| Oil Prices Soar Above $92 a Barrel |
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| by Tom McGregor | Fri, Oct 26, 2007, 04:16 PM |
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Crude oil prices spiked above $92 a barrel today on heightened tensions in the As reported by the Houston Chronicle, “the United States announced new sanctions against Iran Thursday, targeting the elite Revolutionary Guards, which Washington accuses backing the Shiite militants in Iraq. A confrontation between the world’s largest oil consumer and its fourth largest producer could upend markets.” Light, sweet crude for December delivery rose 88 cents to $91.34 a barrel in electronic trading on the New York Mercantile Exchange by early afternoon in The Chronicle quotes Tetsu Emori, a commodity markets fund manager at ASTMAX Futures Co. in To read the entire article from the Houston Chronicle, link here.
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Comments (5)
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written by Lorlee Bartos , October 26, 2007 And oil supply will continue to be light. OPEC promised more supply and can't deliver. Peak Oil anyone?
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written by Bob Rasky , October 27, 2007 It seems that T. Boone Pickens' prophecy of $100 per barrel is becoming reality.
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written by Steve Heath , October 27, 2007 Pickens must have accurately forecast that Greenspann, Bernanske and our wonderful President and Congress would devalue and destroy our currency to finance their foolish wars and fiscal insanity. It's only about $58 a barrell in Europe - if you account for the loss of value of the dollar against the Euro since Bush took over as President - not that Bush alone is responsible for this carnage. There's plenty of blame to go around. It will probably hit $100 a barrell when Bernanske cuts rates next week to bail out his Wall Street buddies. Wait till we invade Iran. It may hit $200. Write comment
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