Egypt turmoil pushes crude oil price over $100 a barrel

The Guardian ^ | 1/31/2011 | Tim Webb and Graeme Wearden

[FromLori]

Drill baby Drill!

How Egypt spells oil spike

http://finance.fortune.cnn.com/2011/01/31/how-egypt-spells-oil-spike/

[trumandogz]

“Now you know why Obama had oil shut off in the Gulf”

Form some reason, the crews I have on Gulf rigs at this moment have not been informed of that shut off.

[R W Reactionairy]

Brent [United Kingdom] is trading at a $9 premium to West Texas Intermediate [delivery point Cushing OK]. Probably due to a local glut resulting from rising Canadian & North Dakota crude production. World prices are higher than US prices. E.g. IIRC Tapis from East Asia is another $8 or $9 premium to Brent.

[FromLori]

[fightinJAG]

Dennis Garmin was just on CNBC’s “Fast Money.” He said since more oil was going to be shipped through routes that did NOT include the Suez Canal, it was going to be a great year for the Somali pirates as well.

Sigh.

[Red Badger]

I think most Asian countries are self sufficient in rice, except NK....

[FromLori]

I don’t know there have been problems with the weather and now the prices are being driven up by speculation to boot.

Impending rice shortage best argument against slashing NFA subsidy – Anakbayan

““Removing the NFA rice subsidy at a time when global rice prices are expected to soar is a sure-fire recipe for social disaster”

This was the warning of Anakbayan spokesperson Charisse Bañez following reports that the rice prices in the world market are expected to soar next year following a spate of natural calamities.”

http://anakbayanph.wordpress.com/2010/09/29/impending-rice-shortage-best-argument-against-slashing-nfa-subsidy-anakbayan/

Rice shortage, food prices rise likely in the wake of Lankan rain havoc

http://www.asianewsnet.net/home/news.php?id=16786

Rice shortage to jack up prices next year: Report

http://www.commodityonline.com/news/Rice-shortage-to-jack-up-prices-next-year-Report-32757-3-1.html

Agriculture Statistics > Grains > Rice consumption (per capita) (most recent) by country

http://www.nationmaster.com/graph/agr_gra_ric_con_percap-grains-rice-consumption-per-capita

[and so?]

Cheapest gas I saw today was $2.89 9/10.

If we're lucky OPEC will take a hit as the individual members scramble to keep the bucks flowing in to their own country (ies).

Egypt is not a member, but the unrest could affect those who are.

[FromLori]

We’ve had gas at $3.24. for regular for a couple weeks now (W. WI)

[Morgan in Denver]

My understanding is this is oil destined for the UK, not the USA. It will still impact US oil in time if it stays this high. It’s from the North Sea and impacted by the Suez Canal and problems in Egypt.

[MinorityRepublican]

Link please.

[trumandogz]

Here is the link to the rig count that shows that there are 400 more rigs drilling in the USA today than there were a year ago and that there are almost as many rigs drilling in the US than there are in the rest of the world.

http://investor.shareholder.com/bhi/rig_counts/rc_index.cfm

[AbolishCSEU]

MMMMMMMM-MMMMMMMMM-MMMMMMMMMM
Six
Bucks
A-Gallon

[Chode]

do the friggin RATS actually have to start FREEZING TO DEATH IN THE DARK before they will let us drill here???

[woodbutcher1963]

Where are these rigs drilling other than ND/MT ?
I thought they had shut down the gulf ?

[Eye of Unk]

I would honestly say that if more tankers were to take the longer and more dangerous route they will do it with an armed convoy. They cannot be that absolutely stupid.