Oil rises to 1-week high after Iraqi pipeline catches fire

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Friday, May 09, 2008 1:58:47 PM

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Oil rises to 1-week high after Iraqi pipeline catches fire Thursday, March 27, 2008
Bloomberg -- March 27 (Bloomberg) -- Crude oil rose to its highest in more than a week after a pipeline explosion in southern Iraq, cutting supply to the country's main export terminal. The pipeline was on fire and the disruption will likely cut shipments to the Basra terminal, an Iraqi official said. Iraq, holder of the world's third-largest crude reserves, ships most of the 2.32 million barrels it pumps each day from Basra. ``A setback like this and the militia activity in the last two days makes hopes for long-term peace and supply look fragile,'' said Robert Laughlin, a senior broker at MF Global Ltd. in London. ``We'd only just got used to Iraq supply becoming more reliable.''
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JT Moderator	Message Posted: 3/27/2008 7:45:46 AM	Ignore JT Report Abuse
	Thursday, March 27, 2008 Bloomberg -- March 27 (Bloomberg) -- Crude oil rose to its highest in more than a week after a pipeline explosion in southern Iraq, cutting supply to the country's main export terminal. The pipeline was on fire and the disruption will likely cut shipments to the Basra terminal, an Iraqi official said. Iraq, holder of the world's third-largest crude reserves, ships most of the 2.32 million barrels it pumps each day from Basra. ``A setback like this and the militia activity in the last two days makes hopes for long-term peace and supply look fragile,'' said Robert Laughlin, a senior broker at MF Global Ltd. in London. ``We'd only just got used to Iraq supply becoming more reliable.'' Visit Bloomberg for full article

REPLIES (newest first)		Page: First Prev [ 1 ] 2 3 4 Next Last

djgunrunner All-Star Author Salt Lake City Posts:586 Points:561,505 Joined:Apr 2005	Message Posted: 3/29/2008 5:09:05 PM	Ignore djgunrunner Report Abuse
	The stock market traitors used this to cause panic buying and a lot of dummies panicked. They could care less about the good ole' USA and the american people.
N_gouged Veteran Author Michigan Posts:278 Points:59,555 Joined:Feb 2006	Message Posted: 3/29/2008 2:49:52 PM	Ignore N_gouged Report Abuse
	The Iraq government (our tax dollars at work) is paying the insurgents to give up their weapons.
Toddc2008 Sophomore Author Dallas Posts:113 Points:34,595 Joined:Feb 2008	Message Posted: 3/29/2008 1:59:18 PM	Ignore Toddc2008 Report Abuse
	We think the price of fuel is just too damn high and the gas companies are doing zip to try and bring the costs down as they are afraid of lossing some of there profits/
pgerassi Champion Author Wisconsin Posts:1,594 Points:354,965 Joined:Apr 2007	Message Posted: 3/28/2008 10:29:06 AM	Ignore pgerassi Report Abuse
	Just a temporary setback. The Iraqi government is forcing the militias to give up their weapons, by force. Once those are gone, the violence will likely be reduced for quite a bit of time. And Basra will likely ship even more crude per day than it did.
w4kh Champion Author Riverside Posts:3,090 Points:530,340 Joined:May 2004	Message Posted: 3/28/2008 7:37:46 AM	Ignore w4kh Report Abuse
	Well, well... we sure haven't done much to make the situation there more stable, either
Cuzilla Champion Author Indianapolis Posts:5,087 Points:832,620 Joined:Sep 2005	Message Posted: 3/28/2008 7:36:04 AM	Ignore Cuzilla Report Abuse
	When supplies are tight, small disruptions have a magnified effect on the market!
