Oil at 56 dollars a barrel and rising makes senate look to the Artic

news.yahoo.com.../ap/20050316/ap_on_bi_ge/oil_prices_40&printer=1

Oil prices jumped to a new record above $56 a barrel on Wednesday when traders reacted to shrinking fuel supplies in the United States and brushed off a largely symbolic effort by OPEC (news - web sites) to cool the red-hot market

OPEC has stated that they will also increase output in an effort to ease prices. My ass, it is a way to make more money from demand, not ease
prices.


and why is crude stockpiling and gasoline levels dropping????

The Energy Department said the nation's inventory of unleaded gasoline fell by 2.9 million barrels last week to 221.4 million barrels. However, that still leaves the market with 9 percent more gasoline than it had at the same time a year ago.

So I guess it is time to open the Artic reserves and let them start flowing....

reuters.myway.com...

The U.S. Senate on Wednesday voted to keep, in a broad federal budget legislation, the language that would open Alaska's Arctic National Wildlife Refuge (ANWR) to oil drilling. Although the Senate vote on Wednesday was a major step forward for supporters of drilling in ANWR, it remains unclear if the measure will win the full support of Congress.

It still has a long trip through the house, but it sounds like they are preparing for the stuff to really hit the fan if and when we go into Iran and/or Syria...

Exxon-Mobil posted record-earnings, combined with the current high price for oil they get I don't think there is much of an economic problem for them to start drilling oil in more expensive places...