Oil spikes to $100, could go higher

[liberal N proud]

U.S. oil prices surged Wednesday, closing at a five-month high of more than $100 a barrel after a Canadian energy company ended a standoff by agreeing to shift the route of a planned oil pipeline out of an environmentally sensitive area of Nebraska.

The agreement has two companies, Enbridge Inc. and TransCanada Corp., racing forward with new pipeline plans in a fierce battle to unclog a yearlong U.S. oil bottleneck.

A glut of oil that has built up in the Midwest has created what has been described as an unprecedented distortion in crude markets, with the global Brent crude benchmark trading for about $9 a barrel more that domestic West Texas Intermediate. The gap, which had been more than $12, narrowed Wednesday as U.S. crude rose about $3 to $102.59, while Brent fell 51 cents to $111.67.

Several developments helps send domestic oil prices higher Wednesday, but they add up to energy companies racing to ship oil in the Midwest to Gulf Coast refineries, where it can fetch a premium.


http://bottomline.msnbc.msn.com/_news/2011/11/16/8843426-oil-spikes-to-100-could-go-higher

[demodonkey]

1. Holidays are coming. It's time to bleed the masses for a few more of their pennies....

The 1% is hurting and obviously needs the cash.

[liberal N proud]

5. Every busy travel period

[spanone]

2. punishment for delaying pipeline

:tinfoilhat: :tinfoilhat: :tinfoilhat:

[liberal N proud]

6. I did wonder about that

[SpiralHawk]

10. + 1,000

"We were forced to endure democracy and common sense, consequently you proles will now pay up the wazoo. We got you by the short hairs. Sneer."

- RepubliCorp, Inc. (R - 1% Oil Division)

[mdavies013]

3. How about CFTC doing their fucking jobs...and stop excessive speculation!!!!

[Modern_Matthew]

4. Some Wall Street asshole was on CBS Radio news today saying it was a good sign...

That it meant the economy was starting to pick up.

Yeah, THEIR economy in THEIR little 1% world.

[liberal N proud]

7. So they jack the price of oil to make sure it does not improve

[rucky]

8. It would be less insulting if they didn't try to give us a reason.

"Just cuz"

[liberal N proud]

9. The reasons why are for the ignorant

They just go along blissfully and don't realize the effect.