Somis1 Champion Author Ventura Posts:3,880 Points:883,620 Joined:Jul 2005	Message Posted: 3/28/2008 7:35:20 AM	Ignore Somis1 Report Abuse
	It's down slightly this morning on word the pipeline is okay.
laddyboy62 All-Star Author Riverside Posts:606 Points:801,450 Joined:Mar 2005	Message Posted: 3/28/2008 7:34:23 AM	Ignore laddyboy62 Report Abuse
	yo-yo barrels...go figure
gasman50 All-Star Author Portland Posts:537 Points:638,530 Joined:Nov 2005	Message Posted: 3/28/2008 7:25:03 AM	Ignore gasman50 Report Abuse
	Here we go again
thomas41546 All-Star Author Tennessee Posts:750 Points:600,105 Joined:Oct 2005	Message Posted: 3/28/2008 7:23:48 AM	Ignore thomas41546 Report Abuse
	Oil fire is out. Drop the price of oil.
GCL Champion Author San Jose Posts:9,179 Points:954,830 Joined:Aug 2003	Message Posted: 3/28/2008 7:19:55 AM	Ignore GCL Report Abuse
	I was in a fast food restaurant yesterday and on the way to the table, I dropped my burger on the floor - I guess by now the news has probably spread far and wide - and of course the price of burgers will go up a couple of bucks each...sorry.
woos777 All-Star Author Washington Posts:642 Points:478,205 Joined:Sep 2006	Message Posted: 3/28/2008 7:18:48 AM	Ignore woos777 Report Abuse
	Who did that? Terrorist or Big oil CEO's
Rivermedic Veteran Author Fort Worth Posts:333 Points:60,455 Joined:Mar 2008	Message Posted: 3/28/2008 7:18:43 AM	Ignore Rivermedic Report Abuse
	Are you sure we didn't blow it up
Lovelee All-Star Author Detroit Posts:818 Points:265,255 Joined:Mar 2007	Message Posted: 3/28/2008 7:17:41 AM	Ignore Lovelee Report Abuse
	So that's why pump prices just jumped 18 cents. The gas stations knew the supply would be interrupted.
archerdave Champion Author Detroit Posts:2,365 Points:67,470 Joined:Sep 2005	Message Posted: 3/28/2008 7:15:34 AM	Ignore archerdave Report Abuse
	We pay for it and we import next to no oil from Iraq. Nationalize Big Oil! It worked in the Democracy of Brazil and it will work here. We are the world's third largest producer of oil and there is no reason for us to be paying market price for domestic product.
s6sputnik Champion Author Austin Posts:1,248 Points:254,535 Joined:Jun 2007	Message Posted: 3/28/2008 7:11:23 AM	Ignore s6sputnik Report Abuse
	All nbews sends prices up ...good or bad it appears!
The_WB Champion Author Detroit Posts:2,535 Points:300,450 Joined:Apr 2007	Message Posted: 3/28/2008 7:10:23 AM	Ignore The_WB Report Abuse
	Any bad news will send prices up
AC-302 Champion Author Los Angeles Posts:6,330 Points:1,128,325 Joined:Aug 2004	Message Posted: 3/28/2008 7:09:33 AM	Ignore AC-302 Report Abuse
	Wasn't the last oil price hike due to a strike in the French port of Marseilles? What a load of bunk..
fairchildd All-Star Author Kansas City Posts:543 Points:198,710 Joined:Aug 2007	Message Posted: 3/28/2008 7:06:47 AM	Ignore fairchildd Report Abuse
	sort of like gas prices having caught fire...
Zinnoil Champion Author Illinois Posts:10,669 Points:1,322,845 Joined:May 2004	Message Posted: 3/28/2008 7:06:24 AM	Ignore Zinnoil Report Abuse
	Pipeline explosion of Al-qaeda attack?
markmoore80 Veteran Author North Carolina Posts:394 Points:196,385 Joined:Apr 2004	Message Posted: 3/28/2008 7:01:07 AM	Ignore markmoore80 Report Abuse
	``We'd only just got used to Iraq supply becoming more reliable.'' Then why is such an impact?
