Crude Sets Record, Nigeria Concerns Mount

[RedEarth]

LONDON (Reuters) - London crude prices hit record highs on Monday as Nigeria emerged as the new focus of worries about supply security on world oil markets.



London Brent on the International Petroleum Exchange (IPE), the benchmark for European crude imports, set a record of $46 a barrel, up 67 cents.


U.S. light crude gained 49 cents to $49.37 a barrel, a whisker away from August's all-time peak of $49.40.


Concerns over Nigeria, OPEC (news - web sites)'s number five producer, compounded worries about supplies from Russia, Saudi Arabia and Iraq (news - web sites).


"All these factors create apprehension in the market and reinforce the view that we're on a knife's edge in terms of supply and demand," said Daniel Hynes, industry analyst at ANZ Bank in Melbourne.

http://news.yahoo.com/news?tmpl=story&cid=568&u=/nm/20040927/bs_nm/markets_oil_dc&printer=1

[tom_paine]

1. I see gas prices are finally rising slightly

One wonders, did the Bushevik Oil Stooges fail to steal enough prior to the skyrocketing crude prices now they are actually having to raise the prices back up, ever so slightly?

They should have intially (when price per barrwel went up to $38) falsely jacked the prices to $2.20, rather than $2.00.

Now, they don't have enough booty to keep the prices artificially lowest, though they will still keep the lid on, I predict.

[Gman]

2. Big oil has got to be keeping prices artificially low

right now before the election. Watch for gas prices to skyrocket immediately after the election. In fact, I wouldn't be surprised to see gas to up .25 - .30 or more on Wednesday morning after election day.

[jmcgowanjm]

3. The War for the US Standard of Living or

"Skip a Depression and get right to war"
http://www.urbansurvival.com/week.htm

World - Reuters
Nigerian Rebels to Widen Conflict, Target Agip

TRUCE BROKEN
Asari accused the government of breaking a cease
fire
agreed on Sept. 3, and said the NDPVF, which he
estimated
had 168,000 members, will fight until the government
agrees
to call a Sovereign National Conference, where
the
country's ethnic groups can renegotiate the terms of
the
Nigerian federation.
"We were forced into Nigeria by the British colonialists. We
are not Nigerians -- there is no such nation as Nigeria,"
Asari said. "Until there is a Sovereign National Conference
to decide these issues, we have no choice but to fight
until sovereignty is in our hands."
http://story.news.yahoo.com/news?tmpl=story&cid=574&ncid=723&e=2&u=/nm/20040926/wl_nm/nigeria_conflict_dc


The nub of the problem is this: The Earth has already
exceeded its carrying capacity for humans: every basic means
of life-support appears to be in the beginning stages of
collapse. Much of the population is supported by
industrial agriculture and the long-distance transportation of
food and other resources from regions where they are
abundant to places where they are scarce.  

Population pressure and resource depletion are not
side issues; they are the issues. 

http://energybulletin.net/2291.html

http://www.kunstler.com/mags_diary11.html

[Eurobabe]

4. squeeze out the last drops

before Chimp exits stage right in November.