[ClassicSpiderman]

Take that, you pessimists! Peak oilists now have egg on their faces

[jeezlouise]

$this->bbcode_second_pass_quote('', 'C')rude futures briefly passed $90 a barrel -- rising as high as $90.07 -- twice in electronic trading overnight, despite a growing consensus among analysts that the oil's underlying supply and demand fundamentals do not support such high prices.

[ClassicSpiderman]

$this->bbcode_second_pass_quote('jeezlouise', 'I') keep hearing that phrase... the "supply and demand fundamentals don't support these prices"... yet the people who say it never seem to want to elaborate. If anything, considering crude oil's incredible utility, one could wonder why prices are so low. Of course, economics doesn't work that way... it would require restraint and far-sightedness. Bah.

[Starvid]

"Today oil fell from $88 to $89."

[peasea]

$this->bbcode_second_pass_quote('ClassicSpiderman', 'T')ake that, you pessimists!

Peak oilists now have egg on their faces

[jdmartin]

$this->bbcode_second_pass_quote('ClassicSpiderman', '
')
Bah. You should know by now that $40 oil is just around the corner at any time and that house prices are bound to pick up at any time soon.

Besides, ETHANOL will save us.

[rockdoc123]

One point that is being missed quite often is that the US dollar has undergone considerable devaluation over that last 2 years against all currencies. The price today would correspond to ~ $70/bbl with the dollar value of a couple years previous.

[seahorse2]

rockdoc,

I can't find the article right now, but I read in the last day or two that a falling dollar does not account in full for the substantial increase in oil prices. For example, the dollar has fallen about 7% in the last year while crude oil has risen substantially faster than that. I will continue to try to find the article. I may have read it here somewhere.

[Starvid]

The recent fall of the dollar only explains about 30 % of the recent increase in oil prices.

So the real price of oil has risen, even in Europe.

[Pablo2079]

This may affect the mood on Wall Street. Not sure how big this is yet though...

$this->bbcode_second_pass_quote('', 'F')irefighters battle Shell refinery fire in Anacortes
By Sara Jean Green

Seattle Times staff reporter

Firefighters are battling a blaze at the Shell Puget Sound Refinery in Anacortes.

The fire began just after noon, igniting a storage tank that contains about 50,000 barrels of diesel, said Jaunty Rutter, the refinery's external affairs manager. The refinery's emergency response team is fighting the fire, along with firefighters from the Anacortes Fire Department and Tesoro, a neighboring refinery, he said.

Rutter could not say how big the fire was or how it started. One person received minor injuries. No further details were immediately available.

According to Shell's Web site, the refinery was built and operated by Texaco from 1958 to 1998 and originally supplied West Coast cities with Canadian crude oil. Shell acquired the refinery in 2002.

Located in the north Puget Sound, the refinery employs more than 400 people and several hundred more contractors. The refinery has won several environmental awards, the Web site says.

[DantesPeak]

$this->bbcode_second_pass_quote('', ' ')the "supply and demand fundamentals don't support these prices"...

[jdmartin]

$this->bbcode_second_pass_quote('rockdoc123', 'O')ne point that is being missed quite often is that the US dollar has undergone considerable devaluation over that last 2 years against all currencies. The price today would correspond to ~ $70/bbl with the dollar value of a couple years previous.

[Ardalla]

At the Dan Yergin School of Economics, supply always rises to meet demand given a free market. Been hearing permutations on this all week from Fred Thompson, Al Greenspan and 90% of the 'experts' on CNBC.

Might as well forget about expecting anything else out of these guys. All they're gonna be saying is there is plenty of oil out there, blah blah. It would be nice to hear just one presidential candidate make at least an occasional reference to PO. It's amazing that these cornies have been wrong 100% of the time for the last 5 years and they are still lionized by the media and treated as 'experts'.

[Tanada]

$this->bbcode_second_pass_quote('Ardalla', 'A')t the Dan Yergin School of Economics, supply always rises to meet demand given a free market. Been hearing permutations on this all week from Fred Thompson, Al Greenspan and 90% of the 'experts' on CNBC.

Might as well forget about expecting anything else out of these guys. All they're gonna be saying is there is plenty of oil out there, blah blah. It would be nice to hear just one presidential candidate make at least an occasional reference to PO. It's amazing that these cornies have been wrong 100% of the time for the last 5 years and they are still lionized by the media and treated as 'experts'.

[jbrown]

$this->bbcode_second_pass_quote('Ardalla', ' ')It would be nice to hear just one presidential candidate make at least an occasional reference to PO.

[Twilight]

$this->bbcode_second_pass_quote('Ardalla', 'A')t the Dan Yergin School of Economics, supply always rises to meet demand given a free market. Been hearing permutations on this all week from Fred Thompson, Al Greenspan and 90% of the 'experts' on CNBC.