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Oil Futures Rise to $100 a Barrel

January 2nd, 2008 . by TexasFred

NEW YORK (AP) - Oil prices soared to $100 a barrel Wednesday for the first time ever, reaching that milestone amid an unshakeable view that global demand for oil and petroleum products will continue to outstrip supplies.

Surging economies in China and India fed by oil and gasoline have sent prices soaring over the past year, while tensions in oil producing nations like Nigeria and Iran have increasingly made investors nervous and invited speculators to drive prices even higher.

Violence in Nigeria helped give crude the final push over $100. Bands of armed men invaded Port Harcourt, the center of Nigeria’s oil industry Tuesday, attacking two police stations and raiding the lobby of a major hotel. Word that several Mexican oil export ports were closed due to rough weather added to the gains, as did a report that OPEC may not be able to meet its share of global oil demand by 2024.

Light, sweet crude for January delivery rose $4.02 to $100 a barrel on the New York Mercantile Exchange, according to Brenda Guzman, a Nymex spokeswoman, before slipping back to $99.48.

Crude prices, which have flirted with $100 for months, have risen in recent days on supply concerns exacerbated by Turkish attacks on Kurdish rebels in northern Iraq and falling domestic inventories. However, post-holiday trading volumes were about 50 percent of normal Wednesday, meaning the price move was likely exaggerated by speculative buying.

Full Story Here:
Oil Futures Rise to $100 a Barrel

Why we are so reliant on foreign oil is no secret, up until now it was cheaper and the government didn’t have to piss off the tree huggers but we are now in a position that drilling and refining in America is an urgent issue…

We have oil, plenty of oil, but the environmentalists have all but stopped offshore drilling, and have severely curtailed onshore drilling as well, and in the process, are holding America hostage to these oil producing nations that are run by militant insurgencies and Islamic moonbats, and we are making them mega-rich…

Domestic oil production can and must be increased, we have huge resources off the coasts of California and Florida, and the east coast as well, we can produce oil here, in the USA, for many years to come, and maybe during that time a viable alternative will be found, and speaking strictly for me, taking money away from the Nigerians, the Arabs, Chavez, Mexico and a few others isn’t a bad idea…

Do you think we’ll ever have a POTUS and Congress with the balls to get that job done??

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3 Responses to “Oil Futures Rise to $100 a Barrel”

  1. comment number 1 by: BobF

    We thought we had a POTUS and Congress with the kahonas to get it done but we were sore mistaken. We gave the Republicans a chance and they became worse then Democrats. Worse because Democrats tell you to your face what they’re going to do but the RINO’s lie and make you think they’re something they’re not.

  2. comment number 2 by: TomR

    Answer to your question - No.

    Not as long as we have a DNC and RNC feeding us a limited number of privately fiananced professional politicians to vote for.

  3. comment number 3 by: Bluebonnet Sue

    I believe we should take care of our environment as best we can.

    I also believe environmentalists should be the first ones to have absolutely no access to heating, cooling, any electricity, fuel for their cars and every other product of which petroleum is a part. Until enough alternative fuels are made available, we are dependent on oil and we should be supplying as much as we can ourselves instead of having to sell our souls to other countries to get it. I hope that we will get some leadership in our government who will consider the good of the country first instead of trying to promote the political party of which they are members. Sadly, I don’t see anyone in the present lineup who I think will do that. IMHO - Sue