Oil Price Soars to $38 on Global Security Issues, Algeria Says

bloomberg ^ | March 21, 2004 | Sean Evers

[sopwith]

March 21 (Bloomberg) -- Oil prices rose to a 13-year high last week because of concern about terrorism's threat to crude supplies from the Middle East, and not due to an existing energy shortage, Algeria's oil minister said.

The Organization of Petroleum Exporting Countries will cut sales from April 1 as pledged to avoid an oil glut forming in the second quarter, Chakib Khelil said in an interview in Doha, Qatar, where he's attending a gas conference.

[alloysteel]

On the upside, at $38 a LOT of oil wells in Texas and Oklahoma can start pumping again.

Even more at $50 a barrel. Goes a little higher, the US may become a net EXPORTER of oil, as the last objection to opening of ANWR and offshore drilling in California and the Gulf of Mexico fades.

China's demand for more fossil energy will grow by huge magnitudes over the next ten to twenty-five years. And how are the environmentalists going to deal with THAT?

[Eric in the Ozarks]

Alaska oil is exported to Japan now.

[Taiwan Bocks]

Even at 38 bucks a gallon, it hasn't gone up much against the Euro over the last two years.