The price of oil prices hit another new high as it topped $123 US a barrel on Wednesday, despite a U.S. government report that showed a large rise in oil stockpiles for last week.

The U.S. government's Energy Information Agency said oil stockpiles grew by 5.62 million barrels last week.

In volatile trading, the price of oil hit a new intraday high of $123.80 US a barrel. Oil later settled at $123.43 US a barrel, up $1.69 US from Tuesday's settlement price.

The U.S government said gasoline supplies grew by 800,000 barrels to 211.9 million barrels, while supplies of distillates, such as home heating oil, slipped 100,000 barrels to 105.7 million barrels.

Refinery utilization eased to 85 per cent of capacity from 85.4 per cent a week earlier.

Any thoughts?

www.atlanticrealtysolutioins.com

 

www.adamaffleck.com

Charlottetown Remax Realty

 

6 Comments on Oil rises above $123 US a barrel

MAY
08
2008
518,604 Points Outside Blog Attended Rain Camp
Yeah..I have some thoughts.....Ahhhhhhhhhh  LO
6:36am • #1

AA,

It`s fantastic that President Bush feels there`s nothing wrong with this situation.

I can`t wait for next winter when heating fuel will run some folks $600-$700 per month!

OPEN THE OIL RESERVES NOW!!..
6:38am • #2
230,597 Points 2 Featured Posts Outside Blog
Yeah,I have thoughts too....but unfortunately,none of them are printable here!;)
6:38am • #3
138,271 Points 4 Featured Posts Localism Sponsor Outside Blog
I agree that we need to open the reserves and get more serious about alternatives.
6:44am • #4
122,997 Points 1 Featured Post

This is already serious.  It's time to do SOMETHING!!!
6:50am • #5
759,116 Points 13 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp
Simple close the loop hole in the Enron law that allows comoditiy traders to screw us all. Thjis has stopped being a supply and demand issue and more a money and greed issue. Email your congress folks and tell them you want this. What are these folks doing in DC anyway
6:56am • #6


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Adam Affleck

Charlottetown, PE

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