Posted on 12/26/2006 7:46:08 AM PST by Flavius
Dec 26, 2006 — LONDON (Reuters) - Oil rose to around $63 a barrel on Tuesday after Iran warned it could use its oil exports as a weapon following the U.N. Security Council's decision to impose sanctions on its trade in nuclear goods.
News Abu Dhabi was set to be the first to implement a new round of OPEC supply cuts added to the gains that followed two days of losses.
U.S. crude climbed 54 cents to $62.95 a barrel by 1221 GMT. Brent crude jumped 66 cents to $63.08.
Public holidays across Europe meant trading volumes were very thin.
(Excerpt) Read more at abcnews.go.com ...
it may just pull gm out of the hole
Well it went straight down in the last couple of minutes to $61. Oil is way too volatile to try to follow via any timeframe less than about a week.
"Dec 26, 2006 — LONDON (Reuters) - Oil rose to around $63 a barrel on Tuesday after Iran warned it could use its oil exports as a weapon following the U.N. Security Council's decision to impose sanctions on its trade in nuclear goods."
If we destroy Irans capacity to produce oil now, then we wouldn't have to worry about their threats. Then we can go back to the Senate and suggest building up ANWR.
At 11:30 am OIL is 61
What are they going to do with it? Eat it?
Without oil funds they will starve.
I suspect there are countries out there who will violate the sanction for deals with Iran.
Light sweet crude for February delivery declined $1.11 to $61.30 a barrel on the New York Mercantile Exchange, which reopened Tuesday after a three-day closure for the Christmas weekend.
In London, Brent crude futures declined $1.30 to $61.12 a barrel on the ICE Futures exchange.
They tried that tactic before. Our response would be the same plus more.
Iran knows this, it won't work.
Only the nuke would give them hope of success.
Jimmuh decided that, while OPEC was a nuisance, the main enemy was domestic Big Oil. He therefore imposed price controls, a windfall profits tax, and allocations designed to penalize domestic producers while subsidizing imports. A generation later, this still stands as the most perfect and compete policy failure of our time.
An ass backwards solution as is his forte!
Fox News said if this happens, they hope everyone has plenty of candles. Oh boy................
He isn't going to stop oil shipments, we don't buy directly from him anyway, but more than that, it's their main industry and they are hurting with the prices going down lately.
You know making E85 is very energy inefficient?
The doomsayers are unhappy. But they won;t change their tune!
At 2:30 the price of oil has dropped to 61.53 and gas is trading at 1.58 down 10 cents in four work days. Did anyone notice that a slowing economy means lots of gas will sit in storage? Without the extra half million homes a big bunch of pick up trucks and semi-trucks will sit idle.
Arabs are inefficient
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.