Oil prices hit record on Iran output concerns

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Thursday, August 07, 2008 1:01:14 PM

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Oil prices hit record on Iran output concerns Wednesday, May 14, 2008
CNN International -- NEW YORK (AP) -- Oil prices are holding steady in Asia after falling back from an overnight trading record near $127 a barrel hit on concerns Iran may consider cutting oil production. Light, sweet crude for June delivery dropped 8 cents to $125.72 a barrel in electronic trade on the New York Mercantile Exchange by midmorning Wednesday in Singapore. Oil prices hit a trading record of $126.98 a barrel Tuesday before falling back to settle at $125.80. Analysts said traders reacted quickly overnight to the news that Iran's government was considering cutting crude oil production.
Visit CNN International for full article

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	Wednesday, May 14, 2008 CNN International -- NEW YORK (AP) -- Oil prices are holding steady in Asia after falling back from an overnight trading record near $127 a barrel hit on concerns Iran may consider cutting oil production. Light, sweet crude for June delivery dropped 8 cents to $125.72 a barrel in electronic trade on the New York Mercantile Exchange by midmorning Wednesday in Singapore. Oil prices hit a trading record of $126.98 a barrel Tuesday before falling back to settle at $125.80. Analysts said traders reacted quickly overnight to the news that Iran's government was considering cutting crude oil production. Visit CNN International for full article

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STEVE853 All-Star Author Florida Posts:728 Points:218,895 Joined:Nov 2007	Message Posted: 5/18/2008 12:18:49 PM	Ignore STEVE853 Report Abuse
	Any excuse to raise the price of gas.
jmuse Veteran Author Long Island Posts:413 Points:87,900 Joined:May 2008	Message Posted: 5/18/2008 11:33:26 AM	Ignore jmuse Report Abuse
	All Iran has to do is say "it may consider" and its enough. They don't even have to say what it is their considering. It assumed that whatever it is, it can't be good for us.
eddmac Champion Author Washington Posts:1,663 Points:431,825 Joined:May 2006	Message Posted: 5/15/2008 3:12:51 PM	Ignore eddmac Report Abuse
	Our enemies who have oil, has learn how to hurt us without firing a shot. Cut production, get richer, and let the speculators finish off the job.
pulpwood Champion Author Mississippi Posts:1,021 Points:505,370 Joined:Sep 2006	Message Posted: 5/15/2008 8:13:16 AM	Ignore pulpwood Report Abuse
	You got that right gasie1 !!
gasie1 Champion Author Maine Posts:1,507 Points:848,760 Joined:Nov 2005	Message Posted: 5/15/2008 7:55:03 AM	Ignore gasie1 Report Abuse
	Speculation drives up price.
Bity Veteran Author Wichita Posts:386 Points:45,355 Joined:Jan 2007	Message Posted: 5/15/2008 7:54:09 AM	Ignore Bity Report Abuse
	I like Rochbear's opinion also, don't see it happening anytime soon though.
bowler48226 All-Star Author Detroit Posts:765 Points:237,770 Joined:Sep 2007	Message Posted: 5/15/2008 7:50:45 AM	Ignore bowler48226 Report Abuse
	Sounds about right.
KrazyDawg Champion Author California Posts:1,584 Points:261,755 Joined:Aug 2007	Message Posted: 5/15/2008 7:50:45 AM	Ignore KrazyDawg Report Abuse
	Outrageous but news these days are a repeat of yesterday. When will we learn from our mistakes.
ts08 Sophomore Author New Jersey Posts:179 Points:46,140 Joined:Apr 2008	Message Posted: 5/15/2008 7:47:36 AM	Ignore ts08 Report Abuse
	let me give u the forecast...so people stop reading redundant news...$128 tomorrow...$129 the day after and keep adding a $1 every day...
laddyboy62 Champion Author Riverside Posts:1,055 Points:890,460 Joined:Mar 2005	Message Posted: 5/15/2008 7:46:16 AM	Ignore laddyboy62 Report Abuse
	another day...another record...at 127$ this a.m.
