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KingPriest2
04-21-2006, 10:20 PM
OiOil breaks through record $75
Continued fears over Iran and Nigerian supplies, reports of gasoline shortage in the U.S. lead to 2 percent jump.
By Steve Hargreaves, CNNMoney.com staff writer
April 21, 2006: 4:26 PM EDT


NEW YORK (CNNMoney.com) - Oil smashed through record highs Friday, cruising past $75 a barrel on continued fears of a supply disruptions in Iran and Nigeria and reports of spot gas shortages on the U.S. East Coast.

U.S. oil for June delivery set a new trading high of $75.35 before easing to settle up $1.48 at 75.17 a barrel on the New York Mercantile Exchange, also a new closing record. The May contract expired Thursday at $71.95.



Special Reportfull coverage

Oil breaks through record $75
Gasoline soars amid reported shortages
Gas shortages hit the East Coast
Senator calls for gasoline price-fix probe


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China's growing demand for energy is pushing world prices higher. CNN's Louise Schiavone reports (April 19)
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One trader said the tense international situation left many investors reluctant to bet prices were going to come down before they left for the weekend.

"Over the weekend traders aren't able to respond to any political news," said Brian Hicks, co-manager of the Global Resources Fund at U.S. Global Investors. "It's safer to be long than short."

Hicks said the soaring prices could start eating into demand and that certain predictions - like one he said he heard by Venezuela's President Hugo Chavez that oil could spike to $100 a barrel if the U.S. attacks Iran - aren't helping.

"It's that kind of news flow that seems to be driving the oil traders," he said. "It's somewhat concerning."

Oil has been hitting record highs in recent sessions, unadjusted for inflation, on supply worries fed by fears of a confrontation with Iran, the world's fourth-biggest producer. But it's also within sight of inflation-adjusted highs of around $80 a barrel set in the late 1970s and early 1980s following the gas crisis and the Iranian revolution.

U.S. average gas prices moved closer to the $3 a gallon mark Friday as spot shortages were reported along the East Coast.

Gasoline averaged $2.855 for a gallon of regular Friday, up 35 cents, or about 14 percent, in the last month, according to AAA, the consumer group formerly known as the American Automobile Association.

The shortages were not expected to be serious however and were blamed on seasonal changes in gasoline formulas.

Gas prices closely follow crude prices, which have jumped about 19 percent this year, mainly on political uncertainty or violence in Iran, Nigeria, Venezuela and Russia - all major producers. Oil prices soared 45 percent in 2005.

Iran has been at the forefront in recent weeks as it tangles with the West over its nuclear program.

Friday passed with no easing of the tensions in sight.

Iran's president said the country would rely on domestically produced gasoline starting this fall, a move that was seen as an attempt to insulate the country against sanctions, which the U.S. has been pushing for, Reuters reported.

The U.S. said Friday that Russia must halt a planned sale of surface-to-air missiles to Iran. An American official said the Islamic state had "both feet on the accelerator" with its nuclear program, according to Reuters.

Iran says its nuclear program is intended for civilian purposes, while many western countries say its intended to build a bomb and President Bush has refused to rule out a preemptive nuclear strike on the country.

The situation in Nigeria is also pushing up prices, as nearly one quarter of the country's high-quality crude is shut in due to tensions with militants, who want more control over how the country's oil wealth is dispensed.

The militants, who operate in an oil rich but impoverished area of the country, have reportedly set a deadline of April 25 before they renew attacks on government and oil facilities in the country.

But politics is only part of the story with crude prices. Oil has been on a charge for the last few years, more than tripling in price since the start of 2002.

Big fund money, faced with low global interest rates and a lackluster U.S. stock market, have helped fuel the rise as they chase returns in all types of commodities, including oil.

And fundamental supply and demand has also played a big part as discoveries of new, easily recoverable supplies have failed to keep pace with ever rising demand from the U.S. and developing countries like China and India.

l breaks through record $75

Bwana
04-21-2006, 10:23 PM
Talk to Hamas Jenkins about it, his old POS Taurus gets shitty mileage and he takes it on needless golf trips.....selfish prick.

Donger
04-21-2006, 10:25 PM
Talk to Hamas Jenkins about it, his old POS Taurus gets shitty mileage and he takes it on needless golf trips.....selfish prick.

ROFL

Skip Towne
04-21-2006, 10:25 PM
Talk to Hamas Jenkins about it, his old POS Taurus gets shitty mileage and he takes it on needless golf trips.....selfish prick.
That guy had you about as mad as I've ever seen you. Is he that good?

Donger
04-21-2006, 10:25 PM
ROFL

He'd walk, but he doesn't want to dull his spikes.

Donger
04-21-2006, 10:26 PM
That guy had you about as mad as I've ever seen you. Is he that good?

He's the same guy that claims that minorities are FORCED not to vote. That's some pretty good sh*t.

