Exxon Mobil, (NYSE:XOM) the nations largest oil company stock has dropped almost 2 percent. While Conoco Phillips has dropped nearly 3 percent, the oil prices continue to change. As a whole, the oil trading industry has lost a total of 20 percent in just two weeks.
With the Summer Driving season almost here, many are wondering how, with the fluctuation of oil trading, it will effect their plans. The good news comes to U.S. motorists who should see a substantial drop at the gas pump, just in time for Summer.
Earlier this month gas spiked close to $3.00 a gallon. Tom Kloza from the Oil Price Information Service has said, prices will hit $2.75 a gallon or less by next week within many areas in the U.S.
Kloza also stated that the crude oil companies are the only losers in all of this, but they will still make plenty of money at the current oil prices.
If the oil prices today stay at the current price of around $70 a barrel, Kloza said that will translate to $2.60 - $2.65 a gallon. With some areas in the U.S. getting as low as $2.50 a gallon.
Showing posts with label Oil and Gas Investments. Show all posts
Showing posts with label Oil and Gas Investments. Show all posts
Tuesday, May 18, 2010
Oil and Gas Investments Plunge, Buffet Cuts Over 3 Million in Conoco Phillips (NYSE:CON) Shares
Warren Buffet cuts over 3 million in Conoco Phillips (NYSE:CON) oil and gas investments. Billionaire Warren Buffet's investment choices and moves on companies are watched closely by investors.
At the end of March, Mr. Buffet held $34.18 million shares in Conoco Phillips. Three month prior, he had $37.71 million shares invested in the company. This information comes from Berkshire Hathaway Inc.'s U.S. equity portfolio filed with the U.S. Securities and Exchange commission.
Mr. Buffet's U.S. equity portfolio at the close of the March 2010 quarter, was down from $57.93 billion to $50.93 billion. His oil trading investments weren't the only companies he reduced.
At the end of the December 2009 quarter, he held $138.27 million dollars in Kraft Foods Inc., this has been reduced to $106.73 shares. Also, Procter and Gamble Co. was reduced from $87.5 million to $79.09 million. As well as Costco Wholesale Corp. which went from $5.25 million shares to $4.23 million in shares.
At the end of March, Mr. Buffet held $34.18 million shares in Conoco Phillips. Three month prior, he had $37.71 million shares invested in the company. This information comes from Berkshire Hathaway Inc.'s U.S. equity portfolio filed with the U.S. Securities and Exchange commission.
Mr. Buffet's U.S. equity portfolio at the close of the March 2010 quarter, was down from $57.93 billion to $50.93 billion. His oil trading investments weren't the only companies he reduced.
At the end of the December 2009 quarter, he held $138.27 million dollars in Kraft Foods Inc., this has been reduced to $106.73 shares. Also, Procter and Gamble Co. was reduced from $87.5 million to $79.09 million. As well as Costco Wholesale Corp. which went from $5.25 million shares to $4.23 million in shares.
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