New York oil smashes above 48 dollars

[RedEarth]

NEW YORK (AFP) - New York's main crude oil contract smashed above 48 dollars a barrel for the first time as Shiite Muslim militia threatened to torch Iraqi oil fields.


New York's benchmark light sweet crude for delivery in September spiked 93 cents to an all-time high 48.20 dollars, trading screens showed.


http://story.news.yahoo.com/news?tmpl=story&ncid=1504&e=6&u=/afp/20040819/bs_afp/oil_price_us_040819144228

[ixion]

1. mission accomplished!

Way to go BushCo!!

The world is plunging into chaos, and the oil barons are making billions.

Everything is going to plan.

</sarcasm>

[Dover]

5. don't forget the Bushes are oil barons as well......

and what lies in Jr.'s blind trust?

[ixion]

8. exactly...

:grr:

[tridim]

2. Correct me if I'm wrong

Will this expensive oil hit the refineries a few months after Kerry's term begins? Just trying to put the puzzle pieces together.

[Fovea]

10. Should start hitting in Sept

With the big jump right at election time.

[NewYorkerfromMass]

3. What are gasoline prices like outside the US?

since apparently they are being artifically suppressed here?

[Massacure]

7. 4-5 dollars a gallon in most European countries

However gas is taxed much heavier there.

Prices aren't be supressed though. These costs are for september crude, so prices won't jump until they actually start refining it in september.

[NewYorkerfromMass]

11. But why not raise the price now in anticipation of future expenses?

Doesn't that usuully happen?

[Fovea]

14. Is that per gallon, or per liter?

[Massacure]

16. gallon

A European gallon is a bit bigger than a American gallon though.

[Fovea]

20. current quotes

$2.12 Cdn a litre in Britain yesterday.

versus .72 Cdn a litre American average.

[Dover]

4. Are they experimenting with how high they can go before there is

rioting in the streets? I wonder why people are less pissed about this gauging than they've been in the past?

[aquart]

9. No. They don't care about rioting in the streets.

They know they're going to lose in November, which means possible re-regulation and they're stealing whatever isn't nailed down and coming back for the nails.

It's like, y'know, when you're moving? You make a clean sweep of the house you're leaving?

[Fovea]

6. Go OPEC... Go OPEC... Go OPEC...

Fly, baby fly!
Big fifty by the end of the month!

Welcome to the beginning of the end of exurbia.
Will the last employee at Hummer please turn out the lights?

[AndyTiedye]

24. If Everybody Moves Back To The City The Way You Want...

...do you think you will be able to afford to live there anymore?

[Ganja Ninja]

12. In a way I'm glad to see it.

Maybe now we'll see people start conserving by buying smaller more fuel efficient vehicles, cutting back on the aggressive driving and cutting back on the unnecessary driving.

[Dover]

13. And of course they've forced dependence by blocking energy efficiency

and fuel efficiency in industry/manufacturing.

[beyurslf]

15. I dont understand how gas is not over 2.00 a gallon

now like it was a couple months ago. The cost per barrel is higher now than it was then.

[NewYorkerfromMass]

17. I think it has to do with refinery capacity

I believe capcity was low 6 months ago, and several refineries were off line. Plenty of oil but limited gasoline supplies. However, at some point there is a connection between the 2 prices.

[maxsolomon]

18. it is over $2. where do you live?

unless bushco opens the SOR, and they would rather gouge their eyes out, $2.25 by election day.

[NickB79]

19. "The cost per barrel is higher now than it was then"

You just answered your own question in a round-about way :-) The answer is that, the gas we're buying now was refined from oil that was purchased months ago at $35-$40/barrel. A month or two from now, when the $48/barrel oil we're seeing now is refined and reaches the market, THEN the cost will carry through and push up the gas prices again. This is a futures market that they're talking about, not the oil the companies are refining right now. Companies lock in oil orders months before they actually take delivery in order to ensure a steady flow.

What's going to suck even more than the gas prices are the heating oil prices, if we have a bad winter in much of the US.

[teryang]

21. In Florida the state excise tax is not being collected

...to keep gas prices lower than they usually are. Pure political ploy.

[boot@9]

22. Oh well

what's a few billion more dollars in profits for Exxon(and others).

[lovuian]

23. I bet those Saudis are making lots of Money

:argh: