Goaldeje Posted July 3, 2008 Share Posted July 3, 2008 Click Link for More: http://ap.google.com/article/ALeqM5i5TtajgUpSm7KY5jf-lCJGHBB-tAD91MC5EG0 Oil prices neared $146 a barrel Thursday for the first time ever on reports of declining U.S. stockpiles and the threat of conflict with Iran. Comments by Saudi Arabia's oil minister suggesting his country had no immediate plans to boost production also lifted prices. Expectations that the European Central Bank will raise interest rates later Thursday could further weaken the U.S. dollar and drive oil prices even higher, as investors turn to commodities as a hedge against a falling greenback, traders said. By midday in Europe, light, sweet crude for August delivery rose $2.28 to a record $145.85 a barrel in electronic trading on the New York Mercantile Exchange. On Wednesday, the contract set a new closing record for floor trade at $143.57 — a full $2.60 above the previous close. The latest spike means a barrel of crude has gone up by more than 50 percent since the end of last year, when oil was going for $96 a barrel. In London, Brent crude futures rose to a trading record of $146.69 a barrel on the ICE Futures exchange before retreating to $146.07, up $1.81. "Even though the rise of European interest rates has been priced into oil, an official announcement by the ECB will still add momentum to oil prices," said Victor Shum, an analyst with Purvin & Gertz in Singapore. The push above $145 a barrel was seen as a last technical barrier to prices hitting $150, in what analyst Olivier Jakob of Petromatrix in Switzerland called "the Morgan Stanley self fulfilling prophecy." In early June, a prediction by Morgan Stanley analyst Ole Slorer that oil prices could reach $150 by the July 4 weekend caused the Nymex contract to jump nearly $11 in a single day. Speaking Thursday in Madrid, Saudi Arabia's oil minister, Ali Naimi, left the door open for increased output, but said the kingdom's oil customers were satisfied and that no production growth was planned for now. Click Link for More: http://ap.google.com/article/ALeqM5i5TtajgUpSm7KY5jf-lCJGHBB-tAD91MC5EG0 Link to comment Share on other sites More sharing options...
Koolblue13 Posted July 3, 2008 Share Posted July 3, 2008 Not bad, not bad, but I'll bet good money we can get that number to $200 a barrel by Labor Day. Keep the faith. Link to comment Share on other sites More sharing options...
Thinking Skins Posted July 3, 2008 Share Posted July 3, 2008 I'm getting tired of these stories. Lets just set it at $500 and call it a day. Link to comment Share on other sites More sharing options...
Heidenreich Posted July 3, 2008 Share Posted July 3, 2008 I too am getting tired of this story. Mainly because it's the same story every day with the numbers being slightly (sometimes not) different.... Link to comment Share on other sites More sharing options...
speardog1 Posted July 3, 2008 Share Posted July 3, 2008 Every day is a new record for the past month it seems. This story is old. Nothing new. Link to comment Share on other sites More sharing options...
Tulane Skins Fan Posted July 3, 2008 Share Posted July 3, 2008 I thought the "threat" of off-shore drilling was going to lower this number? Link to comment Share on other sites More sharing options...
Kilmer17 Posted July 3, 2008 Share Posted July 3, 2008 I thought the "threat" of off-shore drilling was going to lower this number? If the threat was real, it would. But as long as Dem leaders say things like Harry Reid, then no, it wont help. Link to comment Share on other sites More sharing options...
SteveFromYellowstone Posted July 3, 2008 Share Posted July 3, 2008 I thought the "threat" of off-shore drilling was going to lower this number? By golly, let's start drilling now! So what if we won't see any oil for ten years and it will have a miniscule effect on prices, McCain says it will have a psychological effect. Link to comment Share on other sites More sharing options...
Redskins Diehard Posted July 3, 2008 Share Posted July 3, 2008 NEWSFLASH....cost of oil is going up, gas prices to increase. In other news....the sky is blue Link to comment Share on other sites More sharing options...
DGreenistheBest Posted July 3, 2008 Share Posted July 3, 2008 Too bad we can't just stop buying oil... Link to comment Share on other sites More sharing options...
