Oil Hits $70+ a barrel!

[Whale Rider]

Crude oil prices jump to 70 dollars per barrel!

NEW YORK, Aug. 29 (Xinhuanet) -- Crude oil prices hit above 70 dollars a barrel Monday as Hurricane Katrina forced companies to shut down their platforms in the Gulf of Mexico.

On the New York Mercantile Exchange, light and sweet crude oil futures contracted for October delivery rose as much as 4.67 dollars to 70.80 dollars a barrel shortly after the trading floor was opened. US National Hurricane Center said Hurricane Katrina was moving north at about 24.19 km per hour. Chevron Corp., Conoco Phillips, and Valero Energy Corp. were closing their refineries and evacuating staff. The Gulf of Mexico represented about 30 percent of US oil production and 50 percent of refinery capacity. Hurricane Ivan last September cut the region's oil output by as much as 1.4 million barrels a day and sent prices sharply higher.

 

[On Your Six]

Crude oil prices jump to 70 dollars per barrel!

NEW YORK, Aug. 29 (Xinhuanet) -- Crude oil prices hit above 70 dollars a barrel Monday as Hurricane Katrina forced companies to shut down their platforms in the Gulf of Mexico.

On the New York Mercantile Exchange, light and sweet crude oil futures contracted for October delivery rose as much as 4.67 dollars to 70.80 dollars a barrel shortly after the trading floor was opened. US National Hurricane Center said Hurricane Katrina was moving north at about 24.19 km per hour. Chevron Corp., Conoco Phillips, and Valero Energy Corp. were closing their refineries and evacuating staff. The Gulf of Mexico represented about 30 percent of US oil production and 50 percent of refinery capacity. Hurricane Ivan last September cut the region's oil output by as much as 1.4 million barrels a day and sent prices sharply higher.

Time to tap Anwar... Screw the mooses and the geese...

 

[Flying Illini]

The problem isn't so much capacity as it is refining capability. Supposedly the refineries have been operating near 100% capacity for the past few months.

 

[Flying Illini]

Here's what I don't get, we've got oil, just now way to refine enough for the demand. So, what does raising the prices do? It doesn't stop people from buying gas. If they wanted to slow down consumption why not raise prices to $10 a gallon. That would stop people from buying it and hence kill their profits. By just raising it to near $3 a gallon, they realize people will still buy it and use it as normal, only now they (oil companies) will realize a tremendous profit. It just doesn't make sense.

 

[turbodriver]

Time to tap Anwar... Screw the mooses and the geese...

Try spelling it right first.....

 

[2LT]

Peak Oil

www.lifeaftertheoilcrash.com

http://www.lifeaftertheoilcrash.net/BreakingNews.html

Here's why it's a much more complex issue...

 

[Dangerkitty]

www.lifeaftertheoilcrash.com

http://www.lifeaftertheoilcrash.net/BreakingNews.html

Here's why it's a much more complex issue...

Nothing like a Conspiracy Theorist Kook to give you accurate unbiased information

 

[Green]

Interesting that we get an administration run by ex oil executives and now we have 70/barrel oil with the oil companies making unprecedented profits.

 

[2LT]

Point taken...

In this case, however, I'm afraid you couldn't be more mistaken.

http://www.bartlett.house.gov/EnvironmentalProject.asp


I would --much like the majority of people unwilling to make changes/adjust to a more uncomfortable standard of living-- like to believe there's an infinite amount of something which is undoubtedly finite. Peak Oil theory is largely accepted by most familiar with the industry; none of whom can be classified as "kooks" any longer. As always, time will tell...

 

[On Your Six]

Try spelling it right first.....

OK Einstein, why don't you spell it. You got my point - thanks for being a Jacka$$ Francis....