Oil Prices Top $100 A Barrel

Oil prices soared to $100 a barrel Wednesday for the first time ever, reaching that milestone amid an unshakable view that global demand for oil and petroleum products will continue to outstrip supplies.

Surging economies in China and India fed by oil and gasoline have sent prices soaring over the past year, while tensions in oil producing nations like Nigeria and Iran have increasingly made investors nervous and invited speculators to drive prices even higher.

Violence in Nigeria helped give crude the final push over $100. Bands of armed men invaded Port Harcourt, the center of Nigeria’s oil industry Tuesday, attacking two police stations and raiding the lobby of a major hotel. Word that several Mexican oil export ports were closed due to rough weather added to the gains, as did a report that OPEC may not be able to meet its share of global oil demand by 2024.

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  • by Melvin Leppla Location: Jacksonville on Jan 2, 2008 at 11:25 AM
    Is it me or I am just being naive? Companies used to produce more to make more, but now everything from oranges to oil is now marketed as a shortage. It seems that the process as been rearranged to produce less but get paid more. Creating artificial shortages if you will. During the fall the price of gas was going up and up, but industry gurus were saying there was no physical reason why the price of gasoline was going up with good supply and the refineries were able to keep up with demand. So the futures market strikes again causing the rest of us to pay more.

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