TomT2Lee All-Star Author Cincinnati Posts:642 Points:511,735 Joined:Sep 2005	Message Posted: 3/28/2008 6:56:37 AM	Ignore TomT2Lee Report Abuse
	I see lots of people surprised by oil prices climbing because of the Iraq problem. I want to know why you are surprised? By now it should be appearant to most that there is more going on than speculation. The supply and demand situation makes the markets very jittery. This is only going to get worse since global oil production has max'ed out and global demand continues to climb.
Chazzer Champion Author Nevada Posts:7,150 Points:1,546,960 Joined:May 2002	Message Posted: 3/28/2008 6:52:37 AM	Ignore Chazzer Report Abuse
	Any excuse to keep gas prices high!
Zygnatz Champion Author British Columbia Posts:4,022 Points:790,070 Joined:Oct 2005	Message Posted: 3/28/2008 6:51:13 AM	Ignore Zygnatz Report Abuse
	Iraq supplies very little oil to us. So what!
scrounger Champion Author Vancouver Posts:5,365 Points:1,503,785 Joined:Mar 2003	Message Posted: 3/28/2008 6:51:00 AM	Ignore scrounger Report Abuse
	fire or if the emir breaks wind.....up goes the price
Doc2BIG Rookie Author Texas Posts:17 Points:36,125 Joined:Jan 2008	Message Posted: 3/28/2008 6:49:54 AM	Ignore Doc2BIG Report Abuse
	Like raising the price of processed oil will lower chances of a repeat?!? C'mon. Production wasn't affected and our paying more for crude has little effect on their production anyway.
Nasack04 Sophomore Author Pittsburgh Posts:127 Points:14,185 Joined:Mar 2008	Message Posted: 3/28/2008 6:48:01 AM	Ignore Nasack04 Report Abuse
	agree with Neil
onethumb All-Star Author Hamilton Posts:796 Points:287,705 Joined:Mar 2006	Message Posted: 3/28/2008 6:47:57 AM	Ignore onethumb Report Abuse
	Gotta fund the war over there.
radrunner Veteran Author Toronto Posts:312 Points:874,940 Joined:Apr 2004	Message Posted: 3/28/2008 6:46:33 AM	Ignore radrunner Report Abuse
	keep the prices up
NeilPage All-Star Author Baltimore Posts:988 Points:270,915 Joined:Nov 2005	Message Posted: 3/28/2008 6:46:28 AM	Ignore NeilPage Report Abuse
	anything for an excuse to raise prices.
amearly Champion Author Michigan Posts:3,030 Points:671,565 Joined:Jan 2006	Message Posted: 3/28/2008 6:45:47 AM	Ignore amearly Report Abuse
	Have to make something happen because they can't stand to have the price below 100.00 dollars.
pandarisuresh Sophomore Author New Jersey Posts:183 Points:101,915 Joined:Oct 2007	Message Posted: 3/28/2008 6:43:05 AM	Ignore pandarisuresh Report Abuse
	Good
Fencemaker Sophomore Author Pittsburgh Posts:243 Points:59,390 Joined:Sep 2006	Message Posted: 3/28/2008 6:42:26 AM	Ignore Fencemaker Report Abuse
	The Iraq Oil Ministry doesn't know what caused the fire, but the Associated Press reports an explosion???????? Is the Oil Ministry actually running the oil pipeline?
trojanbuck All-Star Author Dayton Posts:520 Points:115,270 Joined:Aug 2007	Message Posted: 3/28/2008 6:40:56 AM	Ignore trojanbuck Report Abuse
	Actually, mrpc90, any sort of news = oil up.
BlueBike Champion Author San Jose Posts:1,802 Points:405,925 Joined:Feb 2007	Message Posted: 3/28/2008 6:40:25 AM	Ignore BlueBike Report Abuse
	Speculators are still in charge.
