Oil tops $85 for the first time

[Lone_Star_Dem]

Source: CNNMoney

Recent reports have indicated that crude inventories are falling. Last week, the U.S. Energy Department reported that U.S. oil supplies declined in the week ended Oct. 5, while the International Energy Agency said that oil inventories held by the world's largest industrialized countries have fallen below a five-year average.

"One of the factors that has provided underlying support to oil prices in recent weeks has been concerns that if we move into the Northern (Hemisphere) winter that oil market conditions are likely to remain tight," said David Moore, commodity strategist at the Commonwealth Bank of Australia in Sydney.

Some analysts think the supply shortfall in last week's U.S. Energy Department inventory report is an anomaly. They doubt demand is as strong as recent forecasts by the department and the IEA suggest. These analysts expect oil prices will soon begin a seasonal decline to $70 a barrel, or lower.

Prices were also supported by worries that Turkey could take unilateral military action against Kurdish rebels in northern Iraq, following comments by the Turkish prime minister Friday that suggest Turkey will not worry about the diplomatic consequences of such an incursion.

Read more: http://money.cnn.com/2007/10/15/markets/bc.oilprices.ap/index.htm?postversion=2007101507

[Xenotime]

1. Goodbye to holiday travel.

[Javaman]

2. And think, it's only $15 short bucks to $100.

That's a couple a of meals with margarita's at Taco Cabana's. LOL

Drink hardy my mates, drink hardy.

[hatrack]

3. Make that $86

http://www.nymex.com

Interesting times.

[Lone_Star_Dem]

4. Ouch!

That's gonna leave a mark.

I read a report early this morning saying there was speculation of it hitting the $90 mark this week and I thought they were being unrealistic. Goes to show what I know.

[gratuitous]

5. Mission accomplished, baby!

And supplies are going to continue to be tight because of the wholly unforeseen circumstance of winter coming to the Northern Hemisphere.

[gateley]

6. Oil Hits Record High

Source: Forbes.com

LONDON -
Concerns about crude inventory levels in the U.S. and escalating tensions between Turkey and Iraq drove oil prices to an all-time high Monday.

The price of sweet crude oil for November delivery in New York rose to $85.39 a barrel in afternoon trading. It is the first time a barrel has passed $85. On Friday, oil closed at a record $83.69 on the New York Mercantile Exchange.

Last week oil prices, which have remained above $80 since the start of September, set new records, amid concerns that falling crude inventories in the United States could mean that there were insufficient supplies for the winter period. Threats from Turkey to invade northern Iraq to deal with rebels in the north of the country have also kept prices strong. As the area close to major crude oil pipelines, any conflict in the region could disrupt oil supplies form Iraq, which holds the world's third-largest oil reserves

Snip

Read more: http://www.forbes.com/home/markets/2007/10/15/oil-prices-update-markets-equity-cx_vr_af_1015markets28.html

[rodeodance]

7. this slow steady increase is the 'norm'.

[gateley]

11. Frogs boiling.....nt

[RUMMYisFROSTED]

8. Chimp is #1!

[brokensymmetry]

9. Amazing, isn't it?

Oil, the blood in the veins of our global economy,
is going up and up. And, with the exception of
a few items on the internet, such as this, we
hear nothing.

I suppose oil will pull back a bit in the short
term; but the long term trend is up. And Peak Oil
hasn't really bitten hard. Yet.

Wait a few years when it hits $200 per barrel, then
get back with me about oil prices.

[maxsolomon]

10. don't worry, we'll just print more dollars

nothing bad can happen to the american economy as long as we keep cutting taxes!

[NickB79]

12. Who would have thought a finite, non-renewable resource would start to run out?

I mean, knock me over with a feather! It's almost as if oil production is, well, peaking!

[CatholicEdHead]

13. What is that in Euros?

/eek

[ohio2007]

14. yet gas is $2.63 / gal

in my area

go figger.

At least we never had those predictions of $5 /gal in the summer of '07 comming true

[Strelnikov_]

15. No problems until the area under the production curve equals half the area

under the discovery curve . . .

Oh, shit . . .

[Make7]

16. The President "must jawbone OPEC members to lower prices." ( n/t )

[Harper_is_Bush]

17. Keep on going, don't stop. I want to see $100 before the year is out. n/T

[Fovea]

18. and one of my bikes was stolen last week.

coincidence? maybe not.

[Earth_First]

19. Yet the Northeast average gallon of gasoline remains at $2.76

$0.53 cheaper than one year ago today.

http://www.eia.doe.gov/oil_gas/petroleum/data_publications/wrgp/mogas_home_page.html

[ohio2007]

20. ya think with the value of the greenback falling below the Canadian dollar,

gas would be inching up daily.

guess we can always blame the oil companies for keeping prices artificially high since the days oil was $45/bbl

[KeepItReal]

21. and not one single oil tanker has been sunk in the Persian Gulf

now imagine the price if bush & co attack Iran and war breaks out in the Gulf.

[simpleone]

22. Glad I don't rely on cars for transportation

I use my bike or I walk. Gas is just 2 high to get a car.

[entanglement]

23. There's an all round commodities boom because the $ is weak...