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Oil above $127 for the first time
news.bbc.co.uk — Oil prices have hit a record high above $127 a barrel on fresh worries about global supplies . US light sweet crude jumped to $127.43 a barrel, ignoring a forecast from producers' cartel Opec this week that the world will need less oil in 2008.
warrior007- 60 diggs
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- Qong, on 05/17/2008, -0/+1I think halting the expansion of the strategic oil reserve is a bad move. There's little doubt that the price of oil will continue to rise over the very long term, knowing this we should realize that stock piling oil is a good investment for our country's future.
We have continually added to the reserve for a very long time, the fact that it's a good investment is clearly shown in the fact that our entire reserve was purchased at an average price of under $30 a barrel. That is not by any means a bad investment, and knowing that the price will continue to rise until a real alternative arises, the investment in oil will only look better in the future. - str3ama, on 05/17/2008, -0/+1Saudi can't do anything about it because theirs a limited amount of refineries to process the crude oil, it's estimated that for every 1% drop in the US economy - gas prices go up $4. If they want to really solve this problem, the government should step in and start tight regulation of this Oil oligopoly - and ensure that things like the electric car are actually given serious consideration and protected from competition seeking to prevent other energy sources from entering the market.
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