Record-high crude nears $120 on supply concerns

[Roland99]

Source: MarketWatch

Record-high crude nears $120 on supply concerns
Weekly U.S. crude inventories seen rising; gasoline prices hit new high

Crude-oil futures rose Tuesday to a new high of $119.86 a barrel as lingering worries over oil-supply disruptions and the dollar's new low against the euro provided support for prices.

Crude for May delivery gained more than $2 to touch the new high in early afternoon trading on the New York Mercantile Exchange, surpassing the previous record of $118.05 recorded overnight in electronic trading.

The contract was last up $1.52, or 1.3%, to $119 a barrel. Crude's new intraday high followed on Monday's record closing price of $117.48 a barrel.

The May contract expires Tuesday. The June contract was last seen up $1.93 to $118.56 a barrel.

Read more: http://www.marketwatch.com/news/story/crude-hits-new-intraday-high/story.aspx?guid=%7B8B6DEB5D%2DD66F%2D4985%2D8DE3%2D3ED8E103A099%7D

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Gas hit $3.69/gal in Kentucky today. $3.79 in northern IN.

[tomreedtoon]

1. Thanks, George.

This is insanity. I mean, I drive a modestly-small car (an old Camry wagon) that holds only about 17 gallons. That makes about a $55 fillup. The only way I could be more thrifty is to buy a scooter (which, if I had the cash, I would consider).

What about all those SUV drivers? Yeah, they were stupid to buy that car, and they realize it now, but what the hell do they do with a $100 fillup?

I'm thinking of making some stickers to quietly slap on gasoline pumps. "Love high gas prices? Thank a Republican."

[minavasht]

13. This will probably get me in trouble

But do you honestly believe that the price of oil will go down next year with a dem for a president???
If so, all we have to do is endure until '09 and everything will be back to normal, right?
What do you expect president Clinton or president Obama to do to bring back oil to $30 a barrel?

[Joe Bacon]

14. Welcome to Peak Oil, folks!

Jim Kunstler has been warning about this for years and people ignored him at their own risk!

http://jameshowardkunstler.typepad.com/

[Zachstar]

2. It will be 150 before the election at this rate.

[shanti]

4. i don't see any limit

to what * will allow it to go. he just doesn't care.

[Skink]

3. It has to go up if Americans curtail unneccassary driving.

we are stuck no matter what.

[Tab]

5. When Clinton was in office, oil was what - $35/bbl? 25% of what it is now?

And Georgie was saying "If'n ah was e-lected, ah'd tell that OPEC to bring those prices down".

[Roland99]

9. It was about $26/bbl when Bush took office.

And gas was $1.46/gal.

[whistle]

6. Record high collusion on oil price manipulation you mean...Bush/Cheney

...last hurray for Big Oil and Wall Street. When the price of crude hits $150.00 a barrel Cheney and Bush will get a ticker tape parade in NYC :wtf:

[mcollier]

7. so in the past year

oil prices have risen almost 100%... Prepare for the Great Depression of 2008.

[whistle]

8. Watch what these bastards will do with rice, corn and numerous other commodities

...fascism makes price fixing all possible

[DemocratInSoCal]

10. I Hope It Goes Much Higher

I realize this will offend people here, but I don't care.

The amount of DENIAL in this country, is Unbelievable.

WHAT WILL IT TAKE FOR PEOPLE TO WAKE THE FUCK UP??!!

People are still buying GIANT Trucks, SUV's, HUMMERS, etc.

People are still SPEEDING around, trying to accelerate to each red light.

This JACKASS still has 29% approval ratings. Honestly, I don't think they would drop below 25%, even if crude oil were to double to $200/barrel.

Our economy is going to die, and I'd much rather that happen Now, instead of 12 months from now, when it will undoubtedly be blamed on the Democrats.

Let gas prices hit $5/gallon. Even that won't be enough to WAKE PEOPLE THE FUCK UP.

[Divine Discontent]

11. well, i don't want to wish any suffering on many families like mine who suffer these prices

and who are very Democratic, and help others when we're able - but I understand your thoughts and we don't need to wish them to happen, they're going to happen - when these sheep finally cannot buy their liquor, cigs, and pot b/c they cannot afford a bag of groceries b/c the gas to get to work, and the ins. to drive their car, and all other bills becomes so high they have no cash - THEN, and only then will the masses start throwing a fit on the TEEVEE NEWS.

[cliss]

12. Next up:

gas shortages.

Howard James Kunstler predicts "gas shortages as the U.S. has trouble paying its bills".

It's the '70's, all over again.

[hunter]

15. No, it's not the '70's, all over again.

The '70's were peak oil production in the United States. So we adapted by turning to imported oil. Now world oil production has peaked. Oops. No place left to import oil from.