Oil prices soar over $135
May 23, 2008 8:22am CST
NEW YORK, May 22 -- Crude futures retreated Thursday after topping 135 U.S. dollars a barrel for the first time. Light,sweet crude for July delivery was down 2.36 dollars to 130.81 dollars a barrel on the New York Mercantile Exchange. In London, July Brent crude futures fell 2.19 dollars to 130.51 dollars a barrel on the ICE Futures Exchange. Oil prices rose to 135.09 dollars a barrel in overnight electronic trading on the New York Mercantile Exchange as the U.S. government reported that crude stockpiles declined by 5.3 million barrels last week. Analysts said the pullback reflected profit-taking after four days of record gains. Meanwhile crude oil shipments from the Organization of Petroleum Exporting Countries (OPEC) are projected to rise following Saudi Arabia's recent announcement that it's bringing additional oil to the market. WHAT DOES ALL THAT MEAN FOR US?
• Dominican Republic
25 May 08
It means that the politics of oil is changing and that is affecting world politics. I think that the US and other world leaders need to wake up and find something else to use as fuel and save our poor battered planet from distruction. Oh yes, and for us wee individuals it means that the cost of everything goes up as the suppliers need to pass on their extra costs to the consumer! Ho hum, life is becoming oh so very expensive!
• United States
28 May 08
..nations who drill their own oil are paying from 40 cents to a dollar something for their gallons of gas.. I can't help thinking oil was designed to be fuel! (by the creator, even though we humans do go to extremes on everything, including our autos, etc) - should drill while we also develop alternative sources.. so long as we don't lose all the farms and fields to fuel instead of food! as humans and livestock still need food/fuel too!
• Marion, Kansas
31 May 08
It means that everything will cost more, because even if we reduce our dependence on oil, speculators will drive the price up, and producers will use it as an excuse to raise the prices. We will tighten the belts and do the best we can.