Crude oil futures top $97 a barrel for the first time
This week, the bombing of an oil pipeline in Yemen by saboteurs and a suicide bombing targeting lawmakers in Afghanistan spooked world oil markets. Those overseas events combined with rising demand and falling supplies in the US to drive oil price futures contracts to a new record high of over $97 a barrel. That's a jump of almost forty percent since August, an increase which so far hasn't been completely reflected in US gasoline prices. This week prices in southeast Michigan are still hovering around $3.05-3.10 per gallon, but oil companies are not likely to eat the crude oil price increase for that much longer. It's only a matter of time before prices climb steeply.
[Source: Detroit News]
Reader Comments (Page 1 of 1)
HineyWipe 3:02PM (11/07/2007)
JEEBUS! This has nothing to do with resources and more to do with the wanton abuse of speculators of oil futures! Can't the SEC or Fed get in and shut this down? Setting prices on FUD!
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BlackbirdHighway 4:03PM (11/07/2007)
Yes, we all heard it was speculators when it hit $40, and we were told it was specualtors when it hit $60, and we were told it was specualtors when it hit $80. Yes, now at $98 it's still speculators. And stockpiles are falling because of speculators?
Here's an interesting article from Arab News:
http://www.arabnews.com/?page=7§ion=0&article=103243&d=6&m=11&y=2007
Don't worry, $40 dollar oil is coming back soon! (Be sure to hold you breath!)
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A.Brien 10:21AM (11/09/2007)
This is another attack by your monkey president like 2001 to provoke a war between usa and arabs and put responsability on jewish
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