Oil Briefly touches $100 a Barrel

NEW YORK (Reuters) — Oil fell Thursday as traders took profits from a record rally that had pushed oil to $100 a barrel two days in a row — a level that has raised a red flag over global economic growth.
Crude oil for delivery in February hit $100.09 on the New York Mercantile Exchange before falling back. U.S. crude settled down 44 cents to $99.18 a barrel.

The recent surge in oil prices has darkened the economic outlook in the United States, already battered by a housing crisis and credit crunch, and could threaten growth in big European energy-consuming nations.

Crude oil briefly hit $100 exactly on Wednesday before falling back.


See Flash file: http://i.usatoday.net/money/graphics/oil_history/flash.swf

Peak oil baby.

Yay, Bush!

Shouldn't this be in the "More Good Economic News"? Those of us invested in oil are not sad today.

I suppose good news for some is misery for the rest...

It was a one man stunt - http://news.bbc.co.uk/2/hi/business/7169543.stm

And just imagine if the guy who bought at $50/barrel sold at $100. He doubled his money!

Shouldn't this be in the "More Good Economic News"? Those of us invested in oil are not sad today.

What's good for them is bad for the average American that doesn't sit around the pool collecting dividend checks.

If I had oil and the world wanted it, I would charge as much as I could. If you don't like it, ride a bike or walk.

If I had oil and the world wanted it, I would charge as much as I could. If you don't like it, ride a bike or walk.

There is only one catch. you better have an army to protect it. Otherwise, someone will take it away....

There is only one catch. you better have an army to protect it. Otherwise, someone will take it away....

We have plenty of oil at ANWR. No one is touching it.

And just imagine if the guy who bought at $50/barrel sold at $100. He doubled his money!

yes but rising oil costs mean rising energy costs which for most people is BAD economic news

Shouldn't this be in the "More Good Economic News"? Those of us invested in oil are not sad today.

This good for some, but for MOST it is bad news.

We have plenty of oil at ANWR. No one is touching it.

Because we want to use everyone else's first.:D

its even bad for those who have shares in it because they still have to buy food thats transported, they still need to get to there celebration parties, they still have to pay tax for defence, they still have to use plastics and manifactured goods, they still have to pay morgages (oil prices fuel inflation, which drives up intrest rates)

unfortunatly we relie much to heaverly on oil for our sociaty

We have plenty of oil at ANWR. No one is touching it.

And we do not have an Army?:confused:

If you've invested in it, good job. If you rely on it to much , not so good. It's the old economies of scale . The smart one invested in it and drives a hybrid every day!!

that only works for end products not underlying products. For instance farmer needs to drive tractor, move produce ect his costs go up so does end price. There isnt much that can be done about it and as for intrest rates it doesnt matter what a morgage holder drive if the rest of the country is using petrol at the same rate then inflation goes up which drives up intrest rates

True Asguard, then the farmer should invest in his own crops as people will still have to buy them if they want to eat...

that still doesnt curtail inflation infact it puts even MORE pressure on inflation

Inflation is at the end controlled by the banks / government. Take care of your self, and they always will make sure (as long as they want to stay in power) that they take care of the rest. Don't depend on them more than you have to.

you do realise that price gourging is illegal dont you?

thats why the new goverment here has put a permident member of the ACCC to investigate fuel prices and food prices. Essential services are to some degree regulated. No one really cares if plasma screen TV's cost $10 000 but if tomatoes do well thats the end of the goverment. So they regulate it

Probobly yet another waste of the taxpayers money to put a inquiry in place to find out about why gas prices are rising and being fixed instead of teaching people how to not overuse and conserve. More taxes wasted, need to earn more to get by, higher gas prices, higher inflation.

well thats simple cut defence spending is that really the issue?

we pay taxes for the goverment to spend, if they spend them keeping prices down then good for them that means more money can be spent on other things but it also means that if you put downward pressure on essential service prices you also put downward pressure on inflation which is a good thing

after all person a requires x amount of food to live
x amount costs y
producer of y doubles price so person a now need to double his income to pay 2y for x
which is inflation

Because we want to use everyone else's first.:D

No. Because enviro-wackos don't want us to bother the critters at ANWR. A possibly endangered mussel is more important to them than less reliance on terror-sponsors' oil.

The real goal of the envirowackos is to slow down the economy. Most could not care less about protecting the environment. Many of them are tired, old communists and socialists still upset over the collapse of the Soviet Union and their dream of one world under communism. :(

Why do we export oil, then?

No. Because enviro-wackos don't want us to bother the critters at ANWR. A possibly endangered mussel is more important to them than less reliance on terror-sponsors' oil.

The real goal of the envirowackos is to slow down the economy. Most could not care less about protecting the environment. Many of them are tired, old communists and socialists still upset over the collapse of the Soviet Union and their dream of one world under communism. :(

We are currently sending one out of every seven barrels of domestically produced oil to China. Why cannt we just stop shipping oil to China and decrease our oil imports by a million barrels a day? If we do drill in Anwar, what is going to stop it from going to China like it does today?

http://www.ncseonline.org/NLE/CRSrep...l/nrgen-25.cfm

https://www.cia.gov/library/publicat.../print/us.html

Because we want to use everyone else's first.:D

That is very true. I worked for a major oil company and that was the answer I got from my boss. And that makes sense. When everybody is out, we control the planet (with Russia of course)

Sounds real rational to me....not! How does exporting our oil make us the last one standing with oil reserves? Saudi oil reserves are 100 times larger than ours.

We have a lot of oil in Alaska, Texas, Oklahoma. Our reserves are what USGS tells people we have. When oil runs out, we will make a miraculous find...There is even oil in Utah....Vernal area.

Yes I understand we have oil reserves. But I don't understand how exporting our oil is helping us. If we wanted to have reserves we should keep it in the ground.
Our political leadership is telling us we need to reduce our dependence on foriegn oil so we don't have to expend military resources in the gulf and in order to reduce the price of oil. And the oil companies say the price is high because supply is limited and to fix that problem we need to drill oil from Anwar.

That is politics for you.

We import and export similar products. It depends on business needs, politics, financial arrangements etc.

No. Because enviro-wackos don't want us to bother the critters at ANWR. A possibly endangered mussel is more important to them than less reliance on terror-sponsors' oil.

The real goal of the envirowackos is to slow down the economy. Most could not care less about protecting the environment. Many of them are tired, old communists and socialists still upset over the collapse of the Soviet Union and their dream of one world under communism. :(

the reserves in anwr are not worth the cost of getting them plus i am pretty sure the water around alaska is to cold for mussels they do it for the seals well the one's that don't get clubbed to death and water birds

Indeed it is politics and greed. No matter how much oil is produced domestically, unless we prohibit exports, it will not affect price at all.