OPEC basket price rises to 115.07 dollars a barrel

[dflake]

OPEC basket price rises to 115.07 dollars a barrel

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06/04/2011

Oil could reach U.S. $ 200-300

LONDON (Reuters)

OPEC said yesterday: The price of a basket of crudes rose to 115.07 dollars a barrel on Monday from 113.36 dollars on Friday, while stressing the former Saudi oil minister that prices could climb of 200-300 dollars a barrel if Saudi Arabia suffered serious political turmoil.

The OPEC basket includes 12 types of crude oil is a mixture deserts of Algeria, Girassol Angola and Iranian Heavy, Basra Light Iraqi crude export Kuwaiti lotus Libyan and Bonnie light Nigerian crude maritime country and Arab Light Saudi Murban UAE and Mary Venezuelan Orient from Ecuador.

So said the former Saudi Oil Minister Zaki Yamani told Reuters: Oil prices could climb to 200-300 dollars per barrel if Saudi Arabia suffered serious political turmoil. He said: "If something happens in Saudi Arabia will rise to 200-300 dollars." "We do not expect this at the moment but he expected what happened in Tunisia?".

LONDON (Reuters) OPEC said yesterday: The price of a basket of crudes rose to 115.07 dollars a barrel on Monday from 113.36 dollars on Friday, while stressing the Saudi oil minister previously said prices could climb of 200-300 dollars a barrel if Saudi Arabia suffered serious political turmoil . The OPEC basket includes 12 types of crude oil is a mixture deserts of Algeria, Girassol Angola and Iranian Heavy, Basra Light Iraqi crude export Kuwaiti lotus Libyan and Bonnie light Nigerian crude maritime country and Arab Light Saudi Murban UAE and Mary Venezuelan Orient from Ecuador. To the oil minister said the former Saudi Zaki Yamani Reuters: Oil prices could climb to 200-300 dollars per barrel if Saudi Arabia suffered serious political turmoil. He said: "If something happens in Saudi Arabia will rise to 200-300 dollars." "We do not expect this at the moment but he expected what happened in Tunisia?".

[chuckray]

the price of oil directly raises the price of food---everything comes in on diesel fueled semi-trucks

[Darin]

Imagine paying nearly double-to-triple at the pump what you pay now?

Than, imagine paying higher prices for goods as those prices will have to account for the higher costs of shipping.

Ouch!!! -- scary thought....

[pintek]

What me may all be seeing here is the perfect storm in terms of economic impact. The US economy is weak at best. We aren't to the debt ceiling yet, but you can see it from here (May 16th). Unemployment is still high. The budget is yet to be approved and a possible shutdown looms. Normally this last item would not be huge, but the Pentagon reported that it is very possible that the armed services men and women would not be paid without a budget. These folks put their butts on the line and many don't have a monetary cushion. Alone, the effects of $4 fuel costs could be devastating to the ecomony. Add in all of the other factors and it could be time to batten the hatches. So... are you ready for change? I believe it's on the way... just not quite what most had HOPEd for.

Come on RV!

[blue horseshoe]

First, shoot the traders that are artificially manipulating the price of oil. Then , you go after the governments who try to or who are doing something that make the price of oil go high so they make trillions. But what needs to happen first is oil needs to marked as a strategic material and NOT be traded. Then, none of this would ever happen. It will be taken out of the hands of the thieves and greedy governments. These poeple do not care that as the price of oil rises, so does the price of an onion and everything else. They just do not care.

[ftruck7]

Look out Alaska

[Ateam]

Look out Alaska? Not with our liberal minded officials and the general public that screams for no oil drilling there.

[LettheRVbegin]

Time to buy silver guys before it's too late

[pintek]

Time to buy silver guys before it's too late

I'm on that like stink on a monkey. I purchased a fair amount of silver stock as well as physical silver some time ago. I'm liking where it's headed right now! Almost $40 oz at the moment. We shall see. A little thing called an RV of the IQD wouldn't hurt my feelings though.