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.
You are touting discrimination , That is a no-no!
i am a conservative who believes that there is nothign wrong wit hconservation combines with alternative fuels and more oil exploration
Sounds like wealth distribution to me.
I drive an SUV and you'll never hear me complain about shitty mileage or high gas prices.
I bought the car because I like that car and I can afford it.
Its not yours or the government's business.
It's called manilutation of the markets. It's all called by people that don't even live here. They are not of __________ I can't go on. The media "experts" will tell me diffently. Wait "till you see gas prices Tuesday!!!!!!!!!!!!
The market is open right now in Asia.
omg! puhhhhleeze! price controls create shortages. when you remove them, the market has to adjust to reality. california's problem was that power generation was mandated to depend heavily on natgas, a very scarce and non renewable energy supply. It was a very shortsighted, even catastrophic attempt to overcome reality by fiat.
They will be nationalized in 2007 after the Democrats win veto-proof majorities in the House and Senate in the 2006 election.
""Its not yours or the government's business.""
well given that the govt has imposed a gas guzzler tax on fleets that cannot obtain 27.5mpg and gives $2000 tax credits to people who buy hybrids, i'd say it is.
sniff....I think I smell ozone in atlanta. May be too soon to tell though.
Fortunately for the rest of us, nature imposes a steep tax of her own on people who refuse to face reality.
Yep, a decent profit.
I just filled up my truck, just in case. We'll see how it goes.
""They will be nationalized in 2007 after the Democrats win veto-proof majorities in the House and Senate in the 2006 election.""
wrong and wrong.....first of all there are only 14 or so GOP seats up for grabs in 2006, so even if the DEMS won all of them, they would have less than 2/3 required to override a veto..and tha tis if every DEM voted for nationalisation
They already have that...gas taxes are consumption taxes...
You'll see 40 before a hundred.
Hahahah, the Democrats don't need 2/3 to override any vetoes. President Bush doesn't KNOW HOW TO VETO.
""Fortunately for the rest of us, nature imposes a steep tax of her own on people who refuse to face reality.""
everyone who owns a SUV
Bed warmers? I've got a few, and they work. Most sheep don't know what you mean. Cold temps are coming! OH my GOD (I"m ready)
definitely.
What's your ETA for $40/barrel?
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