Article

2005-06-17 Britain

Record gas prices send chill through suppliers (UK)

Archived material is restricted to Rantburg regulars and members. If you need access email fred.pruitt=at=gmail.com with your nick to be added to the members list. There is no charge to join Rantburg as a member.

Posted by phil_b 2005-06-17 00:44|| || Front Page|| [6 views since 2007-05-07] Top

#1 Also oil is up to just under $57/barrel, although this will be a record high priced in Euros.

Posted by phil_b 2005-06-17 04:00|| 2005-06-17 04:00|| Front Page Top

#2 phil-I read today that the price of oil hit a new record high of $58.47/barrel. I'll post the link for everyone to read. I guess it could be worse - OPEC has some pretty anti-American nations like Iran, Venezuela, Nigeria - OPEC could choose to turn down their spigots so scarcity would enhance the value of their product but they aren't doing so. In fact, OPEC countries are raising their quotas to keep with the demand.

Posted by Thotch Glesing2372 2005-06-17 16:03|| 2005-06-17 16:03|| Front Page Top

#3 That's called greed, methinks.

Posted by .com 2005-06-17 16:22|| 2005-06-17 16:22|| Front Page Top

#4 OPEC countries are raising their quotas to keep with the demand. Quotas don't satisfy demand, supply does. There is no more available supply in OPEC. Thats it for a number of years. Economic growth will slow until demand for oil stops increasing or alternate energy supplies come on stream. This means a severe and prolonged recession like none of us have ever seen. This seems inescapeable to me, but I'd be interested to hear alternate scenarios.

Posted by phil_b 2005-06-17 18:15|| 2005-06-17 18:15|| Front Page Top

#5 My theory is that those countries that can't afford petrol will stop using it first. :) I look for a steep drop in demand from India, China and Brazil. Followed by an instant 3 million brl a day surplus.

Posted by Shipman 2005-06-17 19:59|| 2005-06-17 19:59|| Front Page Top

#6 There could be more supply if certain OPEC nations' dictators (I won't mention Chavez by name) didn't screw up their industry to make it more politically reliable.

Posted by Jackal">Jackal 2005-06-17 21:19|| home.earthlink.net/~sleepyjackal/index.html]">[home.earthlink.net/~sleepyjackal/index.html] 2005-06-17 21:19|| Front Page Top

#7 gat a US refinery or two online above normal, and it drops $10.bbl....whoda thunk it?

Posted by Frank G">Frank G 2005-06-17 21:56|| 2005-06-17 21:56|| Front Page Top

23:57 JosephMendiola
23:53 mojo
23:40 Captain America
23:35 trailing wife
23:35 badanov
23:29 trailing wife
23:22 Captain America
23:17 11A5S
23:13 3dc
23:07 3dc
22:59 Just About Enough!
22:13 trailing wife
22:12 Ptah
22:12 Frank G
22:00 Frank G
21:58 macofromoc
21:58 Frank G
21:56 Frank G
21:54 Frank G
21:51 Frank G
21:47 trailing wife
21:47 True German Ally
21:42 From all the Spembles
21:39 trailing wife