Oil Price thread

[forfi]

Originally Posted by styger

Now the question, why hasn't gasoline gone up in price?

Or perhaps the oil companies are giving us a national Christmas present?

That depends on what crude is actually being cracked as.And on what the companies have in stock.What puzzles me is that when it doe's go up ,it takes a heck of a long time to come back down.

There is no profit to be made in turning expensive crude oil into cheap gasoline.

Refineries are going to cut back on production, freeing up crude oil and reducing the supply of gasoline.

Gas prices would rise, crude oil prices would fall, and everything would find its way back to equilibrium.

Gotta love economics.

[forfi]

Even the Rupee is going up, I recall a time when it was the last currency that was accepted for payments in Calcutta

[fireandrain]

Oil prices breach $90 a barrel in New York amid ongoing supply concerns and after the dollar hits a new low.

http://news.bbc.co.uk/1/hi/business/7052071.stm

I am so shocked by this I don't know what to say.

Oil's gone up $70/bbl in five years. What better proof of peak oil could there possibly be?

[include]

Oil prices ended lower close of trade in New York, after investors locked in earlier profits after crude oil hit record highs earlier.

But analysts say the downward trend is likely to be temporary, as the factors triggering recent highs remain, notably supply fears and the lower dollar.

US light sweet crude fell 87 cents to $88.60 after an earlier $90.07 record.

http://news.bbc.co.uk/1/hi/business/7052071.stm

Oil prices have fallen on concerns about the health of US economy and expectations of more output from Opec.

US sweet, light crude dropped 75 cents to $85.27 a barrel, while London Brent crude fell 42 cents to $82.85.

http://news.bbc.co.uk/1/hi/business/7057947.stm

Oil prices headed back toward record highs after an unexpected fall in US stockpiles of crude sparked supply fears ahead of the winter months.

US sweet, light crude rose $1.83 to $87.10 a barrel, while London Brent climbed $1.52 to $84.37.

http://news.bbc.co.uk/1/hi/business/7060981.stm

Wish they'd make their mind up

[david16]

Oil prices have risen to yet another record after an unexpected fall in US crude stockpiles added to fears over supplies for the winter months ahead.

http://news.bbc.co.uk/1/hi/business/7063250.stm

[Andy]

Oil prices rise to yet another record high due to concerns over tensions between Turkey and Iraq.

http://news.bbc.co.uk/1/hi/business/7066921.stm