Oil Prices Surge To Record High

[Joanne98]

Oil prices surge to record high


World oil demand has been increasing
US oil prices closed at record highs as investors fretted about the impact of the crisis at Russian oil giant Yukos.
Light sweet crude surged $1.06 to a record finish of $42.90, having earlier reached an all time high of $43.05 during the day's trade.

In the UK Brent crude settled up 99 cents at $39.53 a barrel, after hitting $39.68, its highest level since October 1990, ahead of the first Gulf War.

The surge came as bailiffs told Yukos to stop sales, triggering supply fears.

Russia is the world's second biggest oil exporter after Saudi Arabia and Yukos accounts for 20% of the country's oil output.

Sales ban

According to news agencies, the Russian justice ministry has told Yukos

http://news.bbc.co.uk/1/hi/business/3932801.stm

The Saudis are lying about their oil stocks. When this gets out oil is going to 60 or 70 dollars a barrel. You just watch.......

[PROGRESSIVE1]

1. Your headline should read: "Oil companies report record profits"

[Joanne98]

2. LOL

That too sorry........:)

[squidbro]

3. A small price to pay for true security

I'm willing to pay increased gasoline prices as long as it helps get shrub elected from office. A small price to pay in order to save our nation and planet.

Perhaps the Russians would like to see Bush gone also. Junior is the primary reason for the rising tensions in east Asia and the Russians would like to avoid such conflict.

So much for the Saudi effort to lower the price of gasoline in an attempt to make shrub's re-election easier. Serves them right.

[mom cat]

4. Oh, the many successes of our "oil president"

[Nevernose]

5. I saw gas today at $1.91 a gallon

Cheapest I've seen it since the Shrub has been in office. Wobnder how long it'll take this hike to hit me at the tamk? I'll be filling up in the morning, just in case.

[cliss]

6. A few months ago when gas prices went to the stratosphere,

I made some big changes in my life. I parked the car, and started taking the bus + commuter train. It was tough....didn't realize I was so addicted to driving. But it went well, and now I love it. Wouldn't go back now even if gas prices go way down.

I'm working on getting our whole office building to switch to public transportation.

I just can't stand the thought of my crisp dollar bills going to the Saudis as they spend lots of money on the Madrasas.