Oil tops $91 at post-crisis high, OPEC bulls eye $100

[Joanne98]

Source: Reuters

(Reuters) - Oil shot to a more than two-year high for a second day in a row on Thursday, and some analysts said a run at $100 a barrel is inevitable, as one key OPEC member expressed little alarm over the rally.

With ultra-cold weather stoking demand and helping drain U.S. stockpiles at the fastest pace in 12 years, traders are now looking for the Organization of the Petroleum Exporting Countries to signal when it might begin pumping more crude.

But Libya's top oil official, one of OPEC's most hawkish members toward oil prices, appeared unconcerned by the gains which have lifted prices more than 20 percent in three months as fundamentals turn more positive and investors factor in an improving economic outlook for next year.

"It's fair to say it (the price) is about right, but still I think that it needs to improve a little bit more. About $100 would be a fair price for the time being," Libya's National Oil Corp Chairman Shokri Ghanem told Reuters in Cairo ahead of a meeting of Arab oil exporting countries.



Read more: http://www.reuters.com/article/idUSTRE6BD61U20101223

---

Well that SUX!

[CountAllVotes]

1. repeat after me

There is no inflation, there is no inflation, there is no inflation.

BULLSH*T!!!

:kick:

[montanacowboy]

4. Right.... no need for COLA's

for SS recipients

Hey, prices are going down, doncha know?

[CountAllVotes]

19. Yeah right ....

Could really use a COLA right now.

Bills coming out of the you know what. Right now I need $1,000.00 to pay for dentures. It is rather difficult to eat when you have but 5 teeth left! :argh: :argh: :argh:

:kick: again ...

[Speck Tater]

2. And since oil over $90 has historically been a death blow to the American economy...

... don't look for a prosperous New Year.

[defendandprotect]

11. Alternative energy has been suppressed in favor of letting elites who

control natural resources make their billions --

Capitalism/elitism is suicidal thinking -- and we need to be dealing with the reality

of peak oil and suicidal capitalism/elitism right now!

And we also pay for the wars -- the atrocities -- committed in protecting markets,

access to natural resources, for the elites.

[social_critic]

31. Historically it has only reached this level once

I believe the oil price only reached over $100 a barrel once in the past, for a few months in 2008. Evidently high oil prices don't help economic growth in the USA. But the price will come down if people save a bit - and that's good for the environment.

[louis-t]

3. They want us BEGGING to go back to the days of

$5 a gallon gas.

[Purveyor]

5. Local mid-michigan gasoline priced from $3.06-3.13 unl/reg gallon. eom

[ProudDad]

7. Yep...

In these days of corporate subsidies and tax breaks...

The "law" of supply and demand has been thrown out of the window...

Welcome to the new reality -- drill, baby, drill...burn, baby, burn...and the few fortunate ones vacation in Dubai...

[Spider Jerusalem]

29. Hardly; the increase in oil prices is purely down to supply and demand.

US domestic oil demand for this month is up one million barrels a day over demand levels in December 2009; most of northwestern Europe is having unusially cold weather. Both of these things mean increased demand which causes movement in price given that the lower prices are because of excess capacity; increase demand and suddenly the excess capacity goes away and there's no slack in the market.

[KeepItReal]

6. Remember Traders effing with prices because they could?

US oil speculators fined for $100-a-barrel "vanity trade"

The US commodities regulator has imposed a $12m (£7.7m) fine on oil traders responsible for speculatively pushing the price of oil above the $100-a-barrel mark for the first time in January 2008.

The Commodities and Futures Trading Commission (CFTC) fined a former division of ConAgra Foods for its involvement in the so-called "vanity trade" which was responsible for purposefully pushing up the price on the New York Mercantile Exchange (NYMEX).

