wwwA fire in a pipeline between the US and Canada will cut about one-fifth of the oil flowing into the US.
According to MarketWatch "the fire has put an estimated 1.9 million barrels a day of oil out of service. "
The news moved crude oil prices up $3.61 to $84.23.
Douglas A. McIntyre is an editor at 247wallst.com.
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Reader Comments (Page 1 of 1)
11-29-2007 @ 8:45AM
LENNY STEBULIS said...
LETS SEE... IF WE'RE AS DEPENDENT ON FORIEGN OIL AS THE OIL COMPANIES AND CONGRESS ( THEIR PAID LACKEYS) WOULD HAVE US BELIEVE, THEN 1/5 OF THE SUPPLY SHOULD BE ABOUT 20 BARRELS....
FUNNY HOW THE AMOUNT GOES UP WHEN IT'S IN BIG OIL'S FAVOR...
BY THE WAY... THEY SET THE FIRE THEMSELVES BECAUSE THEY GOT CAUGHT WITH INVENTORIES TOO HIGH YESTERDAY. WHEN THEY ANNOUNCED THE PRICE DROP YESTERDAY, I HAD PREDICTED A REFINERY EXPLOSION TO GET THE PRICE BACK UP. I WAS WRONG... BUT.... PRESTO.... A PIPELINE FIRE.... HOW CONVENIENT IS THAT...???