Harrolds.Blogspot.com
related: http://hosted.ap.org/dynamic/stories/O/OIL_PRICES (AP) 1Apr11
Oil tops $108 a barrel as jobless rate falls
By CHRIS KAHN, AP Energy Writer
Oil tops $108 a barrel as jobless rate falls
By CHRIS KAHN, AP Energy Writer
article source: http://conservativeactionalerts.com/blog_post/show/2308
Written by CAA Numbers on March 31, 2011
Written by CAA Numbers on March 31, 2011
 A Libyan Oil facility. (PHOTO: Benjamin Lowy/Corbis) |
The price of oil rose to a 30-month high on Thursday as fighters loyal to Moammar Gadhafi pushed back rebels from key areas in eastern Libya.
Benchmark West Texas Intermediate crude rose $$1.96 to $106.23 a barrel in afternoon trading on the New York Mercantile Exchange. At one point it hit $106.77, the highest it's been since September, 2008. In London, Brent crude rose $2.10 to $117.05 per barrel.
Battles between Gadhafi's troops and rebels have seesawed back and forth in Libyan ports and towns since mid-February, with the price of oil rising more than $20 a barrel since then. Energy consultants Cameron Hanover said traders are beginning to view the Libya uprising as a standoff for now. 'Without control of the air, Gadhafi's troops have been unable to hammer home their gains. And, without strong and well-trained ground forces, the rebels seem incapable of holding onto their gains. Optimism that Libyan oil might return to the market, seen earlier this week, was dashed."
Libya's oil exports, which went mainly to Europe, are shut down. The rebels have said they plan to start shipping oil again, although how soon that could happen is unclear. Libya exported only about 1.6 million barrels of oil a day, or 2 percent of global consumption, but energy traders worry that unrest will spread across the region to disrupt shipments from OPEC countries like Saudi Arabia and Iran. The Saudis are the biggest oil producers in the world, supplying about 8.4 million barrels a day. Iran produces more than 4 million barrels a day. Anti-government protests in those countries so far have been limited, although unrest continues in Syria, Bahrain and Yemen.
Benchmark West Texas Intermediate crude rose $$1.96 to $106.23 a barrel in afternoon trading on the New York Mercantile Exchange. At one point it hit $106.77, the highest it's been since September, 2008. In London, Brent crude rose $2.10 to $117.05 per barrel.
Battles between Gadhafi's troops and rebels have seesawed back and forth in Libyan ports and towns since mid-February, with the price of oil rising more than $20 a barrel since then. Energy consultants Cameron Hanover said traders are beginning to view the Libya uprising as a standoff for now. 'Without control of the air, Gadhafi's troops have been unable to hammer home their gains. And, without strong and well-trained ground forces, the rebels seem incapable of holding onto their gains. Optimism that Libyan oil might return to the market, seen earlier this week, was dashed."
Libya's oil exports, which went mainly to Europe, are shut down. The rebels have said they plan to start shipping oil again, although how soon that could happen is unclear. Libya exported only about 1.6 million barrels of oil a day, or 2 percent of global consumption, but energy traders worry that unrest will spread across the region to disrupt shipments from OPEC countries like Saudi Arabia and Iran. The Saudis are the biggest oil producers in the world, supplying about 8.4 million barrels a day. Iran produces more than 4 million barrels a day. Anti-government protests in those countries so far have been limited, although unrest continues in Syria, Bahrain and Yemen.
TAKE ACTION: Investigate Obama and Big Oil!
The Obama administration's lack of response to rising gas prices is hurting taxpayers.
The Obama administration's lack of response to rising gas prices is hurting taxpayers.
No comments:
Post a Comment
Please, avoid posting advertisements. Content comments are welcomed, including anonymous. Posts with profanity will not be published.