline that started on February 19, 2009." At that time, says Langley, gasoline in San Diego averaged $2.285 a gallon.

Let's start with a Recommendation

Here is the crude reality of Blogs I'm kinda lost without something to guide me, like date and time. The intro doesn't give me any indication of how long I haven't noticed it was there or how many others may have made entries. Maybe when this is done I'll see some of that. If not, well...

I also don't truly understand the use of "Split summary at Cursor," Is that standard for blogs?

Heartbreak on the way?

When Hoyt Axton's mother wrote the lyrics to Heartbreak Hotel, she was inspired by a real-life suicide note that began "I walk a lonely street." In the last 34 days, oil prices have increased by 50%. Meanwhile gas prices have actually dropped. This deflation can't last long. In Today's CRUDE REALITY, Bob van der Valk says its "Heartbreak Hotel Time" for gasoline ... meaning, we suppose, that with demand down lower than ever, WE could be walking (not driving) lonely streets with very high gas prices. Get the Crude Reality at http://www.fueltracker.com/crude-reality

Heartbreak Hotel for gas prices.

Dateline: Terry, Montana

IT'S HEARTBREAK HOTEL TIME FOR GASOLINE PRICES

Elvis would have been on his knees on stage looking forlorn at his adoring
audience and singing one of his songs making you feel even bluer after all
that is happening in the world. Unemployment is skyrocketing, our economy is
the dumps and large and unseemly handouts are being given out by our government
to entities that caused the problems to begin with. So maybe it's time to
bring the curtain down and have Elvis singing: "Are your lonesome tonight".

Gas traders wipe blood off trading floor with lost shirts.

Gasoline speculators were caught with their pants down this morning, and now they've lost their shirts.

In today's Crude Reality report, Bob van der Valk notes that the closely watched national inventories for gasoline from the Dept. of Energy (DOE) are higher than expected by a jaw-dropping 3.2 million barrels, suggesting that consumers continue to buy less gas while the oil industry continues to over-produce.

"Fasten Your Seat Belts. It's Going to be a Bumpy Night"

Dateline: Terry, Montana

The West Coast spot market gasoline is down 8 cents and diesel is down 4 cents per gallon. Crude oil is down about $2 to $47 a barrel. This was strictly a knee-jerk reaction to this morning's bearish DOE inventory numbers. Day's yet young and all eyes will be on this afternoon's closing.

Gasoline inventories were up 3.2 million barrels according this morning's Department of Energy (DOE) weekly inventory report. Builds in stocks were seen across the board with crude oil up 2 million barrels and distillates up 100,000 barrels.

Crude Business and US Petroleum Market Update for 3-17-09

DATELINE: TERRY MONTANA

Crude oil prices traded all of over the board yesterday, after news that OPEC would not add to its cuts, initially forced markets down; it then reversed course with positive equity markets lifting oil prices higher. The April WTI crude oil price gained $1.10 to $47.35 a barrel.

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