Reply #25: Crude Oil Prices Approach $64 Per Barrel [View All]

[54anickel]

http://biz.yahoo.com/ap/050808/oil_prices.html?.v=31

WASHINGTON (AP) -- Oil prices jumped to a new high near $64 a barrel on Monday, reflecting the market's persistent uneasiness about strong demand, tight supplies and a slew of threats to output around the globe.

Traders pinned the latest rally on security concerns in Saudi Arabia, refinery snags in the United States and the continued rise of gasoline consumption in spite of soaring pump prices.

The average nationwide price for regular unleaded gasoline is $2.34 a gallon, or 46 cents above last year, according to the Oil Price Information Service of Wall, N.J. Still, government data show that gasoline consumption is up almost 1 percent at 9.1 million barrels a day through July, compared with last year.

Oil analyst Marshall Steeves at New York-based brokerage Refco Group Inc. said oil and gasoline prices were likely to keep rising until there were signs of a significant dropoff in demand, or a sharp slowdown in economic growth. "We're clearly not there yet," he said.

more...

They should add 1 more item to the laundry list in this article and that is the "House of Saud". A lot more going on there than what's being reported in the MSM.

Bemildred reposted an older article on the House of Saud here.
Worth a review now that king Fahd has passed on.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=103x144594


Link to article -
http://www.theatlantic.com/doc/200305/baer