US oil hits post-Iraq war high on cold, dollar

[DuctapeFatwa]

World oil prices rose sharply again yesterday, trading at a post-Iraq war peak on worries that a cold snap in the United States will further bite into US crude inventories that are already near five-year lows.

Also sustaining oil prices was further weakness of the dollar against other leading currencies, encouraging speculators to push cash into oil and other commodities.

US crude price by 1430 GMT was up 57 cents at $34.35 a barrel, its highest since just before the invasion of Iraq, sustaining the strength that last year pushed prices to the highest annual average in more than two decades. London Brent crude rose 50 cents to $31.39 a barrel.

"We are seeing prices now that we would normally see only during wars or in times of extreme political unrest," said Frederic Lasserre, energy analyst at Societe Generale in Paris. "The driver clearly has been US heating oil, which has outperformed the rest of the complex because of low inventories and the forecasts for colder weather."

http://www.kuwaittimes.net/today/business.shtml#6

[Mountainman]

1. US heating oil, which has outperformed

Does this mean heating oil is making them the most profits? If so doen't it seem that they are munipulating the supply forcing the price up?

I understand that if there is a low supply and large demand that prices rise but do profits rise in proportion to price? Why should they not stay at the same % of sales? It has to be price munipulation. Oil companies see a shortage or cause one then raise the profit margin percentage higher that the percent rise in costs.

[nadinbrzezinski]

2. There is the issue of Peak Oil as well

we hit it three yaers ago, according to some experts,

From now on the road is down on anual productions.

Yes Carter was right, we needed to develop alternate sources back then, not now

[Oggy]

3. No government will admit to peak Oil

Can you imagine the panic/unrest if everyone was fully aware of the implications. I personally think everyone needs to know because our remaining Oil resources need to be used to used to produce alternative power sources, not to line the pockets of the rich.

[modrepub]

5. When I owned Texaco

I noticed that rapid changes in oil prices usually meant lower profits. I think it depends on the company. Sunoco has no production fields and typically does poorly when oil prices rise. Those companies with well developed oil reserves probably do better when prices rise.


"If only more of today’s military personnel would realize that they are being used by the owning elite’s as a publicly subsidized capitalist goon squad."

–Major General Smedley Butler, USMC

[ConcernedCanuk]

4. Sh_t !! "POST - Iraq War" - the war never ended - brainwashing continues

.
.
. Isn't referring to the Iraq Invasion / Occupation as "post" Iraq war like calling the war over in Vietnam after the first few months or so ??

All them 2000 tonnes of munitions they dropped on Iraq in the first few months was the START !!

But the Media continues the illusion that the "war" is over.

It ain't over by a long shot

(end of rant)