Oil and Gasoline Futures Reach 20-Year Highs

[UpInArms]

http://www.nytimes.com/2004/05/13/business/worldbusiness/13oil.html

Crude oil and gasoline futures rose in New York yesterday to the highest end-of-session levels in two decades after the Energy Department reported that gasoline supplies in the United States unexpectedly declined last week.

Inventories fell 1.5 million barrels, to 202.5 million in the week ended May 7, the report said. Analysts surveyed by Bloomberg News had expected an increase of 1.5 million barrels.

The International Energy Agency said global oil demand would keep increasing, propelled by accelerating economic growth and soaring Chinese energy consumption.

Crude oil for June delivery rose 71 cents, or 1.8 percent, to settle at $40.77 a barrel on the New York Mercantile Exchange, the highest since futures began trading there in 1983. It reached $40.92 a barrel during the session, the highest intraday price since Oct. 10, 1990, when Iraqi troops were in Kuwait.

Prices are up nearly 50 percent from this time last year.

...more...

hmmmmm..... let's see, who was President in 1983? RayGun
Who was President in 1990? Poppy Bush
and now? The Warp Resident

Any pattern emerging here?

[bluestateguy]

1. It's time to talk about price controls

Yes, price controls. I'm not interested in what the economists and the think tank computer peckers think about that either. The government should order that prices be lowered.

[TahitiNut]

2. I'd rather talk about nationalization of the oil industry.

:shrug:

[leftyandproud]

5. they don't work..

higher prices force people to conserve...people will be driving less this summer...they will avoid if whenever possible...this is the only way prices will come down. If we put a cap on prices, there will be ZERO incentive to conserve...people will buy more than ever, drive like crazy, start buying hummers again, and force a virtual elimination of all oil inventories...what happens then? Controls will eventually be dropped and we will be looking at $10.00 gasoline.

= dead economy

[The_Casual_Observer]

3. When was the last time that the economy got better as a result

of an oil shock like this? Not in my lifetime.

[bpilgrim]

4. they know whats comming

specially now that they see how EXPENSIVE the worlds 2nd LARGEST known oil reserves are going to be to bring to MARKET and PEAK OIL.

welcome to the FUTURE

peace