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Kilo Of Cocaine Found During Pacific Traffic Stop
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Two men were arrested Wednesday after authorities found a kilo of cocaine, a handgun, and handcuffs during a traffic stop in Pacific.
The Franklin County Sheriff's department said the two were pulled over for a stop-light violation near the I-44 Pacific exit.
During the stop, a Sheriff's deputy became suspicious, and contacted the Pacific Police department's K-9 unit. The canine officer indicated there were possible drugs inside the vehicle, the Sheriff's department said. A search of the car turned up the cocaine, the department said.
One of the men displayed a badge and said he was a licensed security guard in Illinois, according to the department. Both men are in their 40's, and from Illinois. Further investigation was being conducted, as of Thursday.
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Hermann Missouri 175 Year Anniversary 1836-2011
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- Sheriff Traffic Stop Nets Kilo Of Cocaine Bust Fra...
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- Mayor Larry Miskel Canceled Hermann City Council M...
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Thursday, January 13, 2011
Squirrel Escapes Tree Climbing Tiger at Zoo, Buffalo New York WEB VIDEO
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Squirrel escapes tigers paw at NY zoo.
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Rodent narrowly escapes predatory cats
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2010 Tax value of some vehicles increased in Missouri due to 'Blue Book' value
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Some Callaway County taxpayers who paid their county personal property taxes recently were upset to learn that their tax assessment on some used truck and sport utility vehicles increased in 2010.
Callaway County Assessor Dan Roe said the problem was not confined to Callaway County but applied statewide.
“It’s certainly unusual for some used vehicles to increase in value. But that’s exactly what happened in 2010,” Roe said.
Roe said he and other assessors statewide must follow a state law that requires assessors to use the market value of vehicles as determined by the October issue of vehicle values published by the National Automobile Dealers Association (NADA).
Bruce E. Davis, chairman of the Missouri State Tax Commission, sent a letter to Roe explaining the problem of increased values of some used vehicles and informing him that he must make personal property assessments using the state law that requires assessors to follow NADA market valuations of vehicles.
Roe has a copy of the letter from Davis on the counter of his office in the Callaway County Courthouse. He shows the letter to people who complain about a higher tax assessment on some used vehicles.
“I know about this situation first hand because I bought a vehicle when prices were depressed,” Roe said. He said his truck had a market value of $10,700 in 2009 but actually increased in value to $11,850 in 2010, according to the NADA book value.
Roe said he told people who complained about the increases in some vehicle assessments that he had no option and was required by law to use NADA book value in setting assessments.
Roe said the increase in assessment didn’t mean a major increase in taxes paid for most people but it was the concept that a used vehicle increased in value that attracted the attention of many taxpayers. Roe said he thinks NADA made a mistake when it lowered the value of low mileage trucks and sport utility vehicles too much in October of 2008 and it was reflected in 2009 tax bills.
By lowering the value too much, NADA had to make a big increase the value of the used vehicles in 2010 after gas prices decreased and the NADA book value of some used trucks and sport utility vehicles increased.
. Click Here to Read More.
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Tax value of some vehicles increased in 2010
__________________________________________________________________________________By Don Norfleet
Thursday, January 13, 2011
Some Callaway County taxpayers who paid their county personal property taxes recently were upset to learn that their tax assessment on some used truck and sport utility vehicles increased in 2010.
Callaway County Assessor Dan Roe said the problem was not confined to Callaway County but applied statewide.
“It’s certainly unusual for some used vehicles to increase in value. But that’s exactly what happened in 2010,” Roe said.
Roe said he and other assessors statewide must follow a state law that requires assessors to use the market value of vehicles as determined by the October issue of vehicle values published by the National Automobile Dealers Association (NADA).
Bruce E. Davis, chairman of the Missouri State Tax Commission, sent a letter to Roe explaining the problem of increased values of some used vehicles and informing him that he must make personal property assessments using the state law that requires assessors to follow NADA market valuations of vehicles.
Roe has a copy of the letter from Davis on the counter of his office in the Callaway County Courthouse. He shows the letter to people who complain about a higher tax assessment on some used vehicles.