The levy is intended to send a clear message that the regulator is intent on finding and fining those individuals and companies which were responsible for pushing oil to $147-a-barrel by July 2008.

http://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/7950879/US-oil-speculators-fined-for-100-a-barrel-vanity-trade.html

[Joanne98]

12. Did we find them yet?

[KeepItReal]

13. According the CFTC, the culprits worked at ConAgra

See post above

[old mark]

8. Lowest local price for regular gas here is $3.02 as of this morning.

"here" is SE Pennsylvania.

mark

[dixiegrrrrl]

14. Good site for checking local and national gas prices is

gasbuddy.com


said site the average price per gallon a year ago was 2.58, this am was 3.06

[old mark]

16. We filled the tank on our old Santa Fe last week- it was around $2.89

for a gallon of regular. Same place this morning was $3.02.
Over the summer it was around $2.59.

mark

[CountAllVotes]

17. filled up yesterday

Thank god for my 5% cashback on gasoline purchases credit card! It is up to $3.49/gallon here AGAIN. :argh:

:kick:

[dixiegrrrrl]

18. I fill up every 4 months.

Looks like dollar cost averaging ain't gonna work for me.

[CountAllVotes]

20. don't drive much

My "new" car that I bought in 2002 just rolled over to 25,000 miles yesterday so no, I don't drive much luckily. If I did, I'd be really up the creek with these prices.

When it was over $4.00/gallon it was like living in a ghost town around here and I am NOT exaggerating one bit. The roads were almost empty and no one was going out at all.

I don't see any of those Hummers anymore thank god for that anyway! :evilgrin:

:kick:

[old mark]

21. Last time gas went to $4, I recall seeing a Cadillac SUV for sale - real cheap!...

but I resisted the temptation...:)


mark

[CountAllVotes]

22. someone bought a used Lincoln Continental

remember those? The luxurious gas hog from hell!

:dem:

[old mark]

23. My dad had a Bill Blass edition Mark V - it was a real pimpmobile,

half padded top and all...

mark

[wordpix]

34. Dec. 25 price on I-95 NJ Tpk was $2.96---usually cheapest in NE

[BeFree]

9. Saudi Arabia has us over a barrel

And they are pumping hard and fast. They want their oilgasm, the rapee be damned!!

[OregonBlue]

10. Renewable, renewables, renewables!!!

[social_critic]

32. Such as?

I'd like to hear more concrete proposals. Until you mention something convincing, I'll believe in energy efficiency first - such as hybrid vehicles.

[wordpix]

35. The entire SE and SW could run on solar---if Germany & Denmark can, so can we

[sulphurdunn]

15. Corporate globalization

has decided to discount and liquidate the planet without delay. What's most amazing about this is that people stupid enough to believe they'll be able to move on afterward and take the money with them are making this decisions for the rest of us. Could it be that we're stupider than they are for allowing it? :shrug:

[Psephos]

24. F**cking Bushco taking care of their cronies again...

...wait, what do you mean, Bushco's out of office????

You mean this is happening with a straight D Congress and White House?

/sarcasm

[Name removed]

28. Deleted message

Message removed by moderator. Click here to review the message board rules.

[HCE SuiGeneris]

25. It's the illegal gaming of the market, using derivitives again.

Speculative gambling is ravaging the working class.

[neverforget]

26. Well this will kill whatever recovery there is

[social_critic]

33. Nah

It won't. The recovery is pretty strong. We just need to learn to use less oil. And I'm sure we will.

[wordpix]

36. not necessarily b/c stock prices often go up when oil price increases

Go figure :eyes:

[DainBramaged]

27. Maybe this is why Cheney visited Saudi Arabia, to fcuk with oil prices

and cause harm to the Obama Administration.


http://marcovilla.instablogs.com/entry/cheney-in-saudi-arabia-but-why/

[sarcasmo]

30. Diesel was 3.33 today here in Michigan. That folks is 666 dollars to fill up a bone dry Semi Truck.

[wordpix]

37. Time for Code Green but can't expect Congress & O Admin. to stand up to BigOil

[Odin2005]

38. Peak Oil + Chinese Demand + Speculators = UGH!!!