Oil hits new record $45 a barrel

Reuters UK ^ | August 10, 2004 | Sujata Rao

[Night Hides Not]

IMHO, the price of oil will start falling after Labor Day, when the summer driving season is over. If oil prices don't fall, then that would lend even more credence to the idea that the economy is improving.

Of course, if the news is bad, it's Bush's fault. If the news is good, it's because the "markets" are factoring a Kerry presidency into their "financial models".

[Incorrigible]

Dang Jomini!  Right down to the price points too!  That is some correlation machine you've got in your head!

I hope you're right about giving the Islamic fascists the Hunt Brothers treatment from the US Government!

Keep those metaphors coming!

Here you go kms61:

The Hunt Brothers and the Silver Bubble

[Chode]

and his name is George $oro$ !!!

[GraniteStateConservative]

I don't know, either. The Red Sox knuckleballer just gave up 6 HRs against the Tigers. However that relates to his analogy, it's probably not what we want to happen!

: )

[RoseofTexas]

This smells like SOROS!! He has his filthy freakin hands in the barrel! Mexico is notorious for receiving bribes under the table!! Mix Soros and President Fox you have a conspiracy to hike the oil price! We all knew that if oil would go through the roof this summer, W would be in BIG TROUBLE...well, guess what?... the timing is EXTREMELY SUSPICIOUS! I pray someone RATS OUT Soros soon!

[OXENinFLA]

http://www.bloomberg.com/energy/

Back under $45

[burlywood]

Like the bunt single in baseball, the opposition maneuvers that escalate these oil prices seek to load the bases with nuanced contact and speed before the big hitters come to the plate. Playing deep on the corners against the expected free swinging opposition attacks in NYC and Washington, the west leaves the door open for the longball that can end the game

Yes of course, why didn't I think of that?

Confused Brit bloke ;-)

[newgeezer]

If the pols are that worried about the price of gas, there is something they could actually do right away: drop fed, state, and/or local taxes. Which makes a flock of a lot more sense than tapping the SPR

Oh, sure. Then, to make up for the budget shortfall -- and we all know how pols hate deficits, don't we?! -- they could put a (retroactive?) gas-guzzler tax on everything having a fuel-mileage rating under n MPG. If 20 doesn't cut it, 25 ought to do the trick.

Frankly, if they're not going to drill ANWR, I'd rather the pols did NOTHING to lower the price of gasoline. Let the market operate on itself.

[thackney]

From the Department of Energy:

As with all recent oil delivery contracts to the SPR, the crude oil will come from exchange arrangements the companies make for "Royalty-in-Kind" crude produced from federal offshore leases in the Gulf of Mexico and owed to the U.S. government. The Energy Department awarded contracts to companies offering the highest exchange value of specification-grade oil for the Reserve.

New Awards Support Advancement of Energy Security

[thackney]

You guys have a sweet deal.

We do today. The folks who were here back in 1994 and 1999 we not quite as happy.

[mewzilla]

I'm just saying that if the crisis is so dire (which I don't think it is), lowering taxes is the only thing that could provide immediate relief. More drilling, building more refineries, changing enviro regs, etc., all that would take time. Even draining the SPR wouldn't do much since, last I knew, refinery capacity is still maxed out.

BTW, my little indicator for when consumers really feel the bite from gas prices: when sales of gas-guzzlers plummet. And that hasn't happened yet.

[TexanToTheCore]

The correct response to this would be the following steps:

1. Limit lawsuits on nuclear plants
2. Fast track nuclear licenses
3. Provide large tax rewards for nuclear plant construction
4. Tell the Saudis to enjoy the high prices while they can because their universe is 8 years away from implosion.

[traumer]

:o)