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#1
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More Good News!
Oil hits record high near $128
By Richard Valdmanis Reuters Friday, May 16, 2008 Oil shot to a record high near $128 a barrel on Friday after Goldman Sachs, the most active investment bank in energy markets, forecast a continued spike in prices through the end of the year due to thin supplies. The rally came as OPEC kingpin Saudi Arabia rebuffed an appeal from U.S. President George W. Bush for more oil supplies to ease pressure on the U.S. economy, already hard hit by a housing slump and credit crunch. U.S. crude gained $2.50 to $126.62 a barrel by 5 p.m. British time after touching a peak of $127.82 earlier in the day. London Brent rose $2.48 to $125.11. Oil prices have risen sixfold since 2002 and doubled since last year as rising demand from China and other developing nations outpaced new supply. Goldman Sachs raised its forecast for average oil prices for the second half of 2008 to $141 a barrel from $107 because of tight inventories -- a prediction that would require a rapid run up in current prices to come true. "I would say the bigger story today is that Goldman upped their target on average oil prices for the back half of the year... That's causing oil to run up about $3 today," said David Katz of Matrix Asset Advisors. Goldman earlier this month predicted that oil prices could scale $200 within the next two years. DIESEL CRUNCH Diesel has taken centre stage in the world energy crunch as tight power supplies in China, South Africa, Chile, Argentina, and parts of the Middle East triggered a boom in demand for middle distillates for electric generators. Chinese demand for imported diesel is expected to rise even further in June after this week's deadly earthquake disrupted gas supplies to major cities and as companies built stockpiles ahead of the summer Olympics. "People are looking at diesel. The situation is worse since the earthquake on Monday in China," said Robert Laughlin at MF Global. The boom in diesel consumption added to already robust demand from the European vehicle fleet, thinning inventories on both sides of the Atlantic. Adding support to oil's rally, the Organisation of the Petroleum Exporting Countries (OPEC) has repeatedly said there is no need to add supply to the market. Bush arrived on Friday in Saudi Arabia, the world's biggest oil exporter, where he renewed his appeal for more oil. In response, Saudi Arabia repeated its pledge that it would pump as much oil as needed to meet demand but saw no need for a hike at the moment. OPEC's smallest producer, Ecuador, offered the first dissenting view from the group, saying members should consider raising output because record prices are hurting the poor. "I think OPEC has to deal with this issue, because this is hitting all the poorest countries that are oil importers," Ecuador's President Rafael Correa told Reuters in the Peruvian capital, Lima. The dollar extended losses against the euro on Friday, hurt by a report showing U.S. consumer confidence tumbled in May to its lowest level in 28 years. The sliding dollar has devalued U.S. financial assets, prompting investors to move cash to commodities which helped fuel oil's rally this year. (Additional reporting by Santosh Menon and Alex Lawler in London, Felicia Loo in Singapore; Editing by David Gregorio) http://www.iht.com/articles/reuters/2008/05/16/business/OUKBS-UK-MARKETS-OIL.php ![]() President Rafael Correa Search the Web
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"I have no convictions ... I blow with the wind, and the prevailing wind happens to be from Vichy" Current Monika '74 450 SL BrownHilda '79 280SL FoxyCleopatra '99 Chevy Suburban Scarlett 2014 Jeep Cherokee Krystal 2004 Volvo S60 Gone '74 Jeep CJ5 '97 Jeep ZJ Laredo Rudolf ‘86 300SDL Bruno '81 300SD Fritzi '84 BMW '92 Subaru '96 Impala SS '71 Buick GS conv '67 GTO conv '63 Corvair conv '57 Nomad ![]() |
#2
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Just another idiotic thing that Bush does!!!
I wonder what drugs he was on when he asked them to increase production. I need to get me some - cause living in a fantasy world like him, must be great!!!!
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Insanity: doing the same thing over and over again and expecting different results. 2006 - Suzuki Gran Vitara (2.0 L fully equipped) Like this car so far except for trying to put on the seatbelt. 1988 - 190e - 2.3L - 172K miles (It now belongs to the exwife) 1999 - Chevy Blazer LS Fully Equiped - killed it June 2006 2001 - Honda Civic EX - 68K miles (sold June 2004) 1963 - 220S - Dual Carb 6 cyl. (sold) 1994 - Yamaha WaveRaider (fun to ride) |
#3
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Now why in Sam Hill would you want to Frog-Up-My-Friday with such disparaging news. That's it- to the whip room with you my friend!
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"It's normal for these things to empty your wallet and break your heart in the process." 2012 SLK 350 1987 420 SEL |
#4
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Opec isn't going to increase production, they are making to much money. I wouldn't if I were them.
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2016 Corvette Stingray 2LT 1969 280SE 2023 Ram 1500 2007 Tiara 3200 |
#5
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To bad we aren't on good terms with Venezuela or Russia, then we can tell OPEC hadios muchacho and be done with it, it would nice to see what happens to OPEC's prices then.
