Oil Rises Above $144 Amid Signs Fuel Supplies May Be Strained

Margot Habiby and Robert Tuttle
Bloomberg
June 3, 2008

Crude oil rose above $144 a barrel amid signs global demand for fuels, particularly from China, may strain supplies.

PetroChina Co. may import record volumes of petroleum products this year to meet demand needed for reconstruction after an earthquake, China National Petroleum Corp. said June 28, and to prepare for the Olympics. Heating oil futures, a proxy for distillate fuels including diesel, rose to a record today.

“There’s a kind of expectation in the market that there will be strong ongoing demand for distillate fuel,” said Tim Evans, an energy analyst for Citi Futures Perspective in New York. “We had the Chinese earthquake, and we’ve got the Olympics coming up.”

Crude oil for August delivery rose $1.15, or 0.8 percent, to $144.72 a barrel at 12:43 p.m. on the New York Mercantile Exchange. Futures earlier touched $145.85, the highest since trading began in 1983.

The May 12 earthquake in China’s Sichuan Province, the country’s biggest in 58 years, killed more than 69,000 people. The Olympic Games will be held Aug. 8-24 in Beijing.

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7 Responses to “Oil Rises Above $144 Amid Signs Fuel Supplies May Be Strained”

1. kevin Says:
   July 3rd, 2008 at 10:58 am

   cornish hydrogen generator is the awnser to the oil cartel;)look it up

2. scott Says:
   July 3rd, 2008 at 12:50 pm

   Theres plenty of oil! Elites are driving down middle class and lining their pockets. Oh by the way, North Dakota just found billions in oil reserves, largest in US. Oil is from the earth and continually refills oil platforms, its not from dinosaurs (haha) like they say. Why you think they drill miles into the earth to get it. Dont let them fool ya so they can create artificial supply shortages and jack energy prices beyound value.

3. mike Says:
   July 3rd, 2008 at 9:47 pm

   Where is the proof north dakota found anything? Says whom? Sounds more like propaganda….

4. 2timer Says:
   July 3rd, 2008 at 11:47 pm

   It was the us geological service that confirmed the find in N. Dakota. its old news anyway I think it is referred to as the Bakken Shale. its supposed to extend into Montana and Canada.

5. Neal Says:
   July 4th, 2008 at 8:43 am

   I fear that this artificial shortage is going to do more than drive down the middle class. Its going to disrupt the food supply and bring mass starvation. We need a grass roots surge of fuel innovation or many of us could end up dead.

6. ice cream soldier Says:
   July 4th, 2008 at 11:30 am

   Why are you continuing to push the MSM line? One would think, when Jones gets through yelling through a bullhorn like an idiot, that you people would know the truth and, more to the point, print it!

   http://backtothedarkages.blogs.....rices.html

7. ice cream soldier Says:
   July 4th, 2008 at 11:31 am

   Why are you continuing to push the MSM line? One would think, when Jones gets through yelling through a bullhorn like an idiot, that you people would know the truth and, more to the point, print it! http://backtothedarkages.blogs.....rices.html