Oil Prices Rise as Supply Concerns Linger

It's almost up to $50 a barrel. BTW didn't Bush slam Clinton for making oil available from the Strategic Petroleum reserve in th year 2000?

NEW YORK (Reuters) - World oil prices rose on Thursday as concerns over a supply shortage after Hurricane Ivan persisted despite news the U.S. will loan some oil from its reserves to refineries to make up for lost production.


U.S. light crude traded as high as $49.00 a barrel -- a one-month high -- before settling 11 cents a barrel higher at $48.46, within sight of the Aug. 20 all-time high of $49.40.


In London, Brent crude hit a new record high of $45.75 a barrel before settling at $45.13, up 20 cents.

http://story.news.yahoo.com/news?tmpl=story&cid=580&e=5&u=/nm/20040923/bs_nm/markets_oil_dc

and we're not doing ANYTHING Could we at least not start producing automobiles that dwarf the Hummer?!?! Any we can't say anything because too many damn people have SUVs because they think they're safer eventhough they ARE NOT and more dangerous to other drivers. This issue makes me crazy. LET'S JUST CONSERVE A LITTLE!

"A Congressional source said the loan requests, received from two refineries, are for two to three weeks. A separate source said the two emergency loans would be for 100,000 to 200,000 barrels and for 1 million to 2 million barrels."

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That is a very unexciting amount of oil, won't make any difference to the price hardly at all.

If bush* does want to manipulate the oil price it's got to be 1 or 1.5 or 2.0 million barrels a day for a month (30,45,60 million barrels from the reserve).

And he is leaving it a bit late (probably why the oil price is going up) so he better get on with it because I've predicting it for a while now and I'm fed up with all my predictions biting the dust every time. ;-)