Friday, June 24, 2005

Up, up and away...


Crude oil prices hit a record $60 a barrel for the second day on Friday, amid concerns that strong demand will continue over the coming months.

US light sweet crude briefly touched the $60 mark, before dipping back to trade 39 cents higher at $59.81.

A report showing that China imported 8.2% more oil in May than in the same month a year ago underpinned prices...

hat has got oil analysts worried is that there seems to be no slacking off in demand, despite an almost 40% increase in the price of crude oil since the start of 2005.

If anything, the global thirst for crude has increased as more and more drivers take to the road, some of the world's largest economies emerge from a slowdown and others look to stoke rapid expansion.

Really, with a trend like this does anybody doubt that Iraq=oil?

For the longest time the delusion-based community has been decrying global warming, but although there's much evidence of a correlation of fossil fuel use with global warming, that might be somewhat moot if we're all (except for the very wealthiest) priced out of oil.

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