Oil price goes to $100 a barrel

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  • Dave A
    Site Caretaker

    • May 2006
    • 22807

    #1

    Oil price goes to $100 a barrel

    It wasn't that long ago that oil breached the $30 "ceiling." And the word was it was temporary; the result of some unexpected short term problems. Now as oil breaks $100 per barrel under a steady stream of "temporary" challenges, you've got to wonder where it will end.
    Oil prices vaulted to a record $100 a barrel on Wednesday as violence in Nigeria, tight energy stockpiles and a weaker dollar triggered a surge of speculative buying, dealers said.

    Oil's climb to the psychologically key triple-digit price helped send stocks tumbling on Wall Street and further darkened an already gloomy economic outlook in the United States, which has been battered by a housing crisis and credit crunch.

    "Oil hitting $100 a barrel has sparked some concerns about the consumer and inflation," said Todd Salamone, vice-president of research at Schaeffer's Investment Research.

    US crude traded once at $100 a barrel, up $4,02, before easing back to settle $3,64 higher at $99,62. It remains below the inflation-adjusted high of $101,70 hit in April 1980, a year after the Iranian revolution.

    London Brent crude rose $3,99 to $97,84.

    Crude prices jumped 58% in 2007, the biggest annual gain this decade. Oil prices have nearly tripled since 2000 -- driven by rising demand in China and other developing countries, tight stockpiles and geopolitical turmoil.
    extracts from M&G article here
    How can inflation possibly be kept in check in the face of such massive increases in energy costs?
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  • IanF
    Moderator

    • Dec 2007
    • 2680

    #2
    Dave
    I heard that in overall terms of the world economy the effect of oil has come down. A 60% rise in the last year and the economy is still growing! All this means is there is now more incentive for all of us to look at alternatives. Just think if we could telecommute how much that would save.
    So look for ways to save on unnecessary trips and for companies that help you with this.
    Only stress when you can change the outcome!

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    • Dave A
      Site Caretaker

      • May 2006
      • 22807

      #3
      Originally posted by IanF
      So look for ways to save on unnecessary trips and for companies that help you with this.
      As a service company that goes out to our clients, I think we're certainly going to have a closer look at more effective scheduling from a travelling point of view.

      It can be tough, though, juggling travelling efficiency and the client's level of urgency.
      Participation is voluntary.

      Alcocks Electrical Services | Alcocks Pest Control & Entomological Services | Alcocks Hygiene Services

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