Oil Prices Climb After Fatal Saudi Attack

[Bombardier]

WASHINGTON - Oil prices surged more than $1 per barrel Tuesday, the first day of trading since terrorists attacked Western oil workers in Saudi Arabia over the weekend, killing 22 people.

It was the second such attack in one month and renewed traders' fears that terrorists operating in the Middle East might target oil industry infrastructure and workers in an effort to disrupt the global supply chain. These concerns have propped up prices $5 per barrel or more in recent months.

Analysts say other factors that have kept the cost of oil around $40 a barrel in recent weeks include the unexpectedly strong global demand for oil, constraints in the U.S. refining industry, market speculation by hedge-funds, and the Bush administration's unwavering refusal to release crude supplies from the nation's Strategic Petroleum Reserve.

http://news.yahoo.com/news?tmpl=story&u=/a...ge/oil_prices_9

[desdemona]

I think saudi arabia is going to have big problems getting oil companies to stay and risk lives, you can bet this will be a big target for al quaeda.

[NullsRevenge]

"Guess what this means?..."

That ARM and LEG sign may no longer be a joke...

[Malicious Intent]

Well Suadi said today that they will be trying to pump another 2million barrels - that has to help. They were threatening prices of 90p/litre a few days ago. That has been reduced to 85. Even so, another 2p is adding in tax on September 1st. I have no idea where the government plans for people to get this sort of money from. Motorist can't pay for everything!

The opposition has said they would support petrol strikes. I think they just said it to undermine Blair, but it is a small ray of light that someone can here the pleas from drivers.

Don't know why I'm telling you this - read the article. Has some good stuff for the rest of the world too:

http://news.bbc.co.uk/1/hi/uk_politics/3768805.stm

[Malicious Intent]

Actually, I'm confused about the extra production. That appears to be old news.