Saudi Violence Pushes Oil Prices Higher

[leftchick]

Oil prices were forced higher today by an outbreak of violence in Saudi Arabia and concerns that Opec may cut output.

The cost of a barrel of light, sweet crude oil climbed to 43.31 US dollars after gunmen stormed the US consulate in Jeddah and took several staff hostage.

The news diverted the attention of traders from a meeting of oil cartel Opec in Cairo on Friday, which will set output quotas for the first quarter of next year.

Oil prices fell 14% last week after it emerged that US stocks were higher than previously thought, ahead of the peak season for demand in January and February.

http://business.scotsman.com/latest.cfm?id=3849956

[maddezmom]

1. and in other oil news: Protesters Besiege Nigeria Oil Platforms

LAGOS, Nigeria - Protesters besieged oil platforms run by Royal Dutch/Shell Group Cos. and ChevronTexaco Corp. for a second day Monday, shutting down 90,000 barrels a day in production from Africa's leading oil exporter, company officials said.


Hundreds of protesting villagers from Kula community, including women and children, on Sunday invaded two oil pumping facilities owned by Royal Dutch/Shell in the Ekulama oil fields and another belonging to ChevronTexaco at Robert-Kiri island in the swamps of the oil-rich delta, demanding to see top officials of both companies.


Shell pumps 70,000 barrels daily from the two stations, while ChevronTexaco pumps 20,000 barrels daily from its own station.


A Royal Dutch/Shell spokesman in Lagos said the protesters are blocking dozens of oil workers on the platforms from leaving. Representatives have been sent to the villagers for negotiations, the spokesman said, speaking on condition of anonymity.

more: http://story.news.yahoo.com/news?tmpl=story&cid=509&ncid=723&e=1&u=/ap/20041206/ap_on_bi_ge/nigeria_oil_protest

[maddezmom]

2. and the almost daily headline from Iraq: Insurgents Attack Oil Pipeline

SAMARRA, Iraq - Insurgents blew up part of a domestic oil pipeline in northern Iraq (news - web sites) early Monday, sending flames and black smoke billowing into the sky, police said.



Col. Mahmoud Ahmed said a bomb struck a section of a pipeline some 10 miles south of Samarra, which is 60 miles north of Baghdad.


The pipeline transports oil from the Beiji refinery to the Dora refinery in Baghdad for domestic use.

more: http://story.news.yahoo.com/news?tmpl=story&cid=540&ncid=736&e=7&u=/ap/20041206/ap_on_re_mi_ea/iraq_oil_sabotage

[Just Me]

3. Should I just break down and buy a horse?

:bounce:

[maddezmom]

4. or a bike

;)

[maxsolomon]

5. bike: check.

major water source within walking distance: check.
wood burning fireplace(s): check.

[Deja Q]

6. And I bet stocks will plummet again just as quickly.

Good frieg.

[gizmo1979]

7. this is such a joke

I mean someone farts in Timbuktu and gas goes up.Temperature drops below 30 in dec,gas goes up,any excuse to pad the bottom line.maybe i'll buy a llama.Can you ride a llama?

[maddezmom]

9. my kids did when we lived in Peru, and there's always the alpaca

to keep you warm. :)

[imax2268]

8. remindes me

of an article I read that said Oil is going to be all used up within the next 40 to 50 years from now...can't find the article...maybe someone here can...

makes you wonder why people are fighting over it so badly doesn't it...?