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Oil prices at a brand spankin' new high!

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posted on Aug, 10 2004 @ 07:26 AM
Again, the oil prices have gone up. What does this mean for you and me? Well, first off, we will be paying out of our ears, most of us will not be able to afford it, and it is a pain in the butt!
U.S. light crude reached $44.99 a barrel early Tuesday -- the highest since futures began trading on the New York Mercantile Exchange in 1983 -- before easing 10 cents to $44.74.

In London, Brent crude for September delivery was trading at $41.41 a barrel, down from Monday's record high of $41.70.

Oil prices have risen sharply since the early 2002 level of about $20 a barrel. But after adjusting for inflation, they are still well below the levels reached in the "oil shock" of the early 1980s.

According to the U.S. Department of Energy, the average price of oil in 1981 was $31.77 a barrel, or about $60 in 2004 dollars. The February 1981 peak price of $39.00 equals about $73.50 today.

Please visit the link provided for the complete story.

74 bucks for a barrel of oil!

That is insane, and should be outlawed, there should be tighter limitations put into place for the cost of oil.

I, for one, will start digging up my backyard tonight.

Related News Links:

[edit on 8-10-2004 by Valhall]

posted on Aug, 10 2004 @ 07:55 AM
That's one reason why a war with Iran would be a bad idea.

One of the reasons for the high oil prices is the war in Iraq has destabilized one of the largest oil exporters.

If another major oil exporter is destabilized due to war, $45 per barrel may seem like a bargain.

posted on Nov, 3 2004 @ 04:50 PM
hope no one minds me bringing up an old topic, didn't see the need to create a new one.

Bush Win Sends Oil Near $51 a Barrel

But with today's rise in oil prices, I wonder how much higher can it get?

With Bush re-elected does this guarantee record highs in the next few months? Would Kerry have made a difference???

any thoughts?

posted on Nov, 3 2004 @ 05:48 PM
Not related to Bush victory more because of exsisting market conditions.

While the American presidential election generated market speculation about which direction oil prices were headed up on a President Bush victory, down on a John Kerry triumph, some predicted traders said Wednesday they were more focused on existing market conditions.

Oil production in the Gulf of Mexico is recovering seven weeks after Hurricane Ivan pounded the region and traders anticipate a boost in heating oil output before the month is up. But uncertainty about international oil supplies persists:

  • The chief executive of Russian oil giant Yukos said the company is close to insolvency.
  • Iraqi oil officials said exports from the north could suffer for 10 days as a result of an attack on a key pipeline.
  • And, in Nigeria, a strike scheduled for later this month is a potential threat to the countrys oil exports.

Moreover, after a sharp move lower in the past week, traders said there was a growing consensus that perhaps prices fell too far, too fast. The report of a reduced rate of production at a refinery in St. Croix, U.S. Virgin Islands, also pushed energy prices higher on Wednesday, traders said.

Also remember these prices are a far cry from the record highes on 10/22 of $55.17

[edit on 3-11-2004 by BlackJackal]

posted on Nov, 5 2004 @ 05:02 PM
Yesterday the price of a barrell of Oil fell $2.06 to $48.82

I guess Bush is doing just fine

[edit on 5-11-2004 by BlackJackal]

posted on Nov, 16 2004 @ 07:34 PM
Oil Fell to 8 week Low today settling at $46.11

This kinda flies in the face of the conspiracy that Bush was going to lower Oil prices before the election and raise them afterword doesn't it thetickercode=

posted on Nov, 16 2004 @ 07:37 PM
It's not smart to crow about falling oil prices when they're falling from a ridiculous high.

This is not good, it's just less bad.

posted on Nov, 16 2004 @ 08:14 PM
Do those prices have anything to do with reality anyway? Just like the Fed setting the interest rates, someone decides what most benefits those in power, and the prices go up or down. No matter what, corporations (the peeps with the biggest stake in the Bush regime) make money.


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