Oil hits 21-year high

[JCMach1]

Oil prices hit their highest level in at least 21 years yesterday after bailiffs ordered beleaguered Russian oil giant Yukos to stop sales, threatening further strain on tight international supplies. The news intensified concerns over the lack of spare capacity in the international oil system, as the Opec group pumps at its highest level for a quarter of a century to meet strong global demand growth...

http://www.khaleejtimes.com/DisplayArticle.asp?xfile=data/business/2004/July/business_July496.xml§ion=business

[slappypan]

1. la la la

can't hear you!

hands over ears

[mbperrin]

2. Good job, George!!!

http://www.washingtontimes.com/business/20040401-120337-2831r.htm

OPEC to cut back despite high prices


By Patrice Hill
THE WASHINGTON TIMES

<snip>Mr. Bush is under fire because he campaigned on a pledge to use his "political capital" to influence OPEC when oil prices were soaring during the 2000 presidential campaign.
"What I think the president ought to do, is he ought to get on the phone with the OPEC cartel and say, 'We expect you to open your spigots,' " Mr. Bush said in New Hampshire in January 2000.
Yesterday, the White House disclosed it had contacts with OPEC, but they apparently failed.
<snip>

Apparently.

[Scooter24]

3. Oh for crying out loud...

AAAAAAAAAAAAAAAHHHHHHHHHHHHHHHHHHH!

boy that felt good :P

[JCMach1]

4. Tell me about it... I have to drive back to Florida from OK

in a couple of weeks...

[saigon68]

5. "BRING EM ON" shouted the AWOL CHIMPANZEE

"Cheney and my friends are making Billions", he continued.

[David__77]

6. This will cause another recession.

This will be "double-dip." There are bigger strategic problems in the oil sector lying ahead. Venezuela could embargo the US for its interference, Iraqi oil is still unreliable and no matter how much the Saudis try to "help," their interest is still ultimately in taking in as much revenue as possible, so it's more important to them to appear to help, rather than really increase production significantly.

[0007]

7. I don't think gas prices have hit the highest plateau yet.

I don't think the wage drop have hit the lowest yet.

...and this is just the beginning?