Experts see $100 a barrel oil
bootlegga @ Mon Jan 23, 2006 5:12 pm
Avro Avro:
Hold on to your hats, this could be a reccession creator.
Just in time for a Con minority government...hehehe
hwacker @ Mon Jan 23, 2006 5:15 pm
bootlegga bootlegga:
Avro Avro:
Hold on to your hats, this could be a reccession creator.
Just in time for a Con minority government...hehehe
yeah well we can blame this on Martin. that's easy.
grainfedprairieboy @ Mon Jan 23, 2006 5:32 pm
The more the price climbs the richer Alberta becomes so we're pretty much recession proof. Ont/Queer however are facing the triple punch of increasing energy prices, reduced government subsidy/protectionism and the coming manufacturing slump as eastern industries are forced to downsize, close or retool in an effort to stave off Asian competition and prevent a Canadian version of the American 'rust belt'. Today’s announcement by Ford is only one in a long series anticipated by analysts. Hopefully Canada seeks the political version of battening down the hatches by electing a Conservative government to help weather the storm.
Toro @ Mon Jan 23, 2006 5:35 pm
$100 oil?
Maybe.
Maybe not.
OPEC is running flat out BTW. This talk about OPEC cutting production is silly. They're too greedy.
Banff @ Mon Jan 23, 2006 5:50 pm
Avro Avro:
$1:
Geopolitical conflicts taking their toll
Iran issue alone could cause disruption
Jan. 23, 2006. 10:37 AM
A surge in oil prices last week to almost $70 (U.S.) a barrel on a perfect storm of global energy-related fears only hints at what may lie ahead, experts say.
Nervous investors look on as conflict rages in several strategic areas of the world, involving nations as disparate as Iran, Iraq, Saudi Arabia, Russia, Ukraine, Nigeria, Venezuela, China and the United States.
This morning, crude oil rose again in after-hours electronic trading on the New York Mercantile Exchange. Crude oil for March delivery spiked as much as 72 cents, or 1.1 per cent, to $69.20, as a cold front sweeps across Europe.
Experts say the Iran issue alone could push oil prices past $100 a barrel. If the U.N. Security Council were to authorize sanctions against Tehran, which the West accuses of trying to make nuclear bombs, Iran has threatened to curb oil exports in retaliation.
"Even if Iran pulled a small amount of its oil off the market, say it pulled a half million barrels a day, I could see oil prices literally jumping over the $100 per barrel mark," said James Bartis, a senior researcher at Rand Corp.
A sharp global economic slowdown could follow. That's the dilemma the United States and European nations face as they decide whether to act.
But Iran would also pay a hefty price if the petro-dollars that now represent 80 per cent of export revenues are reduced, potentially stirring civil unrest in a nation with a 14 per cent unemployment rate.
In developments yesterday:
Explosions blamed on sabotage hit pipelines running through southern Russia in the morning, cutting the supply of natural gas to the Caucasus countries of Georgia and Armenia during a cold snap. Georgian President Mikhail Saakashvili said the blasts were aimed at destabilizing the country.
U.S. Senator John McCain, an Arizona Republican, said the United States needs to develop alternate energy suppliers to avoid being held hostage by "Iranian mullahs" and "wackos in Venezuela." McCain said on Fox News that the U.S. must "get on a track to energy independence from foreign oil," including reliance on nuclear power.
Venezuela's Energy Minister Rafael Ramirez said that "oil market fundamentals" show OPEC should trim crude production because prices are climbing on specific situations such as Iran and Nigeria rather than dwindling supplies.
Swiss bank UBS is cutting ties with all of its clients in Iran because of high costs deriving from uncertainty about security and regulatory matters in Iran. The decision was not driven by political motives, an official said.
Saudi Arabia, the world's biggest oil exporter, may direct increased output toward China and India as the world's fastest-growing markets compete for supplies. "Saudi Arabia is looking eastward to Asia; to China and India," said Khan Zhahid, chief economist at Riyad Bank. Saudi King Abdullah is to visit both nations this week.
The cost of shipping crude oil from the Middle East to refineries worldwide on 2 million-barrel tankers, already at its highest in almost a month, may rise further this week because of limited vessel supplies in February. Just 22 tankers, known as very large crude carriers, or VLCCs, will be available to load in the Persian Gulf in the next 30 days, London-based E.A. Gibson Shipbrokers Ltd. said. That's down from 56 last week.
FROM STAR WIRES SERVICES
Iran issue alone could cause disruption
Jan. 23, 2006. 10:37 AM
A surge in oil prices last week to almost $70 (U.S.) a barrel on a perfect storm of global energy-related fears only hints at what may lie ahead, experts say.
Nervous investors look on as conflict rages in several strategic areas of the world, involving nations as disparate as Iran, Iraq, Saudi Arabia, Russia, Ukraine, Nigeria, Venezuela, China and the United States.
This morning, crude oil rose again in after-hours electronic trading on the New York Mercantile Exchange. Crude oil for March delivery spiked as much as 72 cents, or 1.1 per cent, to $69.20, as a cold front sweeps across Europe.
Experts say the Iran issue alone could push oil prices past $100 a barrel. If the U.N. Security Council were to authorize sanctions against Tehran, which the West accuses of trying to make nuclear bombs, Iran has threatened to curb oil exports in retaliation.
"Even if Iran pulled a small amount of its oil off the market, say it pulled a half million barrels a day, I could see oil prices literally jumping over the $100 per barrel mark," said James Bartis, a senior researcher at Rand Corp.
A sharp global economic slowdown could follow. That's the dilemma the United States and European nations face as they decide whether to act.
But Iran would also pay a hefty price if the petro-dollars that now represent 80 per cent of export revenues are reduced, potentially stirring civil unrest in a nation with a 14 per cent unemployment rate.
In developments yesterday:
Explosions blamed on sabotage hit pipelines running through southern Russia in the morning, cutting the supply of natural gas to the Caucasus countries of Georgia and Armenia during a cold snap. Georgian President Mikhail Saakashvili said the blasts were aimed at destabilizing the country.
U.S. Senator John McCain, an Arizona Republican, said the United States needs to develop alternate energy suppliers to avoid being held hostage by "Iranian mullahs" and "wackos in Venezuela." McCain said on Fox News that the U.S. must "get on a track to energy independence from foreign oil," including reliance on nuclear power.
Venezuela's Energy Minister Rafael Ramirez said that "oil market fundamentals" show OPEC should trim crude production because prices are climbing on specific situations such as Iran and Nigeria rather than dwindling supplies.
Swiss bank UBS is cutting ties with all of its clients in Iran because of high costs deriving from uncertainty about security and regulatory matters in Iran. The decision was not driven by political motives, an official said.
Saudi Arabia, the world's biggest oil exporter, may direct increased output toward China and India as the world's fastest-growing markets compete for supplies. "Saudi Arabia is looking eastward to Asia; to China and India," said Khan Zhahid, chief economist at Riyad Bank. Saudi King Abdullah is to visit both nations this week.
The cost of shipping crude oil from the Middle East to refineries worldwide on 2 million-barrel tankers, already at its highest in almost a month, may rise further this week because of limited vessel supplies in February. Just 22 tankers, known as very large crude carriers, or VLCCs, will be available to load in the Persian Gulf in the next 30 days, London-based E.A. Gibson Shipbrokers Ltd. said. That's down from 56 last week.
FROM STAR WIRES SERVICES
Toronto Star
Hold on to your hats, this could be a reccession creator.
"DE-" for travelers ANYONE READY TO VOTE THE TRASHY NAFTA AND WTO OUT THE WINDOW ???????????