“I know about this situation first hand because I bought a vehicle when prices were depressed,” Roe said. He said his truck had a market value of $10,700 in 2009 but actually increased in value to $11,850 in 2010, according to the NADA book value.
Roe said he told people who complained about the increases in some vehicle assessments that he had no option and was required by law to use NADA book value in setting assessments.
Roe said the increase in assessment didn’t mean a major increase in taxes paid for most people but it was the concept that a used vehicle increased in value that attracted the attention of many taxpayers. Roe said he thinks NADA made a mistake when it lowered the value of low mileage trucks and sport utility vehicles too much in October of 2008 and it was reflected in 2009 tax bills.
By lowering the value too much, NADA had to make a big increase the value of the used vehicles in 2010 after gas prices decreased and the NADA book value of some used trucks and sport utility vehicles increased.
. Click Here to Read More.
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Researched/Posted by:
Poor Richard 2011
on
1/13/2011 12:20:00 PM
Labels:
Local Stories (Hermann),
Mid-Missouri Area News
Mayor Larry Miskel Canceled Hermann City Council Meeting Due to Slick Roads
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The Hermann city council meeting that was scheduled for Monday night, Jan. 10, 2011, was canceled due to slick roadways caused by the winter snow storm that covered most of Missouri.
Mayor Larry Miskel called off the meeting shortly after 5:30 p.m. Monday.
The mayor and board of alderman could schedule a meeting before the next regular-scheduled meeting, which is Monday, Jan. 24.
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The Hermann city council meeting that was scheduled for Monday night, Jan. 10, 2011, was canceled due to slick roadways caused by the winter snow storm that covered most of Missouri.
Mayor Larry Miskel called off the meeting shortly after 5:30 p.m. Monday.
The mayor and board of alderman could schedule a meeting before the next regular-scheduled meeting, which is Monday, Jan. 24.
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NOTICE OF PUBLIC MEETING
CITY OF HERMANN -- MUNICIPAL BUILDING
BOARD OF ALDERMEN AGENDA
1902 JEFFERSON STREET – HERMANN, MO
BOARD OF ALDERMEN MEETING ROOM
January 10, 2011 7:00 P.M.
Pledge of Allegiance
1. Mayor’s Report
Citizens’ Comments
2. ORDINANCE (#1833)
BILL NO. 2010-25
AN ORDINANCE TO AUTHORIZE MAYOR LARRY MISKEL TO EXECUTE A MISSOURI HIGHWAYS AND TRANSPORTATION COMMISSION TRANSPORTATION ENHANCEMENT FUNDS SUPPLEMENTAL AGREEMENT FOR CONSTRUCTION OF SIDEWALKS, LANDSCAPING AND A TRANSPORTATION MUSEUM IN THE AMTRAK STATION.
SECOND READING NEEDED
Bill No. 2010-25 was posted on the bulletin board in City Hall on December 9, 2010 at 04:00 p.m.
BILL NO. 2010-26
AN ORDINANCE TO AUTHORIZE MAYOR LARRY MISKEL TO EXECUTE A MISSOURI HIGHWAYS AND TRANSPORTATION COMMISSION TRANSPORTATION ENHANCEMENT FUNDS SUPPLEMENTAL AGREEMENT FOR CONSTRUCTION OF PEDESTRIAN SIDEWALKS.
SECOND READING NEEDED
Bill No. 2010-26 was posted on the bulletin board in City Hall on December 9, 2010 at 04:00 p.m.
3. UNFINISHED BUSINESS:
4. NEW BUSINESS:
Request to place sign on City property for Hermannhof Suites.
5. MOTIONS:
A. Minutes
B. Invoices for Payment
C. Bid No. 2010-7 Scrap Materials
D. Request for liquor license refund – Trappers Grill
6. REPORTS:
A. December Building Inspector’s Report
B. December Collector’s Report
C. December Income & Expense Report
D. December Cash Report
E. November Municipal Court Docket
7. BOARDS AND COMMISSIONS REPORTS
8. MISCELLANEOUS ITEMS FOR YOUR INFORMATION
9. CLOSED MEETING:
Notice is hereby given that, subject to a motion duly made and adopted, the Board of Aldermen may hold a closed meeting for the purpose of dealing with matters relating to legal actions, cause of action, litigation or privileged communications between the City’s representatives and its Attorneys Section 610.021(1) and lease, purchase or sale of real estate Section 610.021(2), hiring, firing, disciplining or promoting employees pursuant to Section 610.021(3) and discussions related to negotiations for a contract pursuant to Section 610.021(12) Revised Statutes of Missouri.
