Oil Price Hits Highest Level Since October 1990

Oil Price Hits Highest Level Since October 1990

By Brad Foss The Associated Press
Published: May 3, 2004

WASHINGTON (AP) - The price of oil rose to its highest level in more than 13 years on Monday as traders responded to the weekend killing of five Westerners working for an oil contractor in Saudi Arabia.
The wholesale price of gasoline also reached a new record, signaling the likelihood of even higher pump prices by Memorial Day, which marks the beginning of the summer driving season.

Crude for June delivery gained 83 cents on the New York Mercantile Exchange, settling at $38.21 per barrel - the highest price since Oct. 16, 1990, when oil was valued at $38.89 per barrel.

The rally in oil prices was largely triggered by the violence in Saudi Arabia on Saturday, when four men opened fire on the offices of oil contractor ABB Lummus Global Inc. Two Americans, two Britons, an Australian and a Saudi died in the attack. All four attackers - who police said were Saudi brothers - were killed.

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http://ap.tbo.com/ap/breaking/MGAX4SS1TTD.html

Can you believe that the President's name back then was also GEORGE BUSH? What are the odds of that!?!?!

:evilgrin:
dbt

..."The rally in oil prices was largely triggered by the secret oil price deal between President Bush and the Saudi Prince that is covered over by the violence in Saudi Arabia on Saturday..."

Your pet Chimp needs an October Surprise!

and f*ck you - I bike to work...

Hey, ya can't blame them for trying to make a buck off of your back can you?

And after all, as Rush will tell you, this is Bill Clinton's fault. If only he hadn't been eating all that oxycontin. Oh, wait, my bad. I mean, if only he hadn't had a tryst with a goddess in the oval office, everything would be just peachy.

the irony here is that the Iraq invasion was supposed to stabilize prices.
'Mission Accomplished' yet again!

of course the laws of economics no longer apply to media discussions and "analysis" :P

Help! Help! The sky is falling!

...scared silly by this whole "peak oil" thing? If I understand everything correctly, it's all downhill from here -- and not in a good way.