Oil Hits 21-Year High, Yukos to Stop Sales

[Tiberius]

LONDON (Reuters) - Oil prices hit a fresh 21-year high on Wednesday after bailiffs ordered beleaguered Russian oil giant YUKOS to stop sales, threatening further strain on tight international supplies.

(snip)

U.S. light crude rose 66 cents to a new high of $42.50 a barrel -- just above peaks hit in early June and the highest price since the New York Mercantile Exchange launched the contract in 1983.

more

http://www.reuters.com/newsArticle.jhtml?type=businessNews&storyID=5800408

[Zynx]

1. It's now at $42.90

Eeeeekkkk!

[Jack from Charlotte]

8. In '00 Bush made a comment of how he'd jawbone oil prices lower

Can anyone give me the quote and a date and perhaps a link?

And BTW, Oil crossed over $43 this afteroon. I'd love to see someone with the figures do a quick comparison of the money we all got from the Bush tax cuts vis a vie the money we've lost to the huge gas price increases. I'm guessing everyone who makes under about $50,000 has lost much more in gas price increases in the 3 1/2 years under Bush than we've gained under his tax cuts.

[Kagemusha]

2. I wouldn't be surprised if the 'stop sales order' is a lie.

But hey, we'll see. It's just I wouldn't put anything past them to get attention to save them from their own big, bad government.

[gasperc]

3. oil at an all time high, yet YUKOS is going bancrupt

hmmmm, is this Russia's Enron???????????

[Dover]

4. I think Yukos was beginning to assert it's power over the Russian gov

and specifically, Putin. I know they attempted to purchase major media outlets in Russia that would have undermined Putin's leadership and politics. The 'oligarchs' are all anti-Putin.

Yukos was also, perhaps, too heavily involved with the U.S. which made it suspect.

So I think this weakening of the company is a step toward the government seizing control of the company in some fashion, or at least limiting it's influence.

[gasperc]

5. so the rich people oppose Putin, and the everyday folk love him

Putin seems like a total authoritarian nutbar, or maybe that's just me. He's no Gorby that's for sure

[MisterP]

6. screwy en't it?

like the PRI being all arch-conservative and Pinochetic, and the PAN reforming thing (or at least Fox)

[Dover]

11. I think it's pretty natural...Russians coming from a communist mindset

still thinking along those lines in terms of their values. But it's true....Putin is NO Gorby.

[PhuLoi]

7. Putin putting salami to Bush's re-selection hopes?

Higher oil, lower Dow?

[David__77]

9. Historical trend graph.

As you can see, we are up there! The last time such a price was sustained was during the worst recession since the 1930s.

[D-Notice]

10. Anyone have a graph

that's in 2003/2004 $ to make it a bit more accurate?

[puerco-bellies]

12. It actually traded OVER $43.00bbl

Several times during today's trading secession.