When oil was $50 a barrel, the market panicked. Now $70/bbl is good?!

[BurtWorm]

:wtf:


http://www.nytimes.com/2005/08/11/business/11cnd-oil.html?ei=5094&en=e68060af2b0e2aa5&hp=&ex=1123819200&partner=homepage&pagewanted=print


August 11, 2005
Oil Prices Continue to Surge, Hitting $66 a Barrel
By JAD MOUAWAD
For the third time this week, oil prices whizzed through a new high.

Crude oil prices on the New York Mercantile Exchange hit $66 a barrel in trading today. Oil first touched $64 a barrel on Monday and $65 a barrel on Wednesday.

"The market is so bullish that it's in accelerator mode," said Thomas Bentz, an analyst with BNP Paribas in New York. "It's feeding on itself. Seventy dollars looks like an achievable target without too much difficulties."

Crude oil for September delivery ended trading up 92 cents, or 1.4 percent, at $65.82 a barrel.

The latest surge came in reaction to news of more refineries unexpectedly shutting down in the United States. Refiners, which produce more gasoline in the summer to meet higher demand from motorists, have been operating at 95 percent utilization rates lately - a strain that has led to a string of outages, accidents and fires in recent weeks.

[GreenPartyVoter]

1. Hey, war is peace, up is down, black is white, evil is good...remember?

[Caleb]

2. Yep

WAR IS PEACE
FREEDOM IS SLAVERY
IGNORANCE IS STRENGTH

[skids]

3. Wrong is Right.

http://www.amazon.com/exec/obidos/tg/detail/-/B0001A9I5W/002-0679051-2516868?v=glance

Read the second review.

[happyslug]

4. I have that on VHS for 20 years (and DVD within the last year).

I always liked the movie, it is satire and most people do NOT understand Satire or Black Comedies thus you will see a lot of people saying their hated the movie.

On the other hand its points were while made and now escalated with a another period of oil shortage. Forgotten during the Oil Glut of the 1980s and 1990s, it is now a forecast of the future.