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Oil rises on economic news, supply woes »

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The prospect of a stronger economy and tighter supplies of heating oil this winter sent crude oil futures back above $95 a barrel Friday, while retail gasoline prices extended their own march higher.

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Comments: 57

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STONERS
Nov. 2, 2007, 1:45 p.m.
"Light, sweet crude for December delivery rose $1.65 to $95.14 a barrel on the New York Mercantile Exchange after rising as high as $95.63 earlier. On Thursday, oil prices retreated from an early record above $96 to close down more than $1, in part because of dismal reports on consumer spending and industrial activity that also factored into the Dow Industrial's 362-point decline."
"December gasoline rose 7.68 cents to $2.42 a gallon on the Nymex, and December heating oil rose 4.94 cents to $2.5617 a gallon."
"At the pump, meanwhile, gas prices jumped 2.9 cents overnight to a national average of $2.942 a gallon, according to AAA and the Oil Price Information Service. Gas prices have risen nearly 19 cents since mid-October."
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engineer
Nov. 2, 2007, 1:56 p.m.
I just heard a program today which indicates that this is nothing but greed. the reserves are almost unlimited. It was shown the dinosaur to oil to be a myth.
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STONERS
Nov. 2, 2007, 2:42 p.m.
Yes, here in Dayton it sometimes changes three times a day. Morning, noon and evening rush hour. And always on Fridays (payday) for alot of people.
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Cityslicker
Nov. 2, 2007, 6:09 p.m.
Stories like this are boring , I don't need a bell ringing to know what time it is , I have a watch .
Gift cards for Christmas $100 for a tank full of Gas .
Looks and smells like a Enron Process , cut supplies to raise prices , control by supply .
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NelsonR
Nov. 2, 2007, 6:39 p.m.
My problem is not the price it's the discrepancy in the price from state to state. I know, cost of supply but why should New Jersey have $2.50 cent per gallon gas while half the country I just traveled through has over $3.00 per gallon. We are all Americans and we should share equally the burden of the increased cost.
At least I am pragmatic enough to know the price increase has nothing to do with politics but plain and simple, petroleum products are finite. Yet our leaders fail to act. These dolts will not act until the price produces pandemonium within our society. Oh well, we have Democrats and Republicans in office, I cannot expect sanity.
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wildman6557
Nov. 2, 2007, 7:30 p.m.
The reality is we reached peak oil in America a long time ago. Yes you can squeeze a little more out of Alaska and a little more from offshore, but at the rate we use oil it wouldn't change the fact that we are past the peak. To think otherwise is just wishfull thinking.
We need to cut our usage. France uses 1/2 the oil per capita we do and the last time I was in Paris no one seemed to be starving. Sure they use a lot of Nuc. Power, but we ought to be doing that also. If we used oil at the rate that France does, we would import 0 oil. Zero.
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texangelwings
Nov. 2, 2007, 8:29 p.m.
Prices here in East Texas are on the rise! Today I filled up my gas tank for $2.85 a gal., just last weekend, the prices was $2.67 a gal.!
All of my neighbors are now either ride sharing and/or when one of us goes to the store, we pickup items for one another!
If the oil companies are not careful, they just might price everyone out of ability to buy gasoline!
Thanks STONERS, good article!
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Amazing1
Nov. 2, 2007, 9:08 p.m.
If you look at the increase in demand and the lack of increase in supply, it only makes sense to consider that we may well have hit peak oil. In any case, oil is a finite resource. The amount left in the ground will take greater and greater efforts to retrieve.
Alternative energy sources are where we should be spending our money. Nevermind the stupid Iraq oil war. How much oil are we wasting on that anyway?
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Eagle_Eye
Nov. 2, 2007, 9:34 p.m.
Isn't this about the time they rise prices because they have to change over the refineries for winter stock?
I see this every year, higher in the Spring switching for warmer weather, higher in the Fall switching for colder weather, either way we all get F'd over by them.
