Posted on 05/22/2008 9:03:19 AM PDT by BloodOrFreedom
Oil retreated after speeding to new peaks for a third straight day on Thursday, topping $135 a barrel as investors fretted over long-term supply constraints and a big drop in U.S. crude stocks.
The latest leg of the rally began on Wednesday when oil leapt by more than $4 after U.S. weekly data showed crude stocks had declined by 5.4 million. Analysts had expected an increase.
"Yesterday's EIA numbers set off this latest blast higher, but we suspect that prices would have gone up almost in spite of the numbers," Edward Meir of MF Global said in a note.
"The market now has the technical feel of being in acceleration mode." Refined products, led by gas oil, also struck new records, driven by concerns about a lack of refining capacity and increased diesel demand.
China has stepped up imports of diesel to make up for power supplies lost in last week's earthquake.
Concerns about long-term supply tightness have pushed prices for future delivery even higher than prompt contracts.
December 2016 U.S. crude reached $143.00.
The United States has repeatedly called on the Organization of the Petroleum Exporting Countries to increase its output to try to calm markets.
Leading OPEC producer Saudi Arabia last week said it had raised production by 300,000 barrels per day, but the news had minimal impact on the market.
While OPEC has blamed factors beyond its control for the record price rally, U.S. Energy Secretary Sam Bodman on Wednesday said the market reflected tight supplies and strong global oil demand.
Copyright 2008 Reuters. Click for restrictions
The GOP in congress should bring the ANWR & Domestic drilling bill up for a vote again and let the rats vote it down again. They should keep doing this over and over until Nov 4th.
Yep. Hammer it.
Yeah, nothing like distracting from the real issue...the weak dollar.
Strongly agree.
Maybe then the public will catch on, and after takingout a mortage on our houses to pay for our gasoline, we'll put some brains behind those desks
Excellent idea - since I live in the People’s Republic of Northern California, can you suggest some true conservative Congress Critters I could contact and suggest implementing such?
The President should issue executive orders to allow drilling everywhere. Then we should hire Daniel Day Lewis to go scream “I DRINK YOUR MILKSHAKE” in the envirofascists’ ears before bludgeoning them with a bowling pin.
“...watch for the market to begin falling as the tourism season started...”
US drivers should stay home this Memorial Day and 4th of July. Particularly, schedule no trips to vacation destinations such as Las Vegas (Harry Reid’s state), California (Feinstein, Pelosi et al), Florida (Martinez, Nelson)...all the traitors who have voted against domestic oil production all these years. Let them hear from their hotel/entertainment industries when tourism dries up completely due to their caving to the few thousand Sierra Club and Algore-influenced loudmouths.
After advancing $60+, it drops $2, Woo. We’re home free now. Time to buy a Hummer.
Lol. Oil “retreating” from $135 is like the U.S. “retreating” after Hiroshima and before Nagasaki.
I totally agree. Since there's plenty of supply, more supply won't solve the problem.
Unless... we export the Anwr oil to Japan and China, thereby creating demand for, and raising the price of, US dollars.
Except Pelosi and Reid control what topics are brought up for votes. The Republicans can do nothing (and even if they could they wouldn’t).
Yep. Boycott leisure travel, especially to liberal states, this summer.
Freakin' HILARIOUS! Great movie, what a performance.
"I can't keep doing this on my own.. with these... Peeep-uul."
Yep. Boycott leisure travel, especially to liberal states, this summer.
Wow...where’d you get that pic? That’s beautiful!
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