Oil tops $43 for the first time

[UpInArms]

http://cbs.marketwatch.com/news/story.asp?guid={5825C39B-1CA2-4684-A2C1-CA253B0C50CA}&siteid=mktw&dist=bnb

SAN FRANCISCO (CBS.MW) -- Crude-oil future prices topped $43 a barrel Wednesday for the first time on the New York Mercantile Exchange, propelled by the threat of a production halt at Russian oil giant Yukos and U.S. inventory data implying strong demand.

"Demand outpaces supplies, OPEC may be near full production capacity, and Russia, which was not on traders' radar screens one month ago, may be the straw that breaks the camel's back taking crude oil up to even higher levels," said John Person, head analyst at Infinity Brokerage Services.

Prices have climbed to new record highs and the next major "stopping point" could be $45, he said.

September crude climbed as high as $43.05 a barrel in New York, the highest level the exchange has seen in the 21-year history of its crude futures trading. The previous intraday record was $42.45, seen on June 2 of this year. The contract was last at $42.85, up $1.01.

"Bailiffs orders beleaguered Russian oil giant Yukos to stop sales, threatening further strain on supplies," said Michael Fitzpatrick, an analyst at Fimat USA.

...more...

[Tandalayo_Scheisskopf]

1. The Fix...

She is in.

Perhaps they sense there is not much time left to party, since the host will soon be leaving?

[Hawkeye-X]

2. Oh joy.

And I just paid $1.80/gal for my gas. Good thing. I expect it to skyrocket it back to 2.00 tomorrow or the next day.

Hawkeye-X

[kysrsoze]

6. Consider yourself lucky. I've been paying $2.30 for premium at the

cheapest place in town. It's only headed upward. You know though, I'm glad to pay extra to see Bush go down and this country move to alternative fuels.

[gasperc]

9. wow, your set for a week

I'm joking with you, I'm glad you saved a few bucks but in a few days it won't matter

[The_Casual_Observer]

3. Will the news still report that gas is dropping and that

everyone shall remain happy? That the economy is booming and gas prices don't matter.

[Tempest]

4. Interesting thing is happening

Oil prices are climbing, but gas prices are dropping.

My guess is that U.S. oil companies are intentionally holding prices down, and cutting into profits, until the election.

After that, watch out.

[Wednesdays]

5. I was thinking the same thing...

If that's true, the oil men are going to take a bath trying to save *'s ass.

[central scrutinizer]

7. my thought exactly

They had carefully estimated the time frame (long enough before the election so it would pass into the memory hole) and for how long they could gouge the consumers at prices approaching $2.50/gallon to build up masses of cash so they could keep making their yacht payments while artificially depressing prices until November. Look for the prices to rise fastest in solidly blue states to punish the voters there.

[gasperc]

10. prices shot back up to 1.95 here in Detroit

send me some of those lower prices

[Fovea]

8. Perhaps a bumper sticker that says

'My second car is a bicycle."
is the answer. Donno, just a thought.

[NEOBuckeye]

11. Fuck this shit! Nationalize Big Oil and get on with alternative energy dev

The only thing our continued dependence on oil means is more wars, political and economicy instability, and ultimately chaos throughout the world.

President Carter was dead on about the need to develop alternatives. 20+ years later, he looks ever more the visionary.

[struggle4progress]

12. kick for giggling texas oil company executives

:kick: