Word: oiling
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...Clint Murchison Jr., who invested his father's oil money in a myriad of ways, many ill-fated: "[C]lint sank millions into deals on handshakes, on napkins, at urinals, risking vast amounts on investments he seldom too time to study...A solid 8 or 10 percent bored him. By the mid-1970s, he simply couldn't be bothered with any investment that didn't promise tripling his return or more. Ttere was the ten million he threw away on an Oklahoma plant that was to convert cattle manure into national gas. Clint named it the Calorific Reclamation Anaerobic process...
...make The Big Rich a page-turning tale with well developed characters that seems boxed up and ready for the silver screen. It's impossible to read this book and not think of the 2007 film There Will Be Blood, which put the ruthless business of land rights and oil drilling into sharp focus. Burrough's tome, though, is broader and explores not just the greed, wealth and risk of early twentieth century American oil prospecting, but also what it meant for the rest of the country beyond Texas. Lyndon Johnson, Dwight D. Eisenhower and George W. Bush are just...
...Although oil prices have fallen dramatically since July, oil traders are predicting a price hike later this year. Don't be too concerned: this is not always a reliable indicator of higher prices to come at the gas pump, but it certainly highlights a current inefficiency in the oil-futures market...
...oil market has been in what futures traders call a massive contango - that is, future prices of oil are at extreme highs relative to the current price. Therein lies opportunity: buying and holding oil now, then selling it in the future, can generate an almost risk-free profit. Citigroup has already leased a supertanker to store oil that it will sell later this year. (Read "A Brief History of the Oil Barrel...
...second-to-last trading day for the February 2009 contract at the New York Mercantile Exchange (NYMEX), oil settled with over a $22 spread between the February 2009 and February 2010 contracts. In other words, if a company bought oil on the February 2009 contract, stored it for a year and sold it on the February 2010 contract, it would make more than $22 per barrel, excluding the costs of the operation. This represents a greater than 60% gross return! Since interest, storage and delivery costs should amount to significantly less than the $22 spread, the venture would yield...