Oil hits $70

[uls]

Sana bumaba uli to mid or low 60's.

Our fragile economy cant take another beating... kaka-implement lang ang 12% VAT a couple of months ago. Ngaun 50 centavo increase sa fuel every week.

pero mukhang malabo bababa.

Know what they're gonna say next? Summer driving season na daw sa America. Lalakas daw demand for gasoline. Screw them! Why dont they just leave their freakin SUVs at home and just take the bus?!

[uls]

test

[jeanpierre]

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

Yeah, it's true. Dick Cheney was the vice-president of Halliburton Oilfield Services bago sya na elect vice-president ng US. Halliburton is the 2nd largest oilfield services company next to Schlumberger.

[uls]

The Bushes are Texas oilmen.

Dick Cheney was Halliburton CEO from 1995-2000. He left Halliburton during the 2000 presidential campaign.

Halliburton is making BILLIONS from US govt contracts. Wana work for Halliburton? Their subsidiary KBR is hiring: http://www.halliburton.com/kbr/kbrCa...tingEvents.jsp

Anyway... the EVIL in this world are the speculators. They who control HUGE FUNDS that are moved electronically all over the world seeking opportunities for profits. They drive prices up.

[lakay]

its time to start riding the bus again.

[oldblue]

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!!!!!!!

seriously? all this fuzz dahil magpapagawa ng nuclear power plant ang Iran.

pero come to think of it, bakit nga ba sila magpapagawa pa ng nuclear plant eh they have so much oil to begin with ...

[explorer]

langya...balita kanina sa radio nun pauwi ako...nasa £1.12/lit (P100/lit) na yung diesel dito.

[Monseratto]

Yeah, it's true. Dick Cheney was the vice-president of Halliburton Oilfield Services bago sya na elect vice-president ng US. Halliburton is the 2nd largest oilfield services company next to Schlumberger.

Haliburton is making a lot of moolah in Iraq. They were caught trying to overprice the US goverment.

[typhoon]

It's a good thing medyo nakikisama ung exchange rate natin. Just read the news medyo maganda naman outlook nila sa Peso that it could reach P48-P49 per $ despite the political turmoil and the surging oil prices. At least ma-offset nya somehow ung pagtaas ng presyo ng langis.

[mcbry]

Oil jumps above $72 to new high
Supplies of crude post surprise decline, gasoline chalks up big shortfall as summer driving season gets underway.
By Steve Hargreaves, CNNMoney.com staff writer
April 19, 2006: 3:42 PM EDT


NEW YORK (CNNMoney.com) - Oil prices jumped above $72 a barrel to yet another record Wednesday after a government report said supplies of crude made a surprise decline and gasoline stocks fell far more than expected.

U.S. light crude for May delivery soared as high as $72.40 a barrel, a new intraday high, before easing to settle up 82 cents at $72.17 a barrel on the New York Mercantile Exchange, which is also a new closing high. Crude set record trading and closing highs Tuesday as well.

[uls]

Surprise decline US crude inventory, summer driving season, Iran concern, Nigeria concern, strong China demand etc etc

We didnt start the fire... it was always burning since the world's been turning...

[mazdamazda]

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!!!!!!!

Why?

Iranian President Mahmoud Ahmadinejad today lambasted Israel and Zionism and quoted a remark from Ayatollah Khomeini, founder of Iran's Islamic revolution, that Israel "must be wiped out from the map of the world."

The president then said: "And God willing, with the force of God behind it, we shall soon experience a world without the United States and Zionism," according to a quote published by Iran's state news outlet, the Islamic Republic News Agency.

Ahmadinejad was quoted by Iran's official IRNA news agency as saying in a news conference in the Saudi Arabian city of Mecca: "Some European countries insist on saying that Hitler killed millions of innocent Jews in furnaces, and they insist on it to the extent that if anyone proves something contrary to that, they condemn that person and throw them in jail.

"Although we don't accept this claim, if we suppose it is true, our question for the Europeans is: Is the killing of innocent Jewish people by Hitler the reason for their support to the occupiers of Jerusalem?

"If the Europeans are honest they should give some of their provinces in Europe -- like in Germany, Austria or other countries -- to the Zionists, and the Zionists can establish their state in Europe," he said. "You offer part of Europe, and we will support it."

[uls]

the Iranian president wants to establish an Islamic superpower state.

In order to become a power the West will take seriously, u have to have nuclear capability. That's what the Iranian president is trying to accomplish.

Now, the US has to decide:
Invade Iran and create another big problem similar to Iraq... OR... TALK. Talk with Iran.... hoping diplomacy will make Iran stop its nuclear ambitions (which is very unlikely).

[mazdamazda]

the Iranian president wants to establish an Islamic superpower state.

In order to become a power the West will take seriously, u have to have nuclear capability. That's what the Iranian president is trying to accomplish.

Now, the US has to decide:
Invade Iran and create another big problem similar to Iraq... OR... TALK. Talk with Iran.... hoping diplomacy will make Iran stop its nuclear ambitions (which is very unlikely).

Seems that the Iraninan president is having a fit of megalomania...

China & Russia are already the ones talking with Iran to comply with the UN Security Council's advise for them to stop uranium enrichment.

Who would believe that they need nuclear powered power stations when they are sitting on top of of the second biggest crude oil reserve in the world (estimated at around 38 billion barrels)?

[uls]

Sensya po OT na

Bush, whose popularity rating is similar to GMA's, can't invade Iran now. It would be political suicide. The US cant have another headache (Iraq #2).

The Iranian president knows Bush won't invade him... well, not yet. Kaya malakas ang loob nya. Either that or he is just plain crazy.

[kris06]

Takot ang US sa multo na sila ang gumawa.

[imprezawrxsti]

seriously? all this fuzz dahil magpapagawa ng nuclear power plant ang Iran.

pero come to think of it, bakit nga ba sila magpapagawa pa ng nuclear plant eh they have so much oil to begin with ...

Probably national pride, potential weapon. Well, Israel i think has nuclear weapon so dapat lang na meron din sila, para may deterrent factor sa isat -isa, at wala ng bully. Back to topic , i think yong mga businessman ang nagpapamahal ng gas at hindi yong producing countries. Yong profit ng Exxon mobile eh mas malaki pa sa GDP ng indonesia....

[seonadancing]

Time to buy a bicycle. The situation is never going to be better, there's just too many wars going on. The US can wipe Iran off the face of the Earth but there would be other terrorists to wipe out. North Korea is another country that had uranium on their plans but the US threatened them too. What has this got to do with oil prices? lots. Instability of world affairs always lead to speculations. Oil is said to be running out, but we still have it so why the heck do they need to increase the price? To lessen consumption? How many people would actually go back to taking the MRT instead of riding their cars? Maybe if gas price reach P100/liter then i'd think of riding a bike.

[niky]

Gas is already 100p per liter in the UK... and people still drive. Mind you, they're richer than us, but their pay scale isn't as high as in the US.

I can see people here driving until it gets to 50p per liter. After that, a lot of people will be disposing of their cars.

[uls]

Oil producing countries dont set the price of oil. Not even OPEC can set the price of oil. It can only influence it by raising or cutting production.

Oil is a commodity traded in the commodities exchanges (in New York, London) just like steel or soy beans or pork bellies.

http://www2.barchart.com/mktcom.asp?code=BETHER

Oil price is determined by the open market. That's how speculators make their money. Exactly like currency speculators.