Crude Oil near 100 bucks a barrel...

[lilmaniac2 5,000+ posts]

Just saw this on the news... I remember when it hit 70 bucks a barrel after katrina and all hell broke loose...

http://afp.google.com/article/ALeqM5hhR5urCKhRhTgL0G1tzHzXcCUi8Q

Oil prices hit record highs amid dollar weakness
10 hours ago

NEW YORK (AFP) — World oil prices soared to new records Tuesday, breaching 98 dollars a barrel in New York, amid supply concerns and as the US dollar continued to weaken against other major currencies.

New York's main oil futures contract, light sweet crude for January delivery, soared 3.39 dollars to close at 98.03 dollars per barrel.

Prices in New York hit an all-time high of 98.62 dollars on November 7 during intraday trading, but Tuesday marked the first time prices had closed above 98 dollars.

In London, the price of Brent North Sea crude for January delivery surged 3.21 dollars to settle at 95.49 dollars per barrel, smashing a prior high of 95.19 dollars struck in November 7.

In after-hours trade, Brent crude was trading at even higher levels, at 96.24 dollars a barrel.

Some analysts believe oil prices could soon strike 100 dollars a barrel, especially as oil demand is being stoked by China and India's breakneck economic growth.

"Oil prices were higher today, with the dollar reaching fresh record lows against the euro and still coming off against other major currencies," Sucden analyst Michael Davies said.

The European single currency leapt to a historic peak above 1.48 dollars. The weakening dollar makes dollar-denominated commodities like oil cheaper for buyers armed with stronger currencies.

The market also continued to focus on the state of global energy supplies.

"Oil markets remain tight," analysts from the Commonwealth Bank of Australia said.

Despite supplies being strained ahead of the northern hemisphere winter, OPEC opted not to jack up its production quotas following a meeting in Saudi Arabia over the weekend.

The Organization of the Petroleum Exporting Countries (OPEC) has been under pressure, in particular from the United States, to boost supply to help cool prices.

However, OPEC's final declaration on Sunday after the meeting urged world peace to help stabilize prices and included a commitment to help fight global warming.

OPEC, which pumps 40 percent of global crude supplies, last decided to raise output in September when the oil producers' cartel agreed to provide an extra 500,000 barrels a day to the market, effective from November 1.

Some traders believe the ongoing weakness in the dollar will prompt OPEC to seek higher prices for oil, if not to move away from the currency all together.

"(OPEC) producers have seen their purchasing power decline with the dip in value of the greenback," said Bank of Ireland analyst Paul Harris.

OPEC has said it would hold off any discussion regarding production until its next meeting in December.

"The apparent removal of the possibility of increased supply will serve to at least underpin crude oil at these (price) levels," Harris said.

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[SteveSkal]

Jesus! We really need to find some good alternative power sources...and FAST!!

I hate being so dependent on these **** Arab's!

 

[W8 a minute 10+ year member]

YES! What we need is an alternative fuel vehicle made entirely of plastic (which is a petroleum product itself) //content.invisioncic.com/y282845/emoticons/rolleyes.gif.c1fef805e9d1464d377451cd5bc18bfb.gif

 

[W8 a minute 10+ year member]

Plastic car lubricated with several quarts of oil/grease on an asphalt road burning hydrogen...that will solve everything.

Major products of oil refineries

* Petrochemicals (Plastic)

* Asphalt

* Diesel fuel

* Fuel oils

* Gasoline

* Kerosene

* Liquefied petroleum gas (LPG)

* Lubricating oils

* Paraffin wax

* Tar

 

[Zakerid 10+ year member]

i like how we all b!tch about gas prices... yet these increased prices have not slowed us down at all. if we reduce our consumption prices will go down. also, notice the increase just in time for the holidays... everyone traveling to see family, everyone driving to the malls and stores... they know what and when to do this crap.

 

[faulkton 5,000+ posts]

When archaeologists and historians look back on this era, they will call it the Oil age in the same way they discuss the bronze age right now.

 

[Ignatowski 5,000+ posts]

put a taxan in the white house and thats what you get........****ed

 

[DBfan187 5,000+ posts]

blame opec

 

[IgnoreMe 5,000+ posts]

just saw premium gasoline near my gf's house at $4.06 the other day

 

[Rich B 5,000+ posts]

//content.invisioncic.com/y282845/emoticons/verymad.gif.3f39c5c2fd57527b671fad3efdfac756.gif

 

[alove_85 10+ year member]

I couldn't care less

 

[W8 a minute 10+ year member]

Everyone keeps blaming Bush. How does the money we pay to the Middle East get back to Texas "Oil Barons" ????

Seems to me the only ones profiting from this are the Arabs, not the Texans. Doesn't the rest of the world pay the same amount for a barrel of oil as we do? But yet our gas prices are cheaper than Europe.

Them **** Texans.....//content.invisioncic.com/y282845/emoticons/rolleyes.gif.c1fef805e9d1464d377451cd5bc18bfb.gif

Granted, I think Bush has screwed up quite a few things, but for Christ's sake get your ****in facts straight. It's a WORLD market.

 

[w00tah 10+ year member]

Everyone keeps blaming Bush. How does the money we pay to the Middle East get back to Texas "Oil Barons" ????
Seems to me the only ones profiting from this are the Arabs, not the Texans. Doesn't the rest of the world pay the same amount for a barrel of oil as we do? But yet our gas prices are cheaper than Europe.

Them **** Texans.....//content.invisioncic.com/y282845/emoticons/rolleyes.gif.c1fef805e9d1464d377451cd5bc18bfb.gif

Granted, I think Bush has screwed up quite a few things, but for Christ's sake get your ****in facts straight. It's a WORLD market.

And the prices of gas in Europe are higher because of the taxes the governments there place upon it to take care of their roads. They have a higher one time cost of paving compared to our way of pave it once, but with cheap materials, then patch it as things deteriorate. Theirs only have to be paved once every 10 years or so, at least from the last thing I saw about it.

Also, the Texan oil magnates are making quite a bit off of this nice fleecing they are giving us. The oil companies are making record profits while we bend over a little bit further. We'll be touching our toes soon if this shit doesn't stop.

Here's what I don't understand.... How is it that a regional manager basically can lower or raise the price as seen fit, even if it's the same gasoline that was in the storage tanks yesterday for less money?

Makes no sense to me.....

Morgan

 

[Zakerid 10+ year member]

^why does demand not make any sense to you? they raise the prices... we keep filling up... they raise prices more... we keep filling up... the only people to blame for this is ourselves. don't forget the emerging economies in asia that are contributing to the increase.

 

[sundownz Pro Seller]

Bummer... but many people saw this coming, myself included. I get 36+ MPG day-to-day in my 02' Civic and no longer drive very far on a daily basis (work for myself) so I'm fairly insulated. I'd love to see more diesels here... with the capacity for bio-diesel. That would at least get our average fuel mileage up to decrease demand.

Many of my family members own big vehicles so I get to say "I told you so" as I told them not to get them years ago, "Nonsense, gas is only $1.69 a gallon!"