Posted on 07/03/2008 3:47:17 AM PDT by CarrotAndStick
LONDON: London's Brent crude oil hit 146 dollars a barrel for the first time on Thursday, as traders reacted to Middle East tensions, falling US crude reserves and the weak dollar.
Brent North Sea oil for August delivery surged to a life-time peak of 146.34 dollars.
New York's main oil contract, light sweet crude for August delivery, meanwhile surged past 145 for the first time to reach an all-time pinnacle of 145.43 dollars a barrel.
Analysts said a weaker US dollar, and data that revealed a drop in stockpiles of US crude, helped push prices higher.
The US Energy Information Administration said on Wednesday that stockpiles of crude had fallen by 2.0 million barrels in the week to June 27.
Global oil prices have doubled in the past year and have risen by 45 per cent since the start of 2008 when they breached 100 dollars for the first time, triggering fears over inflation and slower economic growth.
Gee, miraculously just in time for gas to go up 20 cents the day before the holiday. What coincidence.
Don’t worry, Larry Kudlow says good times are just around the corner.
Every time OIL rises we should drag a dim politico out of their office and HANG THEM!
LLS
we r scrwd
Every time OIL rises we should drag a dim politico out of their office and HANG THEM!
LLS
Shouldn’t we just start a live thread for this topic?
...Bingo, we have a winner!!!!
Thanks. I just about choked on my coffee.
Yup, that “Bubble” is surely ready to burst, any decade now.
I started to “burst” about a month ago, and is apparently still doing so. (Must be a really big bubble?)
I drive 100 miles a day on my round trip to work and back. I have a Toyota Corolla which gets between 33-38 mpg. Last night I filled up on a tank that was very low. It cost over $48 for just over 12 gallons. At this rate for 5 days of work, I’m paying over $60 a week. I bought this car new soon after hurricane Katrina and have put over 70,000 miles on it since then. Here’s my question; Do I buy another similar used Corolla or Civic for my wife who drives half as much everyday, or do I get in line for a Prius or Civic Hybrid and let her have my Corolla? Right now she drives a Sienna that gets 21-27 mpg. We will still keep the Sienna for vacation trips, but can’t continue using it as a commuter with the rising price of gas.
ECB just raised rates 25 basis points. Look for an ugly open on the stock market, and $150 oil by the end of the day.
in which capital, in which country?
Why do gas prices go up? Why shouldn't they if we keeping paying the risng cost?
Why do GOP keep foisting rino's upon us? Why shouldn't they if the republican electorate keeps voting for them...ie: McCain
I'd wait and buy an SUV for a nickel a pound. (Seriously, I may. They are popping up in front yards everywhere. My wife has always wanted one for hardware store trips, etc.)
You can buy a lot of $4.50 a gallon gas for a couple of thousand saved from last year's vehicle prices.
In the 1970's "Crisis", I fell for the economical car thing. I traded a Cadillac Brougham in for two Corollas. I suppose I left the car dealer with the same tonnage I drove in with, but really, I also left with two sets of car payments and higher excise taxes and insurance premiums, and I doubt I saved anything at the bottom line.
I had a hundred mile commute for years. With my car I was spending $45 a week in gas two years ago. Let's say the price doubled. Would the extra $45.00 a week in higher gas prices really pay for a new economy car? Maybe, maybe not, when you add the taxes and premiums and interest.
A Prius ?
This is a car for people that only go around in the city with a lot of stop and go - otherwise it will not safe you a millilitre of fuel in comparison with better and cheaper alternatives.
Get a Golf Diesel.
I’m still waiting for the flurry of FReepers to arrive to tell us that the oil ‘bubble’ is about just about ready to burst and send gas prices back down to $2/gal. It’s going to happen, you know. Any day now.
Waiting...
Waiting...
Agreed. Speculators are pushing hard to bust the $150 mark. In the meantime, Ben-Ben does nothing but tell W what he thinks he needs to print to save the banks. The Feds should raise rate 50 basis points next week if they’ve got any sense. The credit market is snafued at this anyway. The DOW will close below 11 today too.
Or the “Conspiracy Theory” nuts who will post some example of the Oil Companies manipulating the supply.
That one burns me the most.
So tell me; How can “Speculators” do this when they barely control 10% of the market?
Could it actually be supply and demand?
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