Crude rises above $108 per barrel in New York

Oil Marketer (UK) ^ | 10MAR08 | Elaine Frei

[familyop]

Crude oil prices were higher again Monday, hitting a new record at $108.17 per barrel before falling back a bit but remaining above $107 per barrel at the close of floor trade in New York.

April contracts for West Texas Intermediate crude were at $107.85 per barrel at the close on the New York Mercantile Exchange, a gain of $2.70 on the session and slight decline from its peak earlier, while Brent crude added $1.79 to $104.17 per barrel on the ICE Futures Europe exchange in London.

Investors put their money into oil as a hedge against declines in the dollar despite the greenback’s strength versus the euro on the day as many believe that the dollar will continue to decline versus the shared currency, ignoring data showing that supplies are generally increasing as demand declines.

Also ignored was the relaxing of tensions over the weekend in South America as Venezuela reestablished full diplomatic relations with Colombia after last week’s threats over an incursion by Colombia into Ecuador for an attack against a rebel outpost there.

The price of crude oil sent at-the-pump gasoline prices up another 0.7 cent overnight in the United States to an average of $3.22 per gallon nationally, 69 cents higher than the price last year at this time and near last May’s peak price.

Retail prices for gasoline in the US have risen by 24 percent in the past month.

Nymex April gasoline futures added 1 cent to $2.70 per gallon on the session while April heating oil was up 3 cents to $2.98 per gallon and April natural gas gained 27 cents to $10.04 per million British thermal units.

[epow]

Probably a good idea not to drill for oil in the US (sarcasm)

Right you are, but the Chinese need it more than we do so it's OK for them to drill.

That must be why Congress won't allow US companies to drill the 9 billion barrel reserve in the Florida Straits, but it's OK for China to be slant drilling into OUR oil from Cuba's side of the Straits. What a great idea, thanks a bunch Ms Pelosi and Mr. Reid, and how nice of you to do this for the poor Chinese just when crude is setting a new price record every day.

[epow]

And, there’s not a damn thing we can or will do about

You're half right. Actually there's a lot we could do about it, but nothing that we will do about it.

[Nowhere Man]

That must be why Congress won't allow US companies to drill the 9 billion barrel reserve in the Florida Straits, but it's OK for China to be slant drilling into OUR oil from Cuba's side of the Straits. What a great idea, thanks a bunch Ms Pelosi and Mr. Reid, and how nice of you to do this for the poor Chinese just when crude is setting a new price record every day.

This is insane, if I was President, I would issue executive orders to open up ANWAR and offshore drill and whatnot. I'm not a big fan of this method but I feel it would be justified for our security plus why should we let Red China steal our oil? OK then, let us go to the Spratley Islands then but I'm sure Red China would sqwuak like a rooster on meth over that.

[Nowhere Man]

Most of the things we buy contain substances derived from petroleum, our food is produced with petroleum fueled equipment, and practically everything we buy is transported at some point by a petroleum fueled carrier of some kind. And an awful lot of what we buy comes all the way across the Pacific ocean and then all the way across the continent for those of us in the east. When crude goes up everything goes up, and I'm seeing that now every time I go through the supermarket checkout line.

Maybe we can bring manufacturing home again, move the source closer to the demand.

[Nowhere Man]

Sorry about not turning off the italics, I’m at work on lunch. B-)

[RightWhale]

109.21
Sure looks like the bottom is falling out of something.

[RightWhale]

NYMEX heating oil 3.00

It was bound to happen sooner or later, but there it is.

[commonguymd]

It may be awhile before it breaks imo.

Right now the only thing falling is money out of the bottom of my pocket.

[RightWhale]

Around Christmas the Experts were saying that gasoline would be $4 by Memorial Day. It’s right on schedule and the strange thing is that they knew then but nobody knows now.

[MrLee]

“You’re half right. Actually there’s a lot we could do about it, but nothing that we will do about it.”

Actually that’s what I meant.