Oil Price thread

Oil prices fall back from record highs as Mexico is due to resume full output and hopes of a rise in US stockpiles.

http://news.bbc.co.uk/1/hi/business/7068642.stm

The oil price actually had a segment on Newsnight last night, although they didn't mention peak oil.

Oil prices have continued their unremitting climb, passing the $96 a barrel mark after figures showed a surprise fall in US crude reserves.

http://news.bbc.co.uk/1/hi/business/7072476.stm

Ok, all of this can't be purely down to weakness in the dollar

Oil prices have rebounded, settling at a record closing high in New York, spurred on by investor fears that supplies could be threatened.

Sweet light crude added $2.44, ending at $95.93 a barrel, after hitting $96.05 in earlier trade. London Brent settled $2.36 up at $92.08.

http://news.bbc.co.uk/1/hi/business/7074589.stm

Oil prices reach another fresh high above $97 a barrel, amid concerns over tight fuel stocks and a weak US dollar.

http://news.bbc.co.uk/1/hi/business/7081437.stm

Instead of just looking at the price of oil how about looking at how oil is traded - the USD, OPEC, etc.

For starters, the US has lost a third of its value relative to a basket of other major currencies since the beginning of 2002:

http://ftalphaville.ft.com/blog/2007...alling-faster/

Oil producing countries are gradually switching from trading in USD to EUR - Saddam did it and Iran and others are doing it.

This will be economically devastating for the US, since a strong dollar is the only safety net for its huge debts (upto $60 trillion with the current spending commitments). It's also notable that countries like China hold massive USD reserves and could deliberately devalue the USD if it so wished.

[moon]

How serious situation on oil price rise reflects the fact that all main TV broadcasters provided significant time for this issue in its primetime yesterday’s news. Both BBC News at 10, BBC Newsnight and the ITV News at 10.30pm analyzed the increase in oil prices and the way it can affect us in the future through interviews with world experts and showing inserts (ITV) from the documentary film A Crude Awakening.
What do you predict- How much time more we have until world oil reserves run out? Are we approaching the end of an era of cheap oil?

[forfi]

Diesel hit E1.04 in Tescos yesterday,thats GB £0.74, bugger all really

[forfi]

diesel up 3 cent today

Oil prices fell on Thursday after oil producer group Opec said demand for oil would be less than expected in the fourth quarter of 2007.

US light, sweet crude fell 66 cents to $93.43 a barrel, after Opec said demand would rise by 1.97% in the quarter, rather than 2.1% predicted in October.

http://news.bbc.co.uk/1/hi/business/7095820.stm

[forfi]

diesel price here is now 1.07 to 1.16 euro/litre.slow and steady climb