Crude Oil Reaches Record $95.80 on Decline in U.S. Stockpiles

[Herman Munster]

http://www.bloomberg.com/apps/news?pid=20601087&sid=aYfCUpckq3LI&refer=worldwide

Nov. 1 (Bloomberg) -- Crude oil rose to a record $95.80 a barrel in New York after a U.S. inventories unexpectedly fell to a two-year low.

U.S. crude stockpiles dropped 3.89 million barrels to 312.7 million barrels last week, the lowest since October 2005, according to the Department of Energy. A 400,000-barrel gain was expected in a Bloomberg News survey. Petroleos Mexicanos, or Pemex, resumed some oil exports and revealed that a storm caused more output to be halted than had been assumed.

``The shock of the data is understandable when you consider the news from Pemex that they shut in something like 1 million barrels a day, not 600,000,'' said Chris Mennis, owner of oil broker New Wave Energy LLC in Aptos, California. ``Most of that would have been going to the U.S.''

Crude oil for December delivery gained as much as $1.27, or 1.3 percent, to $95.80 a barrel in after-hours electronic trading on the New York Mercantile Exchange, the highest since trading began in 1983. It traded at $95.34 at 8:19 a.m. Singapore time.

[angstlessk]

1. boosh rattles swords with iran...gas prices go up..boosh cuts on the spigot

gas prices go up....is there anything boosh will NOT do to raise the price of gas?? just askin?

[TheFarseer]

2. God damnit people

cut back on the driving!

[Lint Head]

3. This is exactly the reason Bush was installed into the

White House by the United States Supreme Cowards. The Saudis and every other oil interest, including the ones in this country, were promised that gasoline would be $3.00 a gallon for regular unleaded in the US by the time he left office. The prices constant ups and downs are nothing more than the conditioning of people to accept $3.00 a gallon. This is not a naive idea but it is a conspiracy. The word conspiracy exists because there are conspiracies. It's not tin foil hat stuff it is a fact. I know because I have met oil CEO's and other oil folks, particularly in Texas, that have told me as much. While being driven by 'mile after mile' of oil derricks, by one acquaintance in the oil business, I asked why they were not operating like some we previously passed. he said in a matter of fact tone that they were shut down for maintenance. Then he laughed and said, "That's the line we use." He went on to say that it was the way prices are driven up. Turning on and off oil production was a common practice to increase revenue or decrease revenue depending on which way the financial and Congressional wind was blowing. I don't care if you believe me or not. This did happen.
:dem:

[Mike03]

4. Wonderful news for people who have seen this coming

for three years or longer now.

[Warren Stupidity]

5. Dollar down what, 40% over last few years?

So oil AND JUST ABOUT EVERYTHING ELSE has to go up by an equivalent amount. Plus all your dollar denominated assets LOST 40% OF REAL VALUE. Or am I missing something. Haven't they just finished raiding my 401K again after it recovered from the Dot Bust Disaster?

[Mike03]

6. Don't know what to say except I hope my dear friends here at DU

Understand what these sorts of clues mean.

[Rex]

7. The reason for war.

Cheney & Condi probably loves this news.