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Teech
Nov. 2, 2007, 10:22 p.m.
How about a slot machine handle on the gas pump? A range of prices with a published high and low would be posted. After you fill up, you pull the handle and "win" your price per gallon. Three OPEC sheiks in a row in the window and your fill up is FREE!
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Obaku
Nov. 3, 2007, 1:23 a.m.
All the supply and demand arguiments aside, oil has to be exchanged for more dollars, because the dollars are worth less.
Period.
Just wait until the relative value of oil to other commodities does in fact rise, because then you will be crying in your beer and whining about the good ol' days when gasoline was so cheap almost everyone could use it to mow their lawn and their kids' go-carts.
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ETproductions
Nov. 3, 2007, 2:40 a.m.
Just wait and see what oil prices soar to when Bush bombs Iran.
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MatrixBoy14
Nov. 3, 2007, 5:02 a.m.
gold is rocketing higher & higher, stocks are rocketing, oil is rocketing
what really happens?
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saneman
Nov. 3, 2007, 8:37 a.m.
The electric car program was rampaging in the 1990's, and then when Bush was elected, it was dismantled. Thousands of electric cars were crushed. Even Tessla invented an electric car which would run without it ever having to be plugged in, but the government confiscated all of his papers and even his heirs haven't been able to retrieve them.
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azjamey
Nov. 3, 2007, 9:56 a.m.
Congress voted to raise the taxes on oil companies â;; 61 billion dollars so far.
Never in the history of commerce has a business failed to pass along increased costs to consumers. Look at the headlines: "Costly oil exploration drives up prices" "Motorists feel the heat of ever higher refinery maintenance costs" "The 40,000% markup you pay for prescriptions cover the cost of research and development" The list goes on.
Democrats and Republican alike are paid to make these decisions.
Who bought your Congressman's vote?
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getreal1
Nov. 3, 2007, 10:08 a.m.
Stoners I remember when the price of oil use to go down and so did the price of gas. I guess I'll never get that switch.
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getreal1
Nov. 3, 2007, 10:11 a.m.
Mass manipulation tactic. Some things get old. Just like nuclear energy was going to make electricity cheaper they lie.
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leatherneck
Nov. 3, 2007, 11:26 a.m.
If the oil reserves are plentiful then why doesn't our president release them as did Clinton. Bush won't because he is on the side of big oil, being an oil man himself. S*REW the Amercan consumer that is what Bush is saying.
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jmopinion
Nov. 3, 2007, 12:32 p.m.
There are 50 about different excuses why oil is so high. One week we have an over supply in the world and the next week we do not enough. It seems We never can get the true story. I guess it all depends on which way wall street wants to manipulate the market.
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simonsez
Nov. 3, 2007, 12:57 p.m.
There's a large factor of uncertainty built into the price of crude. Hedge funds are cashing in on it.
I don't see that changing anytime soon.
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ricglo
Nov. 3, 2007, 1:05 p.m.
I would like to know when people will realize that BIG OIL, runs the world. If you think any world leader is has any control over oil prices you need to wake up and smell the 'lite sweet crude'.
If people are serious about getting the price of gas to go down, don't buy from Exxon/Mobile, Shell, Chevron...etc. Buy your gas from independents. If you stop buying from the 'Big Boys'and patronizing their stations the price will come down.
Most people buy from the 'Big Boys' because they have their credit card. Cut their credit card in two and use your debit card.
The idea of not buying gas on certain days is obsurd. STOP BUYING FROM 'BIG OIL' Try staying out of all Exxon stations, if we ban together we can force the price down.
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getreal1
Nov. 6, 2007, 12:50 p.m.
I just saw Oil and gas go up at the same time. Are my eyes decieving me? My purse just went on empty.
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STONERS
Nov. 2, 2007, 3:31 p.m.
Thats true, I can go by the same gas station three times a day morning noon and evening and they have three different prices...