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November 2, 2007
Oh what a difference six weeks makes
on September 20 of this year crude "climbed above $83" on real fears of storms in the gulf of mexico. 28% of US oil production was off line. All that is back online again, but here we are knocking at $100. What is wrong? The fact is that there isn't enough of the stuff and the price will continue to go up until we stop using it or scale up alternatives.
From AGE on 9/20/07
"Crude climbs above $83 as storm forms near GulfCrude oil rose to close at a record high of $83.90 in New York after the U.S. said that production in the Gulf of Mexico was shut because of a storm threat. More than 360,000 barrels, or 28%, of daily oil production was idled according to the U.S. Minerals Management Service. Prices were already higher on signs that U.S. interest rate cuts and a falling dollar will bolster demand. "
Posted by Martin at November 2, 2007 9:46 PM
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