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View Full Version : Record price for oil AGAIN! Over $75/barrel today!



MagicMtnDan
04-21-2006, 10:51 AM
Crude-oil prices spiked more than $1.50 and closed at a record high above $75 a barrel Friday amid concern about IranÂ’s nuclear ambitions and declining U.S. gasoline stocks.
U.S. pump prices also kept rising, with the average price of a gallon of unleaded regular gasoline at $2.855, up 3 cents from a day earlier and more than 60 cents higher than a year ago, according to AAAÂ’s daily fuel gauge report.
Analysts say oil prices are likely to climb higher in the weeks ahead as worries grow about how international pressure on Iran, OPECÂ’s No. 2 oil producer, will affect its crude output. Rebel disruptions of oil production in Nigeria also pose a risk to world supplies.

Jordy
04-21-2006, 10:52 AM
F'kn Bush. Bet all that money is going right into his pocket too!!! Bastard. :rolleyes: :notam: :D

HammerDown
04-21-2006, 10:55 AM
F'kn Bush. Bet all that money is going right into his pocket too!!! Bastard. :rolleyes: :notam: :D
Prolly not, but I'm sure he doesn't give a rats ass.

fat rat
04-21-2006, 10:59 AM
A record week for the Dow............must be Bushes falt, again! :crossx:

HM
04-21-2006, 11:03 AM
Prolly not, but I'm sure he doesn't give a rats ass.
Have you seen what rats asses are going for? They hit a record high today as well. There is no way Bush is giving away rats ass...I am sure he is asking market value.

Freak
04-21-2006, 11:25 AM
It's been a long run. A sell of for profit should happen real soon. Back to around $70 then the relentless climb to $80 starts over.
"What people need to hear loud and clear is that we're running out of energy in America."
—George W. Bush, May 2001

2Driver
04-21-2006, 01:37 PM
With Nigeria, Sudan, Venezuela and not to mention Iran all teetering with very large issues that could halt or significantly cut supply it may come down to pure availability regardless of price. Look at the east coast today just trying to cut over from MTBE. "out of gas".
I'm thinking the boat and truck trader will be about the size of the LA phone book.
US's take on oil reminds me of that book "Who moved my Cheese". A good read.

Dave C
04-21-2006, 02:06 PM
I saw two interesting statistics today.
1) between 2002 and present, Chinas demand for crude oil went up 40% (holy shiat) Seems we have some competition. During the same period a barrel of crude went from $30 to $60-70.
2) The U.S. imports more than 60% of its oil. This makes us dependant on OPEC countries like Iran, Iraq, Saudi Arabia and Venezuela (who hate us)
as you know, OPEC establishes (arbitrarily) the level of output (and thereby the price) If they DO NOT increase their output (supply) to meet the increase in world demand then the price will go up.
The high price is mostly a result of OPEC withholding supply. I don't give a rats ass what they say following their (OPEC) meetings.

MagicMtnDan
04-21-2006, 03:35 PM
The high price is mostly a result of OPEC withholding supply. I don't give a rats ass what they say following their (OPEC) meetings.
I don't think that's really the cause. While OPEC does have control over the price of oil and the supply, most of our oil is from domestic supplies. Furthermore, the price of gas is mostly a function of the refineries (the ones that the big oil companies have open - they shut them down routinely to "do maintenance") capacity and the commodities brokers who bid the future price of oil up (in Chicago). Whenever the commodity price goes up the oil companies raise their prices simply BECAUSE THEY CAN.
The oil companies control the supply and therefore the price of gas at the pump. Sure, market conditions do affect the prices but it's mostly determined by the big oil companies and their CEO's (like the one at ExxonMobil who just got a $400 million severance package).

Dribble
04-21-2006, 03:45 PM
I saw two interesting statistics today.
1) between 2002 and present, Chinas demand for crude oil went up 40% (holy shiat) Seems we have some competition. During the same period a barrel of crude went from $30 to $60-70.
2) The U.S. imports more than 60% of its oil. This makes us dependant on OPEC countries like Iran, Iraq, Saudi Arabia and Venezuela (who hate us)
as you know, OPEC establishes (arbitrarily) the level of output (and thereby the price) If they DO NOT increase their output (supply) to meet the increase in world demand then the price will go up.
The high price is mostly a result of OPEC withholding supply. I don't give a rats ass what they say following their (OPEC) meetings.
100% correct.

chub
04-21-2006, 04:30 PM
I don't think that's really the cause. While OPEC does have control over the price of oil and the supply, most of our oil is from domestic supplies. Furthermore, the price of gas is mostly a function of the refineries (the ones that the big oil companies have open - they shut them down routinely to "do maintenance") capacity and the commodities brokers who bid the future price of oil up (in Chicago). Whenever the commodity price goes up the oil companies raise their prices simply BECAUSE THEY CAN.
The oil companies control the supply and therefore the price of gas at the pump. Sure, market conditions do affect the prices but it's mostly determined by the big oil companies and their CEO's (like the one at ExxonMobil who just got a $400 million severance package).
Dan you know I give a rats arse about your opinion till you buy a boat you can take me out on but your kinda correct in that refineries are manipulating things IMHO. Maintenance is needed as these are highly technical and sophisticated complexes that normally run 24/7 as my facility does. but they time maintenance pretty well as far as comodities things go. Between these fuking people who trade oil as a commodity,OPEC,refineries and demand, I really think the finger points at the folks saying "Iran is unstable lets get rich, Nigeria and whomever else exports oil is unstable oh my god I BETTER CASH IN WHILE I CAN" are the fockes we need to reel in. I love free enterprize, but when do we as a nation teetering (sp)on a serious downfall because of oil figure out a way out of this. This shiat woudn't 50 years ago as America would have stood strong together and solved this problem.

Big Warlock
04-21-2006, 04:30 PM
Damn it! I know Bush is in on it. I just know it! He is always running around with those oil guys. It's a known fact that they pay him much like the Sopranos take their cut. Yea, that's it. It's all Bush's fault. He controls the refineries and everything! No oil comes here without his ok. In fact, Cheney was running Halliburton just for Bush. And he still does! Yea, I swear! And Halliburton makes it so that everyone in the oil business around the world gives their money to the King of America......I mean Bush......because even though the facts show that he won the election, we all know he really didn't. He had all that oil money. Yea, I swear. His Dad was in the business, did you know that? They lived in Texas! Hell, he must be in charge of oil then.
Oh crap.......Hey, I have to go. They want me to get off break and get back to the fries!! Friggin McDonald's!!! :crossx: I guess the drive through is backing up.
Jordy? Jordy is that you? Damn it Jordy.....don't come to my work anymore you bastard! :crossx: Get out of the drive through with that boat!! Damn!!!

Jordy
04-21-2006, 05:07 PM
I said no mayo dammit. :D :D :D
Hey BW, apparently you're not taking this whole thing with Bush controlling gas prices thing seriously as I detected a hint of sarcasm in your post. Fockin' funny guy. :D :D :D