Posted on 08/28/2005 4:26:56 PM PDT by lauriehelds
SINGAPORE, Aug 29 (Reuters) - U.S. crude oil futures surged more than $4 in opening trade on Monday, hitting a new record high above $70 a barrel after Hurricane Katrina forced Gulf of Mexico producers to shut in more than a third of their output.
Katrina, which strengthened into a rare, maximum power Category 5 hurricane as it spun through key oil and gas fields toward New Orleans, shut in a total 633,000 barrels per day
(bpd), according to company figures on Sunday.
It also forced the closure of seven refineries and a major U.S. crude import terminal.
Crude oil futures on the New York Mercantile Exchange
(NYMEX) surged as high as $70.80 a barrel, up $4.67 a barrel, as traders feared lasting damage could further strain an industry that has struggled to keep up with demand for two years.
Hey!! Watchit mister....
Where's your source to this information?
Everyone and his mother will sell as much oil at 70+ as he can 'cause he knows it's not worth half that much. Wouldn't you?
"This is getting f***ing absurd."
couldn't have said better myself....
Yep, I have my sell orders in for tomorrow morning @ the bell!
""WHY should the price of crude oil go UP just because a few locations shut down??"""
because supply has beeen reduced...simple supply and demand....now if entitlement mentaility american would drive a bit less, prices would quickly fall.
Never thought the government ( Supremes) would take away your right to private property either , BUT They did !!!
I defend my right to drive whatever the f*ck I please. You've come to wrong place to rag on America, friend.
Just filled up and paid $2.63 here in the Detroit suburbs. Gas is $2.75 in northern Michigan. It would be a good idea to get out this evening and fill up before the prices up again. We fully expect to be paying more than 3 bucks a gallon by the end of the week.
No, that's fine. Just so long as people don't complain about the cost of filling up their SUVs! (and you're not)
""I defend my right to drive whatever the f*ck I please. You've come to wrong place to rag on America, friend.""
1. you have no right to complain about energy prices
2. you are imposing a negative externatility on the country wuth you SUV, so yes society can punish or reward you for what you drive.
If they try to do that again, the oil companies WILL be nationalized.
""If they try to do that again, the oil companies WILL be nationalized.""
yeah well you can then sit in line for 4 hours to buy a 5 gallon limit of gasoline...of course central planning worked so well in the USSR.
Holy smokes, another freakin troll?
Entitlement mentality american? wtf does this mean? first, if we wish to pay the price, that's our prerogative. you benefit from a free market in crude oil as much as anyone else, regardless of what you drive, and in spite of this snivelling, self rightous rant of yours. Second, there's a saying: love it or leave it.
Damn! Prices in S. Jersey just dropped $.05 to $2.42 today . Short lived !!
Possible.
Yup we drive around in SUVs hollering about gas prices.
Heating and cooling 5000sq ft houses griping about costs.
I guess we havent learned squat from the 70s about conserving.
A big problem here is that even if we conserve China wont.
Its quite a dilly of a pickle of a problem.
The world demands more and more energy as it modernises.
At least the prices in this article should be transient as things should return to lower prices after Katrina is over.
Pray that there isnt extensive damage to the oil rigs out there
because supply has beeen reduced...simple supply and demand....
-----
And to be more precise -- DEMAND is the reason, but the real point is that the price increase IS NOT NECESSARY -- just profiteering opportunism -- that is the point I am trying to make.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.