Light Sweet Crude Oil

In the US oil prices have risen 81 cents and on some days oil is over $70 dollars per barrel. There has been a one dollar rise in the Brent North Sea sweet crude oil prices. In fact oil prices everywhere are stunning analysts. The analysts predicted growth but no where near this much. Oil prices are up to three times higher than what analysts predicted. Crude oil prices have been up three weeks in a row.

There is no doubt that the status of the economy has an immediate effect on oil prices. The crude oil prices go up and down according to the economy. The highest prices ever reported for light sweet crude oil were in July of 2008 on the eleventh when oil was $147.27 per barrel. When the economy is doing badly demands for oil remain week. It is not just the US and European economy that effects oil prices. When Germany and France recently announced their second quarter emergence from the recession oil prices were lifted. When stocks rebound on Wall Street we see a rise in oil prices on the New York Mercantile Exchange. In the beginning of August light sweet crude oil was over $71 dollars per barrel. More recently on the 13th of August 2009 crude oil is $70.73 cent. The light sweet crude oil prices change by the minute. There are many places where that give you up to the minute prices on light sweet crude oil.

Those reading this and trying to figure out how they can benefit from oil may be interested in a little oil science. When you here the term crude oil prices this is referring to petroleum oil that has less no more than 0.5% of sulfur remaining in it. Petroleum is a natural substance that comes from the ground. When oil first began to be discovered it was discovered in vast amounts. Today oil is still being taken from some of the first places it was discovered but the supply is dwindling. New oil is being discovered every now and then but only in very small amounts. The first oil that was discovered took billions of years to create. If we have to wait that long for more petroleum we will have to do things differently for awhile. Offshore drilling for oil is what some people are suggesting to meet the oil demands but this will disturb the lives of many creatures that live in the water.

Since 1964 oil discovery has been declining. Oil discovery increased until 1960 and then its discovery began to decrease almost as quickly as it had increased in the past. In the very near future there probably will not be enough oil to go around. Some experts say this will happen in 2015.

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