Rollerball

Title
Attacks in Middle East, Nigeria send oil to record $117.40

Link
Attacks in Middle East, Nigeria send oil to record $117.40: Financial News - Yahoo! Finance
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Excerpt

Monday April 21, 7:21 am ET

Oil prices spiked to a record $117.40 a barrel after a Japanese oil tanker was hit by a rocket near Yemen and militants in Nigeria claimed two attacks on pipelines.

The 150,000-ton tanker Takayama was attacked about 270 miles off the east coast Yemen coast in the Gulf of Aden while it was heading for Saudi Arabia.

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Comment:

Now they've gone too far.

Blow up as many innocent civilians as you want, but when you start messin' with our oil....

...I expect an emergency press conference from Dubya to blame this all on Iran any minute now.

The_Heretic

__________________

John McCain: "He's in Iraq... with a few centuries to kill."





You won't fight for the Bill of Right? Fine! I won't fight for you in the ballot box!

Rollerball

To what? Mission Accomplished?

The_Heretic

No, to $200 a barrell man!

That's the mark at which I think almost overnight will ring the deathtone of oil.

__________________

John McCain: "He's in Iraq... with a few centuries to kill."





You won't fight for the Bill of Right? Fine! I won't fight for you in the ballot box!

OldManOnFire

In my area of CA 87 octane gasoline is already at $4/gallon and diesel is at $4.39/gallon so we don't care about $4 gas...we are bracing for $5 fuel!

The world suppliers just barely supply enough oil/fuel as it is and this is done for many reasons. Any hiccup in acquiring the oil, processing the oil, or delivering the oil/fuel, and the entire system is disrupted.

Things we can assume will happen with about a 99.9% probability like Middle East fighting, natural disasters like hurricanes and earthquakes, world greed, etc. on a daily basis will only exacerbate the availability and costs.

The US military is the single largest consumer of oil products in the USA, and they wish to expand their operation, and they will surely take priority over the common citizens. My fear is that as time passes, and the US does nothing about our dependence on oil, and as these interruptions in oil flow happen, all of us are just digging a deeper and deeper hole. Part of the reason for our expensive fuel is due to the US military consumption, and in turn, this negatively affects all of us.

I think if the US and it's military wish to remain oil dependent, then they should pay a premium for their oil products instead of the average citizens paying the bill. The US military should be paying $6/gallon while common citizens pay $3/gallon...and this $3/gallon should be a cap on the general consumer.

Yes I know military spending comes out of taxes, but at least in this accounting, we will know more accurately what the military is actually costing us...

__________________
Did you know both our problems and the solutions can be found simply by looking in our mirrors...and...Never confuse the extraordinary stuff I think and write with that of a well-balanced person...

Jonesy

It is probably all a corporate-conspiracy. The oil companies stage these attacks, so they can profit even more.

OldManOnFire

How about a different perspective or logic??

Oil is in finite supply--this basically means every day there is less of the stuff to go around.

World demand is increasing and will continue for decades.

China and India with over a billion people each are just beginning their industrial development.

Soon China and India will far exceed US consumption in which currently the USA is the single largest consumer of oil products.

OPEC who controls about 2/3rds of the worlds oil resources decides production rates which therefore decides supply and demand which decides the price.


Now...considering this information...do you really believe any oil company needs to stage attacks?? Oil companies are in the enviable and absolute right place at absolutely the right time...they are just sitting back on cruise-control and enjoying the economic scenery...

__________________
Did you know both our problems and the solutions can be found simply by looking in our mirrors...and...Never confuse the extraordinary stuff I think and write with that of a well-balanced person...