This meeting will be open to the public.
Dated this 6th day of January 2011, 04:00 p. m.
_________________________________
Dolores Grannemann, City Clerk
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Hermann Missouri City's 175th Anniversary Celebration, Topic for Historic Hermann Inc. Meeting Jan. 16th
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The 175th anniversary of Hermann will be among the topics at the annual meeting of Historic Hermann, Inc.
The meeting has been scheduled for Sunday, Jan. 16, at 2 p.m. in the Legacy Room at the German School. Light refreshments will be served.
A sneak peek on activities that are tentatively planned for the City of Hermann's 175th anniversary this year will be unveiled. The activities for the anniversary will end in 2012.
This year is also the 140th year of the German School, circa 1871.
The business session of the meeting will include the election of five members to the board of directors and recognition of retiring board members.
There will also be reports on this year's projects by various board members. The organization's financial status will be given.
Maribeth Dann, teacher in the Gasconade County R-1 School District, will give an overview and progress report on the Heritage Program she is conducting with some members of the Hermann High School A+ program.
New members are welcome.
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Historic Hermann's
MUSEUM
at the old German School
312 Schiller Street / P.O. Box 105 • Hermann, MO 65041
573-486-2017
Historic Hermann is committed to preserving and interpreting the collective heritage of Hermann, Missouri and its environs. Through its collections, educational programs, collaborations with other organizations and restoration of its historic German School Museum, Historic Hermann is dedicated to preserving the past and cultivates an appreciation for Hermann history.
OPEN APRIL THROUGH OCTOBER
EVERY DAY EXCEPT WEDNESDAY
Closed November - March
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Brazil - Heavy Rains, Flooding, Mudslides Kill Hundreds
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Rescue workers search for victims after heavy rains caused mudslides in Teresopolis, Brazil. More than 140 people died in Teresopolis after flooding and mudslides Wednesday.
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Flooding, Mudslides Kill Hundreds In Brazil
by The Associated Press
January 13, 2011
Driving rains sent tons of rusty red earth sliding into Brazilian mountain towns, killing at least 287 people and leaving dozens more missing — lives rescuers hoped to save as they resumed searches Thursday.
In the hardest-hit town of Teresopolis, where the local civil defense agency said at least 146 people died, hundreds of family members crowded around the town's morgue waiting to identify bodies. More corpses were laid out on a street in front to the police station, covered by blankets. Rains hit the town overnight, though no new mudslides were reported.
Rescuers used heavy machinery, shovels and bare hands in attempts to find survivors. How many were saved was not known — at least 50 were still missing and one neighborhood hit by slides in Teresopolis had not been reached yet by authorities. In a neighboring town, firefighters rescued a 25-year-old man who held his 6-month-old son for 15 hours until they were both pulled out alive. The man's wife and mother-in-law were feared dead.
Heavy rains and mudslides kill hundreds of people across Brazil each year, especially during the South American summer. The worst hit are the poor, whose rickety homes are often built on steep slopes with weak or no foundations.
In Teresopolis, 40 miles (65 kilometers) north of Rio de Janeiro, deluges filled creeks and the overflows swept over already water-logged mountainsides. Brick and wooden shacks built on hillsides stripped of trees washed away in surging earth and water, leaving behind only a long trail of mud.
The mountains saw 10 inches (26 centimeters) of rain fall in less than 24 hours. More rain, possibly heavy at times, is forecast through the weekend.
Floodwaters continued to gush down the mountains for hours after rainstorms ended Wednesday. Survivors waded through waist-high water, carrying what belongings they could, trying to reach higher ground. Many tried desperately to find relatives, though phone service was out in the region and many people were still missing hours after the rain stopped.
"There are so many disappeared — and so many that will probably never be found," said Angela Marina de Carvalho Silva, a resident of Teresopolis who feared she may have lost 15 relatives, including five nieces and nephews.
