Strike in Scotland Closes Major North Sea Oil Pipeline(Better 'fill-up' today!)

yahoo.com ^ | 4/27/2008 | staff

[the invisib1e hand]

strikes << unions << communist idealology << energy market hegemony...

once again, friends, your problem isn't OPEC.

[the invisib1e hand]

s/b “ideology.” but you knew that.

[rdl6989]

Of course this would happen now. I’m going on vacation this week, it never fails.

[Eric]

This incident will just be another reason for the oil speculating loonies to raise the futures price again. We shoot at Iranian boats, price goes up. Oil refinery fire, price goes up. Arab sheik has constipation, price goes up. Oil supply goes down, price goes up. Oil supply goes up, price goes up.

The answer ISN'T raising taxes on the oil companies, Barak Hussein Obama.

[meatloaf]

This should only affect Britain but the speculators are looking for any excuse to drive prices into the stratosphere. It will be interesting to see if a new record is set on Monday.

[the invisib1e hand]

the speculators are looking for any excuse to drive prices into the stratosphere.

yeah. and then there's an entire economy that needs to make sure it's got energy to function next quarter. That can affect prices too.

[Eric in the Ozarks]

Coincidently, more than a dozen US refineries have announced turnaround projects. $4.00 gas is a lock...

[kellynla]

“Brent crude oil futures rose to a record $117.56 a barrel on London’s ICE Futures Europe exchange on April 25 amid concern the strike will disrupt output.

The U.K. government said that U.K. fuel supplies are sufficient and people needn’t rush to buy gasoline.

``The basic point is that that there are sufficient supplies and people are behaving in a responsible way,’’

http://www.bloomberg.com/apps/news?pid=20601087&sid=atrEMf74qZwg&refer=home

But this won’t stop American gas stations from raising their prices. An Iranian could ‘break wind’ today and the price of gasoline would rise on Monday. LOL

[bill1952]

We “loonies” don’t raise futures prices.
What school of economics did you flunk out of?

I do, however, bid on futures contracts when I see a chance to make money from that investment.
Just like any other sector.

Investment chases return.

[Eric in the Ozarks]

No different than corn, gold or real estate.
Thank you for your words of sanity.

[Dr. Ursus]

Will trade white rice for gas!

[TLI]

Arab sheik has constipation, price goes up

Hey, that used to be my line. But you can use it. Actually it was "Arab sheik discovers he has B.O., the price goes up..."

A varieation on the theme I suppose.

:-)

[Eric]

I will slightly apologize for my "loonies" comment, but saying that, you verified my comments with " (I) bid on futures contracts when I see a chance to make money". Not that there is anything wrong with that, other than some of the reasons for (ahem) BIDDING UP the cost of oil, which I already commented on.

[blam]

Emergency Fuel Tankers Set Sail From Europe (To UK)

[bill1952]

Fair enough. Thank you for your post - bill

[anglian]

Latest:
• Grangemouth oil refinery is shutdown.
• The Forties Pipeline is shutdown
• Over 60 North Sea oil and gas fields are shutdown.
• About 700,000 bpd oil production lost costing £40 million / day @ $110 per barrel
• About 70 million cubic meters natural gas production lost per day costing £42 million / day @ 60 p / therm
• BP, Shell, Exxon-Mobil, BG Group, Conoco-Philips, Chevron-Texaco, Total, Marathon, Tallisman, Nexen, Venture, Dana and many more companies affected
• Global energy prices rise
http://europe.theoildrum.com/

[the invisib1e hand]

wait, there’s more: speculation results in price discovery. price discovery drives production, and r&d.

[RightWhale]

This might actually be the first thread on this subject. Should have been happening on Friday but there was near total silence.

[fella]

You can always count on the unions to do things to help the little people. You know, the little hard working guys like the union leaders and their goons and their accountants and the servants at their mansions and ..........