Crude oil touches $55 U.S. a barrel

[seemslikeadream]

Fed chief says price won't hurt growth

U.S. heating oil futures hit record high

NEW YORK—Crude oil hit $55 (U.S.) a barrel yesterday as traders worried over thin heating oil inventories ahead of winter and Federal Reserve Board chairman Alan Greenspan predicted the soaring costs would not crimp economic growth like in the 1970s.

U.S. light crude settled up 17 cents at $54.93 a barrel in New York yesterday, after setting a new high of $55 during the regular session.

"So long as supply-demand fundamentals remain tight and inventories remain low, prices will stay strong or strengthen," said London energy consultant Geoff Pyne.

In Washington, Greenspan said: "The impact of the current surge in oil prices, though noticeable, is likely to prove less consequential to economic growth and inflation than in the 1970s." He added that over the long haul, technology and alternative energy sources will ensure demand is met.

Oil has risen $20 in less than four months, lately spurred on by a U.S. production outage in the Gulf of Mexico.
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[salinen]

1. I'd like to pour

a quart of oil down Greenspan's throat, and ask him if it tastes expensive.

[Cha]

2. Fuck greenspan ...mr andrea mitchell..and

the guy pumping my gas today was grumbling big time about the price of gas..$2.19 for regular..and he said the owner said it could be up to 3 or 4 $$ next year.

I said "alternative energy is looking so bad"..he said "yeah!".

[Union Thug]

3. Greenspan was spinning like his neocon brethren...

His argument as beautiful... you see high energy prices will eventually produce low energy prices. Gotta love these guys. YOu've just gotta love 'em. Well, I mean, if it were a national lampoon movie, anyway.

[demosincebirth]

4. I wonder how those redneck repugs (you know the kind) like filling up

their gas-guzzling pickups at 2+ dollars a gal. All the $ going to their hero's friends in the oil industry.