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Discussion in 'Channel Zero' started by metallix, Mar 17, 2004.

  1. metallix

    metallix Elite Member

    Joined: Oct 7, 2001 Messages: 2,955 Likes Received: 1
    Oil Ends at Highest Price in 13 Years
    U.S. gasoline supplies are running 5 percent below the five-year average, sparking concerns refineries will struggle to build supplies in time for summer holiday driving demand.

    Wed Mar 17, 2004 03:57 PM ET

    NEW YORK (Reuters) - U.S. oil prices roared to its highest closing price in over 13 years on Wednesday as a drop in already low gasoline inventories sharpened the threat of a supply crunch that could hurt economic growth.
    U.S. light crude futures (CLc1: Quote, Profile, Research) rose 70 cents to settle at $38.18 a barrel, nearly two percent higher. In London, May Brent crude (COK4: Quote, Profile, Research) ended 85 cents, or 2.6 percent, up at $33.53.

    It was the highest settlement for U.S. crude since October 1990.

    Prices jumped after the Energy Information Administration, an arm of the U.S. Department of Energy, released its latest snapshot on the world's biggest oil market. The report showed a further 800,000 barrels decline in gasoline stocks to 199.6 million barrels.

    U.S. gasoline supplies are running 5 percent below the five-year average, sparking concerns refineries will struggle to build supplies in time for summer holiday driving demand.

    "What we're seeing now is that some funds had moved to the side making sure there wasn't a bearish surprise and now they are rotating back into the long side," said Jim Ritterbusch, president of Ritterbusch and Associates.

    U.S. light crude prices have averaged almost $35 a barrel so far in 2004, well above 2003's average price of $31, which was the highest in more than two decades.

    At the day's settlement, crude futures had risen $4.31, or nearly 13 percent, since Feb. 10, when OPEC decided it would cut official production quotas by 4 percent from April 1.

    OPEC cuts plans and rocketing Asian demand from China and India have combined to push prices to levels which consuming countries fear could hurt economic growth.

    The head of Germany's export industry association said on Tuesday that oil prices pose a bigger risk to Germany's economic recovery than the euro's exchange rate.

    The surge in price led the United States to spend an extra $200 million on oil in January versus December, even though it imported eight million fewer barrels, according to the U.S. Commerce Department.

    In January, the U.S. trade deficit widened to a record $43.1 billion. Economists say the oil price surge was the spoiler. Continued ...

    © Reuters 2004. All Rights Reserved.

    BOZACK Member

    Joined: Oct 19, 2003 Messages: 999 Likes Received: 0
  3. villain

    villain Veteran Member

    Joined: Jul 12, 2002 Messages: 5,190 Likes Received: 2
    I ain't even sweatin it dog. I'm already on some Mad Max shit.

    I gotta wonder though if this is some kinda scam to get people to pay more. I mean come on.... we just built a damn pipeline in Afghanistan and we just took over iraq. Nah... I think this is a conspiracy of the single oil power which is the United States.
  4. Æ°

    Æ° Senior Member

    Joined: May 12, 2002 Messages: 1,974 Likes Received: 6
    Now I can finally have a good answer when people ask me why the fuck I bought a volkswagen golf.
  5. deph

    deph New Jack

    Joined: Jul 29, 2002 Messages: 0 Likes Received: 0
    It sounds like one of those Armegedon trips again. Sit back and enjoy whats on offer today.
  6. $360

    $360 Elite Member

    Joined: Oct 2, 2002 Messages: 2,600 Likes Received: 1
    OH SHIT!

    *turns and runs in the diection of canada*
  7. Abracadabra

    Abracadabra Dirty Dozen Crew

    Joined: Dec 28, 2001 Messages: 22,906 Likes Received: 113
  8. LaCosaNostra

    LaCosaNostra Senior Member

    Joined: Feb 3, 2004 Messages: 2,191 Likes Received: 0
    are you fucking kidding me....another PeakOil thread!?! We're fucked regardless...don't worry about it//////////////./././././///////////////////./.

  9. suburbian bum

    suburbian bum 12oz Loyalist

    Joined: Jan 30, 2001 Messages: 14,673 Likes Received: 3
    Funny thing is that the 1.69 a gallon I am paying here at the "highest price in history" is still cheap as hell compared to like the 1.10 a liter they pay in many other countries which equals close to 4 bucks a gallon.