Oil price over $147 for the first time-now above $80

[HURAKAN]

Tuesday, 15 April 2008
Oil prices reach record $113 a barrel

By Alan Fein

(AXcess News) New York - Instead of commodity speculators stepping aside after GOP presidential candidate Sen. John McCain said the government should stop buying strategic oil reserves at these prices, oil futures took off, rising to a record-setting $113 a barrel in midday trading in New York.

With the dollar showing weakness many investors moved to crude oil as a hedge against inflation Tuesday after Monday's news of Wachovia Bank reporting wide quarterly losses. Considering Wachovia is the nation's fourth largest bank, it confirmed the credit crisis that looms over the U.S. economy. A weakening economy spells a drop in the value of the greenback which in turn pushes dollar denominated commodities such as crude oil and gold higher.

In New York, crude oil futures contracts for May delivery were trading up $1.84 per barrel at $113.60, having hit a high of $113.70 on the news of a shortage in global oil supply which came from a report issued by the Energy Department that said Russia' oil production has dropped this year for the first time in a decade.

Heating oil futures for June delivery were up 1 cent per gallon at $3.16.

Gasoline futures for May delivery, already at record levels, rose 4 cents per gallon to $2.84.

Natural gas futures for May delivery climbed 12 cents per thousand cubic feet to trade at $10.17.

While oil moved higher, indications were that the market was not yet in a full currency panic when looking towards the movement of precious metals Tuesday.

Gold futures for June contracts on the CMX rose $2.30 an ounce to $931.00 after having reached an intra-morning high of nearly $940 an ounce.

Silver contracts for May delivery climbed more slowly, rising 4 cents per ounce to trade at $17.83.

Platinum futures for July delivery rose $33.50 an ounce to trade at $2,015.

Copper contracts for May dipped 4 cents per pound to $3.86.

Grains and meats all moved higher with July corn rising 15.50 to $620.25 and July soybeans trading up 22.75 at $1,412.00.

[Cryomaniac]

Oil is now over $114!

http://www.kitco.com/market/

[BUD]

Jesus, Gas prices all over Portland are around 3.49 for the cheap stuff. What the heck is going on? I think it will rise close to $4.00 by this summer and that will cause a full fledge depression around the world. I'm sorry, but between this corn,wheat shortest and gas prices there is no way out of it, unless we drill big time.

We already have the ways to drill in places BUT some people are worry that the caribou want have no where to mate!!!!!And these some people want let us drill in the GOM but China is!!!!!!When the BIG 5 companies to talked to one of the Sentors from California and asked can we drill off the coast she said that was not a option!!!!!We can have that $1 per gallon gas but some people say no because it will hurt the environment.OH!!!one other thing these people want a 50 cent tax added to a gallon of gas and want to call it a Global warming tax.Just think by June we will see $4 for a gallon of gas and it will take one hurricane to put it over $6 per gallon!!!!!!!!!!!!!!

[gtalum]

Drilling in ANWR and more drilling in the Gulf of Mexico will not bring down the price of oil. Worldwide demand for oil is down and supply is up compared to last year, but prices continue to escalate. It's a combination of rampant speculation and the devaluation of the dollar that is driving these oil price increases.

[coriolis]

Oil production in Pennsylvania is up 270% over 1997. There's quite an increase in activity here. I just met someone who relocated here from TEXAS.

There's oil and gas here, it's just more expensive to recover than in the south. Until 1901, half of the world's production was in Pennsylvania.

[Yankeegirl]

Dont even get me started on the price of gas!!! It makes me so angry when i have to fill up!! The price of gas here shot up 12 cents overnight, and im not exaggerating! Yesterday the exxon by my house was 3.17 and this morning its 3.29!!!

[feederband]

Drilling in ANWR and more drilling in the Gulf of Mexico will not bring down the price of oil. Worldwide demand for oil is down and supply is up compared to last year, but prices continue to escalate. It's a combination of rampant speculation and the devaluation of the dollar that is driving these oil price increases.

It wouldn't be where now if we had started drilling there years ago and built some more refinerays...Enviromentalist have F'd us and we will be paying for it for some time to come..

[feederband]

http://money.cnn.com/2008/04/16/markets ... tm?cnn=yes

"Crude broke another record - reaching as high as $115.07 - after a government report shows that stockpiles fell more than expected last week"

[gtalum]

It wouldn't be where now if we had started drilling there years ago and built some more refinerays...Enviromentalist have F'd us and we will be paying for it for some time to come..

That makes a good sound bite, but its simply not true. Our refineries are only running at 85% capacity, crude oil supply is higher than its ever been, and worldwide demand is actually down from last year's peak. Further, the new oil fields in ANWR and the Gulf of Mexico would only suppply the US for 6 months to 5 years, depending on which estimates you use.

The oil price increases are from speculation and dollar devaluation, and additional supply isn't going to affect those conditions. Keep in mind that if the dollar hadn't lost 40% of its value over the last year or so, oil would be at about $70 per barrel and gasoline would be at about $2.00 per gallon.

There is an easy way to reverse the dollar's slide, but that won't happen until next year at least.

[cycloneye]

I heard that off Brazil,there is a big oil area that may be drilled in the near future.Anyone has more information about this?

[feederband]

I heard that off Brazil,there is a big oil area that may be drilled in the near future.Anyone has more information about this?

Saw it on fox the other day...Forgot the specifics..

[Cryomaniac]

There is an easy way to reverse the dollar's slide, but that won't happen until next year at least.

Care to explain?

[gtalum]

Care to explain?

I can't here, because it delves into the political.

In a nutshell, government spending must be dramatically cut.

[MGC]

We Americans are in for some tough times in the near future. Somhow visions of the late 70's are dancing in my head. High inflation (been to the grocery lately), growing unemployment, weak dollar, credit and housing collaspe.....been even hearing the D word kicked around.....MGC

[gtalum]

People talk about "Depression" every time the economy turns sour. The fact is the mortgage crisis is coming to a head, and in some areas prices are rebounding and properties are starting to move. Oil can be an issue, but an economic downturn will ultimately hurt oil suppliers, and they know that. Economics is in large part psychological. If people think it's going to get bad, then it will get bad.

[Pburgh]

You're so right.

[cycloneye]

New Record High Price for Oil



Folks,prepare for more hikes at the gas stations thanks to this new record high close ($116.69) of Oil Prices.

[HURAKAN]

According to this thread record, the oil barrel price was $91 on October 26, 2007, and it's now $116 on April 18, 2008. That's $25 in 175 days or $0.14 per day or $0.0058 per hour.

[brunota2003]

Well, gas prices Wednesday went from $3.26 to $3.37, yesterday from $3.37 to $3.49 and today $3.53...

[HURAKAN]

Near my house the gas station has $3.59 and up.