Oil rallies to record near $120 on supply worries | Business | Reuters
NEW YORK (Reuters) – Oil surged to records near $120 a barrel on Tuesday on the weaker dollar, export disruptions from Nigerian rebel attacks and concerns a Scottish refinery strike could hit North Sea production.Further support came from data showing demand in China, the world’s No. 2 consumer, leaped 8 percent in March from a year ago, the fastest rate in 19 months as refiners boosted imports ahead of the Olympics.
U.S. crude settled up $1.89 at $119.37 a barrel after hitting an all-time peak of $119.90 earlier. London Brent crude gained $1.52 to settle at $115.95 a barrel, after rising to a record peak of $116.75.
Oil’s fresh highs extended a rally that has seen prices climb more than five-fold since 2002, as booming demand from emerging markets such as China has coincided with long-term supply constraints.
The slumping U.S. greenback, which tumbled to fresh lows against the euro on Tuesday, has also helped boost dollar-denominated commodities like oil and attracted speculative inflows from hedge funds.
President George W. Bush on Tuesday said he was concerned about record-high crude oil and gasoline prices, and said the United States needs to tap an Alaskan wildlife refuge to boost supply.
Why, that’s a BRILLIANT idea, Dubya! The cure to all of our problems is to drill an Alaskan wildlife refuge. (soapbox: The cure is Americans making a concerted effort to reduce their oil consumption by 50% in the next 5 years and by 90% in the next 8. I’m serious! You’ve gotta get MAD at it. Does expensive gas put money in YOUR pocket? Then fight it! Tell OPEC to f@*k OFF! Exxon too! Fill up your car, truck, SUV and only drive it when you HAVE to. Consider a second, smaller car, hybrid, scooter or motorcycle if you can. Even a bicycle or skateboard! Are you ticked off yet? You will be.). Uhhrm…. *straightens out his stack of paper and pushes his glasses back up* Just so you know, oil is at an all time high right now and it’s expected to move from $120 a barrel (today) up to $300 a barrel in the next five years. SUV drivers, it’s time to bone up on your scooter riding skills. I’m not being cruel here, I’m just sayin’ that when 2013 comes you’ll be a seasoned rider who can dodge all the newbie riders on the roads. You’ll thank me for it later. ;)
Thanks to GasBuddy for the bad news and Wikipedia for the bad future.
23. April 2008 at 10:04 pm
I can deal with high gas prices. What I don’t like is the high cost of food due to using corn to make ethanol. I can ride a bicycle, but I sure can’t eat one.
23. April 2008 at 10:31 pm
Hrm… Maybe you COULD.
http://edition.cnn.com/WORLD/europe/9806/11/fringe.mr.eat.everything/
24. April 2008 at 2:13 pm
I’ve been preaching by example for quite a few years. At first I was a foolish old man on a Vespa who just smiled back. Now I’m the interesting old man on my bright yellow QLINK commuter who is happy to take the time to discuss the obvious at the filling station forum with those who may come to believe.
be well,
rick
24. April 2008 at 2:21 pm
Whenever I go downtown (Austin) by myself I ride my Vespa. I used to feel selfish, like I was looking for an excuse to ride. Now I feel like an idiot if I take my truck, drive around 20 mins looking for parking and burn more gas than my Vespa tank can hold. Its all perception and having the right frame of mind.
24. April 2008 at 6:57 pm
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Dragster 250 ?
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24. April 2008 at 8:06 pm
Yes! Even the Dragster 250 will help you save money on gas.
24. April 2008 at 8:09 pm
hehe. I get it. When is the Dragster 250 coming out? You know, it’s been nearly a month since I asked. Last I heard we were looking at an Q3 production run. Let me bug Paolo again and see if anything has changed.
25. April 2008 at 7:41 am
I’m sorry, but there is no way in hell I can reduce my oil use 90% in 8 years. Not unless some affordable housing appears within a mile of my workplace. I’ll just ride my Burgman, thank you. That is a 50% drop.
25. April 2008 at 7:26 pm
Steve,
Here in SoCal my neck of the woods – gas prices are around 3.84 for regular and for premium is 4.04 per gal as of today 4-25th. The way gas prices are climbing each week – regular will be over 4 dollars by end of May if not sooner. Scootering and motorcycling have definitely pick up in popularity – I was once the lone scooterist with a small Vino 125 for 4 years…now I am amoung many other scooterist and and climbing. I sure hate it when one gallon of gas equates to almost a combination meal from a fast food restaurant. Back then it was equal just to a good burger.
Hanging on…
Phil