Crude oil prices jumped to a new all time record high of over $74 a barrel today as the market responded to a faster than expected decline in U.S. gasoline stocks and growing unease over the situation of U.S. led action against Iran.
The price of oil at the pump has jumped 10 cents in the USA as crude oil prices rose sharply for the third day to reach a new all-time high. The rises follow a U.S. government report of a faster-than-expected decline in gasoline stocks.
The stocks have dropped rapidly despite a fairly easy winter as available imports have fallen in line with predications about the approach of peak oil while the US thirst for oil has continued unabaited. Demand for motor gasoline averaged over 9.1 million barrels per day, up almost 1 percent on last year. Total US consumption is around 20 million barrels per day.
Oil prices have tripled since 2002 and there is no serious chance the the trend will be reversed. Tensions over a possible US military strike on Iran by the US on the pretense Iran's nuclear ambitions has kept the market jumpy. Analysts fear disruption of oil shipments from Iran which is the world's fourth-largest oil exporter.
"Losing Iran supplies will have a massive impact on the market, and there is no way that other Middle East producers are going to be able to make up for that loss," said Hiroyuki Kitakata, director of commodities business at Barclays Capital Japan.
Earlier is the week, leader of the U.S. right wing christian fundimentalist regime, George W. Bush, told a press conference that he refused to rule out ordering a nuclear strikes against Iran if mere threats failed to deliver obedience to his demands.
Meanwhile, Venezuela's popular president Hugo Chavez warned that the country's oilfields would be mined and crippled should the U.S. attempt to wrestle control of the countries resources away from the people.
The stocks have dropped rapidly despite a fairly easy winter as available imports have fallen in line with predications about the approach of peak oil while the US thirst for oil has continued unabaited. Demand for motor gasoline averaged over 9.1 million barrels per day, up almost 1 percent on last year. Total US consumption is around 20 million barrels per day.
Oil prices have tripled since 2002 and there is no serious chance the the trend will be reversed. Tensions over a possible US military strike on Iran by the US on the pretense Iran's nuclear ambitions has kept the market jumpy. Analysts fear disruption of oil shipments from Iran which is the world's fourth-largest oil exporter.
"Losing Iran supplies will have a massive impact on the market, and there is no way that other Middle East producers are going to be able to make up for that loss," said Hiroyuki Kitakata, director of commodities business at Barclays Capital Japan.
Earlier is the week, leader of the U.S. right wing christian fundimentalist regime, George W. Bush, told a press conference that he refused to rule out ordering a nuclear strikes against Iran if mere threats failed to deliver obedience to his demands.
Meanwhile, Venezuela's popular president Hugo Chavez warned that the country's oilfields would be mined and crippled should the U.S. attempt to wrestle control of the countries resources away from the people.
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