Posted: May 19, 2008, 8:50 PM CST
lorax111 wrote:I'll try not to rant but the gas companys buisness plan is to restrict the supply so to raise the prices. The cost to them will be the same but the proffit will continue to rise anualy. The plan is to not increase production untill 2013.
The war was over seven years ago , and in Afganistan ,,,,,,,WTF!Dennis
This war from April
NEW YORKâOil prices rose sharply Friday on news that a ship under contract to the U.S. Defense Department fired warning shots at two Iranian boats. Retail gas prices as expected rose further into record territory, nearing $3.60 a gallon.
Word that a U.S. ship had fired on the boats in the Persian Gulf raised concerns that a conflict between U.S. and Iranian forces could cut oil supplies from the region. Light, sweet crude for June delivery jumped as high as $119.50 on the news before retreating to trade up $2.70 at $118.76 a barrel on the New York Mercantile Exchange.
Prices were already up before the report on news of a pipeline attack in Nigeria and a looming refinery strike in Scotland.
In Nigeria, the Movement for the Emancipation of the Niger Delta, or MEND, said its fighters hit an oil pipeline late Thursday, the fourth conduit the group has attacked in the past week. MEND said the pipeline belongs to a Royal Dutch Shell PLC joint venture. A Shell spokesman confirmed one of its pipelines had been hit, but provided no additional details.
MEND is the main militant group behind a series of recent attacks in Nigeria's southern oil region. Earlier this week, Shell said an earlier attack cut its Nigerian oil production by about 170,000 barrels a day.
Separately, workers at an ExxonMobil Corp. joint venture in Nigeria said they were cutting production by an unspecified amount to demand more pay. Officials said the facility, which typically
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