Crude oil tops $125 for first time since 2008

[dkf]

Published: April 8 2011 18:42 | Last updated: April 8 2011 22:18
Oil breached $126 per barrel for the first time since 2008 as oilfields were damaged in Libya and traders eyed upcoming elections in Nigeria.

Both countries are important suppliers of light, sweet crude, prized for yielding large amounts of petrol and diesel.

Libyan output is all but closed down as fighting rages between rebels and Muammer Gaddafi’s forces and foreign oil companies have left the country.

This week the opposition said production in the rebel-controlled east had stopped after troops loyal to Gaddafi bombed several oilfields.

The rebels had been pumping between 80,000 and 120,000 barrels a day from the fields since the uprising erupted in mid-February, down from 420,000 b/d before the crisis.

“Now we’re seeing some damage to the Libyan oilfields,” said Andy Lipow, president of consultants Lipow Oil Associates in Houston. “When I see that, I think that oil production is going to be off-line for a substantial period of time.”

http://www.ft.com/cms/s/0/dfa67390-6204-11e0-8ee4-00144feab49a.html#axzz1J2wKq2Bc

[Drale]

1. So when does the price collapse again

and gas is $1.45 again for a while?

[dkf]

2. That take the Brink of collapse for our economy.

Who knows, maybe we will get there again.

[Davis_X_Machina]

4. You know what would bring oil right back down...

..to $80 or so a gallon? A really deep recession.

Be careful what you wish for -- you could wind up with cheaper gas, and your car back in the hands of the credit union who lent you the money to buy it.

[Drale]

6. Self Delete

[sarcasmo]

3. Damn traders, at this rate they are going to have the price up to 200 by memorial weekend.

[Mnemosyne]

18. I call them 'economic mercenaries'. They have managed to kill the world economy. n/t

[snappyturtle]

5. How much of Libyan oil finds its way to American shores? Just asking. nt

[dipsydoodle]

9. None.

.

[Drale]

10. I think its less then 10%

We get the majority of of oil from Canada.

[dkf]

12. Oops

[dipsydoodle]

7. That's been accelerated by a weaker dollar.

Keep up the good work. :thumbsup:

[Angry Dragon]

8. Maybe bush could go and kiss and make-out with his

Saudi buddy and ask them to pump out more...........

[Name removed]

11. Deleted message

Message removed by moderator. Click here to review the message board rules.

[Purveyor]

13. Our local mid-michigan diesel price just went up to $4.26 this morning. eom

[Marblehead]

14. This has nothing...

to do with supply and demand. A very weak dollar, speculators and an oil cartel are to blame.

[taught_me_patience]

17. proof for this claim?

or did you pull it out of your ass?

[Marblehead]

22. Educated guess...

deductive reasoning, critical thinking, common sense, years of experience and the inter tubes.

[taught_me_patience]

15. Inflation is the cruelest of taxes

running 1.5T deficits every year ain't "free".

[and-justice-for-all]

16. If there can be a property tax cap, then there should also be a

cap on how much gas can be; and I say it should NEVER go above $2.95 a gallon, that price speculation is fucking bullshit and should be illegal. Being held hostage by oil corporations is absurd.

[Broderick]

19. I intend to get healthier

And take advantage of the higher gas prices by using other methods of transportation including my feet, my bike, etc...

[taterguy]

21. So you haven't been using other methods of transportation until now?

What finally pushed you over the edge?

[safeinOhio]

20. I cut the price in half this week.

Figured out how to drive my car half as far. Make every trip count, get everything in one trip. Stock up on everything for less trips. Walk the mile to the store for small stuff, with the price of gas so high, more expensive stuff at the convenience store becomes cheaper in the long run. So, I'll only drive to and from work and only shop on the way there and back. My vacations this year will be half as far away or half as many. Doing my part to cut demand to help big investors get stuck with falling futures.

[Logical]

23. Damn! n-t