Happy Thanksgiving! Oil rises above $99 a barrel

[Bluebear]

Nov. 21 (Bloomberg) -- Crude oil rose above $99 a barrel for the first time in New York as a weakening U.S. dollar increased demand for commodities.

Crude oil for January delivery climbed as much as $1.26, or 1.3 percent, to a record $99.29 a barrel in after-hours electronic trading on the New York Mercantile Exchange. The contract was at $98.76 at 9:49 a.m. in Singapore.

Brent crude oil for January settlement gained as much as $1.04, or 1.1 percent, to $96.53 a barrel on the London-based ICE Futures Europe exchange, the highest since trading started in 1988. It was at $96.40 at 9:48 a.m. Singapore time.

http://www.bloomberg.com/apps/news?pid=20601087&sid=anO2i.yRWj1c&refer=home

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The year 2000:

“What I think the president ought to do," (Bush) said, "is he ought to get on the phone with the OPEC cartel and say we expect you to open your spigots."

And in a brilliant, highly educational follow-up comment, Bush informed the audience: "One reason why the price is so high is because the price of crude oil has been driven up."

"OPEC has gotten its supply act together," Bush advised listeners, "and it's driving the price, like it did in the past."

"And," he said in direct advice to Clinton, "the president of the United States must jawbone OPEC members to lower the prices."

http://www.countercurrents.org/po-pringle280406.htm

[sakabatou]

1. Great job, Jawbone...

[Maven]

2. At the same time, oil co. profits are reported to drop this quarter

http://money.cnn.com/magazines/fortune/fortune_archive/2007/11/26/101230541/index.htm

[marmar]

3. So any savings from freeloading off my parents this weekend will be negated....

... by the 60-mile drive. .... Those leftover turkey sandwiches all weekend better taste damn good.

[Bluebear]

4. Hmm...Toledo?

And Happy Thanksgiving mar!

[marmar]

5. Ann Arbor.....(It's about 60 miles from my place in the Detroit burbs thru horrendous traffic)

.... and Happy Turkey Day, Bluebear!

[DS1]

7. haha yeah

each way

[Warren Stupidity]

6. 100 is the new 30

[L. Coyote]

8. Remember, this is the price in dollars, not how much oil has risen.

Considered in other currency, the change is not the same. The dollar has declined immensely under the Bushco junta.