Dump your real American, full size, smooth riding highway car, like mine, and start driving one of the new Kerry-Edwards 4 Wheel Bathtubs, which will save gas but, have you at your local chiropractor's office in less then 3 days
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| Home Front: Economy |
| Oil Prices Hug $51 Mark in Asian Trade |
| 2004-10-06 |
| Oil prices hugged the $51 mark in early Asian trade Wednesday, ahead of a key report in Washington on the level of commercially available oil in the United States - the world's largest consumer of crude. Crude prices stood at $50.95 in after-hours trading on the New York Mercantile Exchange for November delivery after settling at $51.09 overnight. It hit an intraday high of $51.29 in Tuesday's floor trade. uesday's surge came amid concern among traders about violence in oil-producing giants such as Nigeria and Iraq, and over the slow pace of recovery in Gulf of Mexico oil output - still around 3 million barrels per week below average since Hurricane Ivan hit in mid-September. Oil prices are nearly 70 percent higher than a year ago, but when adjusted for inflation, still remain around $29 below the level reached in 1981. ---snipped--- |
| Posted by:Mark Espinola |
| #12 Some additional news on the international copper supply and price situation via the link. Save those pennies! |
| Posted by: Mark Espinola 2004-10-06 2:05:54 PM |
| #11 One very, very small 16 year old kid who just got his learners permit, and three other 2 year olds. lol |
| Posted by: Mark Espinola 2004-10-06 1:39:45 PM |
| #10 Mark how many clowns got out of that thing? LOL |
| Posted by: Sock Puppet of Doom 2004-10-06 1:34:57 PM |
| #9 2b, in addition to being in the dark, freezing, roasting & pulling the computer's plug, you forgot one item. Dump your real American, full size, smooth riding highway car, like mine, and start driving one of the new Kerry-Edwards 4 Wheel Bathtubs, which will save gas but, have you at your local chiropractor's office in less then 3 days lol |
| Posted by: Mark Espinola 2004-10-06 12:49:24 PM |
| #8 agree..interesting. Well - I'm going to go turn of lights, turn off the AC and shut down the puter to make sure my bill doesn't rise accordingly. |
| Posted by: 2b 2004-10-06 12:35:23 PM |
| #7 Mike, thank you sir, but I noticed I made a few goofball typos through, sorry about that, it must be this keyboard. (always blame the keyboard never the fingers) |
| Posted by: Mark Espinola 2004-10-06 12:31:56 PM |
| #6 Thank you, Mark! Your lengthy #3 comment was far, far more insightful and thought-provoking than the article. |
| Posted by: Tom 2004-10-06 12:23:29 PM |
| #5 Two words, Benjamin: nuclear power. |
| Posted by: lex 2004-10-06 12:19:59 PM |
| #4 Mike, I agree 100%, and going to the supermarket these days is no bargain either. The prices are 'adjusted for inflation' and are high! |
| Posted by: Mark Espinola 2004-10-06 12:18:13 PM |
| #3 Being that we are only in the first week of October and crude oil is over $50 a barrel should be food for thought when it this winter is a cold snowy one, and those of us in the Northeast jack up the heating oil or natural gas bills. As I type this crude oil is at $51.35. Heating oil is already at $1.41 a gallon and could climb much further contingent on usage and other 'global' factors. Natural gas is not cheap either with December contract listing today at $7.980 per 10,000 MMBtu (million British thermal units) and Jan-05 is listing even higher at $8.390. In other words, not inexpensive for early autumn prices. I could get considerable more technical but there is no purpose. The comment in the article "Any prolonged supply disruption is likely to push prices even further up." will indeed transpire for another key geostrategic reason, Iran, Opec's number two oil exporter, is going to have to be dealt with over its blatant drive for offensive nuclear weapons. Even though America is not dependant on Iranian crude, Japan and E.U. nations do import large volumes. Once again winter is not even here yet. Other major Opec exporters are also being keenly viewed by oil traders such as Nigeria, Saudi Arabia, and Venezuela for additional disruptions in supply flows this winter. It seems no matter how many Iraqi oil pipelines are blown up by Iranian backed terrorists, the energy trading market has already factored in most of those losses. Yet another petroleum point to ponder is the following from quote from a leading energy trader, Phil Flynn, "Today's New York Times reports that Europe is worried about Russia's influence over their natural gas market. Russia has the world's largest supply of natural gas and because of that, they hold a huge economic influence over the European Union. The E.U. is seeing their dependence grow even stronger on the Russians with 44% of their natural gas and 18% of their crude oil requirements coming from Russia." The recent rash of hurricanes which slammed into the Gulf of Mexico only caused prices to make another bullish run. In terms of another quote in this Bloomberg new item, "Every other investment vehicle has disappointed over the last 12 months." That is not entirely true, since copper prices in one year have shot up from around 68 cents to $1.43 caused surge in demand from Red China,the world’s biggest user, continues to erode inventories of the metal used to make electrical wiring and power cables. They have a housing/construction boom taking place pushing copper to nine year highs. Purchasing.com reports "Inventories at warehouses monitored by the LME have slid 76% this year and are close to 100,000 metric tons, which is a 14-year low." In addition to copper, the price of silver is on the move upward, coupled with other metals required for construction. If things get rough out there gold could rise much higher as well. During the early summer soybeans, corn and wheat price rose dramatically as well, with the largest importer being, you guessed it, Red China. If oil prices remain at these current levels or higher that ugly word 'inflation' will really begin to claw at the American and world-wide economies. I could list numerous other components for additional increases in future energy costs, but would it be relevant :)  Happy motoring |
| Posted by: Mark Espinola 2004-10-06 12:15:18 PM |
| #2 Mark- Nothing personal, but the next time I see a comment about oil prices that includes the words "adjusted for inflation", I'm gonna freaking lose it. My pay hasn't been adjusted for inflation, and I still gotta pay $2.00/gallon. Mike |
| Posted by: Mike Kozlowski 2004-10-06 12:03:41 PM |
| #1 "...but when adjusted for inflation, still remain around $29 below the level reached in 1981" Okay, Mark, I give up: why is this article relevant to anything? Is it because it shows how high Jimmy Carter drove up oil prices? |
| Posted by: Tom 2004-10-06 8:36:53 AM |