Oil Price thread

[hoon]

Crude oil prices have eased after earlier rising on fears that military conflict between Russia and Georgia could disrupt supplies in the region.

US light, sweet crude fell more than $2 to $112.72 a barrel, its lowest level since May. It later ended the trading session at $114.45.

BBC NEWS | Business | Oil prices ease despite fighting

[kepler]

The price of oil has fallen after government figures showed a sharp slowdown in US demand.

Light sweet oil fell to $112.31 a barrel, its lowest in more than three months, before settling at $113.01.

[LMagic007]

I think this picture may change over the next 12 months. i.e. I'm betting higher again eventually, once all the global bad loan debts have been written off and the global economy starts to pick up the pace again. i.e. 6 to 12 months time. I also think renewable energy will drive new global economic growth. Just a hunch mind you, nothing more.

[LMagic007]

It's now being touted that OPEC may cut production, to help keep the oil price from falling. This could have global economic implications in slowing growth further and feeding inflationary pressures. Perhaps good for renewables though.

[fireandrain]

Interesting piece here on the apparent real price of oil.

The Real Price of Oil: Dollars, Gold, and the Price of Tea in China

The value of oil has not been increasing in real terms, currency has just been decreasing in value. Oil is worth the same, the US dollar is just worth less. So maybe we need to shift our focus away from war and drilling; and towards a better economic policy at home.

[Rog]

Classic quote: "This complex system bears watching by all geoscientists."

In other words, until resource harvesting moves away from war and drilling, the biggest events in geoscience history will be those associated with humans and their harvesting of energy resources.

[debs]

The real price of oil= thousands of lives.

[sparky]

The price of oil climbed, reversing earlier falls, on the back of the weakening dollar.

US light sweet crude added $1.16 to 114.03 a barrel, while in London, Brent crude added 99 cents to $112.93.

BBC NEWS | Business | Oil rises as the dollar weakens

[kepler]

Gasoline retailers in the United States and Europe are not passing on to consumers all their savings from the drop in crude oil prices as they move to recover some of their losses from earlier in the year when oil costs were soaring.

Cheaper oil slower to show up at pump | Reuters

[sparky]

Oil prices have risen more than $1 after energy firms shut down almost all oil production in the Gulf of Mexico as Hurricane Gustav approaches the US.

The storm is set to hit the Louisiana coast west of New Orleans on Monday.

BBC NEWS | Business | Oil prices rise as Gustav looms