Oil Hits $100 a Barrel for the First Time 02 Jan 2008

Posted by Skycypher on Wednesday, January 2nd 2008

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Mission accomplished: Oil Hits $100 a Barrel for the First Time 02 Jan 2008 Oil prices reached the symbolic level of $100 a barrel for the first time on Wednesday, a long-awaited milestone in an era of rapidly escalating energy demand. Crude oil futures for February delivery hit $100 on the New York Mercantile Exchange shortly after noon New York time, before falling back slightly. Oil prices, which had fallen to a low of $50 a barrel at the beginning of 2007, have quadrupled since 2003. [See: Exxon Mobil Posts Record First Quarter Earnings 26 Apr 2007. See: Exxon, Halliburton Singled Out by Edwards in Iowa Campaign 31 Dec 2008.]

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4 Comments Already

Forgotten_1 Said,

January 2nd, 2008 @6:52 pm

This does not shock me, it has been expected! At the current rate the cost of oil will continue to grow at a staggering rate until our own Government stops serving special interests first, and citizens second!

Skycypher, I can imagine how much of an impact this is playing out for you personally, being a cab driver. Hope you are doing well and making more money then you are spending on gas per day.

This = OUCH!!!

Skycypher Said,

January 30th, 2008 @10:03 pm

Shell’s ‘obscene’ £13.4billion profit breaks British record!

Shell is expected to announce earnings of £13.4billion today 30th January 2008 - the biggest-ever profit by a British company.

The oil giant is likely to report that profits have risen 12 per cent since last year, pushed up amid fears of instability in the Middle East.

But critics have branded the earnings “obscene”, pointing out that pensioners, motorists and industry are all struggling to afford soaring energy prices.

With oil topping $100 a barrel, many motorists have seen petrol prices rise to more than £1 a litre and towards the once unthinkable £5 a gallon.

American rival Exxon Mobil, the world’s biggest non-government controlled oil company, is also tipped to break the previous U.S. earnings record when it reveals its results this week.

It is expected to announce profits of £20billion in the past year.

Unions and motoring groups are calling on the Government to impose a “windfall tax” and to scrap the planned 2p a litre tax hike on fuel.

Tony Woodley, joint general secretary of union Unite, said: “Shell shareholders are doing very nicely whilst the rest of us are paying the price.

“Record profits at Shell and the oil industry are, quite frankly, obscene. It is time the Government acted.”

Skycypher Said,

January 30th, 2008 @10:22 pm

EV-1 Lives Again!

Posted by: “Leslie R. Pastor” lrpastor@optonline.net richard_pastor

Tue Jan 29, 2008 4:06 pm (PST)

Remember when GM rounded up those EV-1 Electric Vehicles and had them crushed into small cubes…..to be forgotten forever?

Back to the Future: EV-1 lives Again.

Inventors, tinkers, garage mechanics and all purpose do-it-yourselfers are reviving and rehabilitating the ultimate dream mobile, the Electric Vehicle. Take a look at the Video’s:

The only problem that exists currently stopping the EV-1 are the oil companies, who do not want self-powering batteries.
This would eliminate the need for oil/gasoline as fuel in combustion engines. With an electric car, there is no combustion, only pure electro-motive power. With the right battery……..this car will endure till the end of time. View the video again and you will see the reality of this:

http://www.youtube.com/watch?v=Eq2D_Ts5B5g&NR=1 The oil companies simply don’t want this to happen. Stan Ovshinsky built a very good battery for the EV-1, but GM bought it and then sold it to the oil companies. Talk about a control paradigm, this one is a beaut……….shame on you, GM, Exxon, and the Global Elite.

All the Best,
Leslie R. Pastor

Skycypher Said,

February 4th, 2008 @7:32 pm

ECONOMY — BIG OIL COMPANIES ANNOUNCE RECORD PROFITS: Last week, Royal Dutch Shell announced that profits for the company soared to $26.7 billion in 2007, a record-breaking figure for a European company. The next day, The New York Times reported that “Exxon Mobil’s performance last year was a blowout.” The oil giant revealed last Friday “that it beat its own record for the highest profits ever recorded by any company, with net income rising 3 percent to $40.6 billion.” Exxon Mobil’s sales exceeded the gross domestic product of 120 countries. From the beginning of President Bush’s tenure in office, the combined profits of the big five oil companies have skyrocketed from just under $40 billion in 2001 to $120 billion in 2007. As Nobel laureate Joseph Stiglitz recently noted in Vanity Fair, “The soaring price of oil is clearly related to the Iraq war. The issue is not whether to blame the war for this but simply how much to blame it.”

RADICAL RIGHT — GLOBAL WARMING DENIER GROUP HOSTING CONFERENCE FUNDED BY BIG OIL: From March 2-4, right-wing climate change-denial group The Heartland Institute will host what it calls a “Climate Skeptics” Conference. Heartland President Joseph Blast boasted that his conference would feature climate change deniers: “This is their chance to speak out.” The online poster for the conference declares, “Global Warming is not a crisis!” Heartland’s environmental stance is completely out of the mainstream, as the debate over human contribution to global warming is long over. Even as some top conservative presidential candidates recently endorsed California’s effort to reduce auto greenhouse gas emissions, Heartland ridiculed the idea, calling California and its allies “environmental extremists.” Heartland’s extreme anti-environmentalism no doubt originates from its supporters. Between 1998 and 2005, oil giant Exxon Mobil gave nearly $800,000 to Heartland. The organization’s board of directors includes Thomas Walton, Director of Economic Policy at General Motors, and James L. Johnson, formerly senior economist for oil company Amoco Corporation. As RealClimate notes, “Normal scientific conferences have the goal of discussing ideas and data in order to advance scientific understanding. Not this one.”