Posted on 12/17/2010 7:34:01 AM PST by ChicagoConservative27
World oil prices rose on Friday as the dollar fell against the euro amid improving demand for crude, analysts said.
Brent North Sea crude for delivery in February climbed 29 cents to 91.89 dollars a barrel in London trade.
New York's main contract, light sweet crude for January delivery, gained 16 cents to 87.86 dollars.
The dollar fell against the euro on Friday as positive German economic data and EU efforts to safeguard the single currency helped to offset a huge ratings downgrade for Ireland and more Spanish debt problems.
A weaker dollar makes crude priced in dollars cheaper for buyers holding rival currencies, pushing up demand.
Signs of improved demand were reinforced by the latest US data showing US crude reserves sank a massive 9.9 million barrels in the week to December 10 -- the biggest weekly drop in eight years.
The United States is the world's biggest oil consumer
(Excerpt) Read more at breitbart.com ...
Oil and the oil industry is and has been under attack fron the anticapitalists.
They are deliberately trying to destroy oil, the lifeblood of the American economy.
Why wouldn’t oil prices rise because of this?
Oil can’t be rising in price...I haven’t seen any sob stories in the State Run Media about high gas prices putting a crimp in Holiday Travel and how our President is raking in money because of it!
Obama Drilling Moratorium Leads to Higher Gas Prices
Moratorium Leads to Abrupt Production Declines
http://www.redstate.com/vladimir/2010/12/14/moratorium-leads-to-abrupt-production-declines/
Posted by Vladimir (Profile)
Tuesday, December 14th at 7:00PM EST
The administration is blatantly violating the law with this drilling ban. The states, the oil industry, and consumer should join together to sue him.
hussein´s fault
This is Bush’s fault! If he hadn’t been so oily, we wouldn’t be so dependent on oil-rich sheikhs and degenerate shaudi playboys, we would all be driving in them go-carts like they have in Europe!
Hopeful that sarcasm tag not necessary
I am patiently waiting for those daily “Obama’s Fault” news stories about the price at the pump. I suppose we will start getting daily “Republicans’ Fault” pump price stories next year.
Don’t forget those that heat their homes with oil or kerosene.
With this extended cold snap, they’ll be feeling the hit of higher prices.
America’s recover can’t be made without cheap oil and cheap natural gas. Our Republican leaders have to be screaming about this...there is no excuse for the silence about drilling...
Obama’s FCC wants net neutrality by fiat; they stop drilling by fiat...where our our leaders?
Private lease drilling is definitely in on the upswing. We are getting rigs and people from the Gulf area in droves. Also, from environmentally choked states like Colorado and Wyoming.
It also complicates things to have several refineries closed down in the South. This is obviously an attempt by MaObama to make his “Green Energy” transition more of a priority. All the money (And subsidies) that went for more oil exploration, has been funneled (Wasted) into Wind and Solar projects.
Having done this over the last 30 years and seen the result of what Leftists like Carter, Clinton and MaObama create from insanity such as this, I will just calmly rake in another retirement or two and buy more toys and houses in other states where the term “Rich” is not a 4 letter word!
btt...
There are around 562 more rigs drilling for oil and gas today than there was a year ago.
So, to say that we are drilling less in the US is simply not true.
“We are getting rigs and people from the Gulf area”
Man, that’s got to be a culture shock. From t-shirt weather to a high of 12. :-0
“America’s recover can’t be made without cheap oil and cheap natural gas.”
If you want cheap oil, you will have to drill more in Saudi Arabia.
If you want more domestic oil, you will have to hope oil prices increase even more, which will lead to even more drilling in the United States.
Not in the Gulf - except for foreign country’s rigs.
Over the last year, drilling activity has increased in the United States.
And despite the temporary shutdown of DWD in the Gulf this year, oilfield service company revenue was up over 2009.
And the moratorium on drilling that exists in the eastern Gulf of Mexico today, is the same drilling moratorium that existed from 1981 to 2007.
And what difference does it make if Gulf drilling is down by foreign countries?
It's not. They're the only ones drilling there.
“It’s not. They’re the only ones drilling there.”
Are you saying that there are only companies based in other countries drilling in the Gulf of Mexico?
A little less than 88 bucks right now. 92???
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