Crude oil climbs to fresh record

The price of a barrel of crude oil has reached another record high in both London and New York.

US light crude added 16 cents to settle at $123.69 in New York trading, but in after-hours trade hit $124.61 a barrel.

Meanwhile in London, Brent crude settled 52 cents up at $122.84 a barrel, a settlement record.

Concerns over supply, forecasts of higher world energy demand and the weak value of the dollar have all been factors pushing up oil prices.

Earlier this week a report by Goldman Sachs said the price of crude oil could reach $200 a barrel in as little as six months, as supplies tighten.

To read the rest of the article: <link>

Personally, I think that we're being royally screwed.

They say that oil prices are increasing due to demand, and, availability. Then, why are no new refineries being built? How many, if any refineries are working at 100 per cent?

There's actually a glut of refined oil on the market. Last weekend, here, in Scotland, our one, and only, refinery closed, due to strike action - was there any shortages - NO, none at all, 60,000 barrels of processed oil was quickly shipped in, from Europe, and the mini crisis was over.

Imho, we're being conned!

Of course we are!! The refineries in this country have been reduced and no new ones proposed--Dems block it. None of the refinery groups are at full capacity. If the members of congress are concerned in the slightest way about the effect on their constituents why aren't oil wells off the coasts approved? Lots of oild out there---just ask Mexico for example.. Why are most of the small wells all over the country being shut down? I think it has something to do with buyers. How about ANWAR?? Not much but certainly better than none, isn't it?. A Catholic priest, working with oil companies off the North Slope, wrote a book about wells being capped soon after completion by the GOVERNMENT. Gull Island, and he wrote there is more oil there than in all the mideast. Is he lying?? What would the harvesting of that oil at $10 a barrel do to the world economy?? The Government ordered East-West oil lines be closed in the early 70's and voila, an oil (and therefore GAS) shortage. loooong lines, swearing, fights, and just general mistrust of the oil companies and disgruntlement.

Think ANYTHING will be done about it??

"Think ANYTHING will be done about it??"

Nope! Not unless some journalist gets the balls to do a big expose of it.

Shell/BP made £4bn ($8bn) profit in the first three months of this year, and people wonder just who is driving up the price of oil!!

As the cops say: "Look at who profits".

P.S. It seems strange to have you agreeing with me on something - maybe I should put a quid on the lottery! :)

Just listened to Glenn Beck.They were discussing that fact that when Russia killed a spy all Tony Blair could do was weasel a little.

They also said the US would be bowing down and kissing the ring of Saudi Arabia if we did not do something.We have plenty of oil off both coasts. We need to build our refineries.

The only thing they were wrong about is thaat Bush has already been kissing the Saudi ring and it has not helped a bit.

Hillary said in one of her speeches that we are being blackmailed,the same way the Enron mess was done in California. Speculators are driving up the prices and we are giving the oil companies tax breaks.

<link>

I just listened to some of it. You will get an earfull of the truth.

You will notice,she had 5 views,not one answer.Shows just how much people care.

MaryAnne:

Just listened to Glenn Beck.They were discussing that fact that when Russia killed a spy all Tony Blair could do was weasel a little.

They also said the US would be bowing down and kissing the ring of Saudi Arabia if we did not do something.We have plenty of oil off both coasts. We need to build our refineries.

The only thing they were wrong about is thaat Bush has already been kissing the Saudi ring and it has not helped a bit.

The point is MA, you don't need to build refineries, the refineries aren't running at anywhere near full capacity.

You note that there are no oil shortages anywhere, well, aside from Iraq, and they're squatting on top of one of the worlds' major supplies.

The world is swimming in bloody oil. There's the Caspian sea, the new big finds off of Brazil, a huge find off of the coast of the Shetland Islands, in Scotland, and many more - there are no oil shortages, you're being conned on oil prices.

It's speculators that are driving up the oil prices, and, many of the big oil companies are those same speculators - it's a cartel. You think that the oil companies don't have traders dealing in the markets? Of course they bloody do.

Sure, the US has lots of untouched oil fields, and, I believe that it has been its policy to leave them untouched, and use up everyone elses oil - makes sense.

Now, other countries are in the driving seat, and they want to see the US hit its own unused supplies.

Get the US into a panic mode, so that it opens up all its reserve oil fields, then hammer the price back down, and switch to the Euro - that's the US buggered and ripe for takeover. Just as Africa is coming up to the time for it to be taken over.

Just think what could happen if Russia decides to join the EU!

Think the US out of Europe, no military bases, maybe even out of NATO - all of the NATO forces out of Afghanistan, and Iraq, leaving the US to get on with it!! There's bigger wheels grinding in the world than a US election.

I did post about Russian deep oil drilling, posted it a few times, no-one took any notice, and that was last year!

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MaryAnne:

You will notice,she had 5 views,not one answer.Shows just how much people care.

They might have been like me, and considered it too long to have the time to listen to. I've stuck it into my favourites, after listening to some of it, and I'll have a listen, when I've got the time. Sounds interesting.[

in California the rates went up like crazy Enron manufactured a demand that was not there.

Too many large oil giants not enough of the Little guys Exxxon Mobil merger and all other mergers should have never have been allowed.

Same thing with the news networks to many large networks all singing the same frickin propaganda.

Eaxactly AIL,and not one person on this board paid a bit of attention. They are into .My guy is better than yours and we will lose this election.Or,rather,"They will."

I am bowing out of such an ignorant party.

Incidently, to say that the little guys have been pushed out, is not correct, the guy who drilled the first oil well, in the US, has started it up again, and is making sipping money out of it. A touch of the Beverly Hill brothers!

Wulk:

Incidently, to say that the little guys have been pushed out, is not correct, the guy who drilled the first oil well, in the US, has started it up again, and is making sipping money out of it. A touch of the Beverly Hill brothers!

The first oil well in the US was drilled in Pennsylvania by Colonel Edwin Drake.

Since that was in 1859, I'm fairly certain he's dead now...

Just going by an article I read last week.