Oil Prices Climb More Than $2 Per Barrel ($70. a barrel forecasted soon)

[Bluebear]

Oil prices rose more than $2 a barrel, bouncing back from a dip earlier this week as markets reacted to a fire at a massive refining complex in Venezuela and developments in Ecuador, where protesters had forced a halt to production.

News of explosions in the Jordanian Red Sea port of Aqaba and Israel also buttressed bullish sentiment on Friday.

Attackers fired at least three missiles from Jordan early Friday, with one narrowly missing a U.S. Navy ship docked in the port and killing a Jordanian soldier and another falling close to a nearby airport in neighboring Israel, officials said.

Meanwhile, markets remained wary over Iran's nuclear ambitions, with expectations that the situation could escalate, said Sandra Ebner, commodities analyst at Deka Bank in Frankfurt, Germany. "I do expect to see new highs and I would not be too surprised to see oil prices breach $70 a barrel soon," Ebner said.

http://news.yahoo.com/s/ap/20050820/ap_on_bi_ge/oil_prices&printer=1

[SpiralHawk]

1. Bush Oil Republicans Rejoice

Republican Profits Skyrocket.


"Who cares what you think." - George AWOL Bush

[lovuian]

2. I have no doubt that fire was sabotage in Venuzuela

to make Chavez have to use US refineries!!! this is one major crisis we are coming too!!!

[Skink]

4. The citizens of Venezuela aren't waiting for Chavez to....

take the oil off the table.

[Conservativesux]

3. Oil at 70 Dollars a barrel: Its only a matter of time.

Keep tightening that belt America!

[cliss]

5. wow, $70 soon.

The price has been ratcheting up, ever so steadily. As the noose tightens, we haven't really started to feel the impact.

I believe this winter will be a breaking point for the U.S. In particular, the New England states, the Midwest, anywhere it gets cold during the winter. The price of heating oil is going to become prohibitive. People are going to freeze this winter.

And when that happens, watch out Bush.

[durablend]

6. He's not worried...

Most of the "colder" states are liberal leaning.

In other words, "PFFT, don't care"

[Vox_Reason]

7. I bet we see $85/barrel and $3.50/gallon before the end of winter.

And it'll only go up from there.

What a disaster.

[CatholicEdHead]

8. Of course this is looking to be a good old cold winter

since it was so hot this summer. That will only make things worse.

[recidivist]

9. Gas prices aren't nearly high enough yet. Seriously.

This used to be a pretty pro-environment board, but I guess most of the sunshine soldier environmentalists have been stampeded by gas prices. Too bad.

As one who has favored a $2-3 per gallon gasoline tax for years, I am not especially perturbed by the current price at the pump. We still have a long way to go before we reach European levels. What are we waiting for?

I want gas prices to rise until people give up on SUV's, drive tiny little econo-boxes, and knock off the 30 mile commutes. I want gas prices to rise until urban sprawl is only a memory. I want gas prices to rise until alternative fuels become economical and we can break the oil habit entirely.

The increases of the past year are a small step in the right direction. Bring it on.

[OhioBlue]

10. I understand where you are coming from

the problem is that some people won't be able to afford to heat their homes. A gasoline tax is one thing - to make alternatives more affordable and encourage higher CAFE standards, lowering Urban sprawl, etc. But, when the prices increase so quickly, I don't think the lower and middle classes will be able to absorb these costs.

[Delphinus]

11. Yes,

and the gas tax would have to be used like they use it in Europe - health care, for one.

[rayofreason]

13. sustained high prices...

...will mean that oil shale and tar sands will be economical sources for large-scale petrochemical extraction.

http://www.worldenergy.org/wec-geis/publications/reports/ser/shale/shale.asp
http://en.wikipedia.org/wiki/Oil_shale
http://en.wikipedia.org/wiki/Athabasca_Tar_Sands
http://www.glossary.oilfield.slb.com/Display.cfm?Term=tar%20sand

[happyslug]

12. I was watching Hersh on the Daily show (Taped lasted week).

Hersh I have found has connections with the professionals in the Pentagon (i.e. people who were in the Pentagon under Clinton and will be in the Pentagon no matter who is elected, these are the professionals who do know what is needed for the military and the limitations of our military). What Hersh said on the daily show indicates that the Professional staff is worried about an oil embargo.

If that fear comes true all bets are off on the price on the price of oil. What Hersh was saying is that his sources in the Pentagon is expecting an increase in violence in Iraq (Including maybe even an attempt to take baghdad). This plan makes no sense UNLESS it occurs at the same time as an Oil embargo. The US will have a choice, sent its troops and oil to put down the war in Iraq, OR use those same troops and oil to invade Saudi Arabia and Iran (and maye even Venezuela, all have oil).

Now Hersh was NOT predicting this, he is saying this is what the Pentagon is fearing (and indicated that their is evidence to support this fear).