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Oil hits $100 per barrel
Spider7115
Member Posts: 29,704 ✭✭✭
Don't plan any long vacation trips this summer. [:(!]
NEW YORK - Oil prices hit $100 per barrel Wednesday as forces loyal to Libya's Moammar Gadhafi clashed with protesters expanding their control over parts of that OPEC nation.
In afternoon trading benchmark West Texas Intermediate crude for April delivery was up $3.48, or 3.7 percent, at $98.90 per barrel on the New York Mercantile Exchange. Prices climbed as high as $100 earlier in the day, hitting triple digits for the first time since Oct. 2, 2008. WTI has jumped 18 percent since Valentine's Day.
In London, Brent crude added $5.33, or 5 percent, at $111.11per barrel on the ICE Futures exchange.
NEW YORK - Oil prices hit $100 per barrel Wednesday as forces loyal to Libya's Moammar Gadhafi clashed with protesters expanding their control over parts of that OPEC nation.
In afternoon trading benchmark West Texas Intermediate crude for April delivery was up $3.48, or 3.7 percent, at $98.90 per barrel on the New York Mercantile Exchange. Prices climbed as high as $100 earlier in the day, hitting triple digits for the first time since Oct. 2, 2008. WTI has jumped 18 percent since Valentine's Day.
In London, Brent crude added $5.33, or 5 percent, at $111.11per barrel on the ICE Futures exchange.
Comments
I heard a snippet on the NEWS,the other night,that the US. has NOT built a new refinery,in 40 years!![:(!]
If you can't feel the music; it's only pink noise!
Going on a road trip should be the least of ones' concern. Just think what it will cost you to get to work. And believe me, EVERYTHING you buy or ship will cost alot more. Nearly everything you use is transported by truck at one time or another and those rates will increase as fuel costs increase - same for rail service cause those locomostives run on oil too.
Food will see a large increase because every step of food production from the farmer buying the seed to a finished product requires fuel.
Farmer Inputs do not figure into the cost you the consumer pays.
I figure if we stop printing the oil prices will drop.
Imagine if a Republican was in office. All the press would say is America is in a dpepression. But hey, the Obama recession is over!
Libya holds 2% of the world's crude oil. It is low-sulphur, so it's prized for gasoline and diesel fuels. Europe buys most of it because their refineries are set up for low sulphur light crude processing. Not much ability there to process other stuff, that's their error.
American refineries prefer low sulphur and lighter crudes, but are able to use higher sulphur and heavier weight crudes too. So we are not much affected by what troubles Libya may see in any direct way.
Back to the supply issue, the Saudis can easily meet short term fall offs from anyone. Other countries can help too. Even the low sulphur stuff, just not an issue. Plus at any one moment there is more oil in transit on tankers or stored in processing facilities and strategic reserves, all over the world than Libya delivers in 19 months of pumping.
If anything what this proves is that commodity traders need to be regulated. Not by government workers but by advanced technology. Put battery powered collars around their necks. If they get too excited, they get an electric shock. If they shout certain key words, such as "BUY! BUY!" or "SELL! SELL!" or "OH MY GAWD!" with a lot of stress in their voice the collars shoots them up with Valium.
There is no crisis, oil supplies are not threatened by this. Just a bunch of wussies and girly-men running scared and trembling in fear.
And making a hell of a lot of money sticking it to You and Me!!!
reminds me of the "shortage" mid 70's. i made money sitting in peoples cars overnight and moving them up to the pumps when my turn came. there was a $5 limit on the gas, so i had a lot of repeat customers.
if opec cuts production, or libyan production is interrupted, the same thing will happen again
Commodity Traders are fundamentally emotionally unstable. They make investment decisions to buy or sell based upon the slimmest of information. Often getting down to rumor and gossip.
Libya holds 2% of the world's crude oil. It is low-sulphur, so it's prized for gasoline and diesel fuels. Europe buys most of it because their refineries are set up for low sulphur light crude processing. Not much ability there to process other stuff, that's their error.
American refineries prefer low sulphur and lighter crudes, but are able to use higher sulphur and heavier weight crudes too. So we are not much affected by what troubles Libya may see in any direct way.
Back to the supply issue, the Saudis can easily meet short term fall offs from anyone. Other countries can help too. Even the low sulphur stuff, just not an issue. Plus at any one moment there is more oil in transit on tankers or stored in processing facilities and strategic reserves, all over the world than Libya delivers in 19 months of pumping.
If anything what this proves is that commodity traders need to be regulated. Not by government workers but by advanced technology. Put battery powered collars around their necks. If they get too excited, they get an electric shock. If they shout certain key words, such as "BUY! BUY!" or "SELL! SELL!" or "OH MY GAWD!" with a lot of stress in their voice the collars shoots them up with Valium.
There is no crisis, oil supplies are not threatened by this. Just a bunch of wussies and girly-men running scared and trembling in fear.
And making a hell of a lot of money sticking it to You and Me!!!
Whats worse in oil pricing is what the commodity traders do with thier games. They play on uncertainty and lack of needed regulations to exploit masses.
To add to the confusion we have Exxon and the rest of the robber baron international oil companies that exploit the world with mirrors and smoke to hide their corrupt gains.
Problem is they all are paying off your Senators and Presidents to keep this cosey deal at your expense.
http://news.yahoo.com/s/afp/20110223/ts_alt_afp/ecuadorcourtcompanyenvironmentchevronusnative