JMS Posted July 3, 2008 Share Posted July 3, 2008 They are predicting 170$ a barrel in the next few months. The last two weeks prices have gone up 10$... Two dollars last thursday and Friday, and three dollars just yesterday... Until their is a plan to stop it.. we are just going to go up up up up.. a few dollars a day.. Link to comment Share on other sites More sharing options...
heyholetsgogrant Posted July 3, 2008 Share Posted July 3, 2008 They are predicting 170$ a barrel in the next few months. The last two weeks prices have gone up 10$... Two dollars last thursday and Friday, and three dollars just yesterday...Until their is a plan to stop it.. we are just going to go up up up up.. a few dollars a day.. I'm just trying to figure out what the breaking point is..Not just here in the US, but around the world (rioting. protests, etc)...I can see in the near future countries gearing up for confrontation against speculators, OPEC, and Oil producing countries...Oil wars anyone? -Grant Link to comment Share on other sites More sharing options...
Toe Jam Posted July 3, 2008 Share Posted July 3, 2008 You think this is bad? Wait until we get even one hurricane this year. Link to comment Share on other sites More sharing options...
Tulane Skins Fan Posted July 3, 2008 Share Posted July 3, 2008 You think this is bad?Wait until we get even one hurricane this year. http://www.weather.com/newscenter/hurricanecentral/update/index.html?from=hp_news Link to comment Share on other sites More sharing options...
DieselPwr44 Posted July 3, 2008 Share Posted July 3, 2008 Biggest con job going in the world today. Link to comment Share on other sites More sharing options...
Toe Jam Posted July 3, 2008 Share Posted July 3, 2008 http://www.weather.com/newscenter/hurricanecentral/update/index.html?from=hp_news Great. Just wait. If that thing gets anywhere close the Gulf, you'll see prices jump to six dollars a gallon. Link to comment Share on other sites More sharing options...
FanboyOf91 Posted July 3, 2008 Share Posted July 3, 2008 http://www.weather.com/newscenter/hurricanecentral/update/index.html?from=hp_news Time to batten down the hatches.... Link to comment Share on other sites More sharing options...
WVUforREDSKINS Posted July 3, 2008 Share Posted July 3, 2008 I can't wait til gas reaches $5.00 a gal. I made a prediction it would get there by the end of summer. Link to comment Share on other sites More sharing options...
Chief skin Posted July 3, 2008 Share Posted July 3, 2008 I can't afford to fill the tank anymore Link to comment Share on other sites More sharing options...
Hooper Posted July 3, 2008 Share Posted July 3, 2008 I can't wait til gas reaches $5.00 a gal. I made a prediction it would get there by the end of summer. It's already that at some stations here in LA-LA land. Crazy, but we all should have seen this coming. The days of the SUV and other gas guzzlers like mine are over. Link to comment Share on other sites More sharing options...
heyholetsgogrant Posted July 3, 2008 Share Posted July 3, 2008 It's already that at some stations here in LA-LA land. Crazy, but we all should have seen this coming. The days of the SUV and other gas guzzlers like mine are over. Yea that's what everyone said in the 1970's. We need to get off oil completely, and leave OPEC, IRAN, Saudi Arabia, and the Oil Companies to hell...even if that means to support the building of more Nuke plants to support electric cars. -Grant Link to comment Share on other sites More sharing options...
twa Posted July 3, 2008 Share Posted July 3, 2008 Just think, we are cutting emissions and helping third world countries economies even more. Feel better now?...it's for a good cause. Just wait till we add a carbon tax on top of it :laugh: Link to comment Share on other sites More sharing options...
pjfootballer Posted July 3, 2008 Share Posted July 3, 2008 Shocking.....NOT!!! Greedy Beyotches. Link to comment Share on other sites More sharing options...
DCranon21 Posted July 3, 2008 Share Posted July 3, 2008 Oh well...looks like my prediction of $5.80 a gallon by Labor Day will hold. Lots of greed in the market going on. :doh: Link to comment Share on other sites More sharing options...
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