Oil tops $80 today - new record, naturally

[Bill]

Oil is up, and oil supplies for the US are WAY down.

Tell me again how the Iraq war isn't about the oil.

--------------------------------
Crude oil prices vaulted to a record high $80 a barrel on Wednesday as dealers focused on tight inventories in top consumer the United States ahead of peak winter demand.

A rash of fires at BP's oil fields in Alaska's North Slope added to the record run, though BP said the accidents had minimal impact to production that was already being curtailed by routine maintenance.

The surge in oil prices came a day after OPEC agreed to a small production hike in an effort to soothe consumer nations' fears that soaring crude costs could slow economic growth.

"The OPEC outcome was not enough of a shocker to turn around a market that likes to read extremes," said Olivier Jakob of oil consultancy Petromatrix.

U.S. light crude for October delivery was up $1.59 at $79.82 per barrel at 2:07 p.m. EDT after setting a record high of $80.00 a barrel earlier. London Brent crude was up $1.35 at $77.73 a barrel.

Crude oil stocks in top consumer the United States fell 7.1 million barrels last week to their lowest level in eight months ahead of the winter heating season, according to the U.S. Energy Information Administration.

Analysts had expected a fall of 2.4 million barrels.

http://news.yahoo.com/s/nm/20070912/bs_nm/markets_oil_dc_5;_ylt=ArjpXgHkpSQbQcBkJciQqlUE1vAI

[moonman]

The price of oil rose today because the USD dropped another few points. Iran announced today that they are reducing their holdings of USD's. Oil will continue to be valued in USD's but fewer OPEC nations will accept USD's and/or hold USD's.

To paraphrase Clinton, "It's the dollar, stupid."

[Tommy]

after all the money we have spent rebuilding Iraq

you think we could at least get a fair price on a barrel from them

I mean for 500 billion dollars would 60 bucks a barrel be to much to ask

[kres24GT]

Hopefully we can get a 100 or higher. We will never get off oil until it gets more expensive.

[Jennifer]

Oil is up, and oil supplies for the US are WAY down.

Tell me again how the Iraq war isn't about the oil.



Okay.

It's not about oil. If it was about oil, then why:

1) Did we not just take it from Kuwait? Smaller nation, population already indebted to us. Easier to take.

2) Did we not just take it from Saudia Arabia? Easier to manage population, our troops already stationed there.

3) Did we not just take it from Canada? Canada is the number one supplier of oil to the United States and if we invaded, at least our troops would be a short drive from home, not a multiple hour flight!

4) Did we not just open drilling in Alaska or the Gulf of Mexico and get it out of our own land???


This is just more demon-rat drivvel. "War for oil..." Yea, and World War II was a war for steel.

[Linkster]

I guess youre not familiar with Cheneys paper he wrote in 1999 - he mapped out exactly how to get the Iraq oil (long before he was Vice pres - when he was still CEO of Haliburton) because the other countries would have been supported by all of the other OPEC countries in a war - and since we have armed them over the last 20 years we knew we couldnt do a power grab that the Saudis wouldnt support

[Jennifer]

Really?

Then where is the oil?


Because we get 0% of the oil in this nation from Iraq. We get some from OPEC, but most of it comes from Canada, America, Venezuela, England and Mexico.

[Linkster]

Well - actually the first thing Bush was hoping that the "surge" was going to produce was a working government that would pass the oil bill theyve been sitting on for 4 years - in the meantime one of Bush's buddies out of Texas went over there and made his own agreement with the Northern Kurds for ownership of the oil fields up there - although the central Iraqi government is calling it illegal - He (Hunt Oil) is standing by his agreement, as are the Kurds

As far as oil production - Iraq as of 2004 - and the newer numbers seem to be the same - is number 14 in the world for production and number 11 in exports

The issue though is that Iraq is sitting on the 4th highest concentration of oil in the world - much higher than all other countries except Saudi, Canada and Iran - the US isnt even close on reserves

[Bill]

Okay.

It's not about oil. If it was about oil, then why:

1) Did we not just take it from Kuwait? Smaller nation, population already indebted to us. Easier to take.

2) Did we not just take it from Saudia Arabia? Easier to manage population, our troops already stationed there.

3) Did we not just take it from Canada? Canada is the number one supplier of oil to the United States and if we invaded, at least our troops would be a short drive from home, not a multiple hour flight!

4) Did we not just open drilling in Alaska or the Gulf of Mexico and get it out of our own land???


This is just more demon-rat drivvel. "War for oil..." Yea, and World War II was a war for steel.

1. Kuwait has tiny reserves, comparitively, and is already an ally.

2. Saudi Arabia is already an ally, and their fields are already fully developed, and as host of Mecca represents the heart of Islam.

3. Canada not an opec nation, is already an ally.

4. The amount of oil in Alaska and the Gulf is tiny by comparison, vastly more expensive to pump and process, and is our last remaining emergency reserve, better kept for desperate oil years coming later this century.

The Iraq oil is a unique strategic asset - nothing else like it exists anywhere on the planet.

As to your last rhetoric point, unlike oil, steel is not consumed in the process of use, however, steel was a critical strategic factor in ww2.

[Linkster]

As to your last rhetoric point, unlike oil, steel is not consumed in the process of use, however, steel was a critical strategic factor in ww2.

Wasnt that how Bush's grandfather got in trouble? I was under the impression that his bank was funnelling money to Hitler to build steel mills in germany for the Nazi war machine

[mwillman]

Prescott Bushs bank helped germany gain almost 70% of its fine grade steel during WW2. So Bushes have been killing Americans for 65 years.

[Linkster]

Actually he was a small owner in the bank - he was a director - but more importantly he was a partner with another guy (the brother of the Gov of NY) - and their firm handled all the transactions of the bank with Germany.
Fortunately the US was able to close down the bank in 1942 under the Trading With the Enemy Act - which ended the relationship with Germany.

[mwillman]

It ended the direct access to germany but through there friends in switzerland they continued to help support Germany through out most of the war.

Think outside the box people its not as simple as they would have you believe.
There are connections that go way beyond just one bank.