Oil Reaches a New All-Time High. Again.
While some people remain relaxed about the price of gas, few will take comfort in the fact that the price of a barrel of oil reached $129 for the first time this morning. According to the AP [via CNNMoney], even after Saudi Arabia promised to pump an additional 300k barrels of crude oil a day, the price spike continues over "concern about global supply." Energy trader Nauman Barakat says he's seen "no news that would have caused the jump," but notes that strong demand for distillates used to make diesel (and heating oil), have been pushing up the price for those fuels. As for "Big Oil," Steve Austin at oil-price.net says governments in oil-producing countries "are demanding higher prices from oil conglomerates for tapping into their onshore reserves and sometimes even excluding them in favor of domestic expertise." Despite the large profits reported by Big Oil, Steve figures things look bleak for Big Oil. "In the 1970s, 80% of the world oil reserves were controlled by Big Oil companies, but now those numbers are reversed, with local government-owned oil companies holding 80% to 94% of the block." Steve's bottom line: "Clearly Big Oil's business model is due for a revision." After reaching the record high of $129.31 earlier this morning, the current price of oil (as of this writing) is $128.42… and rising.
Glenn is a baby-boomer, born in 1954. Along with his wife, he makes his home in Connecticut. Employed in the public sector as an Information Tedchnology Specialist, Glenn has long been a car fan. Past rides have included heavy iron such as a 1967 GTO, to a V8 T-Bird. In between those high-horsepower cars, he's owned a pair of BMW 320i's. Now, with a daily commute of 40 miles, his concession to MPG dictates the ownership of a 2006 Honda Civic coupe which, while fun to drive, is a modest car for a pistonhead. As an avid reader, Glenn enjoys TTAC, along with many other auto-realated sites, and the occasional good book. As an avid electronic junkie, Glenn holds an Advanced Class amateur ("ham") radio license, and is into many things electronic. From a satellite radio and portable GPS unit in the cars, to a modest home theater system and radio-intercom in his home, if it's run by the movement of electrons, he's interested. :-)
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