[Troyboy1208]

I always think its hilarious that we really actually never break a record because when adjusted for inflation the oil crisis of the 70s seems to reign supreme. Either inflation is rampant or this is a load of horse ****.

[dohboi]

Troy, my boy, the '70's oil crisis, as you rightly call it, was the result of a conscious effort of many of the main oil suppliers of the time to raise prices dramatically (unless I'm forgetting or misrepresenting history--if so ,please correct me).

What many of us find interesting (at least) is that the prices historically high prices now are flirting with those (inflation adjusted levels) even though there is no such conscious effort (that I am aware of) to jack up prices.

But I'm no expert, and I could have it all wrong. Maybe you could explain more fully what it is you think is horse**** and why.

[Troyboy1208]

the load of horse **** is in reference to the notion that we havent hit the all time oil price because when adjusted for inflation the 70s was higher.

[dohboi]

Fair enough, but does that mean, to you, that there's nothing much to worrry about now?

[Troyboy1208]

There is so much to worry about that its overwhelming. I was hoping most of this stuff wouldnt get bad till im an old man...I guess thats not the case. Unfortunately climate change and peak oil are going to define my life.

[sirrom]

Light Sweet Crude Oil 05:00 am
$84.19 $0.28 0.333% 6085 (vl)

still going strong

[sirrom]

$84.33

[web]http://www.321energy.com/charts/tmp/chart.jpg[/web]

[lowem]

NYMEX crude oil is hitting new record highs every minute now.

...

$84.40
$84.48
$84.63
$84.65
$84.79
$84.84

...

[lowem]

...

$84.89
$84.95
$84.98

...

[lowem]

...

$84.99

...

[lowem]

... $85.19

Welcome to $85 oil.

[Leanan]

Okay, on Friday, they said:

$this->bbcode_second_pass_quote('', 'T')he cost of oil used by U.S. refiners averaged $37.48 a barrel in March 1981, according to the Energy Department, or $84.73 in today's dollars.

[simontay78]

Lowem!! I knew you will be here!!

Another look at the spike



L

[dukey]

Nymex Crude Future 84.88

record ?

[lowem]

$this->bbcode_second_pass_quote('Leanan', 'O')kay, on Friday, they said:

$this->bbcode_second_pass_quote('', 'T')he cost of oil used by U.S. refiners averaged $37.48 a barrel in March 1981, according to the Energy Department, or $84.73 in today's dollars.

[julianj]

Today on the BBC it said oil had hit $85 (didn't say which marker).

The reason was - hold on to your britches - "Tensions in the Middle East".

They never tire of that one, do they?

[julianj]

Whoops, pipped at the post! And hello to Lowem - not seen you around for a while (mind you, I'm not here as much as I used to be).

[Leanan]

Turkey shelled a Kurdish town in Iraq last night. I think it was a reminder that even if Iraq is divided into three separate countries, it won't reduce the violence.

[Zardoz]

CNN says it's mostly reduced inventories that's doing this:

$this->bbcode_second_pass_quote('', 'O')il prices kept rising Monday after closing at a new record in the previous session on worries that supplies are insufficient to meet coming winter demand and concerns over the conflict between Turkey and Kurds in northern Iraq.

Light, sweet crude for November delivery added $1.13 to $84.82 a barrel in electronic trading on the New York Mercantile Exchange, midday in Europe, rising to a new high of $85.19 before receding slightly.

Recent reports have indicated that crude inventories are falling. Last week, the U.S. Energy Department reported that U.S. oil supplies declined in the week ended Oct. 5, while the International Energy Agency said that oil inventories held by the world's largest industrialized countries have fallen below a five-year average.

"One of the factors that has provided underlying support to oil prices in recent weeks has been concerns that if we move into the Northern (Hemisphere) winter that oil market conditions are likely to remain tight," said David Moore, commodity strategist at the Commonwealth Bank of Australia in Sydney.