Oil prices hit $100 a barrel.
By on Feb 19th, 2008 at 2:35 pm
Oil prices hit $100 a barrel.
AP reports, “Oil futures prices have shot back above $100 a barrel for the first time since Jan. 3. A weekend refinery explosion in Texas and the possibility that OPEC will cut production next month are driving prices higher, although analysts say there isn’t a single factor to explain the move.”
View Most Popular
Advertisement
What We're About
What We're Fighting For
What We're Fighting Against
Featured
Subscribe to the Progress Report
Topic CloudView topics sorted by popularity
Afghanistan
Bachmann
Beck
Boehner
Business
Civil Rights
Congress
Corporate Ethics
Dobbs
Economy
Education
Election
Energy
Environment
Ethics
Fox News
Gingrich
Global Warming
Health Care
Hoffman
Immigration
International Relations
Iraq
Justice
LGBT
Lieberman
Limbaugh
Media
Military
O'Reilly
Obama
Palin
Pelosi
Politics
Race
Radical Right
Religion
Sports
Steele
Stimulus
Tea Parties
Tea Party
Terrorism
Veterans
Women's Rights
Visit Our Affiliated Sites
Reports
In-depth studies on select topics
Got a hot tip?
Have a hot news tip? We'd love to hear from you. Use the form below to send us the latest.
ArchivesBlog Roll
remember oil was at $22.50 a barrel when bush/cheney took office.
i am sure its all just coincidence…
bad luck…
bill clinton’s fault…
February 19th, 2008 at 2:38 pmIt’s all gouging, oil speculators are killing us for profit. Capitalism at it’s worst. Screw your fellow americans for personal profit, the repukian way.
Buck Fush
February 19th, 2008 at 2:40 pmThe surge is working!!!!!
February 19th, 2008 at 2:40 pmFor BP, Shell, Exxon…….
Clinton raised oil prices on the campaign trail.
There, that’s the ticket!
February 19th, 2008 at 2:41 pmBush: “Tou many oilin’ fields were built, and now ders a correction takin’ place.” The president continued, “Leave my baby (Iraq) alone.”
February 19th, 2008 at 2:44 pmalthough analysts say there isn’t a single factor to explain the move.â€
Yes there is, greed.
February 19th, 2008 at 2:46 pmIt is the oil men who will “Thank God Bush invaded Iraq”. If they haven’t done so already.
February 19th, 2008 at 2:46 pmI blame Speaker Pelosi.
-GSD
February 19th, 2008 at 2:49 pm3 oil refinery fires in the last month. Hmmm….
February 19th, 2008 at 2:50 pmForging an Energy Path
Congress should dramatically revise President Bush’s backward-looking budget
…President Bush,…talks of the need for more renewable energy, but makes only token gestures in that direction.
His fiscal year 2009 budget, released this week, is a prime example. …The budget does NOT extend soon-to-expire tax credits for emerging renewable energy industries.
The budget DOES improves funding for coal by 25 percent and for nuclear energy by 37 percent. In contrast,…the budget reduces spending by almost 30 percent for renewables and programs striving for greater energy efficiency, such as the home weatherization program for low-income families.
Bush’s budget even includes $495 million for continued work at Yucca Mountain. As Congress sets about revising the budget, it should eliminate the Yucca Mountain money and dramatically change the funding priorities for energy to give the country the start it needs toward a cleaner, healthier future.
http://www.commondreams.org/archive/2008/02/07/6897/
February 19th, 2008 at 2:50 pmthats awesome news for all the oil whores!
hows that oil deal in iraq coming? did it pay for the war 10 times over yet?
February 19th, 2008 at 2:50 pm“analysts say there isn’t a single factor to explain the move.”
- – Sure there is; because they CAN.
February 19th, 2008 at 2:50 pmshorter good_golly “Screw all yew middle and lower class idiots who have to drive anywhere. I got mine, so f_ck you!”
February 19th, 2008 at 2:51 pmOther than pure, raw, unadultered greed, that is.
February 19th, 2008 at 2:55 pmComment by good_golly — February 19, 2008 @ 2:47 pm
Wow — that’s pretty decent satire. I didn’t know that was one of your skills. You surprise me sometimes!
February 19th, 2008 at 2:56 pmPerhaps we shouldn’t buy any oil, except from Iraq. That’d fix us right up.
February 19th, 2008 at 2:56 pmIf conservatives ever care to be relevant again, they’ll stop equating “smaller government!” with undermining the welfare (food, medicine, shelter, education, etc.) of our nation’s citizens. Start by cutting massive miilitary spending and ending corporate welfare, if you can’t raise taxes.
