Oil hits $70

**van_wilder** · April 18th, 2006 01:53 PM

Originally Posted by uls

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** · April 18th, 2006 10:31 PM

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** · April 19th, 2006 02:20 AM

$83 na daw as of the news this evening

**nugundam93** · April 19th, 2006 03:30 AM

holy kamote. eek.

**explorer** · April 19th, 2006 05:42 AM

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** · April 19th, 2006 08:56 AM

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** · April 19th, 2006 09:35 AM

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** · April 19th, 2006 09:41 AM

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.