"There was nothing we could do. It was hell," she said in a telephone interview.
Carvalho Silva took refuge in a neighbor's house on high ground with her husband and daughter, and watched the torrential rain carry away cars, tree branches and animals and rip apart the homes of friends and family.
"It's over. There's nothing. The water came down and swept everything away," said her husband, Sidney Silva.
In the neighboring mountain town of Nova Friburgo, at least 107 people died, according to an e-mailed statement from the Rio state civil defense department. Among the dead were four firefighters who were helping in the rescue effort. Three other firefighters were listed as missing after their fire truck was hit by a mudslide.
With the new disasters, more than 300 people have died since Christmas across the southeastern portion Brazil.
President Dilma Rousseff signed a measure Wednesday sending $461 million to towns in Rio and Sao Paulo states that were damaged during the recent rains. The money will go to repairing infrastructure and preventing future disasters.
The president planned to fly over the most severely damaged areas Thursday.
The mayor of Teresopolis, Jorge Mario Sedlacek, decreed a state of emergency, calling the calamity "the worst to hit the town." About 800 search-and-rescue workers from the state's civil defense department and firefighters dug for survivors.
In neighboring Petropolis, 34 people were confirmed dead by the Rio state civil defense department.
The death toll in the region was expected to rise as firefighters reached remote valleys and steep mountainsides where neighborhoods were destroyed, Teresopolis's mayor said. About 1,000 people there were left homeless and took shelter in a local school.
. Click Here to Read More.
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AMBER Alert program expands to Facebook Effective Jan. 12, 2011
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AMBER Alert program expands to Facebook
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AMBER Alerts are now available to the millions of people on Facebook.
Facebook users are able to sign up to receive state-specific AMBER Alert bulletins which will be sent to them through the Facebook "News Feed" feature. A total of 53 new AMBER Alert pages have been created, one for each state, Puerto Rico, U.S. Virgin Islands, and the District of Columbia. Facebook users will also be able to share the AMBER Alerts with their friends.
The new AMBER Alert Facebook page for Missouri can be found at http://www.facebook.com/AMBERalertMO
. Click Here to Read More.
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Researched/Posted by:
Poor Richard 2011
on
1/13/2011 12:19:00 AM
Labels:
Hermann MO Student News,
Local Stories (Hermann),
Mid-Missouri Area News,
National News
More Dead Birds Fall Mystery Near Sullivan Missouri, VIDEO Latest In Series Of Dead Birds Found In Other States
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It was discovered on Monday.
Experts there and with the World Bird Sanctuary in Valley Park say the dead birds are Starlings. Starlings are among the dead birds that have been found in several other states recently.
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Dozens Of Dead Birds Found Near Sullivan, Mo.
Latest In Series Of Dead Birds Found In Other States
Sulllivan, Mo. (KTVI-FOX2now.com) —
Dozens of dead birds are discovered near Sullivan, Missouri about an hour southwest of St. Louis. People in and around Sullivan are calling the whole thing a little weird. The scene is just east of Sullivan along the I-44 south service road at Winsel Creek. The Missouri Department of Conservation is looking into the situation.It was discovered on Monday.
Experts there and with the World Bird Sanctuary in Valley Park say the dead birds are Starlings. Starlings are among the dead birds that have been found in several other states recently.
It started new years when thousands of Red Winged Blackbirds were found dead in Arkansas.
The reason why all of this is happening is still unclear but a spokesperson with Missouri Department of Conservation does have some theories.
"Our cold weather- sometimes a sudden change in weather and effect populations and they can die because of shock and temperature change- obviously we've got a lot of cold weather. Tornado events can sometimes suck a lot of birds up and kill them, obviously we've had a lot of that weather going along in recent weeks too," said agency spokesperson Dan Zarlenga.
James Bartle, the editor of the Sullivan Independent News, took photos of the scene.
The reason why all of this is happening is still unclear but a spokesperson with Missouri Department of Conservation does have some theories.
"Our cold weather- sometimes a sudden change in weather and effect populations and they can die because of shock and temperature change- obviously we've got a lot of cold weather. Tornado events can sometimes suck a lot of birds up and kill them, obviously we've had a lot of that weather going along in recent weeks too," said agency spokesperson Dan Zarlenga.
