Oil hits $70

[van_wilder]

Speculators are betting Iran will use oil as a weapon (stop oil exports causing a major disruption in global supply) if the US takes action against Iran.

law of supply and demand nga... iran is threatening the supply and of course demand is not going down... thats why...

[jeanpierre]

Grabe na talaga itinaas ng oil price. Noong mag join ako sa oilfield, bumaba pa ang price sa $10/barrel kaya akala ko na wrong timing ako. Ngayon $70 na kaya busy mga oil companies sa exploration. Mga consultant na "puti" ngayon, parang bubuyog palipat lipat ng company offering a higher rate. Sa ngayon, the offer can go up to $1500/day for 28 days sched.

[oldblue]

$83 na daw as of the news this evening

[nugundam93]

holy kamote. eek.

[explorer]

you guys are still lucky with less than P40/lit gasoline...here in UK, diesel cost P88/lit. and gasoline cost P85/lit. and nobody is complaining.

[Monseratto]

RP braces for shock as oil hits $71 per barrel

THE GOVERNMENT is looking at measures like improving the public's access to ethanol and coco-diesel and expanding the number of gas stations offering a P1-discount on diesel fuel to public utility vehicles to cushion the impact of escalating world oil prices on Filipino consumers.

Energy Secretary Raphael Lotilla said Cabinet officials expanded yesterday the mitigating measures put in place last year "in order to address the resurgence of high oil prices in the international market.”

Oil prices broke new ground above $71 a barrel on Monday owing to mounting tensions over Iran's nuclear ambitions, fears of US gasoline shortages and rapid economic growth in China.

Brent North Sea crude closed at $71.46 a barrel. That was up 89 cents from Thursday's closing level in London, and just off a new high reached earlier Monday of $71.62.

In New York, light sweet crude for May delivery surged $1.08 from Thursday to close at $70.40 a barrel, testing levels not seen since last summer.

Crude prices had last set a record in New York of $70.85 on Aug. 30, after Hurricane Katrina hammered oil production facilities in the US Gulf of Mexico region.

Dubai crude, the benchmark for fuel prices in the country, surged to a record high of $64.7 a barrel on Monday, boosting the April average to $62.36 from $57.82 in March.

Unleaded gasoline is now sold at $83.50 a barrel and diesel at $86.48 a barrel, according to Lotilla.

[sugoi_yats]

tayo lang naman mga mahihirap na bansa nagcocomplain tuwing tumataas gasolina. ung mayayaman na bansa, ala masyado sa kanila yon..lalaki kc sahod nila. Hayyyy...hirap talaga maging mahirap!

[uls]

Kasalanan yan ng mga speculators. May supply naman e. Mataas naman inventory sa States. Wala naman oil producer na nag-cut production. Puro CONCERNS lang... concern about Iran, concern about Nigeria.

[niwde11]

you guys are still lucky with less than P40/lit gasoline...here in UK, diesel cost P88/lit. and gasoline cost P85/lit. and nobody is complaining.

bro, magkano naman ng sweldo ng tao dyan compared sa pinas.

[mcbry]

kawawa na naman tayo nito. baka weekly 50c increase na naman ito for 2 months or more. haaayy.

[Autobeat]

you guys are still lucky with less than P40/lit gasoline...here in UK, diesel cost P88/lit. and gasoline cost P85/lit. and nobody is complaining.

Interesting. Also, gas there is cheaper pala than diesel. Why is that? Are they discouraging diesel vehicles there?

[oldblue]

Kasalanan yan ng mga speculators. May supply naman e. Mataas naman inventory sa States. Wala naman oil producer na nag-cut production. Puro CONCERNS lang... concern about Iran, concern about Nigeria.

gone are the days of integrity. nowadays, even yun mga opisyal sa ibang bansa nagreresort na sa ganyan para lang mag-speculate sa mga oil investments. sobrang materyoso na lahat ng tao even from the developed ones.


never did believe the old news before that oil in the oil field is becoming scarce. speculation pa din ...

[explorer]

bro, magkano naman ng sweldo ng tao dyan compared sa pinas.

no, it's not because people here earn more money than in the philippines. remember that cost of living is also very high. everything is taxed and VAT is 17%. you even have to pay £125/yr (P11,000/year) for just license to use a TV (unlicensed tv is a crime). the very reason why people here are not complaining about the high fuel prices is...most of their cars are fuel-efficient. my 8 yo car (1.7L diesel) can still run at 17km/lit...if you compare that to a car with the same engine size, what do you get there, 8km/lit? i think people here have learned how to live in a country with a very expensive fuel.

[explorer]

Interesting. Also, gas there is cheaper pala than diesel. Why is that? Are they discouraging diesel vehicles there?

diesel cars are becoming more popular here not only in UK but also in europe. 40% of the cars sold have diesel engines. even the japanese cars like honda civic and crv have diesel engines. i really don't know the real reason for the higher price than gasoline, but the reason why diesel cars are popular here is the fuel efficiency (vs. the gasoline) in a long range driving.

[niwde11]

* explorer. yup, taas kasi standard of living dyan kaya taas din lahat. parang ganito, aaangal ka ba kung ang bottled water sa disneyland is almost twice(cost) outside of it? depende talaga sa lugar yan. sabi ka nung isang US based tsikoteer, sana pag sa pinas sya naassign for good e sweldo nya tulad pa rin ng sa US, mabilis pa sya sa kay kal-el pupunta dito. tinitingnan din kasi ng oil companies kung financially viable ang cost ng oil for a particular place. pag nag 80 dito langis ng di gagalaw ang wage index e malamang maubos tao sa pinas.

[typhoon]

Baka dahil mas in-demand diesel dyan.

[niwde11]

UK and US, usually mataas ang cost ng diesel.

[seonadancing]

Dati naniniwala pa ako na di bale tumaas presyo ng gasolina basta may gasolina pang mabibili. But most of the factors that affects oil prices can be attributed to the US. If they didn't go to war with Iraq and stop meddling with the life of Iran then the oil prices wouldn't be that high. Why are they stopping Iran from building a nuclear plant when it would help with their electricty needs. They never found weapons of mass destruction in Iraq did they? I think the US goverment is over reacting to a lot of things because of 9/11, but they are the ones who failed to read the signs that would have prevented all these!!!!!!!

[uls]

http://quote.bloomberg.com/apps/news...olI&refer=home

Now the speculators are profit taking. Its plain GREED!! just after a day?!

They know oil price cant remain high coz of high US crude inventory. Iran sila ng Iran wala pa signs na ititigil ng Iran oil export nila.

[Monseratto]

http://quote.bloomberg.com/apps/news...olI&refer=home

Now the speculators are profit taking. Its plain GREED!! just after a day?!

They know oil price cant remain high coz of high US crude inventory. Iran sila ng Iran wala pa signs na ititigil ng Iran oil export nila.

George and Dick used to be involved in the oil industry...business is business.