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Ronnie Raygun Ronnie Raygun is offline
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Old Mar 23rd, 2003, 12:21 PM        Oil prices plunge.....
http://www.foxnews.com/story/0,2933,81790,00.html

Oil Prices Plunge as Key Iraq Oil Fields Secured


Friday, March 21, 2003

Oil prices resumed their spectacular week-long fall on Friday as U.S. and British forces captured key Iraqi oilfields and ports intact, calming market fears of widespread destruction by Iraqi troops.


A big wave of extra OPEC oil arriving in the West, replacing supply lost from war-torn Iraq, also helped ease the threat of shortages.

The value of oil has dropped by a quarter in a week, having peaked at $35-$40 last month.

U.S. crude plumbed fresh lows, down $1.22 cents to $26.90. Benchmark Brent crude oil futures also fell 90 cents to $24.60 per barrel by afternoon in London, having touched a four-month low of $24.50.

"The capture of key oil facilities intact is adding to bearish sentiment," said Tony Machacek, a broker at Prudential-Bache International.

British troops secured a position on Iraq's Faw peninsula on the Gulf, which is a strategic oil export route controlling two key major ports.

British Defense Chief Sir Michael Boyce said all key components of the sourthern Iraqi oilfields, which pump half the country's output, had been safely secured.

Prices swung wildly during Thursday on reports, denied by Baghdad, that three or four oil wells were on fire in the south of the country.

Only seven oil wellheads had been torched in the south, less than the 30 previously reported, although oil-filled trenches were also ablaze, he said.

The oilfield fires are a long-term worry for oil markets, but have no immediate impact on supply because Iraq's Gulf exports stopped on Monday and this has already been factored into prices, said Leo Drollas of London's Center for Global Energy Studies.

"Whether Iraqi oil stays in the ground or is burned above ground, it still doesn't get to the market," he said.

Iraq ranked as the world's seventh largest oil exporter before the war.

OPEC exporters, especially Saudi Arabia, have hiked output over the past few months, first to cover a strike in Venezuela and then to cool a price spike fueled by war fears.

Imports of oil in the United States are rising despite the cutoff in Iraqi supplies.

"It is the weight of oil, rather than the force of bombs, which is pushing markets lower," said Leo Drollas of London's Center for Global Energy Studies. "OPEC is now producing more oil than has been lost."

U.S. Energy Secretary Spencer Abraham said OPEC output was in line with its total production levels last November despite shortfalls from Iraq, Venezuela and Nigeria.

Western oil companies operating in Nigeria have slashed production and are expected to close the key Ecravos export terminal this weekend because of political unrest ahead of elections next month.

Brokers said investors were selling positions built up on futures markets when U.S. crude rallied to a 12-year peak close to $40 in late February on war fears.

"The market has now moved from a war premium to a victory discount," said independent oil analyst Simon Games-Thomas.

Price hawks in OPEC are already concerned about the slump, which is good news for world economic growth but hits revenue for the cartel of mostly Middle Eastern countries.

The dive has also revealed deep splits in the 11-member Organization of the Petroleum Exporting Countries.

OPEC Secretary-General Alvaro Silva said on Thursday that members have been authorized to use their spare capacity if necessary to make up a shortfall in Iraq supply.

But Iranian Oil Ministry Adviser Hossein Kazempour Ardebili said any output hike would be a "violation" since no decision had been taken to raise OPEC quota limits.

He said extra oil would be a "green light" to the United States to launch an attack on one of OPEC's founding members.

Saudi Arabia, the world's top exporter and key U.S. ally, is pumping more than a million bpd above its quota of eight million bpd, according independent estimates.

So far Gulf states near Iraq have reported no disruptions to oil production, nor any disturbances to tanker movements in the Gulf, which is the artery for 40 percent of world oil exports.

Iraq's neighbor Kuwait said it would cut throughput at its refineries briefly as a precautionary move after a near miss by two Iraqi missiles on Thursday.

