Posted: Sat Feb 24, 2007 2:44 pm Post subject: Oil price over $61 on Iran, supply concerns
" Oil climbed above $61 to a 2007 high on Friday following a sharp drop in fuel stocks in the United States and as tensions over Iran's nuclear program stoked supply concerns.
U.S. crude <CLc1> was up 33 cents at $61.28 a barrel at 1911 GMT after trading as up to $61.80, the highest level since December 26, in earlier activity.
London Brent crude <LCOc1> was up 42 cents at $61.04.
Weekly government storage data released on Thursday showed a sharp 3.1 million barrel fall in U.S. gasoline stocks last week, adding to supply worries ahead of the summer driving season. "
Joined: Jun 12, 2005 Posts: 4189 Location: 1st territorial capitol of AZ
Posted: Sat Feb 24, 2007 4:54 pm Post subject: Re: Oil price over $61 on Iran, supply concerns
Yes, obviously we have to start WWIII because "our" oil is under their sand, and besides those damn Iranis insist on speaking their mind, not sufficiently scared of Israel..........
Joined: Oct 23, 2004 Posts: 5522 Location: New Jersey
Posted: Sat Feb 24, 2007 7:17 pm Post subject: Re: Oil price over $61 on Iran, supply concerns
KevO wrote:
Weekly government storage data released on Thursday showed a sharp 3.1 million barrel fall in U.S. gasoline stocks last week, adding to supply worries ahead of the summer driving season.
For some reason, up until very recently, most energy analysts thought that the 2 million bpd drop in OPEC production (from September through February) would have almost no effect on US supplies - although that included prime US suppliers such as Nigeria, Venezuela, and Saudi Arabia. I suppose disinformation such as stories claiming the Saudis wanting low prices to destroy Iran's economy helped that sentiment - but that story made no sense, as the Saudis would suffer five times worse than the Iranians if the price of oil fell.
In addition, the market still has great expectations that the Saudis could ramp production up a million or so barrels a day anytime if needed. Even if that were true, the US would face six more weeks of dropping inventory levels until Persian Gulf oil reaches US shores.
It will be an interesting Spring, even without any new fireworks in the Persian Gulf. _________________ It's already over, now it's just a matter of adjusting.
Last edited by DantesPeak on Sat Feb 24, 2007 7:29 pm; edited 2 times in total
Joined: Apr 05, 2005 Posts: 1620 Location: Springsteen Country (NJ)
Posted: Sat Feb 24, 2007 8:42 pm Post subject: Re: Oil price over $61 on Iran, supply concerns
Gideon wrote:
Maybe they're just getting ready to replace us when we're gone.
Ya think?
It must be payback time for bringing gasoline under $2.00 for the election. Now news stories that didn't seem to affect the oil price back in October (except downwards) are having their old effect once again.
It should be a very interesting Spring and Summer, and we don't even have a hurricane forecast yet! _________________ Joe P. United Political Debate
"Only when the last tree is cut; only when the last river is polluted; only when the last fish is caught; only then will they realize that you cannot eat money." - Cree Indian Proverb
Joined: Oct 23, 2004 Posts: 5522 Location: New Jersey
Posted: Sat Feb 24, 2007 9:12 pm Post subject: Re: Oil price over $61 on Iran, supply concerns
After reading the article below, the moderators will likely change the title of this thread to "Oil price over $61 encourages apes to prepare for the post-peak decline of mankind".
Quote:
Chimps had a stone age too
Tuesday, 13 February 2007by Hamish Clarke
Cosmos Online
Chimpanzees may have been cracking nuts with primitive stone tools 4,000 years before anyone thought, according to findings from an international research team.
SYDNEY: West African chimpanzees may have been using stone tools to crack nuts more than 4,000 years ago - thousands of years earlier than previously thought.
According to research performed by a team of Canadian, British and U.S. researchers, our closest relatives may have developed the behaviour on their own or inherited it from our common ancestor, rather than learning the use of tools from early humans.
Cosmos _________________ It's already over, now it's just a matter of adjusting.
