Crude Oil Price Surges Past $55 in Asia

[lovuian]

Crude Oil Price Surges Past $55 in Asia

1 hour, 4 minutes ago Business - AP



SINGAPORE - The price of crude oil surged past an unprecedented $55 per barrel Monday amid continued uncertainty over production, high demand and tight supply globally.



The price of crude for November delivery on the New York Mercantile Exchange reached $55.02 per barrel mid-morning in Asia, up 9 cents from its settlement price on Friday.

http://story.news.yahoo.com/news?tmpl=story&u=/ap/20041018/ap_on_bi_ge/oil_prices&cid=509&ncid=716

This is getting crazy!!! :crazy:

[Yo_Mama_Been_Loggin]

1. Yep. Dat Boosh economees jes kickin ass

[Born Free]

8. get ready for a screwing after the election

the oil companies as with others are holding back helping to make it look better for the bush liar, but after the election all hell is going to break lose and they will all blame the president elect, John Kerry
Congress refused to raise the dept ceiling, chose raiding the pension funds until after the election, all this is coming in after the election so they can blame John Kerry - they know what is going on, they are preparing for revenge after John Kerry becomes president. These ruthless bastards will stop at nothing, they lie, cheat and steal just to get their own way. Democrats need to be prepared for one hell of a battle after John Kerry wins, democrats must be ready for a media attack unlike any before , blaming the new president for all the ills being thrust upon Americans.

[bluestateguy]

2. 60$ by election day anyone?

Could happen.

[reprobate]

3. Don't doubt it. And $4.00/gallon gas by next summer.

Peak oil. It's the future. Embrace it.

[puerco-bellies]

4. I got a couple of "side" bets with other brokers in my firm on $60bbl

On or before Nov 1st. It's going to be close.

[WillyT]

5. Oh... THIS Is Bad !!!

<snip>

The U.S. Energy Department said in its weekly petroleum supply report last week that commercially available supplies of heating oil declined by 1.2 million barrels for the week ending Oct. 8, falling to 50.0 million barrels, or 10 percent below year-ago levels.

In the Gulf of Mexico, over 20 million barrels of crude remain shut in as recovery efforts continue to get production levels back to normal.

But with the amount of excess capacity -- immediate surplus supply -- now at about 1 percent of daily demand, now estimated to be above 82 million barrels, any supply outage is expected to factor into prices.

<snip>

Link: same article

And the Asia\Pacific Markets today... http://quote.yahoo.com/m2?u

:shrug:

[DulceDecorum]

6. $60 to $75 a barrel

n other developments, Chicago Board of Trade Chief Executive Bernard Dan told Australia's Nine Network that the U.S. economy would be hurt by the spike — but not significantly. He said the economy could even withstand prices of $75 per barrel.
"I think basically most users and most traders have priced in that sort of range ($60 to $75)," said Dan. "While it might do some damage in terms of the economy and might be reflected in our equity market, I don't think it is going to be at a level where it is catastrophic in any sense."
His comments came after U.S. Federal Reserve (news - web sites) Chairman Alan Greenspan (news - web sites) said Friday rising oil prices would have far less impact than the oil shocks of the 1970s.
http://story.news.yahoo.com/news?tmpl=story&u=/ap/20041018/ap_on_bi_ge/oil_prices&cid=509&ncid=716

No sweat,
we'll just get that $2 point-something trillion that the Pentagon lost
and heck,
thats $8,000 for everyone in the US to blow on Halliburton.

[pinniped]

7. I hope everyone focuses their anger on the wh idiots.

A lot of morans thought their gas would be cheap by supporting *'s oil war.