Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Oil prices jump above $119 on report US ship fired on Iranian vessel
AP ^ | 4/25/08

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.


TOPICS: Business/Economy; News/Current Events
KEYWORDS: energy; gasprices; iran; maritime; oil; persiangulf
Navigation: use the links below to view more comments.
first previous 1-2021-4041-6061-8081 next last
To: count-your-change

You tell me - http://money.cnn.com/2008/02/01/news/companies/exxon_earnings/


21 posted on 04/25/2008 9:24:23 AM PDT by SengirV
[ Post Reply | Private Reply | To 14 | View Replies]

To: thackney
But...but...Thackney!

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????

:)

22 posted on 04/25/2008 9:25:48 AM PDT by rlmorel (Clinging bitterly to Guns and God in Massachusetts...:)
[ Post Reply | Private Reply | To 16 | View Replies]

To: mainerforglobalwarming
What’s the profit for a gallon of gas? 10 cents for oil companies?

The feds make more on a gallon of gas than the oil companies do.
23 posted on 04/25/2008 9:28:41 AM PDT by reagan_fanatic (feh)
[ Post Reply | Private Reply | To 18 | View Replies]

To: rlmorel

You act as if that means something to everyone. Sorry, I don’t listen to ‘ol Rusty.


24 posted on 04/25/2008 9:33:17 AM PDT by SengirV
[ Post Reply | Private Reply | To 20 | View Replies]

To: bjs1779

If they didn’t have that excuse, it would be something else. Anything to bump that price up.


25 posted on 04/25/2008 9:34:57 AM PDT by mysterio
[ Post Reply | Private Reply | To 1 | View Replies]

To: bjs1779

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.


26 posted on 04/25/2008 9:35:21 AM PDT by Proud_USA_Republican (We're going to take things away from you on behalf of the common good. - Hillary Clinton)
[ Post Reply | Private Reply | To 1 | View Replies]

To: SengirV

I will mean something to someone. Just not you.


27 posted on 04/25/2008 9:35:43 AM PDT by rlmorel (Clinging bitterly to Guns and God in Massachusetts...:)
[ Post Reply | Private Reply | To 24 | View Replies]

To: bjs1779

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....


28 posted on 04/25/2008 9:38:05 AM PDT by tatsinfla
[ Post Reply | Private Reply | To 1 | View Replies]

To: gathersnomoss

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.


29 posted on 04/25/2008 9:39:04 AM PDT by bicyclerepair (FT. LAUDERDALE FLORIDA ($3.61/gal. yesterday))
[ Post Reply | Private Reply | To 19 | View Replies]

To: reagan_fanatic
Federal gas taxes are 18 cents. State gas and excise taxes probably another 46 cents. And based upon how poorly our roads are maintained, I don't believe these tax revenues are being used all that wisely.
30 posted on 04/25/2008 9:39:50 AM PDT by mainerforglobalwarming
[ Post Reply | Private Reply | To 23 | View Replies]

To: mainerforglobalwarming

don’t forget to add county taxes on top of the federal/state/excise


31 posted on 04/25/2008 9:41:46 AM PDT by tatsinfla
[ Post Reply | Private Reply | To 30 | View Replies]

To: SengirV

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.


32 posted on 04/25/2008 9:44:40 AM PDT by count-your-change (you don't have to be brilliant, not being stupid is enough.)
[ Post Reply | Private Reply | To 21 | View Replies]

To: tatsinfla

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.


33 posted on 04/25/2008 9:46:42 AM PDT by mainerforglobalwarming
[ Post Reply | Private Reply | To 31 | View Replies]

To: SengirV; All
According to the CIA factbook website Iran Factbook,Iran's oil production is:

4.15 million bbl/day (2006 est.)

According to WSJ Daily Data Oil futures increase by approx 3 dollars a barrel.

According to my calcs, the gain for one day is $12,450,000.


This is Iran's twisted method of PUMP AND DUMP

Would love more input on this. When do futures payout? Let me know if my math is wrong.
34 posted on 04/25/2008 10:06:37 AM PDT by Fred (The Democrat Party is the Nadir of Nilhilism)
[ Post Reply | Private Reply | To 7 | View Replies]

To: SengirV

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.


35 posted on 04/25/2008 10:09:35 AM PDT by HonorInPa
[ Post Reply | Private Reply | To 7 | View Replies]

To: SengirV
Since I am clueless on how this works, when oil prices or oil "futures" keep getting bumped up like this, who gets the extra money? Saudi Arabia? Oil companies? Speculators and investors?

And are we talking about oil loaded on a ship tomorrow being more expensive, or sometime in the future?

36 posted on 04/25/2008 10:09:42 AM PDT by Sender ("Why is it that I can't just eat my waffle?" - Barack Hussein Obama)
[ Post Reply | Private Reply | To 7 | View Replies]

To: mainerforglobalwarming

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....


37 posted on 04/25/2008 10:12:07 AM PDT by tatsinfla
[ Post Reply | Private Reply | To 33 | View Replies]

To: mainerforglobalwarming
A lot has to due how much our dollar is worth in the currency market. As we devalue our dollar by continuing to print tons of money, of course we have to pay more. cause our money is not worth as much on the world market. Hell the Euro is almost 1 1/2 times as much as the dollar now
38 posted on 04/25/2008 10:12:07 AM PDT by hetzman
[ Post Reply | Private Reply | To 33 | View Replies]

To: SengirV

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.


39 posted on 04/25/2008 10:12:42 AM PDT by Blood of Tyrants (G-d is not a Republican. But Satan is definitely a Democrat.)
[ Post Reply | Private Reply | To 7 | View Replies]

To: bjs1779

I can’t wait for the day when these “Futures” a-holes lose everything they have.


40 posted on 04/25/2008 10:13:06 AM PDT by oldvike
[ Post Reply | Private Reply | To 1 | View Replies]


Navigation: use the links below to view more comments.
first previous 1-2021-4041-6061-8081 next last

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.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson