Oil Hits New Record, Then Reverses

BusinessOil Hits New Record, Then ReversesOil Hits New Record, Then ReversesThe Associated PressCrude oil futures swung wildly on Monday, rising to a record and then tumbling as investors wrestled with whether they should put stock in Saudi Arabia's promise to boost production. Retail gas prices rose to a record $4.08 a gallon. (June 16)Crude oil futures swung wildly on Monday, rising to a record and then tumbling as investors wrestled with whether they should put stock in Saudi Arabia's promise to boost production. Light, sweet crude for July delivery fell 29 cents to $134.57 a barrel in afternoon trading after earlier soaring to a trading record of $139.89.With little in the way of news to explain oil's decline, analysts pointed to Saudi Arabia's weekend decision to boost production and to Tuesday's expiration of crude options. [Notes:SOT Anthony Grisanti, Trader, GRZ Energy] XXXXXX XX XXXX XXXXXSaudi Arabia announced over the weekend that it would boost oil output by 200,000 barrels a day, giving some investors a sense that the world's largest oil producer may be getting serious about boosting output. At the pump, meanwhile, the national average price of a gallon of gas rose three-tenths of a cent overnight to $4.08 a gallon. Gas prices are following crude prices higher, and likely have several more cents to rise before catching up with oil's latest advance. ___ ___, The Associated Press.(****END****)

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[Weaseldog2001]

Not everyone lives the way you do Star.

I don't share your paranoia.

[Weaseldog2001]

Have fun. I won't be wetting the bed.

[Weaseldog2001]

If you want to re-fight the Holy Crusades, then enlist in the US Military.

[Weaseldog2001]

Why do I care? That has nothing to do with BTUs, production rates, depletion curves, the quality of crude oil, strip mining, etc...

It seems strange to me that you think that US coal consumption is a religious issue.

[Weaseldog2001]

I'm sorry that I talked over your head on that one.

I didn't mean to hurt your feelings.

I'm sorry that you're unable to understand this topic.

You are quite the nutcase conspiracy theorist though.

[neotoy]

Still digging in the dirt for prehistoric filth. Maybe it's time to move on? Leave the dark ages of mankind behind where they belong. Find a better way to live, embrace the 21st century with a vision of a future without the tedious and squalid trappings of our apparently retarded ancestors..

[Weaseldog2001]

Yeah, the liberals run the planet. Environmental whackos have taken control of Bush's brain. :)

You do understand the problem is one of rate of production, and not ultimate production right?

Let's say you win a million dollars and it pays out at $10 a Month. You're a millionaire, right? Ultimately, you've received a million dollars, but each month, you only get $10 to spend. What if It paid out $2,000/month. Would that be different?

Now go put $10lbs of high sulfur coal into your gas tank.

[Weaseldog2001]

Pay the rent with sofa pickings!

The energy in 23 million barrels a day of consumption, can't be made up using domestic sources.

Some problems have no solutions.

[bigkyle07]

We have to trust our Saudi friends!

[Weaseldog2001]

SA has made this promise many times without following through. In 2001, they made similar promises, just before their production plummeted.