Posted on 02/28/2008 6:13:53 PM PST by bjs1779
The price of oil shot to a new high last night as Wall Street traders bought fuel contracts to offset the falling value of the dollar.
Energy traders were also unnerved by a fire at Shell’s Bacton gas terminal in Norfolk, which threatened more than 45 million cubic metres of gas supplies, about 13 per cent of National Grid’s forecast demand. The blaze – which started at 6pm – was extinguished. National Grid sought to reassure markets that the facility, the third-largest in the UK, was still receiving adequate supplies.
Light sweet crude oil for April delivery rose $2.95 to $102.59 a barrel in New York. Even after the market had closed, in after-hours trading, sweet crude continued to rise to $102.97. However, taking inflation into account, the price of oil is still lower than the record set in 1980, which by some calculations hit $104 a barrel.
Yesterday the price surged after US growth data showed that the world’s largest economy had expanded by just 0.6 per cent in the fourth quarter. While a slowing economy usually hits demand for oil, traders appeared to be buying sweet crude contracts as a hedge or as a means of offsetting the weakness of the dollar.
(Excerpt) Read more at business.timesonline.co.uk ...
The future belongs to Ruthenium because of artificial photosynthesis.
the bankers are giving it to us from both ends......
what else to do with our Money?
I am not sure that I am going to disagree with you, but our economic policy and national debt is not to be blamed on everyone else.
You can simply give it all to me. Sure it may be worth less, but having more of it is STILL a good thing. We should all stock up on Monopoly money. Some day there may be a parity between it and the US Dollar. lol
"I should have" is a bad thought. There is still plenty of opportunities out there.
Opportunity is always knocking!
Good, have fun at the gas pump and the grocery store.
Strong Dollar means we can’t sell our wares abroad. Good luck with your recession.
That’s the spirit!
What would a recession do to the price of oil?
Keep your food glued downed to your table if you like to eat.
It would be nice if an alternative fuel other than methanol was available, or some magic pills you add to water that your engine can run on.
This will have some profound effects in the near future as people are going to go nuts about the higher cost of fuel, figuratively I am not worried, on average I use 25 gallons a week commuting, at a 40 cent increase its only $10 more, so I buy two packs less of cigarettes, or 3 less beers after work per week.
Follow the grain markets and where our produce is going.
Buy a sailboat. As an extra you get a free place to live and don’t use much gas.
How about we stop pumping 70000 barrels into the ground.
You have to figure at least 10% of that leeches off.
I’m not saying the SPR isn’t important, but sheesh, at some point having a little more doesn’t mean anything. We have 60 days or so of oil...weee...big deal. If we can’t provide oil going forward, people will adjust and the world will change. The point to remember however is that a non-renewable resource is a short term fix. We’ve got enough short term in the SPR.
I considered that if I was to move to Hawaii. Older boats are cheap I have seen compared to property. But living in Alaska I may just build a methanol still.
I don’t like the thought of using our food sources as fuel. It’s ridiculous IMO.
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