Oil hits record above $132 on weak supply
http://money.cnn.com/2008/05/21/mark..._eia/index.htm
Quote:
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U.S. light crude for July delivery reached as high as $132.08 a barrel, and was up $2.75 to $131.73 a barrel on the New York Mercantile Exchange at 11:04 a.m. ET. Prior to the 10:30 a.m. ET, oil was down 29 cents to $128.69.
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http://www.bloomberg.com/apps/news?p...Co&refer=india
Quote:
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The market is really looking for light sweet crude and there isn't really a huge demand for what Saudi Arabia has to offer,'' said Gerard Burg, an energy and minerals economist at National Australia Bank Ltd. in Melbourne. ``Oil is primarily used as a transport fuel these days and the heavier grades that yield less transport fuels are less desired.''
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Arabian oil is no longer in demand. Seems they have run out of "light crude" oil. Or they are pumping less and less of it. Same thing about Iran, they have full reservoirs, even put their oil in tanker ships that wait in the harbor. Nobody wants "heavy crude", not all the refineries can handle it.
And new refineries have not been built for decades.
That is why the prices are going up with 1 or 2 $ a day, and it will accelerate.
I look at the old posts here and I think those were good times, we had time to speak about economics, alternatives and other stuff
Not anymore, now I think every new post will include a new and "improved" price of oil
Two forums for anybody interested in this oil stuff :
http://www.peakoil.com/forums.html
http://www.doomers.us/forum2/
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One day there will be so many houses, that people will be bored and will go live in tents. "Why are you living in tents ? Are there not enough houses ?" "Yes there are, but we play this Economy game"