February 19th, 2008 at 2:58 pmOil prices won’t rise if we just let the telecoms have immunity ….
it’s all part of the master plan to fight terrorism… you see, we trash the constitution, create a perfect breeding ground for future terrorists, torpedo our economy and increse our dependency on foreign oil while at the same time paying through the nose for it…
The terrorists, seeing that they’ve accomplished their stated goal of bringing America to its knees, then disband.
voila, we win!
its so stupid, it just might work
February 19th, 2008 at 3:00 pmTroll scraping bottom hard, again.
February 19th, 2008 at 3:01 pmPerhaps we shouldn’t buy any oil, except from Iraq. That’d fix us right up.
Comment by RUCerious — February 19, 2008 @ 2:56 pm
Except American oil companies are getting shut out of Iraqi contracts!!
February 19th, 2008 at 3:06 pmhttp://iraqoilreport.com/
Something Had to Give: How Oil Burst the American Bubble
…Consider this: In 1998, the United States paid approximately $45 billion for its imported oil; in 2007, that bill is likely to have reached $400 billion or more. That constitutes the single largest contribution to America’s balance-of-payments deficit and a substantial transfer of wealth from the U.S. economy to those of oil-producing nations.
This, in turn, helped weaken the value of the dollar in relation to key foreign currencies, especially the euro and the Japanese yen, boosting the cost of other imported foreign goods and so threatening to fuel inflation at home.
http://www.commondreams.org/archive/2008/02/01/6773/
February 19th, 2008 at 3:09 pmYeah, 401k’s, sure thing…they made an extra 100 dollars with their investments but are spending 60 dollars a tank of gas, nice trade off.
Goon Goofy you are a total repukian whore.
Buck Fush
February 19th, 2008 at 3:10 pmWelp! Time to invade Chad.
February 19th, 2008 at 3:24 pmSo you’re all up to building more refineries? Maybe cut the taxes on gas? Allow more US based drilling?
February 19th, 2008 at 3:44 pmRefinery mishaps may increase the price of petrol, diesel or heating oil, but they should have no effect on the price of crude.
This price increase has more to do with demand increase from cold weather, and burgeoning India and China; potential supply declines from the House of Bush/Saud before the pre-election supply boosts, and the possibilities, thanks to a clueless American admin, of turmoil resulting from events in Pakistan and Kosovo.
February 19th, 2008 at 3:50 pmWe will never drill our ways out of a shrinking oil supply.
Much like we will never kill our way to peace in Iraq.
Although I do agree with the theory that higher oil prices will mean greater conservation, so there’s one minor upside to this.
February 19th, 2008 at 3:50 pmHey, this is capitalism at its finest! (hee hee)
There is an easy solution to America’s problem with oil companies: NATIONALIZE OUR ENERGY INDUSTRY AND KICK PROFITS OUT OF THE EQUATION!!!!!
End the speculation – which is why prices are so damn high – and end the daily drama of which speculator reads a news article that makes him $hit his pants and start bidding higher and higher and higher for oil futures. “Iran’s president just sneezed…. OH MY GAWD! INSTABILITY! FREAK OUT EVERYONE!!!”
A nationalized energy company, serving the interests of the American people and not concerned with paying ever-higher dividends to stockholders, could negotiate directly with oil producing countries and remove the markets from the equation altogether. A fair price could be worked out and production quotas set – and oil produced during the period of the negotiated agreement would have a fixed, stable price. The price at the pump and the price for natural gas would stay relatively constant. By removing the profit drive out of the industry, more and more money could be made available for research into alternative fuels and alternative methods of power generation. Environmental standards could be met – and actually exceeded for a change.
Let private enterprise do things like making blue jeans and Coca Cola. Leave energy and other “nationalizable” industries to the public sector where the most good can be done for the most people, instead of the other way around as with our current capitalist model.
February 19th, 2008 at 3:51 pm“Our way”, no s.
February 19th, 2008 at 3:51 pm#29 – I like that phrase, “killing our way to peace”. That does seem to accurately describe our current military strategy in Iraq and Afghanistan.
February 19th, 2008 at 3:53 pmComment by VA Voter — February 19, 2008 @ 3:44 pm
If I may ask, how’s knocking a few cents off the gas tax going to ease the pressure on American wallets in the face of 100%+ price increases?
February 19th, 2008 at 3:57 pm#33:
Everything’s possible in GOP Fantasyland, didn’t you get the memo?
Hey, thanks, jp.
February 19th, 2008 at 4:02 pmWallet terroristas!
February 19th, 2008 at 4:07 pmlus, higher gas prices lead to greater conservation efforts, which should make Liberal environmentalists happy (that is, if it wasn’t for the fact that Liberals are never happy).
