# Oil turns higher, close to record $75
**URL:** https://forums.speedlife.net/t/oil-turns-higher-close-to-record-75/11110
**Category:** NYSpeed Off Topic
**Created:** [April 21, 2006, 10:50am UTC](https://forums.speedlife.net/t/oil-turns-higher-close-to-record-75/11110 "2006-04-21T10:50:46Z")
**Posts on this page:** 13
**Page:** 1
### Author:  [@j\_espo1](https://forums.speedlife.net/u/j_espo1)
#### Post date: [April 21, 2006, 10:50am UTC](https://forums.speedlife.net/t/oil-turns-higher-close-to-record-75/11110/1 "2006-04-21T10:50:46Z")
:bloated: x 1,000,000,000. this is just the beginning-buckle up kids.
Oil turns higher, close to record $75
Brent also hits all-time high above $74; investors keeping an eye on Iran, new front-month contract.
April 21, 2006: 1:38 PM EDT
LONDON (Reuters) - Oil prices turned higher and hit a record above $74 in New York Friday on fresh worries over Iran’s nuclear program and Nigeria’s supply outages.
U.S. oil for June delivery reached $74.95, up $1.26 at midday on the New York Mercantile Exchange. The May contract expired on Thursday at $71.95.
Special Report[full coverage](http://money.cnn.com/news/specials/gasprices)[](http://money.cnn.com/news/specials/gasprices/)[Oil turns higher, close to record $75](http://money.cnn.com/2006/04/21/markets/oil.reut/index.htm)
[Gasoline soars amid reported shortages](http://money.cnn.com/2006/04/21/news/economy/gas_shortage/index.htm)
[Gas shortages hit the East Coast](http://money.cnn.com/2006/04/20/news/economy/gasoline.reut/index.htm)
[Senator calls for gasoline price-fix probe](http://money.cnn.com/2006/04/18/news/economy/gas_price_investigation/index.htm)
Video  [More video](http://money.cnn.com/services/video/)
 China’s growing demand for energy is pushing world prices higher. CNN’s Louise Schiavone reports (April 19)[Play video
](javascript:cnnVideo(‘play’,’/video/business/2006/04/19/schiavone.china.oil.cnn’)😉
In late Friday trade, Brent crude rose as high as $74.38, up $1.20 and a new all-time high.
U.S. oil has rallied around $12 this year on supply concerns and as investment funds plough billions of dollars into commodities. Profit-taking also took hold in precious metals markets on Friday.
A war of words between Iran and the West over Tehran’s resolve to continue its nuclear program have triggered concern that oil supplies could be disrupted from the world’s fourth biggest exporter.
OPEC powerless
Members of the Organization of Petroleum Exporting Countries were set to meet informally in Qatar on the sidelines of discussions between energy consumers and producers.
But several OPEC ministers have said there is little more the group can do to bring down high prices as it is already pumping at near full capacity.
“OPEC can deal with issues it can control but… we can’t do anything about the politics in the world,” said Algerian Oil Minister Chakib Khelil.
He said oil markets were well-supplied and crude inventories high, so any action to increase output would only be a gesture.
“The market would see through that. If we do something, it has to be credible. Why should we hide the truth?” he said.
OPEC has pumped 29.9 million barrels per day (bpd) so far in April, up 100,000 bpd from March, tanker-tracking consultancy Petrologistics said on Friday.
Prices hit fresh highs this week after U.S. gasoline stocks slumped to nearly 5 percent below levels this time last year.
While stocks fell, demand increased. Gasoline consumption in the world’s largest consumer was up 0.8 percent on the year.
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### Author:  [@JayS](https://forums.speedlife.net/u/JayS)
#### Post date: [April 21, 2006, 10:54am UTC](https://forums.speedlife.net/t/oil-turns-higher-close-to-record-75/11110/2 "2006-04-21T10:54:29Z")
And the dow just keeps going higher, which is good because I may have to cash in some 401k to buy gas this summer.
