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April 29, 2008

Oil prices keep going up...

"CULVER CITY, CA - APRIL 25: Oil rigs extract petroleum as the price of crude oil rises to nearly $120 per barrel, prompting oil companies to reopen numerous wells across the nation that were considered tapped out and unprofitable decades ago when oil sold for one-fifth the price or less, on April 25, 2008 in the Los Angeles area community of Culver City, California. Many of the old unprofitable wells, known as 'stripper wells', are located in urban areas where home owners are often outraged by the noise, smell, and possible environmental hazards associated with living so close to renewed oil drilling. Since homeowners usually do not own the mineral rights under their land, oil firms can drill at an angle to go under homes regardless of the desires of residents. Using expensive new technology and drilling techniques, California producers have reversed a long decline of about 5 percent annually with an increased crude flow of about 2 1/2 million barrels in 2007 for the first time in years"

High Oil Prices Continue To Drive Gas Prices Steadily Upwards
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"SAN FRANCISCO - APRIL 22: Gas pumps sit idle at a CFN service station April 22, 2008 in San Francisco, California. The national average for a gallon of regular gas hit a record high of $3.51 as crude oil is trading for nearly $120 a barrel. San Francisco gas is averaging $4.00 per gallon"

Record Oil Prices Continue To Drive Gas Prices Higher To New Highs
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"NEW YORK - APRIL 22: Traders work in the crude oil options pit at the New York Mercantile Exchange April 22, 2008 in New York City. Oil posted a record high of over $118 following oil demand from China and supply concerns from Russia and Nigeria"

Record Oil Prices Continue To Drive Gas Prices Higher To New Highs
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