CNN: Oil surges above $66 (1/17/06)

[corporatemedia]

Oil surges above $66

Crude soars to a 3-1/2 month high on threats by Nigerian militants, lingering fears about Iran.

January 17, 2006: 3:38 PM EST


NEW YORK (Reuters) - World oil prices surged nearly four percent Tuesday after militants said they would broaden attacks on Nigeria's oil industry, threatening to cut deeper into supplies from the world's eighth biggest exporter.

U.S. light, sweet crude for February delivery rose $2.38, or 3.7 percent, to $66.30 a barrel -- the highest since early October. Oil is within sight of its $70.85 record of Aug. 30, with price rises fired by Nigerian violence and Iran's duel with the West over its nuclear program.
<more>

http://money.cnn.com/2006/01/17/markets/oil.reut/index.htm



Watch the poll numbers of President POS slide like they're lubricated with oil...

[babylonsister]

1. This is going to hurt LOTS of people. nt

[fed-up]

2. F*cking Thieves are robbing us blind, glad I am moving closer to town

in the spring/summer.

My 17 YO has repeatedly said that he DOES NOT want a car and does not want to be dependant on petroleum.

Right now he walks and rides his bike once he gets to town, soon he will not even need me to take him to town!
He is still working on convincing his girlfriend that a car is a huge liability cost wise to low income college students.

[VegasWolf]

3. Thanks for reminding me, I need to move my portfolio into Exxon and

Halliburton. Can't let Republicans have all the fun.

[bemildred]

4. Is this the right time to remind everyone that Iraq is not producing oil?

Even at the rate that it was before we illegally invaded it?
Or that modern military war machines use HUGE amounts of petroleum based porducts?
Or that we've pissed 100s of billions of dollars in the toilet already in order to reduce the global petroleum supply in this way?
Or that we have not even begun the process of impeaching the assholes that planned and carried out this crime?
:banghead::banghead::banghead:

[brentspeak]

5. Great excuse for the oil companies to triple prices

[Generator]

6. And if these loons..a la..Cheney Rice and Bush attack Iran

then the Supreme Court really won't matter. No oil and a real draft as we fight the thousand year war. Happy times for all. It sure seems bleak. But hey! a "vampyre" is running for office.

[SpiralHawk]

7. Thanks a pantload, George Bush and Republlican Oil Cronies

This is your doing.

America will not forget.

[Jackpine Radical]

14. America forget?

First they'd have to learn it. Corporate media sure as hell ain't gonna tell them.

[bpilgrim]

8. >= $100 by 2006

bet

peace

[kineneb]

10. so also predicts James H. Kunstler

on Alternet:

http://www.alternet.org/story/30640/

I can't say I totally agree with all of his rather dire predictions, but it sure is a scary article.

[Strelnikov_]

12. Agree. I Think >$100 In ' 06 Is A Near Certainty At This Point

The depletion rates of recently peaked fields are distressing.

A Cat. 4 or 5 sister of Rita runs its surge up the poopshoot of the Houston ship canal, or Iran is successful in closing off the Strait of Hormuz, we are looking at petrocollapse.

Iran pulling its, what, 4 Mbbl/dy of exports off the market will cause a significant spike with the market this tight.

[Geo55]

19. The doo doo hasn't even really

fed through that big ol' ME fan yet , $100 maybe cheap.

[Zynx]

15. If there is any big disturbance with Iran or another bad hurricane season

that is a possibility. I would say by 2010 it is virtually a certainty.

[Tandalayo_Scheisskopf]

9. Who is bankrolling...

These "militants"?

Hmmm...this bears closer examination, in light of the recent article by Ramond Learsy, on HuffPo.

[babylonsister]

13. Very nice to see you, Tandalayo!

I hope you are well.
Love,
Ruth

[Tandalayo_Scheisskopf]

18. Thank you, m'dear.

Very good to see you as well.

[IDemo]

11. Lingering US fears about Iran have little to do with nukes

It's not nukes the US fears most about Iran. And it is not the oil producing capacity of Iraq, Iran, or Pluto that BushCo seeks to protect with military misadventures in the name of democracy, freedom from terrorists, or safety from WMD. What our 2,200+ soldiers and between 30-100 thousand Iraqis have given their lives for is the protection of the Oil-backed US Dollar. Hussein made the impardonable sin of proposing to trade Iraq oil in Euros, and paid the price. WMD, genocide, and democracy be damned; he was threatening the underpinning of the American economy, and he (and many thousands of innocent bystanders) paid the price.

Iran is also threatening the oil-backed US dollar by proposing the "Iranian Oil Bourse", due to arrive in March of this year. This will find the dollar replaced with the euro as an acceptable currency in oil trading, much to the only partially hidden delight of major energy trading nations like China, Japan, and all of Europe, except (or not) for England. Britain, our steady ally, isn't foolish after all and may follow along shortly when the trend becomes unmistakable.

Threaten me with nukes, shame on you. Threaten me with economic havoc, US/Israeli bilateral military strikes on you.

[tmooses]

16. Now they've got everyone "relieved" about paying "only" 2 bucks a

gallon, they'll turn up the screws again.

[july302001]

17. what to do -

If you've got the Cheese, get on the list for a hybrid.

If not, sell the big gas-guzzler and buy a used Honda, Datsun, 'Bishi etc. Or...live in-town and walk/bicycle/use transit.

Do it this spring. I plan to trade-in my '91 28 mpg Subaru for a 38-42 mpg older, but running car. (1993-'99 vintage). Wish I could afford a hybrid!