Crude Oil Prices Hit New Record of $62.69 a Barrel on Supply, Geopolitical Worries

AP ^ | 8/7/05 | Gillian Wong

[RayChuang88]

What's interesting is that at this price level less-economic oilfields and crude oil alternatives such as oil tar sands, oil shale and coal liquification suddenly becomes quite profitable. That could result in a lot of crude oil dumped into the market over the next few years and the result could be a price crash from US$62/barrel to under US$40/barrel in short order.

[Eric in the Ozarks]

$62.90.

[zzen01]

This time it REALLY is Bush's Fault.

[JackDanielsOldNo7]

My wallet can not take any more of this.

[philsfan24]

$63.50 now

[KevinDavis]

How???

[Eric in the Ozarks]

Light to heavy spead is still $17.

[xcamel]

BS!!!

Look here:http://www.oilnergy.com/1cashpet.htm#allcrude

[deport]

Another article cites $63+ at one point....

Crude-Oil Prices Hit Record $63 a Barrel

BUDAPEST, Hungary(AP) Crude-oil prices rallied to a new high above $63 a barrel on Monday, reflecting market fears over the U.S. embassy closure in Saudi Arabia due to security threats and concerns that shutdowns of U.S. oil refineries would reduce supply.

Light, sweet crude for September delivery rose to a high of $63.80 a barrel on the New York Mercantile Exchange before falling back a bit to $63.50, up $1.19.

Prices had settled at $62.31 a barrel on Friday, a record close for crude since Nymex trading began in 1983.

"The market clearly has the jitters," said Deborah White, energy analyst at SG Securities in Paris.

Gasoline gained 3 cents to $1.8620 a gallon while heating oil rose 3 cents to $1.7630 a gallon.

[The Red Zone]

What is 'spead'?

[The Red Zone]

Well, if Canada wants to sell all it can as quick as it can.

[zzen01]

By NOT cutting fuel taxes imposed during Klintoon AND by Taking the control over the manufature of "State of Locale" specfic "Designer Fuels" awat from the states. THAT'S HOW!

[Eric in the Ozarks]

WTI is the number quoted in most reports. Heavy crudes, like Lloydminster and others out of western Canada (and Maya/Mexican, sell at a "spread" below WTI and are key to understanding asphalt economics.

[KevinDavis]

I agree with the fuel tax, but taking away control from the states is to big government..

[zzen01]

Not when the State Govt have been shown to be absoluty Clueless as far as energy is concerned.

[BOBTHENAILER]

Now above $63.50.

http://quotes.ino.com/exchanges/?e=NYMEX

[sully777]

Next, oil up to $70 per bbl on fears that armpit hair on Palestinians may contain toxic bio-agents that will cause a global problem with Pali BO.

I'm counting the days when this absurd oil bubble pops. Anyone remember the Pacific Rim bubble ala George Soros, or the shorting of the British pound ala George Soros, or the foiled attempt to short the US dollar by Berkshire Hathaway and George Soros and the... ?

[The Red Zone]

Oh, that's spread.

[sully777]

Hey now! Bush did give the energy companies tax breaks so they make more profit...err I mean...drill for more oil.