Oil Prices 'Heading for 60 Dollars A Barrel'

[bemildred]

Crude oil prices surged past an unprecedented 55 dollars per barrel today as uncertainty swirls over production, high demand and tight global supplies.

Analysts are NOW looking toward 60 dollars a barrel, with some saying it may reach that mark by the end of the year – smack in the middle of the northern hemisphere winter.

---

The prices are the highest in a generation and while oil is more than 70% higher than a year ago, they are still around 25 dollars below the peak inflation-adjusted price reached in 1981.

---

In the Gulf of Mexico, over 20 million barrels of crude remain shut in as recovery efforts continue to get production levels back to normal, the US federal Minerals Management Service said on its Web site.

Scotsman

[PROGRESSIVE1]

1. Well I guess that Prince Banar doesn't have that much clout!

:eyes:

As for Bush: :nopity:!

[UpInArms]

8. Bandar Bush to the rescue!

Crude futures fall back under $54 on OPEC output

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38278.5077083333-823945148&siteID=mktw&scid=0&doctype=806&property=symb&value=&categories=&

SAN FRANCISCO (CBS.MW) -- November crude is at $53.75, down $1.18, or 2.1 percent in afternoon trading after a climb to a record $55.33 overnight. Investors pulled prices lower after OPEC said its output in September was 30.1 million barrels per day -- its highest level since the 1970s, according to Phil Flynn, a senior analyst at Alaron Trading.

[i_c_a_White_Ghost]

2. Crazy

I truly think that the price of gas is artificially low right now. Back in the spring I remember prices at or a little higher and the price of a barrel was nowhere near what it is now. Just my opinion, but I think big oil is trying to keep it as low as possible.

[Danocrat]

3. Bush should get on the phone to OPEC

and tell them to open the spigots.

[PROGRESSIVE1]

7. Yah! Why don't you do that George. Weren't you the decisive....

and powerful one that said he would "demand" that OPEC give all the oil we wanted???

:eyes:

[aquart]

4. And we know they are making an effort.........how?

Seems to me that oil interests with wells and futures contracts here and abroad could make a tidy (make that obscene) profit keeping the Gulf drilling inactive.

Especially if they believe George is a lost cause. Make the money now because in January the evil Dems will re-regulate (if there is a God).

[The_Casual_Observer]

5. 25 dollars below the peak inflation-adjusted price

I keep hearing this, and it is supposed to make me feel better?

So, the price needs to be about $80 a barrel in order for it to make a difference? I have a feeling that it will be said to make a difference right after the election, when they will say, "we goofed! It really did make a difference, and inflation is actually running about 25% instead of .001%, we are really sorry about it!"

[VegasWolf]

6. Greenspin says not to worry, the market has it all factored in to the

price.

New Information Shows Bush Indecisive, Paranoid, Delusional

[Sabriel]

9. The heating costs scare me

There are so many people out there who are barely making it now.... I can't imagine how they're going to heat their places this winter. Gear up the heating assistance programs.

[napi21]

10. I locked in a fixed price on my natural gas last Fri.

I locked in at $0.949 per therm for 6 months. Yes, it's much higher than last year when it was $0.698, but I'm afraid what they might go up to by Jan, Feb.

When I spoke to the supplier, they told me they usually adjust their rates on the 5th of each month, so you still have time to check with yours and lock in a fixed rate if you are as concerned as I am. I simply can't see prices going down!!!

[Wright Patman]

11. Unless you can show

that a heating assistance program is related to the "war on terror" and/or Halliburton, I don't see how you would be able to convince the feds to fund it.