Crude Oil Prices Reach Another 10-Year High The Cincinnati Enquirer Bloomberg News

September 29, 2000

Crude oil prices rose more than 5 percent Friday, reaching a 10- year high for the second time this week, on renewed tensions in the Persian Gulf and a developing tropical weather system.

Iraq has accused Kuwait of pumping oil from a field that Iraq claims. Kuwait disputed the charge. Tensions in the region, and the possibility that U.S. crude oil production and refining could be disrupted by a storm in the Gulf of Mexico, come with inventories 6.8 percent below year-ago levels.

"We are very susceptible to any news from (the Persian Gulf) right now," said Al Zappulla, a trader at ABN Amro Inc. in New York. "It's the only place we can get additional oil from."

Crude oil for October delivery rose as high as $36 a barrel and closed up $1.85, or 5.4 percent, to $35.92 a barrel on the New York Mercantile Exchange, the highest price since October 1990 during the Persian Gulf War. The expiration of October options helped stoke the price rise, traders said.

http://denver.petroleumplace.com/egatecom/scream/2000/09/16/CINC/0000-0051-KEYWORD.Missing.html

-- Martin Thompson (mthom1927@aol.com), September 30, 2000

Answers

The Clinton reprieve of a 30 million barrel release from the SPR sure didn't last long, did it?

-- Uncle Fred (dogboy45@bigfoot.com), September 30, 2000.

Saddam holds the balance of power on oil price now. All he has to do is growl and the whole world shudders. Disgusting.

-- Chance (fruitloops@hotmail.com), September 30, 2000.

Wasn't it just last Friday that Clinton announced the release? Now, just one week later, oil prices are right back where they were. A lot of good that did.

-- LillyLP (lillyLP@aol.com), September 30, 2000.

There is something very wrong about this article --

1 - The October contract has long since stopped trading

2 - the date of the article does NOT jive with the date in the URL. I have seen many web sites auto-change the date each day on the web page, even though the story was posted days/weeks before. I think this is the case here. This article was originally posted on 9/16/2000 (See URL above)

3 - The "front month" for crude -- the one reported by all media -- shows the following for today.

CLX0 (November contract) 09/29/00 Close **$30.86** Change +$.52 High $30.95 Low $30.35 Volume 4,676

JB

-- Jackson Brown (Jackson_Brown@deja.com), September 30, 2000.

Your right Jackson, oil has already hit $37.00+ per barrel so I don't see how $35.92 could be a new 10 year high when its already gone higher than that. Raise your hands if anybody thought 30 mil barrels from the SPR was going to cure the situation. Then why did we do it? Treat the cause and not the symptom. There should be tax credits for alternative fuel usage. Arizona has a credit for buying alternative fuel vehicles which is highly successful although it doesn't include electric hybrid cars. If we want to reduce our consumption of energy, it need only require an INCENTIVE to do so. Ahhhhh, that's too simple though. We had the solar energy credits once but those were removed. Every single house in the sunbelt should be fitted with a solar water heater. But since the credits were removed they're not done anymore and yet here in Mesa, AZ you could get near boiling water with solar energy. Oh well, policy is designed to elect certain officials and doesn't have anything to do with common sense.

-- Guy Daley (guydaley@altavista.com), September 30, 2000.

Sorry about that. I thought it was strange that it was the only story I saw on record high for oil. Intro date was sep 29th. In the addy it has sept 16th. Chalk it up to late night monitor glare or something.

-- Martin Thompson (mthom1927@aol.com), September 30, 2000.

""Sorry about that. I thought it was strange that it was the only story I saw on record high for oil. Intro date was sep 29th. In the addy it has sept 16th. Chalk it up to late night monitor glare or something. -- Martin Thompson (mthom1927@aol.com), September 30, 2000.""

Martin --

PLEASE don't apologize. I, like many here, are extremely grateful for all the great articles you find and post. The fault lies with these web sites that have the auto-date update. They do it in their interests and don't concern themselves with the confusion they cause. I've been burned as well. Thanks again!!! JB

-- Jackson Brown (Jackson_Brown@deja.com), September 30, 2000.