Supply Worries Push Oil Over $118 A Barrel

[sabra]

Source: CBS/AP

Violence In Nigeria, Oil Tanker Attack And A Looming Refinery Strike Spark Concerns

(CBS/AP) Oil prices rose Tuesday to a new record above US$118 a barrel supported by concerns about crude supplies from some key producers.

Light, sweet crude for May delivery rose as high as US$118.05 a barrel in electronic trading on the New York Mercantile Exchange, eclipsing Monday's all-time high of US$117.83.

By midday in Europe, the contract had risen to US$117.77, up 29 cents on Monday's close of US$117.48 a barrel. The May contract expires at the end of trading Tuesday.

In London, Brent crude futures added 28 cents to US$114.71 a barrel on the ICE Futures exchange.

Read more: http://www.cbsnews.com/stories/2008/04/22/business/main4033779.shtml

[But....]

1. Supply worries...

not supply problems. Hey more record profits.:hurts:

[sam sarrha]

2. a tanker takes 1 little rocket in the Straights of Hor_____ and everybody thinks the sky is falling

[Javaman]

5. the daily false flag oil worries. LOL nt

[Delphinus]

3. I generally can find something else to say, but all I can think of is

fuck. :(

[Celtic_88]

19. all I can think of is :

Me to just paid $3.34 a gal in the DFW metro area.

[BulletproofLandshark]

20. Lucky you

$3.47 in NW Virginia

[Delphinus]

23. $3.65 in NE Indiana.

Up twenty cents overnight.

[Jim__]

4. But thanks to the Boskin Commission, inflation remains under control.

:crazy:

[endarkenment]

8. exactly. under control everywhere except my pocket.

Dollars are crap. They buy nothing. Rotten currency, another Bush legacy. The solution: have an election about flag pins and the weather underground. America is fucking stupid.

[onehandle]

6. Cap the profits of oil companies. Federalize the entire industry.

This is a Homeland Security Issue.

[Fovea]

10. Give Onehandle a Kewpie Doll!

Hit it in one.

[whosinpower]

11. I agree! nt

[SlicerDicer-]

17. are you really that out of touch?

you do understand that USA oil companies have no influence.. All the major oil producers have nationalized their oil... Thus leading to the USA controlling about 18% of oil.. yeah real good plan..

If I thought it would do some good I would say go for it but I fail to see how nationalizing our oil companies will do anything.. We have peaked nothing can stop the downward trend.. We must adapt or fail one or the other.

[onehandle]

18. Once profit is not the driving force behind the oil industry...

...alternative energies would be capitalized overnight.

I don't seriously see any change in the way the oil companies function. The GOP must retain their paychecks and the next President (any of them) will let them.

[endarkenment]

7. Diesel: $4.29 this morning. Plug that into your food prices. nt.

[liberal N proud]

9. This is fear mongering used to drive the commodities market

[Phred42]

12. OPEC chief: Oil prices would go higher regardless of supply

Supply is NOT the reason kids......
-----------------------------------------------


OPEC chief: Oil prices would go higher regardless of supply

http://ap.google.com/article/ALeqM5jLVuPwZjeYAT_dFozet0AikkSkwQD905PEUG0

ROME (AP) — OPEC Secretary-General Abdullah el al-Badri said Sunday oil prices would likely go higher and that the group was ready to raise production if the price pressure was due to a shortage of supply — something he doubted.

"Oil prices, there is a common understanding that has nothing to do with supply and demand," al-Badri said on the sidelines of an energy conference in Rome.

Oil prices reached a new high Friday at $117 a barrel.

A host of supply and demand concerns in the U.S. and abroad, along with the dollar's weakness, have served to support prices, even as record retail gasoline prices in the U.S. appear to be dampening demand. Crude prices have risen as much as 4 percent last week.

The OPEC chief said the Organization for Petroleum Exporting Countries "will not hesitate" to increase production if the group thought the higher prices were due to shortages. But he said more oil will not solve the high prices.

OPEC's production levels were just one of many factors, he said.

"But how much higher it will go, of course it depends on a number of things: the political situation, whether there is a natural catastrophe, whether there are speculations in the market, whether there are strikes in certain producing countries. So there are many other factors other than OPEC production," al-Badri said.

[Arctic Dave]

25. This statement by the Secretary really baffles me.

Since when did the gold standard of economics no longer become relevant to oil? As far as I know supply vs. demand is relevant to everything being sold. If it isn't, it is usually because one of two things 1)price freezing or 2)price gouging. I wonder which one we are seeing now?

[Phred42]

26. UnBridled Greed - or it's now a Weapon against us

Get some one hooked on Heroin and control their supply. They'll do anything for you.

[paparush]

13. Cranking oil profits for the last 9 months (hopefully) of the Cheney Administration

I see this as a concerted efforts to squeeze every last dime of profit for oil cronies before Cheney/Bush leave office.

Cheney's recent Mideast tour of doom probably had this as an agenda item.

//tinfoil hat securely fastened.

:tinfoilhat:

[Purveyor]

14. CNBC 11:51a est prices: Crude $119.37 , Gasoline $3.01 eom

[SlicerDicer-]

15. damn! thats getting close to the mythical 120$

once we get there may as well bat for $200 to work our way to demand destruction...

Peak Oil is not fallacy obviously..

[high density]

16. Supply worries my ass

This is pure speculation. They can't make money gaming the stock market so now it's time to play the oil commodities market.

[Javaman]

21. I predict sometime around memorial day it will be between 120 and 125. nt

[David__77]

22. The only good thing about this...

It's transferring resources from the developed to the developing world (on average). This may do some small part toward reducing international economic polarization. That said, I hope that oil-rich developing countries properly utilize oil revenues in order to develop a multi-lateral economy that can withstand the ebbs and flows in oil prices.

[Arctic Dave]

24. HC is trying to do just that. Look what that is getting him from the U.S, PTB.