Oil Scales New High Over $57

Oil Scales New High Over $57
Thu Mar 17, 2005 08:07 AM ET


LONDON (Reuters) - Oil prices scaled fresh highs on Thursday, forcing OPEC to consider a second output increase just a day after its deal to raise supplies failed to halt crude's record-breaking advance.

U.S. light crude broke above $57 for the first time, gaining $1.04 to $57.50 a barrel. London's Brent crude, benchmark for European imports, rose $1.12 to a record $56 a barrel.

"It's not in our hands, prices are determined by the market," said UAE Oil Minister Mohamed al-Hamli.

The Organization of the Petroleum Exporting Countries agreed on Wednesday to raise output by 500,000 barrels per day with immediate effect. The agreement allows the addition of a further 500,000 bpd if prices do not fall below $55 for U.S. crude.

http://www.reuters.com/newsArticle.jhtml?storyID=7932622

Done and doing. Thanks.

that's the bonneville salt flats. about the last place on earth you'll need a 4x4.

Are you sure that's salt?

To quote Mike Malloy.

The $22 - $28 range was way too low historically, adjusting for inflation. Even $100 wouldn't be too far-fetched really. The thing that concerns me is adverse consequences for developing countries like China that import energy resources. But this will act as a catalyst for developing countries freezing out the big powers, which is a good thing.

World petroleum prices surge upwards, petroleum reserves drop, the ranks of energy-hungry industrialized countries swell, and the Rulin'' Dubya Posse's response is to gut mass transit and intercity rail funding, do little to encourage sustainable energy supplies, and prepare to sell oil from ANWR to the Orient.

How come every time I view or hear some pronouncement emanating from the Republican-controlled Executive Branch, I keep seeing Groucho Marx performing his number from "Duck Soup": "...If you think we're bad off now, / Just wait 'til I get through with it!..."

:argh: