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Fly me to the moon..... Crude Oil is sky rocketing

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posted on Feb, 24 2011 @ 02:44 AM
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Unbelievable, Libya controls like 2 % of productions of crude oil. Anyways here is the latest:

At $117.36/barrel when I posted this

Marketwatch Crude Oil Link

Then we also have Foxbusiness telling us it may go over 200 a barrel!!


According to a new report from Tokyo-based Nomura, a simultaneous production halt from embattled Libya and neighboring Algeria would reduce OPEC spare capacity to 2.1 million barrels a day and may cause crude to spike from about $97 a barrel today to $220 a barrel. Read more: www.foxbusiness.com...


The market is going haywire, be interesting to see what gas goes up to....



-Kdial1


edit on 24-2-2011 by kdial1 because: (no reason given)




posted on Feb, 24 2011 @ 02:56 AM
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Big Oil doesn't like to waste an opportunity to gouge at the consumer pockets when it can.

Damn I wish we lived in a free-energy system; not this forced carbon-burning alternative :/ Time for an energy revolution.



posted on Feb, 24 2011 @ 04:06 AM
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I'm filling my tank today before it gets any worse. I normally run my car on the bare minimum like £10 at a time. That gets me just over 7 litres now. Tough times ahead. Whats gonna happen if this form of unrest takes place with a bigger supplier?

Time to buy a bicycle I think.



posted on Feb, 24 2011 @ 04:07 AM
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Just makes me smile at the fact I don't drive anymore...losing your license can be a disguised blessing



posted on Feb, 24 2011 @ 04:09 AM
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I had to sell the car of my dreams and purchase one with only a 1.0 litre engine size because of bloody petrol prices here in the UK, like $10 gallon now, bummer!

It gives me 60mpg rather than 22mpg but I still filled it's little tank last night because of this Middle East nonsense!

Most of my gadgets at home are now charged by or powered by Solar Power, just wish we could get off this Oil sillyness around the World!

Now where's Mr Steven Greer and What's he up to with his zero point energy stuff?



posted on Feb, 24 2011 @ 04:09 AM
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Originally posted by Big Raging Loner
I'm filling my tank today before it gets any worse. I normally run my car on the bare minimum like £10 at a time. That gets me just over 7 litres now. Tough times ahead. Whats gonna happen if this form of unrest takes place with a bigger supplier?

Time to buy a bicycle I think.


I guarantee you that this is the most common thing running through almost every person in the UK's head.

Wont be long before the pumps run dry I bet.


edit on 24-2-2011 by XXXN3O because: (no reason given)



posted on Feb, 24 2011 @ 04:12 AM
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reply to post by XXXN3O
 


I agree. Panic buying is definitely going to happen. I want to get in early while I have two days off. It cost me £8 to get a taxi to work last week so I think filling the tank is my best option.



posted on Feb, 24 2011 @ 04:13 AM
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reply to post by Big Raging Loner
 


The most ridiculous thing I have seen lately is the prices in my local village, £1.45 per litre! I drive into the city where its a mere £1.25 per litre to get my fuel as its cheaper to fill the tank there than it is to do small top ups at my local petrol station.

Crazy times.
edit on 24-2-2011 by XXXN3O because: (no reason given)



posted on Feb, 24 2011 @ 04:24 AM
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From Northampton town centre to my house is 1.1 miles, along one straight road.

I got a taxi there once home as I sprained my ankle so couldn't walk home.

Guess how much for less than 5 minutes along this 1.1 mile straight road with no traffic?

£9.10 lolol

What a fu**ing joke!



posted on Feb, 24 2011 @ 04:31 AM
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Originally posted by YouAreDreaming
Big Oil doesn't like to waste an opportunity to gouge at the consumer pockets when it can.

Damn I wish we lived in a free-energy system; not this forced carbon-burning alternative :/ Time for an energy revolution.


You bet! BP certainly has to make up the billions it lost in the cleanup efforts...

-Kdial1



posted on Feb, 24 2011 @ 09:12 AM
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reply to post by minkey53
 


I just heard that here in the UK they rely on Libya for almost 10% of oil!! All over Radio 2 they are talking about sending troops to protect Britains interests in Libya.

Trading the Lockerbie bomber better have been worth it....lol

Also, I feel bad for the US, they do not have a rail system like there is here in the UK.

-Kdial1



posted on Feb, 24 2011 @ 09:35 AM
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Climactic move overnight to $103+ in lt sweet crude. Time for profit taking....but I wouldnt be surprised to see us close > $100 today (currently in the low $99 area...sharp reversal fr the high).



posted on Feb, 24 2011 @ 09:39 AM
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reply to post by kdial1
 

Libya supplies 1.6% of the world's crude oil and virtually all of it goes to Europe (mostly Italy), The $117+ price that you quoted is for the Brent (north sea) contract which also is more europe sensitive. Generally we quote WTI Lt Sweet Crude here in the states....$103.65 high and over $4 lower from the overnight high currently( April delivery mo ).



posted on Feb, 24 2011 @ 02:04 PM
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Oil has dropped nearly $7 from the overnight high which was a ~62% (fibonacci) correction of the drop from the 2008 high to its sell off low....as per an earlier post. ETFs are dumping oil; profit-taking. Caveat trader.



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