Comment by good_golly — February 19, 2008 @ 2:47 pm
the usual bullshit, benefit the 2% at the espense of everyone else. buy yourself a conscience, gg.
February 19th, 2008 at 4:20 pmCheap gas will ruin this planet quicker than a herd of Buffalo at a vegan convention.
Comment by Billy Hill — February 19, 2008 @ 3:45 pm
Windfall profits will riun the planet even faster, as is already being shown.
February 19th, 2008 at 4:21 pmSo you’re all up to building more refineries? Maybe cut the taxes on gas? Allow more US based drilling?
Comment by VA Voter — February 19, 2008 @ 3:44 pm
no, actually; a much better solution would be to strip the oil companies of their robber-baron profits and invest the money wisely in alternative energy. republicans wojuld rather watch their children die in polluted air than give up a nickel, though.
February 19th, 2008 at 4:23 pmMission Accomplished.
Line up, Righties, to Hi-5 your favorite oil company execs.
What’s that, you don’t know any? Aren’t they supposed to trickle their astounding wealth down onto you now that they have it?
What’s that? – You say they’re just going to keep taking more of your money so you can drive back and forth to work?
Well, I’m sure they mean it in the chummiest way – don’t worry, if you donated enough to the RNC, you’re sure to get an invite to some swanky party, or at least a “Certificate of Merit” (that someone made with MSWord), or a neat elephant bumpersticker, or something. Rising tides lift all boats and all, dontcha know.
February 19th, 2008 at 4:23 pm1 Year forcast $129 a barrel
http://oil-price.net/
February 19th, 2008 at 4:24 pmBloomberg TV was saying that prices have “decoupled” from fundamentals. That means demand is dropping and we have record supply levels. And yet the price still is going sky high.
One person said it was because hedge funds were using oil as a flight to safety during the crappy housing market. Meanwhile, ExxonMobil and the others are posting record profits. Insanity.
February 19th, 2008 at 4:39 pmEnd the Enron Tax Loophole. That’s the one that Enron had made into law. It removed Energy from a list of regulated commodoties. Once that happened, voila, Free Markets reigned. Just look what that did for the people of California and all the happy Enron employees!
February 19th, 2008 at 4:39 pmImpeach Cheney and Bush and Save the Constitution!
oh john kerry – there you are – i thought we’d spend the whole day without the benefit of your idiot-jabber to keep the threads interesting. thanks, buddy.
February 19th, 2008 at 4:48 pm44 – the ultimate expression of righty-tude. as soon as there’s $ to make, all those morals and principles go right out the window, don’t they? jesus loves’ya though billy – never forget it.
why stop at oil? there’s a lot to be made trafficking 14-year-old russian girls stuffed with heroin, too! invest!!
Caligulite sickies!
February 19th, 2008 at 4:53 pmNo amount of jealousy, angst or loathing will change the fact that the oil company’s have one of the lowest profit margins on their products, 8%. That is much less than Walmarts margin on Depends….even with the Progressive discount. Stop cryin and invest! feedthepig.com
Comment by Billy Hill — February 19, 2008 @ 4:47 pm
margins aren’t the issue, billy. greed and the weakening of the country are the issues. your usual deflection of margins or percentages is irrelevant, and I’m not stupid enough to buy it, even if you are. record profits during wartime is antiAmerican, bordering on treason.
February 19th, 2008 at 5:15 pmWhat do leftys do to become personally responsible and insure financial security for their future……HUH Tommie???????? Your turn, step up big guy……….share!
Comment by Billy Hill — February 19, 2008 @ 5:05 pm
there will be no financial security for you if bushco keeps destroying the dollar’s value, stupid. money is only money; it has no intrinsic value. you’re a gullible moron.
February 19th, 2008 at 5:16 pmComment by John Kerry — February 19, 2008 @ 4:40 pm
Hi John, How’s it going? I see you still are enjoying the us against them game. You must be a blast at family gatherings. Well keep up the fight my man. There must be somebody out there that see things in such monochromatic ways as yourself
February 19th, 2008 at 5:16 pmFor some reason I just can’t recall any of you left nutters mentioning when oil was lower??????? I wonder why????????
Comment by John Kerry — February 19, 2008 @ 4:40 pm
because that was when we had a president that cared about America. oil hasn’t been lower since bush stole the White hzouse. Nice try, nice lie. you never learn, and you never win.
February 19th, 2008 at 5:18 pmI work to earn money.
I pay my taxes and my debts without complaint.
Both are things many Righties can’t seem to handle.
You’re welcome.
["hostel takeover" hee hee! thanks for the chuckle, too.]
February 19th, 2008 at 6:14 pm…and rhat has Nothing to do with the War!!!!! (sarcasm…just in case!)
February 19th, 2008 at 7:13 pm