The Oil Price!

[Michael Alexander]

Where is this gonna end?

"Oil rockets to record $138
Jun 6 2008 9:17PM
New York - Crude oil surged to a record close of $138.54 in New York trade, gaining more than $10 in its biggest one-day jump ever after smashing a series of price hurdles.

That far outstripped its previous all-time peak of $135.09 struck on May 22.

New York's main oil futures contract, light sweet crude for July delivery, leapt $10.75 from Thursday's close.

In London, Brent North Sea crude for July crossed $138 for the first time and hit $138.12 a barrel. It eased back to 137.93 dollars, up $10.39, shortly before the market closed.

Analysts said the sharp price spike was a reaction to remarks by the Israeli deputy prime minister warning Iran would face attack if it pursues what he said was its nuclear weapons program.

"If Iran continues its nuclear weapons program, we will attack it," said Shaul Mofaz, who is also transportation minister. "

[Rhona]

Is it time to take out the ol' horse and carts............

[Michael Alexander]

Hey! Don't talk about my mother in law that way!

[Rhona]

    Behave yourself!!!

[Michael Alexander]

You started..........!

[Diana Rudd (Boehme)]

And so the oil price rocketed.

[georg ruf jr.]

We pay between 80 and 90 Eurocent for liter heating - oil now and need up to 3500l per year?????

[Michael Alexander]

I do not understand how this works..... The oil COmpanies and Exxon posted more huge record profits yesterday again, we the consumer are paying higher aprices at the pump.... so who is screwing who?

[Julie Vice (Willson)]

Over here they have just announced a 35% increase in gas, (just before winter too) and then they tell you the mega profit the company has made 

[SandyB]

Announced this evening .. due to drop in oil price  stronger rand and " various other factors" the cost of petrol and diesel to drop by + - 27 c/l .. but the price of parafin to go up by 4 c/l ?? now wheres the logic .. it all comes from f.. oil or coal ?? sad part is  parrafin is a staple heating and cooking fuel .. so they poorest   are hit ???  as for the price of gas ?? whooey another story .. most odd .. most odd ..

[Michael Alexander]

I follow the Rand's movements on a daily basis, I was reading that the Rand is once gain being set up by speculators.... it has been having a good run against the $ over the last 2 weeks,.... in fact too good a run..... certain people reckon that it is being set up to reach 6.50-6.80 and then all hell will break lose and it will plummet back to 8.90 or so..... SOme big people will make money and it goes to show what a manipulitive a currency the rand actually is.....

Lets see where it goes....

[Dalene Steenkamp (Coetzee)]

Afternoon oil price was declared at below $120 a barrel.  Predictions are for a drop in fuel price in Sept of about 71c for petrol and a little more for diesel.  Rand still pressing strongly.  Mining and resources -  specially gold and platina has dropped.  Platina sales down due to world wide lower car sales.  Did not look or listen directly to Kumba shares for iron ore, but they are quite fixed with new long term contracts and all the current expansions.  BHP Billiton has also dropped somewhat..

I just hope the crude oil price keeps getting lower  -  don't know what the exact sentiments are for the drop, but......

[Michael Alexander]

The oil dropped, because some hurricane missed some wells in Texas......