Gerund1 All-Star Author Toronto Posts:741 Points:778,370 Joined:Apr 2003	Message Posted: 5/15/2008 7:42:31 AM	Ignore Gerund1 Report Abuse
	I like RochBear's point of view. It may take a substantial initial outlay, but with the fuel prices continuing to increase there will be an increasingly short payback period.
aalix Champion Author Orange County Posts:14,029 Points:2,429,650 Joined:Aug 2001	Message Posted: 5/15/2008 7:41:12 AM	Ignore aalix Report Abuse
	Keeping the pressure on motorists. On the positive side, it's a powerful incentive to develop alternatives in a hurry.
RochBear Champion Author Minnesota Posts:1,248 Points:413,800 Joined:May 2006	Message Posted: 5/15/2008 7:38:42 AM	Ignore RochBear Report Abuse
	As long as we are addicted to oil, and need our Fix, we will pay what the "dealer" demands for it. Go back and read the first artical on the people who have electric vehicals which they charge either on or off grid, but they put enough on the grid that their net fuel bill is ZERO! Once this country does that, we can tell Iran to eat their oil. When they have oil, but no food, the tables will be turned. You can't eat the stuff.
Sentraholic Champion Author Maryland Posts:1,744 Points:430,125 Joined:Nov 2006	Message Posted: 5/15/2008 7:37:36 AM	Ignore Sentraholic Report Abuse
	Stupid question: If everyone -- be it OPEC as a whole, or individual countries, refineries, or station attendants named Earl -- keeps cutting production, WHERE ARE THE SHORTAGES ONE WOULD EXPECT FROM SUCH PRODUCTION CUTS?!?!?! If anyone's seen a gas station run out of gas, please do tell us... Cause I drive about 100 miles a day to various places for work and have yet to see one close when employee theft or leaky, old underground fuel tanks weren't the reasons. This is a buncha crap. CUT OFF ALL FOREIGN AID TO OIL PRODUCING NATIONS. THEY CAN OBVIOUSLY AFFORD TO DO WITHOUT IT RIGHT NOW!
KellysDad All-Star Author Jackson Posts:948 Points:311,280 Joined:May 2007	Message Posted: 5/15/2008 7:32:59 AM	Ignore KellysDad Report Abuse
	The Iranians have been waiting for this chance for years. They are laughing all the way to the bank. They are running the U.S. economy into the ground by calmly serving on the OPEC board and keeping supply limited. There's that word again, SUPPLY. The way to stop them is eliminate our dependence on foreign oil reserves. Drill domestically in the U.S. AND Canada.
hangupanddrive Veteran Author Michigan Posts:336 Points:843,565 Joined:Aug 2005	Message Posted: 5/15/2008 7:32:40 AM	Ignore hangupanddrive Report Abuse
	Just another excuse for high prices. Iran, Iraq, Africa, South American, it does not really matter which country has problems, since the oil companies use all of them for an excuse to continue to raise the prices.
DieselX Veteran Author Chicago Posts:495 Points:108,760 Joined:Mar 2008	Message Posted: 5/15/2008 7:31:31 AM	Ignore DieselX Report Abuse
	blah blah blah - why dont they just tell the truth and say 'oil prices went up because we are a bunch of greedy bastards'
okietree Veteran Author Oklahoma City Posts:382 Points:150,480 Joined:Oct 2005	Message Posted: 5/15/2008 7:25:20 AM	Ignore okietree Report Abuse
	I get so tired of the "new" reasons to raise oil prices. Why don't they just come out and tell us they love to make money! Maybe they feel a little bit guilty, hence the constant reasons for raising prices.?????
drclark All-Star Author Tampa Posts:889 Points:118,045 Joined:Apr 2008	Message Posted: 5/15/2008 7:25:14 AM	Ignore drclark Report Abuse
	Wish we had some new news.
