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Crude Oil soars to $46,25 / barrel

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gp Donating Member (645 posts) Send PM | Profile | Ignore Fri Aug-13-04 11:35 AM
Original message
Crude Oil soars to $46,25 / barrel
Edited on Fri Aug-13-04 12:11 PM by bobdole
real-time: http://www.bloomberg.com

From BBC

Crude oil prices jump to new high

The surge in crude oil prices has kept the trading floor buzzing
Oil prices set new record highs on Friday, buoyed by the threat of unrest in Venezuela over the weekend and of sabotage to pipelines in Iraq.

A fire and an explosion at a BP refinery in the US also fanned concerns about supply disruptions.

US light crude rose 49 cents to $45.99 in New York, reversing an earlier drop. Brent crude also recovered, topping $43 for the first time in London.

Analysts have warned that oil may rise further, even reaching $50 a barrel.

http://news.bbc.co.uk/2/hi/business/3562388.stm
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napi21 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-13-04 11:43 AM
Response to Original message
1. Yeah, I saw this right after the opening bell today.
Climbed consistently while you were watching. Of course shrub will insist on continuing to add to the reserves when the prices are at their highest. Helps keep 'em up there, ya know.
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Purveyor Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-13-04 11:54 AM
Response to Original message
2. CNBC $46.02 n/t
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Bandit Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-13-04 12:14 PM
Response to Original message
3. Oil Industry is enjoying record profits
OIL executives are smiling broadly. They are seeing their multi-million dollar salaries climb and climb while ordinary workers are losing their overtime pay and jobs to outsourcing. All this from our oil soaked administration. Christians should be so ashamed of themselves they will not show their face. Everything Christ opposed Republicans support and by extension these fundi "Christians"
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Fovea Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-13-04 12:32 PM
Response to Original message
4. Call me Cassandra, that is my name.
I was saying this back in January, that oil would hit $50/bbl this summer. That is the new floor, and screw what Bandar Bush says.
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jpak Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-13-04 01:17 PM
Response to Reply #4
8. I did too
and got flamed for it...
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DemoTex Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-13-04 12:37 PM
Response to Original message
5. We have turned another corner...
And $50/barrel oil is staring us in the face.
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Massacure Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-13-04 12:40 PM
Response to Original message
6. This can't be good news.
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RedEarth Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-13-04 12:49 PM
Response to Original message
7. $60 a barrel wouldn't surprise me....
I definitely feel our country and the rest of the world are in for a slowdown.....high energy costs really sap money out of the system....doesn't look good.
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catmandu57 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-13-04 01:19 PM
Response to Original message
9. How long can big oil
keep taking it on the chin for w*, they're keeping the price at the pump depressed to keep their boy in power, but it can't last forever.
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Hobarticus Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-13-04 01:24 PM
Response to Original message
10. Breaking: White House announces car that runs on blood...
Problem solved!
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ronatchig Donating Member (350 posts) Send PM | Profile | Ignore Fri Aug-13-04 01:50 PM
Response to Original message
11. funny thing is
that prices here for go juice are lower now than when the "record price" was pushing $40 per barrel. Did they se a dip in consumption at 2.00 per gallon or are they holdin back for boy King georgie?
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Geo55 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-13-04 02:00 PM
Response to Reply #11
12. From my understanding,
you are seeing the recently refined "summer" gas inventory...
stay tuned for later doo doo smacking the cooling device.
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rustydad Donating Member (753 posts) Send PM | Profile | Ignore Fri Aug-13-04 02:12 PM
Response to Original message
13. Supply and Demand
It is not "peak oil" that is driving the price, it is simply that demand is exceeding supply, and supply is being constrained for the first time in the history of our oil economy, by geology. The price will go up either steady or in spurts, until the price itself destroys enough demand to bring supply and demand into balance again. This is quite different from the oil embargo's of the 70's which created an artifical and speculative imballance. Esentially we are in deep dodo and have no way out. Hang on thight. Bob
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gp Donating Member (645 posts) Send PM | Profile | Ignore Fri Aug-13-04 02:13 PM
Response to Original message
14. $46,50 now ... a full dollar up from thursday. n/t
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Elginoid Donating Member (387 posts) Send PM | Profile | Ignore Fri Aug-13-04 02:32 PM
Response to Original message
15. try $100/bbl....if the "free market" were allowed to work.
and there's the farm subsidies to the "farmers"(do you suppose the chairman of ADM gets up at 4:30 every mornin' to milk the cows and slop the hogs?)

welcome to the generation that's going to get fucked over with the bill for the false american prosperity of the past 60 years.

without serious and 'equal' enemies, the american military-industrial corp. is at a loss for how to keep the money river flowing in their direction.
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