Author Topic: Crude Oil Prices (Read 91622 times)

Mimi · « **Reply #100 on:** April 06, 2010, 12:36:21 PM »

I am paying over $3/gallon again. Here's why:

Oil prices hit new 18-month high

The price of oil reached a fresh 18-month high on Tuesday on growing hopes of a US-led global economic recovery.

One-month futures for US light crude hit $86.97 a barrel in New York trading, before falling back slightly.

The UK benchmark, Brent crude, peaked at $86.63 a barrel on Tuesday - also an 18-month high.

Investors have also signalled their confidence in the US economy with the strengthening of the dollar against both the pound and the euro.

The US dollar was up by more than a cent against the euro, with a dollar worth 74.8 euro cents.

It was also up more than half of one pence against the pound, with a dollar worth 65.9 pence.

Wally · « **Reply #101 on:** April 06, 2010, 01:28:57 PM »

We're still under $3; around $2.80. I've noticed that the barrel price has been creeping up. See, a recession isn't all bad--it kept the price down.

Mimi · « **Reply #102 on:** April 06, 2010, 02:09:11 PM »

Ever the optimist!

Sister Dee · « **Reply #103 on:** April 06, 2010, 03:15:10 PM »

So, how long before everyone else catches on that the recession is over?

Richard Myers · « **Reply #104 on:** April 19, 2010, 08:08:40 AM »

Prophecy is being fulfilled before our eyes. The recession (depression) is over for a class of people, but for most of us, we now have depression and higher food and energy costs and lower or no income.

God does indeed provide for those who love Him with the whole heart. By faith we prepare for the soon coming of Jesus!

Sister Dee · « **Reply #105 on:** April 19, 2010, 08:28:11 AM »

Amen!

LindaRS · « **Reply #106 on:** April 23, 2010, 08:53:30 AM »

It doesn't help oil prices that the offshore drilling rig exploded and sank in the Gulf of Mexico this week.

Geodad · « **Reply #107 on:** April 26, 2010, 10:15:43 AM »

It was interesting to note that this was the same drilling rig (Deepwater Horizon) which discovered the huge oil field in the Gulf for BP last September. It was 35,000 feet below the surface. The pressures at that depth are enormous. According to this article:

Quote

Exxon Mobil Corp., the world’s second-largest oil company, abandoned its Blackbeard well in the Gulf of Mexico in 2006 after the company’s engineers became alarmed over the pressure levels and temperatures almost seven miles beneath the seafloor.

Much of the remaining oil underground would seem to be significantly more difficult to retrieve compared to what has been taken to date. Peak Oil may be for real...

Mimi · « **Reply #108 on:** April 27, 2010, 03:23:53 PM »

Incredible, Geodad. Thanks for the report.

Mimi · « **Reply #109 on:** April 27, 2010, 03:25:26 PM »

Quote from: LindaRS on April 23, 2010, 08:53:30 AM

It doesn't help oil prices that the offshore drilling rig exploded and sank in the Gulf of Mexico this week.

NEW YORK (CNNMoney.com) -- Coast Guard officials are considering setting the Gulf of Mexico oil slick on fire as it moved Tuesday to within 20 miles of sensitive ecological areas in the Mississippi River Delta.

Officials say it could become one of worst spills in U.S. history.

CNN Money

Look at the photo of the slick.

Richard Myers · « **Reply #110 on:** November 09, 2010, 08:47:26 AM »

In a most disastrous economy where people are suffering from lack of business and jobs, the price of crude in headed higher. Keep your eye on the price of gas. Here is what it was before things got out of hand four years ago. $2.79 a gallon. Today, I am paying $3.00 a gallon.

Quote from: Richard Myers on September 04, 2008, 12:34:11 PM

At the pump, a gallon of regular slid less than a penny overnight to a new national average of $3.678, according to auto club AAA, the Oil Price Information Service and Wright Express. Prices remain well above the year-ago average of about $2.792 a gallon but have fallen more than 10 percent from the July 17 record average of $4.114 a gallon.[/color] source

Today's price of crude? $87.31. Four years ago it was trading under $75.

Mimi · « **Reply #111 on:** November 09, 2010, 08:58:35 AM »

We are paying $3.19. (shaking head)

Wally · « **Reply #112 on:** November 09, 2010, 11:14:10 AM »

We're paying around $2.90. It's been creeping up. No mention of any shortages or speculation. Since the price of oil is pegged to the dollar, and the government keeps devaluing it by printing more money, it can only go up.

colporteur · « **Reply #113 on:** November 09, 2010, 12:39:07 PM »

We're paying about 2.95 and between my wife and I we average a tank of gas a day.

Richard Myers · « **Reply #114 on:** November 09, 2010, 12:41:46 PM »

You need to buy stock in Chevron, my brother!! If the price drops you will blessed by lower gas prices. If the stock goes up, you will have money to pay for higher gas prices!!!

Richard Myers · « **Reply #115 on:** January 07, 2011, 11:54:16 AM »

Oil prices lost $2 to $88 a barrel on the dollar strength, and industrial metals led by copper also fell two per cent.

Spot gold fell 0.3 per cent to $1,373.80 an ounce at 12:03 pm (1703 GMT) US gold futures for February delivery were down $1 at $1,372.70.

Spot silver fell 0.2 per cent to $29.18 an ounce.

Gold has risen toward its record $1,430,95 an ounce level three times since November but failed each time.

Mimi · « **Reply #116 on:** February 27, 2011, 07:13:09 AM »

25 February 2011 Last updated at 17:38 ET
Oil price pressures ease after Thursday's sharp gains

West Texas Intermediate Crude Oil Futures $/barrel
Last Updated at 25 Feb 2011, 16:30 ET *Chart shows local time

Oil prices have retreated from Thursday's multi-year highs amid optimism producers could offset a drop in supply caused by unrest in Libya.

Brent crude was trading at $112.33 a barrel, after almost breaking through the $120 mark earlier in the week.

US light crude was back at $98.26 a barrel having earlier surged past $100.

Reports suggest Saudi Arabia has increased its oil production by almost 10% to offset production shortages resulting from the unrest.

http://www.bbc.co.uk/news/business-12575147

Richard Myers · « **Reply #117 on:** March 09, 2011, 10:16:43 AM »

Oil is at 105.51

Diesel is costing me 4.20 a gal.

Who is happy? Obama and the Dems. They don't want me burning fossil fuel. And the Republicans are making a bundle. The oil companies will soon own most of the world. And, the price of corn will make the taste of corn as a food rare before long. If the use of natural gas is increased for cars, what will be the effect on the poor and the middle class? It will be similar to using food for fuel. When we use natural gas for transportation, then the price of home heating will soar. That will surely make the Dems and Publican happy. We won't be burning so many fossil fuels and the oil and natural gas people will have so much money they can concern the market on solar. Then the price of solar will go through the roof also.

So, look up, our redemption draweth nigh. We don't want things to get better, we want Jesus to come and before He comes, there will be time of trouble such as never was. Are we prepared?

Mimi · « **Reply #118 on:** March 09, 2011, 07:00:34 PM »

Soon we will be priced out of "buying." My new budget had to be revamped through to fall based solely upon the price of fuel for my car. Now I must set aside $200/month just for gasoline. Insane for a household! Only a few years ago my budget reflected $50/month.

Mimi · « **Reply #119 on:** March 17, 2011, 07:48:57 PM »

From Bloomberg:

Oil fell from a two-day high in New York as concern that damage from Japan’s earthquake will curb demand for crude outweighed speculation unrest in the Middle East may lead to supply disruptions.