TheThing Veteran Author Quebec Posts:444 Points:128,925 Joined:Mar 2008	Message Posted: 5/15/2008 7:23:49 AM	Ignore TheThing Report Abuse
	Cutting the production to raise the price even more...
spunky4443 All-Star Author Washington Posts:629 Points:353,000 Joined:May 2005	Message Posted: 5/15/2008 7:23:31 AM	Ignore spunky4443 Report Abuse
	What you don't spend at the Pump, the Oil Companies take it in the Rear End.
gasforus Champion Author Michigan Posts:1,230 Points:621,360 Joined:Dec 2005	Message Posted: 5/15/2008 7:19:38 AM	Ignore gasforus Report Abuse
	Old freakin news!
BoerneWatch Champion Author San Antonio Posts:5,684 Points:726,260 Joined:Oct 2005	Message Posted: 5/15/2008 7:18:34 AM	Ignore BoerneWatch Report Abuse
	Iran may drop production due to wells not producing as much, but they won't lower production below whatever they can produce. We are talking third world poor with an expensive government. They will sell as much as they can for whatever price the market bears.
drifterON Rookie Author Ontario Posts:27 Points:3,665 Joined:May 2008	Message Posted: 5/15/2008 7:17:17 AM	Ignore drifterON Report Abuse
	The more we start to conserve the less we will need to buy from them. Conservation is the name of the game these days!
phatride92 Champion Author Kansas Posts:3,217 Points:834,575 Joined:Oct 2005	Message Posted: 5/15/2008 7:12:44 AM	Ignore phatride92 Report Abuse
	US colleges trained the Iran government in the '70s. We are now reaping the benefits.
brogan56 Champion Author Colorado Springs Posts:9,096 Points:1,463,745 Joined:Mar 2004	Message Posted: 5/15/2008 7:09:16 AM	Ignore brogan56 Report Abuse
	okie, I'm going to stop reading the angry posts here, just a bunch of whining with very little in the "what should we do about it" department..
eaglev All-Star Author Oklahoma City Posts:532 Points:243,970 Joined:Jul 2005	Message Posted: 5/15/2008 7:08:26 AM	Ignore eaglev Report Abuse
	Anything to drive up the price, it is just speculation
Brockvillian Veteran Author Ontario Posts:317 Points:253,345 Joined:May 2007	Message Posted: 5/15/2008 7:07:09 AM	Ignore Brockvillian Report Abuse
	Whatever! Nothing is going to change, get use to it.
Dennis783 Champion Author Wisconsin Posts:5,078 Points:1,019,070 Joined:Sep 2005	Message Posted: 5/15/2008 7:04:45 AM	Ignore Dennis783 Report Abuse
	So we're letting Iran manipulate the market again?
Lookiehere Champion Author Alabama Posts:2,947 Points:602,600 Joined:May 2005	Message Posted: 5/15/2008 6:58:47 AM	Ignore Lookiehere Report Abuse
	Maybe we should help them "cut production" BOOM!
rod1965 Veteran Author Portland Posts:323 Points:36,340 Joined:Jul 2007	Message Posted: 5/15/2008 6:57:18 AM	Ignore rod1965 Report Abuse
	message from Iran....we are cutting production and raising prices you American capitalist dogs. blah blah blah. as if we didn't already know this.
tobasco Champion Author Los Angeles Posts:2,664 Points:745,515 Joined:Mar 2004	Message Posted: 5/15/2008 6:56:50 AM	Ignore tobasco Report Abuse
	Another lame excuse.
scrounger Champion Author Vancouver Posts:5,775 Points:1,585,015 Joined:Mar 2003	Message Posted: 5/15/2008 6:56:37 AM	Ignore scrounger Report Abuse
	same old same old
acknot Veteran Author Seattle Posts:424 Points:550,040 Joined:Sep 2003	Message Posted: 5/15/2008 6:56:35 AM	Ignore acknot Report Abuse
	No place to go but up.
vj24 Champion Author Michigan Posts:7,431 Points:1,364,990 Joined:May 2004	Message Posted: 5/15/2008 6:54:36 AM	Ignore vj24 Report Abuse
	Another same old song and dance.
workfromhome All-Star Author Raleigh Posts:659 Points:336,070 Joined:Aug 2005	Message Posted: 5/15/2008 6:51:28 AM	Ignore workfromhome Report Abuse
	it will be up another dime after this news
The_WB Champion Author Detroit Posts:3,276 Points:381,700 Joined:Apr 2007	Message Posted: 5/15/2008 6:51:17 AM	Ignore The_WB Report Abuse
	Any bad news sends prices up.
