Posted on 04/25/2008 8:48:10 AM PDT by bjs1779
NEW YORK (AP) -- Oil prices rose sharply Friday on news reports that a ship under contract to the U.S. Navy fired warning shots at two Iranian boats.
The report on Fox News raised concerns that a conflict between U.S. and Iranian forces could cut oil supplies from the Persian Gulf region. Light, sweet crude for June delivery rose $2.85 to $118.91 a barrel on the New York Mercantile Exchange after earlier rising as high as $119.50.
Prices were already up before the report on news of a pipeline attack in Nigeria and a looming refinery strike in Scotland.
At the pump, meanwhile, gas prices rose another 2.1 cents Friday to a record national average of $3.577 a gallon, according to AAA and the Oil Price Information Service. Gas prices have been following oil futures higher, but are also rising due to concerns about whether gasoline supplies are adequate to meet peak summer driving demand.
How will Big Oil ever pay for those black helicopters (the color of crude oil!) that they supposedly use to "fly out the rigs" with????
:)
You act as if that means something to everyone. Sorry, I don’t listen to ‘ol Rusty.
If they didn’t have that excuse, it would be something else. Anything to bump that price up.
An Iranian vs. US naval war would last 5 seconds. And Iran would be the loser. Although ofcourse, just like in Lebannon, they would claim it was a victory. Because it lasted 5 seconds, and not 3.
I will mean something to someone. Just not you.
i agree with all that say go in and take them out once and for all but the problem is that we are afraid of what the world will think of us....we do not have men in power (washington) with the backbone to do what it takes....those were true men of a different era long gone....
Down here people still race to red lights and still drive like azzholes! But I’ve noticed a “few” more people obeying the speed limit with me.
But it’s a rich area down here. People driving hummers, audis, jaguars, mercedes and bmws don’t give a rat’s azz what the price of gas is.
Record 26.3mpg for me last fill-up. I use less than a gal./day.
don’t forget to add county taxes on top of the federal/state/excise
Exxon-Mobil’s profit margin is about 10 to 10.5%. Pretty much ho-hum when compared with other industries. So oil companies have no more reason to be gleeful than anyone else. If you want to check other industries try The Online Investor.
Two years ago, the price of crude was about $1.40 a gallon. Last year 2.20. Now about 2.80 or higher. Obviously there’s a great deal of demand from emerging economies like China and India. But I believe that most of the inflated price of oil is due to market madness if you will. The bubble will burst. Whether it’s a year or 6 months from now speculators are going to take a huge hit.
I spilled a little 3-in-1 oil last night. Don’t tell anyone or else the price of crude will go up another buck.
And are we talking about oil loaded on a ship tomorrow being more expensive, or sometime in the future?
the bubble always bursts, but in the meantime we pay the price for others greed....all this started as for the speculators a few years back when all the hurricanes went thru the gulf of mexico...seems since then they have used every excuse in the book to raise the prices....
Some companies buy most of their oil but some companies pump it directly from the ground and pay a royalty to the owners or government. A royalty that is FAR less than the spot market value. Yep, they are raping us.
I can’t wait for the day when these “Futures” a-holes lose everything they have.
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