James Bartle, the editor of the Sullivan Independent News, took photos of the scene.
More than 50 dead birds can be seen in the newspaper pictures.
But Bartle says there could have been many more in a nearby field. . Click Here for more info.
.But Bartle says there could have been many more in a nearby field. . Click Here for more info.
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Researched/Posted by:
Poor Richard 2011
on
1/13/2011 12:17:00 AM
Labels:
Mid-Missouri Area News,
National News,
Web-Viral
Wild All-Female Rumble Brawl Outside Gas Station, Ocala Florida, DISCRETION ADVISED VIDEO
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Police Probe Wild Melee Caught On Tape
Viral clip shows women brawling outside Florida gas station
Prompted by a viral video showing a wild, all-female brawl outside a Florida gas station, cops have launched a probe to identify and possibly arrest the combatants, some of whom had clothing ripped off during the melee.Detectives believe that the wild fracas outside a RaceTrac gas station in Ocala occurred at about 2:20 AM on December 30, and involved eight “primary participants,” according to an Ocala Police Department report. The video, which has some fleeting nudity, can be viewed above.
Nobody called 911 to report the melee as it unfolded, so cops first learned of the fight when the video appeared on YouTube and other web sites.
A police review of the clip notes that, “all of the females began striking at one another with open and closed fists.” As the brawl continued, “Several of the females involved lose articles of clothing revealing their breasts, buttocks, and genitalia.” At the video’s end, five women are seen “dancing and yelling as if to celebrate some type of victory. One female even goes as far as standing on the hood of a car as she dances.”
One battler is so vigorously throwing haymakers that her dress slides up her torso to reveal the woman's thong-adorned rear. Another combatant, who did not fare as well, had her dress nearly ripped off during the confrontation. At the fight’s conclusion, the RaceTrac’s parking lot is dotted with wigs and hair extensions torn off during the fight.
. Click Here for more info.
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Obama: 'We Mourn With You' - Urges a National Dialogue of Healing at Arizona Memorial Service
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Obama Urges a National Dialogue of Healing at Arizona Memorial Service
President Obama on Wednesday honored the victims and heroes of the Arizona shooting rampage at a memorial service in Tucson and, acknowledging the national debate prompted by the tragedy, called for a political discourse that is less polarizing.
"But at a time when our discourse has become so sharply polarized -- at a time when we are far too eager to lay the blame for all that ails the world at the feet of those who think differently than we do -- it's important for us to pause for a moment and make sure that we are talking with each other in a way that heals, not a way that wounds," he said during a 20-minute speech at the University of Arizona's football stadium, the McKale Memorial Center.
Nearly 30,000 people gathered for the nighttime service in honor of the six people who died and the 14 who were wounded in Saturday's mass shooting that shook the nation.
Obama announced that Rep. Gabrielle Giffords, who is in critical condition, opened her eyes for the first time while he paid a visit to her at the hospital before his speech.
"She knows we are here and she knows we lover her and she knows that we will be rooting for her throughout what will be a difficult journey," he said to thunderous applause and a standing ovation.
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Obama Urges a National Dialogue of Healing at Arizona Memorial Service
Published January 12, 2011
| FoxNews.com
President Obama on Wednesday honored the victims and heroes of the Arizona shooting rampage at a memorial service in Tucson and, acknowledging the national debate prompted by the tragedy, called for a political discourse that is less polarizing.
"But at a time when our discourse has become so sharply polarized -- at a time when we are far too eager to lay the blame for all that ails the world at the feet of those who think differently than we do -- it's important for us to pause for a moment and make sure that we are talking with each other in a way that heals, not a way that wounds," he said during a 20-minute speech at the University of Arizona's football stadium, the McKale Memorial Center.
Nearly 30,000 people gathered for the nighttime service in honor of the six people who died and the 14 who were wounded in Saturday's mass shooting that shook the nation.
Obama announced that Rep. Gabrielle Giffords, who is in critical condition, opened her eyes for the first time while he paid a visit to her at the hospital before his speech.