Magnum0829 All-Star Author Jackson Posts:565 Points:284,265 Joined:Oct 2005	Message Posted: 3/28/2008 6:39:42 AM	Ignore Magnum0829 Report Abuse
	When the wind blows, the oil will go up.
mrpc90 Champion Author Illinois Posts:1,066 Points:256,550 Joined:Dec 2004	Message Posted: 3/28/2008 6:36:31 AM	Ignore mrpc90 Report Abuse
	Any sort of bad news = oil up.
rvnvet70 All-Star Author Michigan Posts:940 Points:812,010 Joined:Sep 2005	Message Posted: 3/28/2008 6:33:58 AM	Ignore rvnvet70 Report Abuse
	Just another excuse.
ZZ572 Sophomore Author New Jersey Posts:201 Points:113,060 Joined:Feb 2006	Message Posted: 3/28/2008 6:33:27 AM	Ignore ZZ572 Report Abuse
	It doesn't take much these days to make the price go up.
stadlgi Veteran Author Akron Posts:499 Points:744,245 Joined:Jun 2004	Message Posted: 3/28/2008 6:31:11 AM	Ignore stadlgi Report Abuse
	Yeah, the pipeline just happened to catch fire and disrupt the flow. This is much like just tripping over your own shoe laces - it kind of just happens.
Japsmith All-Star Author Tacoma Posts:697 Points:146,265 Joined:Sep 2007	Message Posted: 3/28/2008 6:30:28 AM	Ignore Japsmith Report Abuse
	Another hic-cup, another reason to raise the price of oil.
don985 All-Star Author Denver Posts:779 Points:525,290 Joined:Jul 2006	Message Posted: 3/28/2008 6:28:41 AM	Ignore don985 Report Abuse
	We need alternate fuel now!!!!!!
c47 Champion Author Virginia Posts:2,260 Points:487,765 Joined:Dec 2006	Message Posted: 3/28/2008 6:27:07 AM	Ignore c47 Report Abuse
	Looks like more money going to Iraq.
bobmcl2006 Champion Author Pittsburgh Posts:4,097 Points:559,750 Joined:Oct 2006	Message Posted: 3/28/2008 6:19:22 AM	Ignore bobmcl2006 Report Abuse
	Yeah, there was a refinery fire in NW PA. Expect higher prices. Production is back to normal after the 20 March fire. They process 63,000 barrels per day.
REVLAW Champion Author San Antonio Posts:1,084 Points:212,330 Joined:Jul 2007	Message Posted: 3/28/2008 6:16:01 AM	Ignore REVLAW Report Abuse
	How thick the skin ... how thinly veiled the message. Big Oil strategy: Amplify the bad news ... conceal the good news ... condition the consumer for price increases at all costs.
owatonnajeep All-Star Author Minnesota Posts:781 Points:156,275 Joined:Nov 2007	Message Posted: 3/28/2008 6:09:53 AM	Ignore owatonnajeep Report Abuse
	anything to raise prices
Sealer Champion Author Charleston Posts:1,111 Points:118,150 Joined:Jan 2008	Message Posted: 3/28/2008 6:09:25 AM	Ignore Sealer Report Abuse
	Wow! A 1-week high! Now there's a good excuse to write a story.
CoronaKid Champion Author Riverside Posts:5,471 Points:940,045 Joined:Mar 2005	Message Posted: 3/28/2008 6:09:23 AM	Ignore CoronaKid Report Abuse
	Yawn. Old news.
RPetty Champion Author Maryland Posts:3,707 Points:843,790 Joined:Jul 2004	Message Posted: 3/28/2008 6:06:58 AM	Ignore RPetty Report Abuse
	Which is WHY WE Should just TAKE OVER the piplelines that WE Paid for in BLOOD to REPAY for ALL the BILLIONS of OUR TAX DOLLARS WE put into THEIR Infrastructure so THEY can Rebuild THEIR country!!!!! What a FARCE!!!!!!!!!!!
Shiff All-Star Author Pennsylvania Posts:569 Points:261,630 Joined:May 2006	Message Posted: 3/28/2008 6:05:33 AM	Ignore Shiff Report Abuse
	Any reason is good enough to raise prices.

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