Get ready to empty your wallets some more...Oil hitting RECORD HIGHS today

[Roland99]

http://www.bloomberg.com/apps/news?pid=20601087&sid=a38smXjkwnUs&refer=

Crude oil rose to a record in New York and London after a report that militants attacked pipelines in Nigeria this week, heightening concern Africa's largest oil producer faces further delays restoring lost output.

Two pipelines run by Eni SpA's venture in Nigeria were attacked, forcing the company to shut down three pumping stations, a Lagos-based newspaper, the Guardian reported today. The venture, Nigerian Agip Oil Co., may lose as much as 120,000 barrels a day, the newspaper said, citing a company worker it didn't identify.

...

Crude oil August delivery rose as much as 94 cents, or 1.3 percent, to a record $75.89 a barrel on the New York Mercantile Exchange. It traded at $75.59 at 8:55 a.m. London time. Brent crude oil rose to a record $75.45 a barrel, or 1.4 percent, on London's ICE Futures Exchange. It recently traded at $75.21.

Oil prices were also pushed up when the Energy Department reported yesterday U.S. gasoline stockpiles fell more than expected last week, amid higher fuel demand during summer driving season. Supplies of the motor-fuel fell 426,000 barrels in the week ended July 7, the department said, almost twice the 250,000 barrels forecast in a Bloomberg News survey.

Pumping the cash out of our wallets.


Good thing our current ONE-PARTY RULE is helping to cure our addiction to oil by moving to open up drilling in the Gulf of Mexico.


:sarcasm:

[fasttense]

1. So turn on the taps already bush*. n/t

[Roland99]

2. About those spigots....

"I would work with our friends in OPEC to convince them to open up the spigot, to increase the supply. Use the capital that my administration will earn, with the Kuwaitis or the Saudis, and convince them to open up the spigot."

[FloridaPat]

3. Who's driving more? Who has the money to travel around in

gas guzzlers on long distance trips anymore?

[paparush]

7. Kidz in pickup trucks and hot rods STILL cruise in our town...I can't

focking believe it....maybe when gasoline hits $4.00/gal they'll park the truck and pick up a book....nawwwwwww!!!

[Hubert Flottz]

4. It's the GOP's backdoor taxation!

Just like a new tax or the raising of your taxes, it amounts to less money in your pocket, so the outcome is the SAME! The bad thing is, that the money you put out in this form of taxation, only helps the oil companies and their pals in Washington.

[brokensymmetry]

5. You ain't seen nothin' yet.

Quite aside from Peak Oil...does anyone really
expect peace to break out in the Middle East?
How about Nigeria? Does anyone believe that
our relations with Venezuela will become peachy
keen? Does anyone expect demand in China or
India to decline?

Hmm. Guess oil will be going up. A lot.

[lectrobyte]

8. Yes, I am expecting to be saying to someone any day now, remember

when we used to think $3 a gallon for gasoline was expensive?

[Vinca]

6. I couldn't believe it cost 30 bucks to fill up my Rav yesterday. nt

[Roland99]

9. I just spent $34 to fill my car from 1/4. Most I've ever paid/gal.

$2.94.

I've yet to personally pay over $3/gal for gas and today was only the 2nd time I've ever paid over $2.90/gal. Guess I better get used to it.