"She knows we are here and she knows we lover her and she knows that we will be rooting for her throughout what will be a difficult journey," he said to thunderous applause and a standing ovation.
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Thunder, Lightning, Blizzard Hits Southern New England, Massachusetts
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Heavy, wet, pasty snow poured over eastern Massachusetts, stuck to everything and caused thousands of power outages.
Several reports of thunder and lightning came into the weather office before sunrise, as intense bands of snowfall rotated onshore.
The snow was a bit lighter and fluffier well inland, so it was a bit easier to move and shovel out in Worcester County.
SNOWFALL TOTALS
Nearly 30 inches fell in parts of western Massachusetts as of 3 p.m. 26 inches was reported in North Adams.
Most of the central and eastern part of the state was hit with 12-to-18 inches. 17.5 fell in Roslindale
Click Here to Read More.
WBZ-TV’s Jonathan Elias reports from one of the jackpot towns in Northeast Mass.
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Blizzard Hits Southern New England
By Terry Eliasen, Meteorologist, WBZ-TV Executive Weather Producer
January 12, 2011Heavy, wet, pasty snow poured over eastern Massachusetts, stuck to everything and caused thousands of power outages.
Several reports of thunder and lightning came into the weather office before sunrise, as intense bands of snowfall rotated onshore.
The snow was a bit lighter and fluffier well inland, so it was a bit easier to move and shovel out in Worcester County.
SNOWFALL TOTALS
Nearly 30 inches fell in parts of western Massachusetts as of 3 p.m. 26 inches was reported in North Adams.
Most of the central and eastern part of the state was hit with 12-to-18 inches. 17.5 fell in Roslindale
Click Here to Read More.
WBZ-TV’s Jonathan Elias reports from one of the jackpot towns in Northeast Mass.
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Kenny Chesney "Goin' Coastal" Tour Coming To St. Louis Missouri
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Kenny Chesney is coming to St. Louis
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BY KEVIN C. JOHNSON • Pop Music Critic • www.STLtoday.com January 12, 2011
Kenny Chesney is heading to St. Louis as part of his "Goin' Coastal" tour.
The country superstar is expected to perform at Verizon Wireless Amphitheater on July 28, according to his summer touring schedule released today.
The venue has not yet announced the tour and ticket information isn't available.
. Click Here to Read More.
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THIS IS A PREVIEW OF WHAT TO EXPECT FOR KENNY CHESNEYS "GOIN' COASTAL" 2011 TOUR!
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Researched/Posted by:
Poor Richard 2011
on
1/13/2011 12:05:00 AM
Labels:
Hermann MO Student News,
Local Stories (Hermann),
Mid-Missouri Area News,
Music Videos
27-month high OIL NEARS $100 U.S. crude inventories drop for 6th straight week
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Wed Jan 12, 2011
* U.S. crude inventories drop for 6th straight week
* Alaskan pipeline resumes partial oil flows
* Commodity gains stir economic concerns
* Coming up: US weekly jobless claims, 8:30 a.m EST Thurs (Recasts, updates prices, market activity to settlement)
By Gene Ramos
NEW YORK, Jan 12 (Reuters) - Oil rose on Wednesday after production shutdowns, falling U.S. inventories and growing demand sent Brent crude toward $100 a barrel for the first time since 2008.
U.S. government data showing U.S. crude stocks falling for a sixth straight week helped extend this week's gains.Disruptions from Alaska and Norway stoked supply concerns and cold weather in the U.S. Northeast fed demand for heating oil. [EIA/S]
Oil's climb back toward $100 a barrel -- last touched in October 2008 -- has raised concerns about the impact of higher fuel costs on the tenuous economic recovery.
"Back in 2008, (U.S.) crude oil only traded above $100 a barrel for about six months before the world economy collapsed into the worst crisis since the 1930s," warned Sabine Schels, commodity strategist for Merrill Lynch.
Crude's rise on Wednesday was part of wider gains across commodities, with metals rising and soybean and corn futures touching 30-month highs that further stocked economic worries.
London Brent oil LCOc1, benchmark for European, Middle East, and African crudes, rose 51 cents to settle at $98.12 a barrel, after touching $98.85 a barrel earlier, the highest level since Oct. 1, 2008.