UTOrangeMan Champion Author Atlanta Posts:1,467 Points:125,525 Joined:Mar 2008	Message Posted: 5/15/2008 6:49:43 AM	Ignore UTOrangeMan Report Abuse
	What's next?
Lonewolftx Champion Author Houston Posts:5,201 Points:1,021,360 Joined:Sep 2005	Message Posted: 5/15/2008 6:48:53 AM	Ignore Lonewolftx Report Abuse
	they only pump it up, they can't refine it so we continue to have an over supply od crude . . .
AC-302 Champion Author Los Angeles Posts:7,180 Points:1,212,505 Joined:Aug 2004	Message Posted: 5/15/2008 6:44:52 AM	Ignore AC-302 Report Abuse
	Of course traders reacted quickly to news of Iran's proposed production cut. That's how they make their money... If they can find ways to jack up prices beyond what their futures "buy" contracts are for, that difference is pure profit to them.
kanmandoo All-Star Author Detroit Posts:808 Points:810,565 Joined:Jun 2005	Message Posted: 5/15/2008 6:43:45 AM	Ignore kanmandoo Report Abuse
	So it hit another record high, it will tomorrow too.
Dale Jr. Champion Author Iowa Posts:7,490 Points:1,508,075 Joined:May 2004	Message Posted: 5/15/2008 6:41:33 AM	Ignore Dale Jr. Report Abuse
	Your comment is so true mvosevich.
Chazzer Champion Author Nevada Posts:7,558 Points:1,627,235 Joined:May 2002	Message Posted: 5/15/2008 6:40:14 AM	Ignore Chazzer Report Abuse
	Iran be damned!
oilcompanygreed Rookie Author Columbus Posts:18 Points:2,545 Joined:May 2008	Message Posted: 5/15/2008 6:37:43 AM	Ignore oilcompanygreed Report Abuse
	It's the old supply and demand thing...what we need to do is stop demanding so much.
rxman1 Veteran Author Toledo Posts:490 Points:196,365 Joined:Nov 2007	Message Posted: 5/15/2008 6:34:07 AM	Ignore rxman1 Report Abuse
	It will be higher tomorrow.
salog Veteran Author Columbia Posts:396 Points:339,335 Joined:Oct 2006	Message Posted: 5/15/2008 6:33:18 AM	Ignore salog Report Abuse
	when are prices not hitting new highs?
GGAlbo All-Star Author Detroit Posts:547 Points:386,345 Joined:Sep 2006	Message Posted: 5/15/2008 6:29:12 AM	Ignore GGAlbo Report Abuse
	The Traders always look for a reasons to rise oil price.
Magnum0829 Champion Author Jackson Posts:1,002 Points:370,815 Joined:Oct 2005	Message Posted: 5/15/2008 6:26:21 AM	Ignore Magnum0829 Report Abuse
	Concerns? Let them drink it!
frede2 Champion Author Texas Posts:3,130 Points:698,920 Joined:May 2005	Message Posted: 5/15/2008 6:24:41 AM	Ignore frede2 Report Abuse
	Yeah, and the "reason" next week will be concerns that someone will spit on the sidewalk in Kuwait. Why do they even give a so-called "reason" it is all bull anyway!
JB1881 Champion Author New Mexico Posts:1,113 Points:298,710 Joined:Aug 2007	Message Posted: 5/15/2008 6:20:11 AM	Ignore JB1881 Report Abuse
	Well something has to be done.