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  1. Join Date
    Sep 2003
    Posts
    25,039
    #31
    It may not be a Merry Christmas to all...

    (UPDATE) Oil breaches $95 a barrel


    SINGAPORE--Oil prices scaled record highs of more than $95 a barrel in Asian trade Thursday after the Federal Reserve lowered interest rates and following news of a surprise decline in US crude stocks.

    New York's main futures contract, light sweet crude for delivery in December, was trading at $95.26 a barrel, up 73 cents from its close of $94.53 a barrel in US trades, and smashing Wednesday's record of $94.74.

    The New York contract earlier surged to an all-time intraday summit of $95.80.
    http://business.inquirer.net/money/b...ticle_id=98107
    Last edited by Monseratto; November 1st, 2007 at 11:16 AM.

  2. Join Date
    Jun 2006
    Posts
    3,305
    #32

  3. Join Date
    Sep 2003
    Posts
    25,039
    #33
    Soaring oil climbs past $96 mark

    Oil prices have continued their unremitting climb, passing the $96 a barrel mark after figures showed a surprise fall in US crude reserves.
    US light crude rose as high as $96.24 in Asian trading on Thursday morning before falling back to $96.05.

    Traders were concerned by a second weekly fall in US crude stockpiles ahead of the intensive winter period.

    At the current rate of increase, prices are set to top $100 a barrel during the next week.

    Adjusted for inflation, prices are still below the $101 high reached in November 1980.
    http://news.bbc.co.uk/2/hi/business/7072476.stm

  4. Join Date
    Jan 2006
    Posts
    12,347
    #34
    Right now, gas prices here is ~$2.62/gal or $0.69/L from a high of $3.00/gal last summer. So, it's still following normal trends for the year.

  5. Join Date
    Mar 2007
    Posts
    335
    #35
    [SIZE=4]Oil Prices and the Inevitability of Striking Iran[/SIZE]

    [SIZE=2]Randa Takieddine Al-Hayat - 31/10/07//[/SIZE]


    With oil prices reaching $93 per barrel in the US earlier this week and the depreciation of the dollar to a record rate of $1.44 against the Euro, the possibility of oil price reaching $100 per barrel is no longer a speculation, but in fact, highly probable and perhaps imminent.
    The causes of rising oil prices are many, most importantly the prevailing fear within various financial and commercial circles of an inevitable military strike launched by the US against Iran. Expectations of such a strike are high since Iran insists on continuing the development of its nuclear weapon while the US insists on preventing that. Some of President George's Bush's friends have reported him saying that he will not leave a nuclear Iran to his successor, regardless who that may be.
    All American indicators show that the Bush administration is preparing for a strike, and the rising oil price to unprecedented levels is directly linked to the fears associated with this possibility which could inflame the whole region and disrupt the flow of oil supplies from a few countries in the region if Iran resorted to the suicidal attacks that it has been threatening to use in retaliation in case its nuclear plants were attacked by the US.
    http://english.daralhayat.com/opinio...1bb/story.html

    ***
    Analysts argue that demand (due to fear) is outfiguring the supply futures. The war scenario of an Iran invasion by the US due to its nuclear program is a big factor in the oil price escalation.

  6. Join Date
    Aug 2007
    Posts
    820
    #36
    Quote Originally Posted by Jetjock View Post
    pero dito sa saudi until now di sila nagbabago ng presyo ng gasolina mga 5.50 pesos per liter pa din. mas mura kaysa sa mineral water talaga. kaya pag nagpagosolina ako kailangan isiksik kasi di ka nila suklian papag me butal ka ng centavos nila namumualan ang tangke mo ng gasolina.
    I was thinking about why KSA does not also increase the price of fuel here in the kingdom. Parang pinapasa lang talaga nila ang changes ng prices sa ibang countries. Kasi sa tingin ko it might reduce the world oil prices kung tataas din nila ang prices dito.

    However, the prices of goods and services dito sa KSA is already like 1.5 to 2 times compared sa pinas. Paano pa yan kung tataas nila ang fuel prices. Baka maging mas mahal pa sa Japan and cost of living dito.

  7. Join Date
    Sep 2006
    Posts
    1,266
    #37
    Oil Hits another record breaking $97 per barrel.
    See : http://money.cnn.com/2007/11/06/mark...ex.htm?cnn=yes

    How much will it translate into local gas price increase kaya? Some say it would be 4 to 5 pesos per liter for gasoline but we have not yet seen that one because of the strong peso and the plan to cut tariffs..

  8. Join Date
    Aug 2004
    Posts
    22,705
    #38
    They're going to really have to dig deep to keep prices from going up locally.

    Just plain politics, though, so that they can keep on claiming that the economy is doing good... they should let the local prices reflect reality to encourage people to be a little more spendthrift. By lowering tarriffs, they're jeopardizing the government budget.

    Ang pagbalik ng comeback...

  9. Join Date
    May 2006
    Posts
    1,256
    #39
    You're right niky about politics. The timing is not perfect if the govn't will allow the price hike. But I think our small part in delaying further the increase in pump price is slowing down the demand especially during the holidays.....iwas traffic na din kung mas konti ang cars sa mga streets.

  10. Join Date
    Nov 2005
    Posts
    45,927
    #40
    They shouldnt cut taxes on oil imports.

    The govt has a nasty habit of imposing new taxes when tax collections fall short. If the govt cuts taxes on oil imports, it will raise taxes on something else para bumawi. In the end, we the taxpayers will still pay.

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Drivers beware: Oil at all-time high