Over-Head
04-21-2006, 10:27 PM
I just filled up and it cost me $53.00 @ $1.179L
Thatís $4.48 gl.
And going up 5 cents tonight.
What really po's me is the fact the Hibernia platform sit's off our cost, shipping all our oil down south of the border.
Ya gotta love it!

Donger
04-21-2006, 10:30 PM
I just filled up and it cost me $53.00 @ $1.179L
Thatís $4.48 gl.
And going up 5 cents tonight.
What really po's me is the fact the Hibernia platform sit's off our cost, shipping all our oil down south of the border.
Ya gotta love it!

Yeah, but you've got 'free' health care.

Quit your bitching.

Pitt Gorilla
04-21-2006, 10:32 PM
Talk to Hamas Jenkins about it, his old POS Taurus gets shitty mileage and he takes it on needless golf trips.....selfish prick.Was that the thread where the CP geniouses were bragging about how bad gas mileage their cars got? It's like a freakin' Mensa colony around here.

Bwana
04-21-2006, 10:33 PM
That guy had you about as mad as I've ever seen you. Is he that good?
Nope, it's just that I don't want some snot nose little douche bag trying to tell me what I can or can't drive. Or if I want to drive a truck or SUV, it's going to cost me and extra 8k a year. Most of what I like to do is in the outdoors and requires that I have a (GOD Forbid!) powerful truck or Suv to pull my ATV trailer. My bet would be that goofy bastard has never even been in the mountains and would last about a day before they killed him. About the only other thing that would get me going like that is someone posting about taking away all my guns.

Over-Head
04-21-2006, 10:35 PM
Yeah, but you've got 'free' health care.

Quit your bitching.
Yep, but it ain't so free with a pack of smokes going for $8.00 (cheapest out there right now is $7.78,) and a 12 pack of Coors Light only set's me back $11.50. Go for bid I want to not pay $38.50 for a 40oz bottle of hard spirits. Our "Free health" comes from tobacco and booz tax.

Bwana
04-21-2006, 10:36 PM
Was that the thread where the CP geniouses were bragging about how bad gas mileage their cars got? It's like a freakin' Mensa colony around here.

That would be the thread where some shit for brains was trying to tell us that we all needed to pay 8k a year to drive any vehicle that gets under 28 MPG.

Donger
04-21-2006, 10:38 PM
Nope, it's just that I don't want some snot nose little douche bag trying to tell me what I can or can't drive. Or if I want to drive a truck or SUV, it's going to cost me and extra 8k a year. Most of what I like to do is in the outdoors and requires that I have a (GOD Forbid!) powerful truck or Suv to pull my ATV trailer. My bet would be that goofy bastard has never even been in the mountains and would last about a day before they killed him. About the only other thing that would get me going like that is someone posting about taking away all my guns.

He's young (apparently) and idealistic. He'll learn. He's got a solid mind, but not much real-world experience.

Thankfully, I've mellowed since my youth in the other direction. I was absolutely convinced that I'd be like that Emperor dude in Star Wars by the time I was 25.

It may take until I'm 40, however.

Donger
04-21-2006, 10:39 PM
Yep, but it ain't so free with a pack of smokes going for $8.00 (cheapest out there right now is $7.78,) and a 12 pack of Coors Light only set's me back $11.50. Go for bid I want to not pay $38.50 for a 40oz bottle of hard spirits. Our "Free health" comes from tobacco and booz tax.

Yeah, but it's free.

Skip Towne
04-21-2006, 10:41 PM
That would be the thread where some shit for brains was trying to tell us that we all needed to pay 8k a year to drive any vehicle that gets under 28 MPG.
I hope he starts a thread aimed at taking away your guns. Just to watch you dance. I'm PMing him right now. :p

Simplex3
04-21-2006, 10:41 PM
http://www.chiefsplanet.com/BB/attachment.php?attachmentid=56406&stc=1

Bwana
04-21-2006, 10:53 PM
I hope he starts a thread aimed at taking away your guns. Just to watch you dance. I'm PMing him right now. :p

heh! I would see that one from a mile away you old bastage. :moon:4321:D

Donger
04-21-2006, 11:04 PM
BTW, we're getting close but still not as high as it's ever been adjusted for inflation.

BigMeatballDave
04-22-2006, 03:40 AM
YOU ****ING SUV WHORES!!1!

Simplex3
04-22-2006, 08:31 AM
Oil has been hitting record highs in recent sessions, unadjusted for inflation...
By this (retarded) standard gum is spiking at an all time high too! Oh noes!!!!1!!!!1!!!!

Dunit35
04-22-2006, 08:33 AM
It's funny that in my Political Issues class Wednesday, we had a test question about the new record for oil and it was like $73.51.

KingPriest2
06-11-2008, 03:16 PM
bump

StcChief
06-11-2008, 03:17 PM
enough of this depressing oil/gas prices BS