Posted on 01/31/2011 1:34:43 PM PST by FromLori
Fears that the turmoil in Egypt could disrupt oil shipments passing through the Suez canal and engulf the Middle East drove the price of Brent crude oil through the $100 barrier for the first time in over two years.
The price of a barrel of the benchmark Brent crude soared by more than $1.50 to as high as $101.08 a barrel as the protests against President Hosni Mubarak's regime intensified. Prices are now at their highest since September 2008, at the start of the financial crisis.
Abdullah Al-Badri, secretary general of Opec, the cartel of oil producers, expressed concern about the situation in Egypt and added that Opec did "not want 2008 to be repeated", referring to when oil prices hit a record $147. But he said the cartel would not increase production on the back of the surge in prices as he believed there was no shortage of oil.
Since August, oil prices have been steadily increasing from around $70 on the back of higher demand as the global economy recovers from the downturn, fuelling inflation.
The latest rise in oil prices will put further pressure on the British government to head off a rise in fuel duty planned for April.
David Cameron gave the latest hint in an interview with the BBC this morning that the budget on 23 March could include a "fuel stabiliser" which would cut the level of fuel duty motorists have to pay when oil prices rise.
Last week the price of diesel at the pump in the UK reached a new high, hitting 133.26p a litre on average.
(Excerpt) Read more at guardian.co.uk ...
That should help make Zero’s day. He can shut down more US drilling by this evening in hopes of destroying even more of our economy.
“The price of fuel is a concern for the government as it was one of the reasons for the rise in inflation, measured by the consumer price index, in December. In turn, higher inflation could put pressure on policy makers to hike interest rates.”
$4-$5 gasoline certainly doesn’t work well for the re-election campaign. Even Axlegrease will have a hard time making that turd palatable.
Term oil is in turmoil?.................
Nothing says "economic recovery" like $4/gallon gasoline.
Hey, Obama! Turn up our spigots, you bigot! The US needs to drill and drill now!
Edited for clarification.
What happened to DRILL BABY DRILL !
Rice is going up you know what that means?
More freshmen students at Texas A&M?...........
Condi’s running for president?
HEY OBANGO!!!!!! START DRILLING A-HOLE!
*****The price of fuel is a concern for the government as it was one of the reasons for the rise in inflation, measured by the consumer price index, in December. In turn, higher inflation could put pressure on policy makers to hike interest rates.*****
And the claim of “recovery?” Rise in oil b.s. excuse as covers for govt. spending and fraud MBS so called “securities”.
Riots in Asian countries...
Now you know why Obama had oil shut off in the Gulf....he absolutely intends to ‘bend’ us into Muslim will...
Not current info:
Prices within the past hour:
Crude Oil 91.91 - 0.30%
Natural Gas 4.43 + 0.14%
Gasoline 2.47 - 0.90%
Heating Oil 2.74 - 0.40%
Gold 1332.53 - 0.23%
“What happened to DRILL BABY DRILL !”
We are doing exactly that.
There are 400 more rigs in operation in the US today than there were a year ago and there are almost as many rigs in operation in the United States as there are in all the rest of the world combined.
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