Posted on 08/08/2005 5:35:25 PM PDT by ex-Texan
Oil prices jumped to a new high near $64 a barrel on Monday, reflecting the market's persistent uneasiness about strong demand, tight supplies and a slew of threats to output around the globe.
Traders pinned the latest rally on security concerns in Saudi Arabia, refinery snags in the United States and the continued rise of gasoline consumption in spite of soaring pump prices.
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Oil analyst Marshall Steeves at New York-based brokerage Refco Group Inc. said oil and gasoline prices were likely to keep rising until there were signs of a significant dropoff in demand, or a sharp slowdown in economic growth. "We're clearly not there yet," he said.
Light, sweet crude for September delivery rose to a high of $63.99 a barrel on the New York Mercantile Exchange before falling back a bit to $63.85, up $1.54.
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(Excerpt) Read more at forbes.com ...
If anything rising oil prices may be a blessing in disguise. It makes other energy sources more viable against foreign oil.
I respectfuly would disagree. I suspect alternate fuels for America are so far off as not to even be a consideration. Were a good 10 years away form anything viable. I.E Hydrogen.
I think it'll take a dramatic tanking of our economy to make a difference.
They cost more.
What I am wondering is why gasoline prices can rise 20 cents when bulk gasoline rises 2 cents.
My guess is it is the middle man.
IRAN last night put itself on a collision course with the West when it resumed ultra-sensitive nuclear fuel work at its uranium conversion plant at Isfahan.
Work resumed quickly after inspectors from the UN nuclear watchdog, the International Atomic Energy Agency, finished installing surveillance equipment at the Isfahan plant and seals on equipment were removed.
"Iran has resumed the conversion of uranium under the supervision of the International Atomic Energy Agency," Iranian Atomic Energy Agency vice-president Mohammad Saidi said.
Iran had suspended work at the plant and its other nuclear facilities in November to avoid UN sanctions and as a gesture in negotiations with the Europeans.
A US State Department official said the move was "unfortunate" and that Washington would expect Tehran to be taken before the UN. "We've said all along that should Iran break the seals and restart uranium enrichment at Isfahan or anywhere else, we would think an appropriate response would be a referral to the United Nations," the official said...(Excerpt/link above)
Energy companies that will build new nuclear power plants, research cleaning burning coal, etc.etc. and provide jobs and at least get us on a start to energy independence, oh the horror.
Well I don't know who the middle man is, but if I ever bump into him one day I will voice some stern words in his direction.
When gas hits $3.00 per gallon on the average (AAA Survey), you will find the revolt needed to change this country. The average person cannot afford $50.00 per vehicle per week. The result for this country will be:
1. The end of both Republican and Democrat parties as a majority. Clearly neither have a clue on what to do. The latest energy bill is a good indication.
2. Our ability to deploy troops will be severely impacted.
3. Governments will need to increase revenues (taxes) at the same time the economy tanks. There is no elasticity when it comes to filling the car and filling our stomachs.
4. Truckig and transportation will be severely impacted when diesel hits $3.50 per gallon. The only option is to put CAFTA on the fast track and import Mexican trucks and drivers who are willing to work for half of the US drivers including company drivers.
5. Guns will sell like mad.
The middle man is Mike. I asked him about this, and he said the cost to him is set by OPEC even though his source is not an OPEC member. OPEC controls the world price, but there is local variability due to local factors.
Tin foil alert reply #11.
tell mike I like neither his tone nor his attitude
tin??? you think tin will keep you safe??
Us in the know are going with lead
$2.69 a gallon here in Columbus today. But still far from record prices of 1981.
Awesome. I hope they hit $80.00
I've made a small fortune on futures over the last 18 months.
Actually Mike is happy to talk about his business rather than listen to the usual bitching about prices. As a neighbor, I don't mind throwing my insignificant business his way. He doesn't lose money on gasoline sales, but he would have a problem getting by just on that. He sells gaoline for the convenience of his regular customers who also have their vehicles serviced there. If someone wants to buy gasoline a little cheaper there are the gasoline islands at the warehouse stores. The vehicle service at his station is good, good prices, and quick relative to going back to the dealer. If I had to buy a lot of fuel because of business I would go to one of the automated stations.
Disagree. Back in 1981, $1.35 per gallon equalled $3.75 per gallon today..
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