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"It's normal for these things to empty your wallet and break your heart in the process." 2012 SLK 350 1987 420 SEL |
#6
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Idiotic????? President and Vice-President both from the oil industry and as the end of their term approaches, oil prices are at a record high. Is that a failure or a success?
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1977 300d 70k--sold 08 1985 300TD 185k+ 1984 307d 126k--sold 8/03 1985 409d 65k--sold 06 1984 300SD 315k--daughter's car 1979 300SD 122k--sold 2/11 1999 Fuso FG Expedition Camper 1993 GMC Sierra 6.5 TD 4x4 1982 Bluebird Wanderlodge CAT 3208--Sold 2/13 |
#7
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Sure. Another conspiracy theory in the making.
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01 Ford Excursion Powerstroke 99 E300 Turbodiesel 91 Vette with 383 motor 05 Polaris Sportsman 800 EFI 06 Polaris Sportsman 500 EFI 03 SeaDoo GTX SC Red 03 SeaDoo GTX SC Yellow 04 Tailgator 21 ft Toy Hauler 11 Harley Davidson 883 SuperLow |
#8
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Hey. If he’s trying something that might stand even a snowballs chance of helping the price come down, I’m happy. No matter what drug he is or isn’t on, or what party he's in.
Yesterday, I bought 7500 gallons of AvGas, and there was nothing “happy” about it. Gotta try something.
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1980 300D - Veggie Burner ! Last edited by WVOtoGO; 05-16-2008 at 03:43 PM. |
#9
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I have yet to see any station run out of gas. Has anyone on this forum seen a shortage or lack of supply?
What is the definition of shortage? Seems to be plenty to go around, the only shortage I see is on the consumer wallet. It's all a conspiracy to enrich big oil. I believe the Saudis, there is no shortage. Just massive greed.
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Question Authority before it Questions you. |
#10
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Nothing conspiratorial about it at all. Do you think those who live in the world of corporate oil are happy or unhappy over the price of oil?
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1977 300d 70k--sold 08 1985 300TD 185k+ 1984 307d 126k--sold 8/03 1985 409d 65k--sold 06 1984 300SD 315k--daughter's car 1979 300SD 122k--sold 2/11 1999 Fuso FG Expedition Camper 1993 GMC Sierra 6.5 TD 4x4 1982 Bluebird Wanderlodge CAT 3208--Sold 2/13 |
#11
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So there is proof that Bush and Cheney manipulated the oil prices for his buddies to get a kickback?
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01 Ford Excursion Powerstroke 99 E300 Turbodiesel 91 Vette with 383 motor 05 Polaris Sportsman 800 EFI 06 Polaris Sportsman 500 EFI 03 SeaDoo GTX SC Red 03 SeaDoo GTX SC Yellow 04 Tailgator 21 ft Toy Hauler 11 Harley Davidson 883 SuperLow |
#12
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Happy would be an understatement. Rolling over in jubilation might come close.
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Question Authority before it Questions you. |
#13
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If he asks them, you are unhappy. If he doesn't try something at least, you are unhappy. What else do you want him to do? Sure he had to try and hope that they would say "yes, but you must do this for us.".
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01 Ford Excursion Powerstroke 99 E300 Turbodiesel 91 Vette with 383 motor 05 Polaris Sportsman 800 EFI 06 Polaris Sportsman 500 EFI 03 SeaDoo GTX SC Red 03 SeaDoo GTX SC Yellow 04 Tailgator 21 ft Toy Hauler 11 Harley Davidson 883 SuperLow |
#14
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Well, now that I've finally got my 560SEC, I can quit looking for a set of pimped out wheels I guess. Anybody know where I can pick up a cheap set of cinder blocks. I'll just put it up on blocks in the driveway, sit in it, and make car noises . . .
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" We have nothing to fear but the main stream media itself . . . ."- Adapted from Franklin D Roosevelt for the 21st century ![]() OBK #55 1998 Lincoln Continental - Sold Max 1984 300TD 285,000 miles - Sold The Dee8gonator 1987 560SEC 196,000 miles - Sold Orgasmatron - 2006 CLS500 90,000 miles 2002 C320 Wagon 122,000 miles 2016 AMG GTS 12,000 miles |
#15
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Inflation adjusted it is
Year actual price adjusted price 2000 $27.39 $33.39 http://www.inflationdata.com/inflation/inflation_rate/Historical_Oil_Prices_Table.asp Still, that doesn't prove that Bush did something to make it that way for his nefarious gains, does it? Or is it because it is Bush that we don't need solid proof but coincidences and innuendos?
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01 Ford Excursion Powerstroke 99 E300 Turbodiesel 91 Vette with 383 motor 05 Polaris Sportsman 800 EFI 06 Polaris Sportsman 500 EFI 03 SeaDoo GTX SC Red 03 SeaDoo GTX SC Yellow 04 Tailgator 21 ft Toy Hauler 11 Harley Davidson 883 SuperLow |
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