Archive for January, 2008
Consider This…
In early 2002, George Bush requested that the DOE and EIA conduct a joint study to see what would happen if the world temporarily lost 4% of its oil production due to a terrorist attack. The result? They estimated that crude prices would spike to over $130 per barrel (at the time, crude was trading [...]
Futures Traders Bet On $200/Barrel Oil In 2008
Options to buy oil for $200 on the New York Mercantile Exchange rose 10-fold in the past two months to 5,533 contracts, a record increase for any similar period. The contracts, the cheapest way to speculate in energy markets, appreciated 36 percent since early December as crude futures reached a record $100.09 on Jan. 3.
The [...]
Oil Prices Drop After Inventory Report
NEW YORK - Oil prices settled lower Wednesday after swelling gasoline supplies offset a tumble in crude oil stockpiles to their lowest level in more than three years.
Crude inventories fell 6.8 million barrels, or 2.3 percent, to 282.8 million barrels during the week ended Jan. 4, the Energy Department’s Energy Information Administration said in its [...]
Where Does Your Gas Dollar Go?
Was $100 Oil a Publicity Stunt?
The history books will record Wednesday, 2 January 2008 as the day crude oil traded at the much anticipated record high of $100 per barrel. But some traders and analysts say the validity of that first $100 trade is questionable: One lone floor trader bought 1,000 barrels - the fewest permitted [...]