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### Author:  [@The\_Russian](https://forums.speedlife.net/u/The_Russian)
#### Post date: [April 21, 2006, 11:16am UTC](https://forums.speedlife.net/t/oil-turns-higher-close-to-record-75/11110/3 "2006-04-21T11:16:20Z")
ya know if you do the math, we spend about $1.36 for a gallon of crude, refineries are now extremely efficient, so the oil companies are making close to a 50% profit…thats fucked up
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### Author:  [@j\_espo1](https://forums.speedlife.net/u/j_espo1)
#### Post date: [April 21, 2006, 11:22am UTC](https://forums.speedlife.net/t/oil-turns-higher-close-to-record-75/11110/4 "2006-04-21T11:22:47Z")
> [@The\_Russian](#):
>
> ya know if you do the math, we spend about $1.36 for a gallon of crude, refineries are now extremely efficient, so the oil companies are making close to a 50% profit…thats fucked up
uhh… didnt you see all the articles about the oil companies posting record profits?
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### Author:  [@Fry](https://forums.speedlife.net/u/Fry)
#### Post date: [April 21, 2006, 11:30am UTC](https://forums.speedlife.net/t/oil-turns-higher-close-to-record-75/11110/5 "2006-04-21T11:30:15Z")
Well good for them. They have a product they can offer the world and make some money on. I’m sure the Iranians and Nigerians will use the income to help their homeland and better the lives of their people. The least we can do is pay a little more for gas to help these poverty stricken countries improve the quality of their lives. 🙂
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### Author:  [@Clean\_Baldy](https://forums.speedlife.net/u/Clean_Baldy)
#### Post date: [April 21, 2006, 11:31am UTC](https://forums.speedlife.net/t/oil-turns-higher-close-to-record-75/11110/6 "2006-04-21T11:31:53Z")
This year may just be a good year to invest in a crotch rocket for myself…
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### Author:  [@SilencingMachine](https://forums.speedlife.net/u/SilencingMachine)
#### Post date: [April 21, 2006, 1:49pm UTC](https://forums.speedlife.net/t/oil-turns-higher-close-to-record-75/11110/7 "2006-04-21T13:49:18Z")
> [@Clean Baldy](#):
>
> This year may just be a good year to invest in a crotch rocket for myself…
my thoughts exactly :ohnoes:
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### Author:  [@articzap](https://forums.speedlife.net/u/articzap)
#### Post date: [April 21, 2006, 2:15pm UTC](https://forums.speedlife.net/t/oil-turns-higher-close-to-record-75/11110/8 "2006-04-21T14:15:35Z")
im pretty sure bush is part to blame somehow for this
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### Author:  [@Clean\_Baldy](https://forums.speedlife.net/u/Clean_Baldy)
#### Post date: [April 21, 2006, 2:22pm UTC](https://forums.speedlife.net/t/oil-turns-higher-close-to-record-75/11110/9 "2006-04-21T14:22:40Z")
> [@articzap](#):
>
> im pretty sure bush is part to blame somehow for this
:word:
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### Author:  [@RedGoober4Life](https://forums.speedlife.net/u/RedGoober4Life)
#### Post date: [April 21, 2006, 2:35pm UTC](https://forums.speedlife.net/t/oil-turns-higher-close-to-record-75/11110/10 "2006-04-21T14:35:15Z")
I got 30mpg on my last fill up. 🙂
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### Author:  [@Bacon](https://forums.speedlife.net/u/Bacon)
#### Post date: [April 21, 2006, 3:22pm UTC](https://forums.speedlife.net/t/oil-turns-higher-close-to-record-75/11110/11 "2006-04-21T15:22:17Z")
Me = going to buy motorcycle.
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### Author:  [@misteroman](https://forums.speedlife.net/u/misteroman)
#### Post date: [April 21, 2006, 4:39pm UTC](https://forums.speedlife.net/t/oil-turns-higher-close-to-record-75/11110/12 "2006-04-21T16:39:10Z")
the vette gets 23+ mpg the truck 15.Guess i’ll be stuck driving the vette all summer.
D
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### Author:  [@JEG](https://forums.speedlife.net/u/JEG)
#### Post date: [April 21, 2006, 4:52pm UTC](https://forums.speedlife.net/t/oil-turns-higher-close-to-record-75/11110/13 "2006-04-21T16:52:47Z")
> [@articzap](#):
>
> im pretty sure bush is part to blame somehow for this
:bloated: