Posted on 03/16/2005 8:15:10 AM PST by Rutles4Ever
Crude oil prices soared to a new intraday high above $56 a barrel Wednesday in spite of a decision by OPEC (news - web sites) ministers to authorize the pumping of an extra half-million barrels of oil a day
Crude futures shot up more than $1 a barrel after the latest petroleum supply report from the U.S. government showed domestic supplies of gasoline and heating oil fell sharply last week.
The market was unimpressed with OPEC's decision because members of the oil cartel supposedly bound by its production quota are already exceeding the previous ceiling by about 700,000 barrels a day, meaning no extra supply will actually be added.
Light, sweet crude for April delivery rose $1.20 to $56.25 a barrel on the New York Mercantile Exchange.
The previous intraday high, set in October, was $55.67.
Saudi are going to be pumping 700,000 more barrels per day. Price will backoff next week.
We all know the war was just about oil so why in the heck aren't all Americans getting cheap gas already?!
/sarcasm
Blame the RATS for "SNOWBALLING" the Alaska oil we own but can't use.
If you would be following this thread you would be rich now...
http://www.freerepublic.com/focus/f-chat/1317990/posts
I keep hearing this word bantered about "fear premiumn"
on the price of oil..
does anyone know how much that is?
I was almost afraid to ask this question :)
Gee, what time is that ANWR vote in the Senate?? Maybe they should all look at the oil prices!!
$10 for the fear cost..but lots of hedge funds and speculators involved...$20 there
The world economy is getting bigger.....
we need hybrids right now....lets go GM and Ford..get in line
ARound 15$
Thanks for the info...now I am not afraid anymore:)
yeah I agree we need a manhattan style project to say
"blank you saudis!" we just invented a nuclear power plant
the size of volkswagen bettle...take your oil and have
a wahabist weiner roast.
sorry, I meant richer, not rich
The bubble is stretching mighty thin. Those hoping for further run up might get burned. Blackjack would be less risky, IMHO!
Of course, who, sitting in say, 1978, ever would have imagined sub $15 only a few years later? ;)
We do not "own" this oil. We (The US) does not have a nationalized oil cartel. Any oil pumped from Alaska will be sold on the open market at market prices...which are now above $50.00 BBL.
You can't be serious! The fuel economy on a hybrid in reality isn't any different than my mini van, which gets 24/30
In real (inflation adjusted dollars) gas is actually still cheaper than it was back in 1980!
Even though a gallon of unleaded in the US has shot up 21 cents per gallon recently...
And Gasoline is fast approaching the peak prices seen during both Gulf Wars...
Though many in the press are claiming that gas prices are at an all time high...
When adjusted for inflation, it is clear that gasoline prices are far below the 1981 inflation-adjusted peak of $2.94.
You ain't seen nothing yet...forget about supply and demand. If there is a major disruption such as geopolitical, nature, terrorism, these prices will seem like a bargain.
I don't know if your numbers are correct but I do
recall a story that the hybrids are not cracked up
to be what they said they were.
I think we can all agree ..we need to solve the problem
I would love to stick it to the "flippin!" Saudis
can I say that!
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