Oil prices jump AGAIN

[greenbriar]

http://news.yahoo.com/news?tmpl=story&u=/ap/20040601/ap_on_bi_ge/oil_prices_9

Oil Prices Climb After Fatal Saudi Attack

53 minutes ago Add Business - AP to My Yahoo!


By BRAD FOSS, AP Business Writer

WASHINGTON - Oil prices surged more than $1 per barrel Tuesday, the first day of trading since terrorists attacked Western oil workers in Saudi Arabia over the weekend, killing 22 people.




It was the second such attack in one month and renewed traders' fears that terrorists operating in the Middle East might target oil industry infrastructure and workers in an effort to disrupt the global supply chain. These concerns have propped up prices $5 per barrel or more in recent months.


Analysts say other factors that have kept the cost of oil around $40 a barrel in recent weeks include the unexpectedly strong global demand for oil, constraints in the U.S. refining industry, market speculation by hedge-funds, and the Bush administration's unwavering refusal to release crude supplies from the nation's Strategic Petroleum Reserve.


In early trading Tuesday, light crude for July delivery rose $1.32, or 3.4 percent, to $41.20 per barrel on the New York Mercantile Exchange.


On London's International Petroleum Exchange, Brent crude from the North Sea traded $1.64 higher at $38.22 per


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[Jack_Dawson]

1. Good thing Bush has stabilized the Middle East...

:eyes:

[greenbriar]

2. so

true



hey just curious, how did you pick Jack Dawson as a user name?


My f-I-L is Jack Dawson

[Jack_Dawson]

4. Your...

f-i-l?

[greenbriar]

7. father

in Law

[Deja Q]

3. Will the $1 go to extra troops? Or Halliburton's extra wallet?

:shrug:

x(

[Alerter_]

5. Peak oil is just a conspiracy theory

move on!

[BeFree]

6. Yep. Conspiracy theory

Hey! Did ya hear Shell just said they have increased their reserve estimate again? NOT!

I'm guessing Saudi Arabia's wells are pumping a bit less each day than the day before. Course we'd never hear about if if'n they did. Man, we coulda been ready for this, but NO, people can't handle the truth, eh?

[Cessna Invesco Palin]

8. This is not peak oil.

This is a reaction to the political climate. Peal oil is coming, no doubt about it, but this ain't it.