Oil prices jump after Iraq pipeline blast

[NNN0LHI]

http://story.news.yahoo.com/news?tmpl=story&u=/afp/20030801/ts_afp/oil_price&cid=1503&ncid=1480

NEW YORK (AFP) - Oil prices put on a late surge in anxious pre-weekend trade, marked by supply fears and yet another pipeline sabotage in Iraq (news - web sites), analysts said.

New York's benchmark light sweet crude contract for delivery in September leapt 1.77 dollars to 32.31 dollars a barrel.

In London, Brent North Sea crude oil for September delivery was up 1.53 dollars at 29.90 dollars.

"First we had reports of reduced output from Nigeria, then there are worries about a Venezuelan refinery and also reports of a pipeline being hit again," said Refco analyst Jim Still.

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[AntiCoup2K4]

1. How convenient.... and right when I'm about to go on vacation too.......

..... Shit! :evilfrown:

[Heddi]

6. but doesn't this happen EVERY SUMMER?

Prices get low around spring, and then Mid July-Early August (re: when everyone is taking vacations, playing on boats, being recreational), something BAD happens and oil prices suddenly have to rise again?

And then just as they go down in the fall BAM! winter happens---heating costs, don'tchaknow...and prices go back UP...

it's all programmed. Timed perfectly. Gas will never be cheap again. I wish they'd just admit that and stop jerking us around.

[Barrett808]

2. I was the first to rate it!

Heh. Everybody should rate.

[LearnedHand]

3. What a big...

...fucking surprise! It's TOTALLY amazing how incredibly responsive oil prices are to anything happening in the Middle East. Almost like a thermometer, no?

Funny how the prices don't come back UP as quickly... :mad:

[Fovea]

4. I guess that Poindexter is really cheezed.

He would have made a killing off this in the terrah fund.
Which brings me back to a reoccuring theme...
Weren't there some amazingly savvy players in the airline and oil markets just before 911?

[legin]

5. Jeeez

Assuming I got the right place 'cause it is spelt Bayji on my map as opposed to it spelt Baiji in the article.

If i went into Iraq it is probably one of the first places I would want to protect as it is a meeting point of four major pipelines. If they can't protect that what chance have they got protecting the thousands of miles of pipeline elsewhere.

http://www.cooperativeresearch.org/oil/countries/iraq.html
(map at bottom which can be clicked on to enlarge)

[NNN0LHI]

7. Not having much luck with it either

http://www.alertnet.org/thenews/newsdesk/4859159.htm

Iraqi gasoline pipeline ablaze north of Baghdad

BAIJI, Iraq, Aug 1 (Reuters) - Firefighters tried in vain to extinguish a blaze at a gasoline pipeline near the Baiji refinery in northern Iraq on Friday and U.S. authorities said they would have to shut down the line briefly. snip

U.S. military officers in the 4th Infantry Division, which controls the area around Baiji, said it appeared someone had been digging near the pipeline and had ruptured it, but it was unclear whether this had been diliberate or accidental.

"The fire is too large for the firefighting teams to put out," said Todd Pruden, the spokesman.

"We are still trying to shut down the line and get the fire under control."

Residents told Reuters the blaze began after an explosion and they claimed it was the work of saboteurs.

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[legin]

8. I guess the thinking must be

the u.s. is short of troops in Iraq as it is. Why waste them standing around protecting a section of the pipeline when the insurgents can just go a few miles down the road and blow the pipeline there instead.

Better to use those troops pro-actively to root out the insurgents.

[NNN0LHI]

9. How do you root out the "insurgents"?

I can't figure out how one tells an "insurgent", from the next guy. Honest. How do we tell?

Don