Oil Price thread

[include]

Yeah I heard about those guys being kidnapped. That sucks

Oil prices settled Monday at their highest level so far this year on tensions between Iran and the West following Tehran's detention of British naval personnel. Gasoline futures prices climbed above $2 a gallon to their highest level since last September as a new driving season nears.

http://www.foxnews.com/wires/2007Mar...Prices,00.html

Oil prices hover around $65 a barrel, with the market nervous over rising tensions between the West and Iran.

http://news.bbc.co.uk/go/rss/-/2/hi/...ss/6501875.stm

Oil stalled on Friday after a nearly two-week rally on tensions over Iran's capture of British military personnel and worries over U.S. gasoline supplies ahead of summer driving season.

http://www.theglobeandmail.com/servl.../Business/home

[hoon]

Good news that the sailors have been released now and that's sent oil prices downwards again

[geoguy]

Originally Posted by hoon

Good news that the sailors have been released now and that's sent oil prices downwards again

Why would lower oil prices be good news if you are in the UK? The UK is a net oil exporter and you the citizens make money off of higher oil prices. For every penny extra at the pump it's probably 3 or 4 pence into the other pocket. Here in Alberta for every extra cent at the pump due to rising world prices it's 11 cents per capita extra revenue into the provincial treasury.

Your issue is with U.K. taxes and not higher oil prices. The UK is richer when oil prices go up. It's the citizens of net importing countries that should be pleased when prices drop.

[bruce]

I don't think we are a net exporter any more. Gordon Brown has heavily increased taxes on North Sea oil so production peaked a few years ago. I'm pretty sure we import more oil/gas than we export now.

[hoon]

To back up Bruce's point.

LONDON (Dow Jones)--The U.K. is set to become a permanent net importer of crude oil and refined products in 2007 - three years earlier than the U.K.'s Department of Trade and Industry expects, according to the U.K.-based Oil Depletion Analysis Centre Monday.

http://www.cattlenetwork.com/content...ontentid=72810

[geoguy]

Originally Posted by hoon

To back up Bruce's point.

http://www.cattlenetwork.com/content...ontentid=72810

Thanks for the info. It's a temporary blip before larger exports and then another decline. There's an irony that the Iranians profited from this last crisis. More money in the treasury of the nutbar.

Hope you know that during the crisis that regardless of the politics, who was where or 'you said, they said' that Canada (and I'm sure Australia,& NZ) would have stood solid with the UK.

[ATom]

Interesting to note this http://money.cnn.com/2004/06/22/mark...reut/index.htm

Eight analysts with projections for 2010 on average forecast U.S. crude at $26.81 a barrel, down from a mean of $29.22 so far this decade.

Not looking so good thus far is it?