Well, I like to panic, is this a good reason?

[KillerMuffin]

http://www.reuters.com/news_article.jhtml?type=businessnews&StoryID=787036

International benchmark Brent crude oil had jumped $1.08 to $27.27 per barrel by early evening in London, resuming an assault on a six-month high of $28.15 seen last week.

U.S. crude futures rose 58 cents to $26.79.

 

[JazzManJim]

Nope. Now is definitely not the time to panic.

If the rest of the Arab world decides to listen to Saddam Hussein and follow his lead in not exporting oil to certain countries, then it'll be time to panic.

It'll be either because Gasoline in the US costs what the rest of the world is paying per gallon (which would suck big time!) or because we'd finally get our feet underneath us enough to try to stomp on the entire Arab world in the Middle East. Both definitely have big up sides and big down sides. Either would cause me some bit of panic.

 

[Starfish]

No. Don't panic. You know where that got me.

What you need right now is therapy.
Oh, hey, just go look at bi male porn.

NOW WOMAN! That is an order.

 

[Ishmael]

http://www.reuters.com/news_article.jhtml?type=businessnews&StoryID=787036

International benchmark Brent crude oil had jumped $1.08 to $27.27 per barrel by early evening in London, resuming an assault on a six-month high of $28.15 seen last week.

U.S. crude futures rose 58 cents to $26.79.

No, not the time to panic KM. But I'd damn sure fill the tractor up.

What I love about this is that Saddam can't turn off the taps. If that had come from any other oil exporter it would have far more credibility. And his statement was designed to induce a market panic. Another form of terrorism.

Closing down production on the scale that is being discussed here is a very slow process with many things that can go wrong. It is not like turning off the tap on your sink. Restarting production is even more time consuming and even more dangerous. Both are very expensive.

But the traders will panic, prices will fluctuate. Eventually sanity will prevail.

Ishmael

 

[cymbidia]

Fuck.
That's just what we need: higher gas prices.

You *know* those who set the prices that ultimately reflect what we pay at the pumps will raise those prices now, just and only in response to what could be, what might happen. No sense in waiting until it all unfolds to make some money on the unrest, right?

 

[LukkyKnight]

Nope. Now is definitely not the time to panic.

If the rest of the Arab world decides to listen to Saddam Hussein and follow his lead in not exporting oil to certain countries, then it'll be time to panic.

It'll be either because Gasoline in the US costs what the rest of the world is paying per gallon (which would suck big time!) or because we'd finally get our feet underneath us enough to try to stomp on the entire Arab world in the Middle East. Both definitely have big up sides and big down sides. Either would cause me some bit of panic.

There's an upside to stomping on the "entire Arab world"? I fail to see it.

 

[bored1]

No time to panic, Yet. Venezuala has also curtailed production but I dont believe it has anything to do with Saddam. Fuel inventories are high right now as refineries have been stockpiling for the summer season. But Im sure prices will continue to rise. I cant see the Saudis cutting production as petro dollars are all they have.

 

[freescorfr]

Blair and your chap, whatshisname, have been late in saying to Sharon to slow down - too late. The inevitable hike in oil prices is a joy to blair who has to fund a large public spending increase. A summer of high petrol prices will really help him. It will also slow demand and he'll be c;oser to meeting our strict emmission reduction targets more easily.

 

[JazzManJim]

There's an upside to stomping on the "entire Arab world"? I fail to see it.

Note the "entire Arab World in the Middle East". The huge upside is that, much like a goat which constantly butts you in the back, once you kick it right square between the eyes, it stops, because it knows you can hurt it worse than it can possibly hurt you.

I'm not advocating doing this. I'm just saying that, along with the downside, there's an upside. There's an upside to just about everything.

 

[Myrrdin]

Saddam is only allowed to export a limited ammount of oil to buy food for his malnourished poulation. So he's going to starve his own Arabs , to show support for other Arabs?
Very humanitarian of him.
Of course with no oil revenue, how is he going to fund his weapons of mass destruction?

 

[sabbathstorm]

Fuck.
That's just what we need: higher gas prices.

You *know* those who set the prices that ultimately reflect what we pay at the pumps will raise those prices now, just and only in response to what could be, what might happen. No sense in waiting until it all unfolds to make some money on the unrest, right?

They've started already here. Gas jumped about 4 cents/liter through the day. Luckily Storm found a little country gas station that hadn't jacked the prices yet