Chronicles Of Depression 2.0: #064

Oil nears $120 following labor and military strikes

VIENNA, Austria (AP) — Oil prices hit an all-time high near $120 a barrel Monday after a weekend refinery strike closed a pipeline system that delivers a third of Britain’s North Sea oil to refineries in the U.K.

The shutdown comes amid supply outages in Nigeria that have helped to support oil against a strengthening dollar.

“We’ve got a confluence of a number of events that have really disrupted crude oil supply,” said Victor Shum, an energy analyst with Purvin & Gertz in Singapore. “That’s what’s driving oil to a new record even though the U.S. dollar actually strengthened a bit.”

Light, sweet crude for June delivery rose to a record $119.93 a barrel in electronic trading on the New York Mercantile Exchange. The contract eased back to $119.04 a barrel by noon in Europe, up 52 cents from Friday’s close of $118.52.

Emphasis added by me.

Regular stalkers readers of this blog will wonder if this is an old story.

Back on April 22nd: Chronicles Of Depression 2.0: #051: Gas prices rise further above $3.50, while oil nears $120

Back then, the price was “a record $119.37 a barrel,” compared to the above’s “record $119.93 a barrel.”

More:

Choir director brings prayers for lower gas prices to SF

A choir director who hopes prayer can bring down high gas prices is trying out his approach at some of the costliest pumps in the country.

Rocky Twyman of Washington, D.C., came to San Francisco over the weekend to stage a pray-in at a Chevron station. He is also calling on churchgoers to ask for God’s intervention where he says politicians have failed.

Gas costing $4 a gallon or more has become common around the San Francisco Bay area.

Emphasis added by me.

Good luck with that, pal. Remember the Arabs call it “the black blood of Allah.” Maybe you might want to convert?

Speaking of the Arabs, more:

OPEC president sees $200 oil possible: report

ALGIERS (Reuters) – OPEC President Chakib Khelil does not rule out oil prices reaching $200 a barrel, even though supply is adequate, because the market is driven by the dollar’s slide, Algerian government newspaper El Moudjahid reported on Monday.

“Questioned about a possible rise which would go to $200, the minister did not rule out this eventuality, explaining that this rise is from now on indexed to the fall in the dollar or to the rise in the dollar,” El Moudhajid reported.

Emphasis added by me.

I look forward to a day when oil is two dollars a barrel.

Back in the 1970s, we were supposed to be committed to ridding ourselves of oil addiction dependency. The Synfuels Program was supposed to see to that.

We just don’t have the leadership with the will to do it.

Explore posts in the same categories: C.O.A.T. - Money, C.O.A.T. - Other, Depression 2.0

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