Oil hits new record near $71

[sabra]

http://news.moneycentral.msn.com/provider/providerarticle.asp?feed=OBR&Date=20050830&ID=5072328

Oil hits new record near $71

All Reuters NewsLONDON (Reuters) - Oil thundered to a new high near $71 on Tuesday as oil firms assessed damage wrought by Hurricane Katrina's rampage through the Gulf of Mexico, where most oil and gas output was at a standstill and refineries were shut.

U.S. crude hit a record $70.85 a barrel a day after Katrina ripped through the Gulf, which pumps a quarter of U.S. oil and gas, and slammed into Mississippi, killing at least 50 people.

....

"It's not out of the question that $80 could be the next barrier if there's long-term damage," said Gerard Burg, minerals and energy economist at National Australia Bank.

[liberal N proud]

1. Nowhere but up from here

Ask some of those bu$h loyalist now if gas is still undervalued.

[durablend]

3. Treading on that "record compared to inflation" territory

Gasoline up 30 cents/gallon (would be past $3.00/gallon at retail) and no signs of stopping.

[MostlyLurks]

2. We are now within $4 of the ADJUSTED oil value in 1979.

Ouch. As they say in Texas "business is about to pick up".

Mostly

[kahleefornia]

4. Assoline

How does the price of gas go up in Los Angeles, which has its own refineries, when some refineries in the Gulf are shut down? How does it go up BEFORE the refineries, which would not be producing gasoline for at least a few weeks EVEN IF THEY WERE RUNNING, are shut down??????????

This is Enron II! And people don't get it! Any time anything happens in the world, gas prices go up. Good things, bad things, meaningless things...if it makes the news, it means that gas is more expensive.

How about this headline: "Iraq gets a new constitution - gas prices expected to drop significantly"


AAAAGGGGAGHHHHHHHHHHH.

[MostlyLurks]

9. "Cancer Found To Be Contagious. Oil Tops $90 Per Barrel" n/t

[Lost-in-FL]

5. Keep it going up!!!

People is talking and complaining about the high gas prices but not doing anything about it yet. I am hoping people get so pissed that they start changing their SUV's for more gas efficient cars. Keep it up!!!

[RPM_BU]

7. Once that is done

what is to keep it from continuing to rise ?

[gasolineboycottday]

10. See our thread on this..... Energy spokesman - "Crude could top at $80"

See our thread on this..... Energy spokesman - "Crude could top at $80"

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=104x4505922

Gasoline Boycott Day 3
Labor Day - 9/5/05

http://www.gasolineboycottday.org

[jus_the_facts]

6. Boy were they WRONG.....posted this Friday from Forbes....

:eyes:

http://www.forbes.com/home/feeds/afx/2005/08/26/afx2193...

Oil prices dip as Hurricane Katrina set to miss US oil rigs
08.26.2005, 06:12 AM

LONDON (AFX) - Oil prices pulled back slightly from recent record highs today on indications that Hurricane Katrina would spare offshore oil rigs in the US Gulf Coast, dealers said.

New York's main contract, light sweet crude for delivery in October, was down 29 cents at 67.20 usd a barrel in midmorning electronic trade in London.

'There are indications that the hurricane is veering away from the main production areas in the Gulf of Mexico, that's why traders are taking profit,' said Tetsu Emori, chief commodities strategist at Mitusi Bussan Futures in Tokyo.

Hurricane Katrina came ashore in Florida on Thursday, killing at least three people, leaving about 1.5 mln homes without power and collapsing a Miami highway overpass.

Katrina weakened to a tropical storm as it moved inland, but was expected to rapidly regain power as it barrels over the warm waters of the Gulf of Mexico.

[neverforget]

11. And the stock market went up yesterday because they thought that

Katrina didn't cause as much damage as it could have......irrational exuberance anyone?

[jojog]

8. 2004 Oil Profit

With oil prices showing no signs of slowing, oil companies are enjoying highly lucrative years. Last year, ExxonMobil reported a profit of over $25 billion, breaking all previous records. Profits were up for other oil companies as well, including Shell with $18.54 billion, ConocoPhillips with $15.7 billion, BP with $15.7 billion, and ChevronTexaco with $13.3 billion. Second quarter 2005 profit figures show that the trend continued in 2005. Profits were between a third and a half higher than during the same period last year. Exxon has already made $7.6 billion this year, BP $6.7 billion, and Shell just over $5 billion. High profits also padded oil executives' pay with an average raise of 109 percent in 2004, according to The Wall Street Journal. The average oil executive received total compensation of $17 million in 2004.

[NinetySix]

12. Welcome to DU, jojog!

[Wolf321]

19. That's because it only costs the oil companies...

... about 15-20 cents a gallon to manufacture. There are some additional transportation costs (it has to get to your local gas station somehow), but that can't be more than another 30-50 cents a gallon. There are also local taxes as well, which vary from state to state, but the bottom line is that for every three dollar gallon of gas that you fill up with, the oil companies end up with about a buck fifty to two dollars.

[NNN0LHI]

13. More looting I see n/t

[xray s]

15. not looting

grand theft

[Voltaire99]

14. Let the giant vehicles rust!

Rising oil prices will do what reason cannot: wean the greedy and destructive from their selfishness.

[graywarrior]

16. Soon filling your tank will cost more than a month's rent

[NNN0LHI]

17. And that will only be if the oil company is nice enough to sell it to you

We are looking at rationing real soon methinks.

Don

[durablend]

18. Rationing? BRING IT ON!

I can get by on 10 gallons a week (if not less)

[wildcat78]

21. And the bankruptcy law changes soon...

Wait until that happens!

[NeoConsSuck]

20. So this is why the turd is rushing back to Washington..

to hold a celebration party with Dickless Cheney.