Posted: Sun Feb 25, 2007 2:29 am Post subject: Re: Oil price over $61 on Iran, supply concerns
We now return to our regularly scheduled crisis:
US generals ‘will quit’ if Bush orders Iran attack
Times of London
Sunday, February 24, 2007
Some of America’s most senior military commanders are prepared to resign if the White House orders a military strike against Iran, according to highly placed defence and intelligence sources.
Tension in the Gulf region has raised fears that an attack on Iran is becoming increasingly likely before President George Bush leaves office. The Sunday Times has learnt that up to five generals and admirals are willing to resign rather than approve what they consider would be a reckless attack.
"There are four or five generals and admirals we know of who would resign if Bush ordered an attack on Iran," a source with close ties to British intelligence said. "There is simply no stomach for it in the Pentagon, and a lot of people question whether such an attack would be effective or even possible."
A British defence source confirmed that there were deep misgivings inside the Pentagon about a military strike. "All the generals are perfectly clear that they don’t have the military capacity to take Iran on in any meaningful fashion. Nobody wants to do it and it would be a matter of conscience for them.
"There are enough people who feel this would be an error of judgment too far for there to be resignations."
Posted: Sun Feb 25, 2007 2:37 am Post subject: Re: Oil price over $61 on Iran, supply concerns
Colorado-Valley wrote:
We now return to our regularly scheduled crisis:
US generals ‘will quit’ if Bush orders Iran attack
Times of London
Sunday, February 24, 2007
Some of America’s most senior military commanders are prepared to resign if the White House orders a military strike against Iran, according to highly placed defence and intelligence sources.
Tension in the Gulf region has raised fears that an attack on Iran is becoming increasingly likely before President George Bush leaves office. The Sunday Times has learnt that up to five generals and admirals are willing to resign rather than approve what they consider would be a reckless attack.
"There are four or five generals and admirals we know of who would resign if Bush ordered an attack on Iran," a source with close ties to British intelligence said. "There is simply no stomach for it in the Pentagon, and a lot of people question whether such an attack would be effective or even possible."
A British defence source confirmed that there were deep misgivings inside the Pentagon about a military strike. "All the generals are perfectly clear that they don’t have the military capacity to take Iran on in any meaningful fashion. Nobody wants to do it and it would be a matter of conscience for them.
"There are enough people who feel this would be an error of judgment too far for there to be resignations."
Thats good.
Those young and angry will replace old and wise.
Joined: Dec 18, 2004 Posts: 4144 Location: One Mile From the Columbia River
Posted: Sun Feb 25, 2007 3:35 am Post subject: Re: Oil price over $61 on Iran, supply concerns
I strongly suspect that a few days/weeks before any Israeli bombing there will be a sharp increase in oil prices as 'those' who are aware of the pending attacks try to make a few quick bucks and word begins to spread.
Watch for this surge, then watch for the headlines. _________________ Everything is Impermanent. Shakyamuni Buddha
Joined: May 02, 2005 Posts: 3277 Location: at the convention
Posted: Sun Feb 25, 2007 4:43 am Post subject: Re: Oil price over $61 on Iran, supply concerns
We'll be dusting off the "new record" thread here shortly for another long series of appearances. _________________ "Don't ever become a pessimist... a pessimist is correct oftener than an optimist, but an optimist has more fun, and neither can stop the march of events."
Robert A. Heinlein
Joined: Oct 27, 2004 Posts: 220 Location: Queensland, Australia
Posted: Sun Feb 25, 2007 6:00 am Post subject: Re: Oil price over $61 on Iran, supply concerns
I have a question at what rank do Military personnel get to quit in the US. I keep seeing stories of conscientious Objectors being court-martialed etc. People who object to the war on legal reasons skipping country or being Jailed. So How does a general get to resign. Why do they not get stop lossed, dropped 8 pay grades given a rifle and put in a truck.
As I understand it the country is in a war, surely generals don't get to pick and choose to participate, if the PBI can't. Don't get me wrong, the war is wrong and personally anyone who decides they can't deal with it any more should be able to quit. No point staying in or having a mate next to you in a trench who doesn't want to be there.
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