09/05/2008

Crude Record Near $125 a Barrel

One of the nations that have more fat people in the world are the United States , however there is a way to reduce this...WorldWatch suggests that the US change the summer driving season to a summer cycling season !!! this way they will remain healthy and save on fuel consumption .
The US gasoline price per gallon will no doubt become more expensive as crude oil rose to a record for a fifth day, set for the biggest weekly gain since March last year, on speculation Nigerian export cuts may curb U.S. supplies during the peak summer season.
Attacks by militants on Royal Dutch Shell Plc's Nigerian operations have disrupted output from Africa's biggest oil producer, while U.S. distillate-fuel stockpiles and refinery output have declined from last year.On the other hand we have a group of nations (OPEC) manipulating and speculating to keep crude prices well above the $120 mark, OPEC said yesterday it doesn't need to increase supplies, even as its president warned prices may reach $200 a barrel... So OPEC has publicly announced that they favor SPECULATION as means to obtain ever-growing profits and control world demand, this was not the role of OPEC, they have now emtered a new phase that in time will be their total destruction..
The OPEC President Chakib Khelil doesn’t seem to be very intelligent, anyone can see that demand is not sufficient and still the cartel group keeps denying the obvious.
Crude oil for June delivery climbed to $124.92 a barrel in electronic trading on the New York Mercantile Exchange. The contract was at $124.67 at 10:14 a.m. London time. Oil has risen 7.2 percent this week, the biggest weekly gain since March 23, 2007. Prices have doubled in the last year.
Brent crude oil for June settlement jumped to a record $124.25 a barrel on London's ICE Futures Europe exchange. It was at $123.89 at 10:15 a.m. London time.

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