Reuters contributed to this report
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Ronnie Raygun Ronnie Raygun is offline
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Old Mar 23rd, 2003, 01:38 PM       
HAHA!
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KevinTheOmnivore KevinTheOmnivore is offline
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Old Mar 23rd, 2003, 01:48 PM       


not about oil?
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Ronnie Raygun Ronnie Raygun is offline
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Old Mar 23rd, 2003, 02:00 PM       
Nope.

Security and freedom.
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KevinTheOmnivore KevinTheOmnivore is offline
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Old Mar 23rd, 2003, 02:02 PM       
"Oil Prices Plunge as Key Iraq Oil Fields Secured"



the title, and the article, seem to imply otherwise.
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Ronnie Raygun Ronnie Raygun is offline
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Old Mar 23rd, 2003, 02:13 PM       
Maybe you haven't noticed but oil prices have soared over the last year because of the looming war.

If it was about oil, we wouldn't have gone into Iraq.
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KevinTheOmnivore KevinTheOmnivore is offline
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Old Mar 23rd, 2003, 04:06 PM       
Why so?
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Protoclown Protoclown is offline
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Old Mar 23rd, 2003, 05:18 PM       
ALRIGHT! KILLING ALL THOSE PEOPLE AND SENDING OUR TROOPS TO DIE ALL SEEMS WORTH IT NOW! USA USA USA!!!
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VinceZeb VinceZeb is offline
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Old Mar 23rd, 2003, 06:50 PM       
Yep, because the conquences of something as horrible as war can NEVER be appreciated, like freedom or lower oil prices.

Proto, you can go and pay your local shell station $5 a gallon for gas next time you fill up. FIGHT THAT POWER! SHOW THE EVIL OIL HUNGRY BARRONS WHO IS BOSS! The clerk will think you are an idiot (which I sure your existance would prove in advance), but who cares, you are fighting the EVIL United $tates of AmeriKKKa.
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Protoclown Protoclown is offline
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Old Mar 23rd, 2003, 06:59 PM       
I do not think the United States are evil, now you're just being ridiculous.

I am however DISGUSTED when sacks of crap like you try to justify the DEATH OF ANYONE (be it American or Iraqi) with something so petty as an economic concern which will never even BEGIN to weigh up to the value of a SINGLE HUMAN LIFE.
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VinceZeb VinceZeb is offline
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Old Mar 23rd, 2003, 07:03 PM       
See, I never jusified killing someone to lower economic prices. You are lying.

But you bring up a good point about murdering somone to benefit the world economy. I would easily kill a rapist thug like Hussein or a mass murderer like Stalin for a hot roast beef sandwich and a dill pickle. AS for someone who did not deserve to die in the first place, no, not at all, that is wrong, because that is murder. There is difference between cold blooded murder and justice. It is a thin line, but the line is existant.
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Protoclown Protoclown is offline
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Old Mar 23rd, 2003, 07:10 PM       
Quote:
Originally Posted by VinceZeb
See, I never jusified killing someone to lower economic prices. You are lying.
FIRST off, I technically never accused you of it directly. I said "when sacks of crap LIKE you try to justify". To be fair though, I certainly did IMPLY that you have done this, and I still believe it. If you appreciate the economic benefits that result from this war, then do you not think that the loss of life required to obtain those benefits is acceptable?

I think you're a sad fucking waste if economic concerns EVER outweigh the value of human life. But hey, that's just me. You can be as heartless and callous a sonofabitch as you want to be, it's your right.

Quote:
Originally Posted by VinceZeb
But you bring up a good point about murdering somone to benefit the world economy. I would easily kill a rapist thug like Hussein or a mass murderer like Stalin for a hot roast beef sandwich and a dill pickle. AS for someone who did not deserve to die in the first place, no, not at all, that is wrong, because that is murder. There is difference between cold blooded murder and justice. It is a thin line, but the line is existant.
There you go again with your dangerous "black and white" morality. I think your view of the world is naive at best, and insanely dangerous at the worst. How do you determine who "deserves to die"? Where do you draw that line? Kind of arbitrary, isn't it? Who has granted YOU the power to determine right and wrong to a fault? Has GOD directly bestowed this power to you??
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VinceZeb VinceZeb is offline
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Old Mar 23rd, 2003, 07:37 PM       
My view of the world insured freedom for the very country you stand in, if you do happen to be from America. Your view led to the build-up of the Nazi war and rape machine. Who is naive?


