Posted on 05/01/2006 4:49:50 PM PDT by Aussie Dasher
WORLD oil prices approached $US74 a barrel today as Bolivia's move to nationalise its energy industry added to jitters over Iran's nuclear drive, traders said.
New York's main contract, light sweet crude for delivery in June, surged $US1.82 to close at $US73.70. It is back within sight of its record high reached a week ago of $US75.35.
In London, the price of Brent North Sea crude for June delivery added $US1.87 to finish at $US73.89.
James Williams, an economist at WTRG Economics, said the oil market remained consumed about jitters over Iran, with the US and its allies pushing for UN sanctions against the major crude producer.
"When you add that on top of the loss of a fifth of Nigerian production, Bolivia's move toward the Venezuelan model of total control over oil produced by foreign companies, and the (US) summer driving season staring us in the face, it is easier for prices to go up than down," he said.
Bolivia's left-wing president, Evo Morales, threw a new dimension into oil market fears by issuing a formal decree to nationalise crude and natural gas resources.
The measure is expected to affect about 20 foreign oil companies, including Spain's Repsol, Petrobras of Brazil, Britain's BP and British Gas and French group Total.
As army troops took control of oilfields, Mr Morales said foreign energy companies would have to sign new contracts with Bolivia's state-run oil firm within 180 days.
US needs to quit being held hostage and start drilling in our own backyards.
So with Chavez threating oil. And now Bolivia, and with every opening of his mouth the President of Iran drives up the price of oil. How long are we going to be held hostage by this? Well, probably for a long time since rather than opening up ANWR, and pushing for other forms of energy Congress talks about $100 rebates which will do nothing....Washington we are waiting for leadership. Yeah right I am sure they will do something soon. uh huh.Sure they will.
YOU may be waiting for YOUR government to DO SOMTHING! (much like most 'rats), but here in the US we have historically done for ourselves. Until you figure out where to get energy more efficiently, if you want something to happen, you'll have to figure out some ways to cut back on energy useage or go earn/make some more money.
I'm tired of whiners expecting the gov't to take care of them.
I don't know why the people who sell oil can't sell it for what ever price they want to!
If you don't like the price then don't buy it.
I already have a three month supply on hand thanks.
Like we needed another Hugo commie clone creating supply problems.
The Iranians, Hugo & other anti-American oil barons would love to sell their oil over a $100 a barrel - if they could right now.
I take it you really require a far better understanding of the inner functions of the energy related commodity markets and for that matter supply and demand.
Oil from oil wells has only been comercially used since about 1900 from then until now we are using about 88 million barrels (42 gallons) a day in the world with the US using about 18 million barrels
Don't get me wrong, I have a Ford F350 4x4 that gets 12 miles per gallon, but I still can't see how some day the ride might come to an end, we need alternive energy.
Many of the alternatives to break the OPEC (Islamic) hold are there - all we need is the will, or another 'energy price jolt' to place US on a wartime footing for enactment, including the construction of refining capabilities for existing petroleum sources.
There are two jolts which may happen over the summer months are Iran(Persian Gulf) and hurricanes.
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