Brent held its strong premium to U.S. crude CLc1, which settled up 75 cents at a 27-month high of $91.86 a barrel.
The premium widened this week after disruption of two North Sea oil fields and the the shutdown of the Alaskan crude pipeline, which had raised concern Pacific Basin refiners would have to find alternatives from Russia and the Middle East.
Supply concerns eased after the operator of the Trans Alaska Pipeline System said throughput on the line had reached 400,000 barrels per day (bpd), about two-thirds of normal throughput, as part of a provisional restart plan after it was shut by a leak on Saturday.
U.S. INVENTORY FALL
Overall U.S. crude stocks, especially along the Gulf Coast, have been on the decline.
Data from the U.S. Energy Information Adminitration released on Wednesday showing oil inventories fell for the sixth straight week, slashing supplies by nearly 27 million barrels, the biggest six-week decline since January 2008.
Gasoline and distillate stockpiles rose, while heating oil inventories fell as cold weather boosted demand in the giant U.S. Northeast market and pushed heating oil futures to 27-month highs.
Crude oil prices rose as the dollar fell 1.0 percent against a basket of currencies, supporting lifting dollar-priced commodities.
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Brent oil hits 27-month high; $100 looms
__________________________________________________________________________________Wed Jan 12, 2011
* U.S. crude inventories drop for 6th straight week
* Alaskan pipeline resumes partial oil flows
* Commodity gains stir economic concerns
* Coming up: US weekly jobless claims, 8:30 a.m EST Thurs (Recasts, updates prices, market activity to settlement)
By Gene Ramos
NEW YORK, Jan 12 (Reuters) - Oil rose on Wednesday after production shutdowns, falling U.S. inventories and growing demand sent Brent crude toward $100 a barrel for the first time since 2008.
U.S. government data showing U.S. crude stocks falling for a sixth straight week helped extend this week's gains.Disruptions from Alaska and Norway stoked supply concerns and cold weather in the U.S. Northeast fed demand for heating oil. [EIA/S]
Oil's climb back toward $100 a barrel -- last touched in October 2008 -- has raised concerns about the impact of higher fuel costs on the tenuous economic recovery.
"Back in 2008, (U.S.) crude oil only traded above $100 a barrel for about six months before the world economy collapsed into the worst crisis since the 1930s," warned Sabine Schels, commodity strategist for Merrill Lynch.
Crude's rise on Wednesday was part of wider gains across commodities, with metals rising and soybean and corn futures touching 30-month highs that further stocked economic worries.
London Brent oil LCOc1, benchmark for European, Middle East, and African crudes, rose 51 cents to settle at $98.12 a barrel, after touching $98.85 a barrel earlier, the highest level since Oct. 1, 2008.
Brent held its strong premium to U.S. crude CLc1, which settled up 75 cents at a 27-month high of $91.86 a barrel.
The premium widened this week after disruption of two North Sea oil fields and the the shutdown of the Alaskan crude pipeline, which had raised concern Pacific Basin refiners would have to find alternatives from Russia and the Middle East.
Supply concerns eased after the operator of the Trans Alaska Pipeline System said throughput on the line had reached 400,000 barrels per day (bpd), about two-thirds of normal throughput, as part of a provisional restart plan after it was shut by a leak on Saturday.
U.S. INVENTORY FALL
Overall U.S. crude stocks, especially along the Gulf Coast, have been on the decline.
Data from the U.S. Energy Information Adminitration released on Wednesday showing oil inventories fell for the sixth straight week, slashing supplies by nearly 27 million barrels, the biggest six-week decline since January 2008.
Gasoline and distillate stockpiles rose, while heating oil inventories fell as cold weather boosted demand in the giant U.S. Northeast market and pushed heating oil futures to 27-month highs.
Crude oil prices rose as the dollar fell 1.0 percent against a basket of currencies, supporting lifting dollar-priced commodities.
. Click Here to Read More.
__________________________________________________________________________________ __________________________________________________________________________________
Reciprocal links:
http://HermannHearsay.blogspot.com/(Hermann Area News, Commentary & Discussion)
Researched/Posted by:
Poor Richard 2011
on
1/13/2011 12:03:00 AM
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