Oil hits record above $56

[westcor]

CNN - http://money.cnn.com/2005/03/16/markets/oil/index.htm?cnn=yes

NEW YORK (CNN/Money) - Oil prices hit a record high Wednesday after a report showed sharper-than-expected declines in gasoline and heating oil inventories.

Crude oil for April delivery jumped $1.41 to close at $56.46 a barrel in New York, after reaching as high at $56.60 -- well above the previous record close of $55.17 set on Oct. 22 and the record trading high of $55.67 set on Oct. 25.

In London, Brent jumped 95 cents to a record of $54.80 in the final day of April contract trading.

Oil supplies rose last week while inventories for gasoline and distillate, which is used for heating, fell more than expected, the Energy Information Administration said in its weekly report Wednesday.

According to the report, gasoline stocks fell 2.9 million barrels to 221.4 million barrels. Analysts polled by Reuters had expected a drop of just 800,000 barrels. Distillate stocks fell 1.9 million barrels to 107.3 million barrels.

[tx_dem41]

1. Don't worry...once we start drilling in ANWR, the price will go down...

to $55.90.

[spooked911]

4. It will go down even more than that. I bet this latest price surge was

all a ploy to help get the ANWR vote passed.

And it worked!

The bastards.

[tx_dem41]

5. The oil market is a true "world market". Drilling in ANWR will not....

effect the price of oil hardly at all.

[KansDem]

15. You know that...I know that...

But does the 44% of Americans who still believe Saddam was behind 9/11 believe that?

[mhr]

6. Peak Oil Read Into The Congressional Record

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x1315202

[mhr]

10. ANWR Holds Between 6 and 16 Billion Barrels Of Oil

The world uses 80 Million Barrels of Oil per day.

6 Billion barrels = 75 days of world supply

16 Billion barrels = 200 days of world supply

The US uses 20 Million Barrels of Oil per day.

6 Billion barrels = 300 days of US supply = .83 years

16 Billion Barrels = 800 days of US supply = 2.2 years

It will take 5-10 years before a drop of this oil hits a refinery.

Hardly seems worth the effort when raising the CAFE standards would save more than we get with drilling.

[jpak]

16. The DOE estimated peak production from ANWR would be 700K barrels per day

The US currently consumes ~20M barrels per day.

If US consumption did not rise between now and then (ha ha ha) ANWR would satisfy only ~3% of US demand.

The DOE also estimated that, at peak production, oil production from ANWR would reduce global oil prices by $0.50 - less that 1% of the current price of crude.

What sick fucking joke...

[PROGRESSIVE1]

22. ......

:eyes:

[tx_dem41]

23. Sheesh, Prog1...

it was a joke. Are we continuing disagreements from other threads? I think there's a word for that...

[westcor]

2. Its going down..

Looks like its all going downhill, congress has realized that peak oil is real, and prices dont seem to be wanting to come down, we have around 40 years of oil left. Bush says he wants cars with 300 MPG within the next four years, he should be a standup comedian, how would his friends make money??

[sarcasmo]

3. Can anyone say three dollars by Labor Day..

Premium here in Michigan right now is @ 2.35. I guess we should all look at buying a horse or a moped like the Asians use.

[The_Casual_Observer]

7. Memorial day.

[mike_c]

8. already $2.50/gal for unleaded regular at my local Chevron....

Arcata, CA. Of course, I don't mind that bit so much-- I'd be happy to see gasoline at $6.00 a gallon if only that would slow demand for the stuff and reduce its profitability, but I doubt that it would.

[Emillereid]

12. I'm in California too -- why do we have to pay so much more??

[mike_c]

14. market forces, baby!

Because we do. When demand drops significantly, so will the price.

[tx_dem41]

9. I would tell you I'm paying about 1.85 for it in Texas, but y'all would..

probably kill me...so I won't tell you that.

[Lone_Star_Dem]

13. I paid $2.19 yesterday and they told me it would be $2.25 by Friday

[tx_dem41]

17. Where in Texas? n/t

[Lone_Star_Dem]

20. Just north of Austin. n/t

[tx_dem41]

19. I just found this website...

mid 1.80's seems to be the lowest currently found in Dallas...

http://www.dallasgasprices.com/

[Lone_Star_Dem]

21. Yep, it's cheaper in Austin than here, too.

I wasn't doubting you, I was just jealous. :)

[Yavin4]

11. Did You Really Think You Were Going To Get Cheap Gas

with two oil men running the country?

[benburch]

18. My commodities trader friend says he expects $100/bbl by Winter. nt