Oil hits one-year high of $37

[kysrsoze]

SINGAPORE (Reuters) - Oil prices rose to a one-year high Friday amid concerns political strife in Venezuela could spin out of control and expectations OPEC will keep its vow to cut output next month.

U.S. refiners made plans for possible supply disruptions in Venezuela despite assurances from OPEC's third-biggest producer that this would not happen. The Bush administration said it was "extremely concerned" about surging gasoline prices.

U.S. light crude rallied to $37.12 before backing off to $37.02 a barrel, after having settled 84 cents, or 2.3 percent, higher on the New York Mercantile Exchange on Thursday. Prices are at their highest since mid-March last year, just ahead of the U.S. invasion of Iraq. London Brent crude futures rose 29 cents to $33.18.

In a surprise announcement Thursday, Venezuela's ambassador to the United Nations, Milos Alcalay, said he was resigning in protest over the policies of President Hugo Chavez, lending his weight to demands that the left-wing leader yield to a recall vote.


http://money.cnn.com/2004/03/05/markets/oil.reut/index.htm

Sheesh, between this and the current job situation, things are looking BAD!

[kalian]

1. Just the beginning of peak oil....

nothing to see here...nothing to worry about.
Spend, citizen! Consume and obey!

[Virginian]

2. Don't buy Exxon/Mobile because... (input requested)

I got one of those "pass-this-on" emails that suggested that we avoid buying our gasoline from the largest gas company Exxon/Mobil.

The logic was that if they have to drop their prices to get more customers, the other companies will have to drop their prices as well. The net result would be that all gas stations would have to lower their prices.

I haven't heard of any oil companies going bankrupt or even hurting financially.

I am not an economist, I don't know if there is a fly in that logic or not. Can someone "who knows" either shoot down or support this concept?

[indypaul]

3. And remember

Dick Cheney told us that, "Ronald Reagan proved that
deficits don't matter." With trade and budget deficits
falling down around our ears, they do matter as to how
our economy is viewed by foreign investors and suppliers.
Simply more evidence why Bush must go. The question
now is can even the current situation, bad as it is, remain
in place until November when that task can and must be accomplished.

[bushisanidiot]

4. Thank Gawd We Invaded Iraq For Those Phantom WMD's!

wasn't a "side benefit" supposed to be cheaper oil??

10's of thousands dead and NOTHING to show for it but complete chaos and new terrorist recruits everywhere.

Way to go, George McDumbass!!