Oil breaks $38 per barrel mark

[King of New Orleans]

http://biz.yahoo.com/rb/040317/markets_oil_4.html

Highest level post Iraq invasion

Gas stocks in the US fell again last week

All despite the fact that OPEC continues to exceed their official quota by more than million bpd

[jpak]

1. Bloomberg has NYMEX crude at $38.10

Yikes!

Glad I can bike to work and walk to the grocery....

[Earth_First]

2. It's too bad that others...

don't follow the same lead jpak.

[Joanne98]

3. but but but

The inflation report says there's no inflation.

[ender]

4. no - it says that there is deflation.

they just are refusing to use that term.

coupled with the TWO MONTH DELAYED in releasing PPI numbers...

anyway - my thought with the PPI, is that it shows inflation, however, if the CPI is not moving, or moving down, it shows a lack of pricing power by producers.

which, means we're in a deflationary spiral, and they arent reporting it.

we're fucked.

[calimary]

6. As of today, it's EXACTLY two months.

The last notice went up exactly a month ago.

http://www.bls.gov/ppi/delaynotice.htm

Hmmm, just like 9/11 and cheney's energy task force - WHAT are they trying to hide??????

[Joanne98]

8. If we're in a deflationary spiral how come energy, food, healthcare

and most commodity prices are going up. I don't get it

[worldgonekrazy]

12. Because the Admin is hiding how screwed we are

They have been building up the strategic oil reserves for quite some time and they are now at their highest level since the 70's...even greater than during the energy scare under Carter. The plan is to release a bunch of this oil into the U.S. economy mid-summer to stimulate an artificial decrease in the price of oil, which will make consumers think the Bush Administration is actually doing something to solve the problem.

Then when Bush wins his first election or steals his second term, they will pull off the veil and say that the only thing we can do to solve the problem is invade more Middle Eastern and South American (Venezuela?) nations.

Of course, this whole problem could be averted (or at least could have been averted) if we made a transition to a different economy backed by renewable energies. Why don't we? Because this new economy will have new masters, and thus the old big-wigs get pushed out. You don't think they will let that happen, do you?

[jackstraw45]

5. If Gas Prices Rise $1, 130% of Bush's 2001 "Tax Cut" goes to gas costs

If Gas Prices Rise $1, Then 130% of Bush's 2001 Tax Cut Will Go to Gas Costs. "The average American driver buys 690 gallons of gasoline a year. U.S. drivers purchased a total of 130 billion gallons," according to a study by Cambridge Energy Research Associates. The Bush budget passed by Congress includes $100 billion in tax cuts for economic stimulus over the next year. If gas prices were to raise $1, it would cost American drivers $130 billion - 130% of the tax cut.

[jackstraw45]

7. Bush in 2000: Opening the Spigot

"I would work with our friends in OPEC to convince them to open up the spigot, to increase the supply. Use the capital that my administration will earn, with the Kuwaitis or the Saudis, and convince them to open up the spigot." - George W. Bush press conference, 6-27-00

[Beaker]

13. that would sure make a good Kerry ad-

juxtaposed with headlines about OPEC limiting supply, and a gas pump showing the price/gal dial spinning upwards, with the requisite 'ding...ding...ding...' sound effect.

[GOPisEvil]

9. So much for "kick their ass and steal their gas".

:eyes:

[Ganja Ninja]

14. The freeper that used to have an office across from mine..

was positively giddy over the possibility of getting our hands on the oil in Iraq. He thought this was the best idea since sliced bread. He figured we would just walk in and take it, then we would move on to Iran and on and on. He didn't have a clue what was coming but he should have been able to tell right from wrong. What greedy soulless idiots these neocons be.

[BlueEyedSon]

10. Putting down a deposit on a Prius this week

12-18 month wait.
:(

[minkyboodle]

11. congrats

I'm soo jealous :) I'm hoping in a few years when I can afford a new car that they have come out with a nice clean running station wagon.
Scott

[jus_the_facts]

15. must be niiiiiice...even with a wait...these prices should STAY high....

....so MORE of these cars are made not only AFFORDABLE but ENFORCED by a REAL EPA!!! *dreams on....* x(

[peterh]

16. I can’t link to this….

So, I’ll only post a portion of it….one might surmise that the difference between now and then would be whom the administration is looking after….



NEW YORK (Dow Jones)--Here's the scene: It's March. OPEC is about to meet and
crude oil prices are well above $30 a barrel, trading at their highest level in
a decade
Ahead of the summer driving season, U.S. gasoline stocks are at record lows
and demand is soaring.
Eight months away from a presidential election, the White House is worried
that soaring prices will harm the economy and cause trouble at the polls.
OPEC worries about a steep drop in post-winter oil demand, and although it's
pumping more than 1 million barrels a day above its output ceiling, prices
remain red hot.
Speculators, lured by strong fundamentals, are streaming funds into Nymex
crude futures, inflating heady prices.
The U.S. president does the only thing he can...
He dispatches his energy secretary to press OPEC and big non-OPEC oil
exporters to boost supplies.
The move works. Within weeks, crude oil prices are $10 lower.
Whoops.
That was the case back in 2000, when Bill Clinton sent Bill Richardson
globetrotting and he returned with low oil prices.
But there's no sign that we're heading for a replay.
Despite an identical scenario now, Spencer Abraham, George Bush's energy
secretary, says the U.S. "won't beg" OPEC for oil.
That begs the question, though, are we heading for $40 oil?
One key difference back then, in February 2000, the U.S. wasn't putting any
oil into the Strategic Petroleum Reserve.
This February, 6 million barrels, or 207,000 b/d, of crude was redirected from
the market into the emergency stockpile. That's 3.7% of total U.S. oil output.
Tight end-February gasoline stocks are at the level that sounded the alarm
back in 2000 - with a crucial and scary twist - demand is 8% higher than it was
back then.

[goforit]

17. Thanks mr. cheney!

:argh:

[peterh]

18. Crude Above $38 For 1st Time Since 1990

Like father…like son…..



NEW YORK (Dow Jones)--Crude oil futures settled above $38 for the first time
since the run-up to the Persian Gulf War in September 1990, according to
statistics from the federal Energy Information Administration.
Gasoline futures also came close to their highest settlement ever.
April light, sweet crude oil futures settled up 70 cents, or nearly 2%, at
$38.18 a barrel after touching a high of $38.35.
Front-month crude futures have not settled over $38 a barrel since Sept. 24,
1990 when they settled at $38.25 a barrel, according to the EIA - the U.S.
Department of Energy's statistical branch.
April gasoline futures settled at $1.1577 a gallon, up 3.13 cents, or nearly
3%, after touching a high of $1.1630.
Front-month gasoline futures haven't settled this high since May 23, 2001,
when they settled at $1.1589 a gallon - the highest since the EIA began keeping
records on the data.