Article

2008-02-19 Home Front Economy

Oil jumps above $100/bbl on refinery outage

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Posted by lotp 2008-02-19 16:52|| || Front Page|| [4 views ] Top

#1 $100 per barrel
For a second there I wondered if I had to import a donkey from the Gaza strip to handle my transportation needs

Posted by john frum 2008-02-19 17:14|| 2008-02-19 17:14|| Front Page Top

#2 heh - I'll go fix that ....

Posted by lotp 2008-02-19 17:30|| 2008-02-19 17:30|| Front Page Top

#3 Just remember that the "Barrel" refered to is not the 55 gallon drum we're familiar with, but is an arbitrary measure of 44 US gallons.
(Higher than it seems at first glance.)

Posted by Redneck Jim 2008-02-19 17:55|| 2008-02-19 17:55|| Front Page Top

#4 The cited article goes on to say "Oil prices are still within the range of inflation-adjusted highs set in early 1980."
That kind of thinking is B.S. -- the rising price of oil imports since 1973 has been a major driver of inflation. Might as well say, "Prices in general, after correcting for inflation, have not changed at all since 1980."

Posted by Anguper Hupomosing9418 2008-02-19 18:10|| 2008-02-19 18:10|| Front Page Top

#5 Have you noticed there's always the same set of excuses for rising oil prices? Cold weather: prices go as more heating oil is burned. Warm weather: prices go up as Americans drive more. If refineries don't explode, one of them is shut down for maintenance to make sure they don't explode in the future.
Bloomberg.com points at another factor, in plainer language: "Oil also rose as a weakening dollar prompted some traders to invest in commodities as a hedge against inflation."

Posted by Anguper Hupomosing9418 2008-02-19 18:16|| 2008-02-19 18:16|| Front Page Top

#6 See also REDDIT > THE OIL DRUM - WE WON'T STOP GLOBAL WARMING + FOUR BILLION CARS BY 2050; + NINE WAYS/REASONS GLOBAL WARMING CAN ***** HUMAN CIVILIZATION.

Posted by JosephMendiola 2008-02-19 18:54|| 2008-02-19 18:54|| Front Page Top

#7 OPEC, the commies, and the arab street are all tuned in to CNN® for the critical Wisconsin race! Each tick of the Obama bomb is tightening sphincters all over the world!

Posted by smn 2008-02-19 18:59|| 2008-02-19 18:59|| Front Page Top

#8 Tell me this: whis does crude oil cost more when its a REFINERY thats down? How does that cut crude oil production? If anything it backlogs it, meaning the cost should go down since they cannot sell it as quickly.

Gas prices should go up, but crude? WTF?

Speculators.

Posted by OldSpook 2008-02-19 22:36|| 2008-02-19 22:36|| Front Page Top

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