Posted on 06/20/2005 6:16:05 AM PDT by Lunatic Fringe
SINGAPORE (Reuters) - Oil prices soared to a record high above $59 a barrel on Monday, extending last week's surge as a threat against Western consulates in OPEC-member Nigeria jolted traders already worried about tight supplies.
Oil climbed more than 9 percent, or nearly $5, last week, drawing buying interest from trend-following hedge funds as prices surpassed the previous early April high.
U.S. light crude for July delivery hit a front-month record $59.18 per barrel, before paring gains to stand up 59 cents at $59.06 at 0439 GMT.
The August contract rose 62 cents to $59.80 a barrel and contracts for the last four months of the year, when oil demand picks up in the northern hemisphere, were all trading above $60
That Goldman Sachs prediction of $100 spikes is looking a lot more likely. If there really is a terrorist attack then . . .
I am glad I don't own a dealership selling large SUV's.
Still beats walking!
The days of cheap oil are over. Expensive oil will be the rule from now on.
OK already, start the drilling in ANWAHR !!!!
It is high time we divorced ourselves from the extortion of the OPEC countries.
$60 oil means that alternatives are just a matter of time. $100 oil would the eventual replacement of oil.
Clean coal, nuke, hydrogen, electric, etc. will become affordable, or the research will.
It's coming. There'll be some lucky investors who win big on this one.
Next winter's heating bills in New England are going to be mighty interesting...
Yep, someone right now is working on better alternative fuels, and someone with the money to finance them is thinking of the money they'll make with a petroleum alternative.
Capitalism works!
ping! Oh boy is this great!!!!
I'm paying more at the pump, but COP is up almost 15% in a month (and split as well). Hard to biatch with that kind of return.
If you truly believe that Laz....
Then now is the time to buy stock in companies that design and manufacture Nuclear Power Plants.
NeverGore :^)
I've been saying that for a long time. Hydrogen, hybrids, and methanol/ethanol will in some combination be the fuels of the future. No one fuel is cost-effective now, but the person that invents cheap ways to produce or obtain them will be a millionaire...
Only if some brainiac is able to figure out the physics of transporting food stuffs and material goods via the electronic medium.
Otherwise you'd better have an Arkansas credit card and a few hunting rifles. ;)
Clean coal, nuke, hydrogen, electric, etc. will become affordable, or the research will.
Yep and domestic and other friendly country oil sources that were deemed uneconomical will become more economical, and as technology advances, their price of extraction will come down and means more domestic jobs.
"Next winter's heating bills in New England are going to be mighty interesting..."
Yup, I've got my 6 cords of wood already split and stacked.....just doin' my part to increase global warming...hehehehehehe
Locked-in price on propane for this coming winter is $1.52 in SW WI.
We also use wood, which helps a bit
Good job, citizen!
No wood stove in this dump, but I might burn some older furniture in the living room this coming winter...the smoke will just go out the windows, right? Oh, wait...I don't want the windows open. Hmmm...
Necessity is the mother of invention. All this will do is speed development of viable alternatives to fossil fuels. While it's going to sting in the pocketbook for awhile, in the long run it might not be such a bad thing after all.
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