And like I said, pay $5 a gallon for gas next time you fill up, so you do not benefit from the horrors of war. Put your money where your ideas are.
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Protoclown Protoclown is offline
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Old Mar 23rd, 2003, 07:58 PM       
Yes, I can see where compassion, patience, understanding, and a basic value of human life ALL directly led to the rise of Hitler's war machine.

My view led to the rise of Nazi Germany?? In what way? You going to bother to EXPLAIN your statement or just pull it out of your ass and throw it out there on the table?

I could just as easily say that YOUR point of view led to Jeffrey Dahmer eating people and putting the leftovers in his refridgerator, but that doesn't make it any less ridiculously made up and having no bearing on reality whatsoever.
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AChimp AChimp is offline
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Old Mar 23rd, 2003, 08:36 PM       
I wouldn't mind seeing gas go up to $5/gallon, because that would mean we'd have to find alternate fuel sources.
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ItalianStereotype ItalianStereotype is offline
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Old Mar 23rd, 2003, 09:10 PM       
we already have alternative fuel sources chimp, but oil is too important to our economy to switch.

and when i say "our" economy, i mean both americas and canadas, as you ARE the 51st state.
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Old Mar 24th, 2003, 01:51 PM       
Quote:
Oil Prices Plunge as Key Iraq Oil Fields Secured
WHO WOULD HAVE THOUGHT
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Vibecrewangel Vibecrewangel is offline
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Old Mar 24th, 2003, 03:19 PM        Gas
And yet I am still paying over $2.00 a gallon for gas.......
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Old Mar 24th, 2003, 03:21 PM       
THINGS WERE MUCH WORSE BACK IN THE DAY WHEN I HAD TO PAY A WHOLE DOLLAR PER GALLON
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mburbank mburbank is offline
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Old Mar 24th, 2003, 04:11 PM       
"I would easily kill a rapist thug like Hussein or a mass murderer like Stalin for a hot roast beef sandwich and a dill pickle."
-Vince"Howlin' Commando"zev

Oh, MAN! OH, just the thought of you, your trim, tanned chest bursting through your Kahki uniform shirt, your oiled pecs gleaming behind a bullet bandolier! Take THAT Saddam! POW! Take THAT Uncle Joe! ZOWIE! OH! OH! Somebody fan me, I's a gettin' all SWOONY!


Seriously now, if you came face to face with either of those guys you'd soak your pull ups, you great big Baby Hughy.

UH OH! I GUESS I MUST LOVE STALIN AND SADDAM 'CAUSE I SAID THAT!
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AChimp AChimp is offline
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Old Mar 24th, 2003, 08:51 PM       
You're right, Italian, oil IS important. I'm saying that if oil was really, really expensive, I bet people would find a lot of excuses as to why we don't really need it afterall for a lot of things.

Hydrogen fuel cells are just a few years away from being put into regular use.

Then again, I doubt the oil companies will like it much. And of course, they contribute so much money to the economy and provide so many jobs... but then again, the world WILL run out of oil eventually, and what then?

Well, that's generations away and for them to worry about, right? It's always easier to sit back and watch our children's children scramble around to solve the problems we leave behind, because afterall, we were making money, right?

I wonder how much trouble the guy who invented the wheel went through to get his creation accepted.

"No, Og. The dragging business will suffer greatly."
"But this will make dragging easier!"
"Sorry, maybe in 100 years they'll use stuff like that."
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AChimp AChimp is offline
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Old Mar 24th, 2003, 08:54 PM       
Oh, I thought I should mention that oil went up $1.84 today.
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