In the energy market Wednesday, crude for June delivery continued on its rocket trajectory to a new closing record, finishing at $123.53/barrel, up $1.69, after an intraday peak of $123.75.

With the oil price at near-record highs and Shell and BP declaring record profits last week, there are various truckloads of drivel about the oil majors being ruthless profiteers doing the rounds at the moment. But who’s really raking in the money?

When Goldman Sachs energy strategist Argun Murti made his oil price prediction that the black goo would “super-spike” past $200 in six months to two years’ time, how aware was he of the affects this prediction would have on the price of oil?

Murti’s price prediction seems to have been one of the main drivers behind oil’s climb yesterday, with the AP news wire carrying the headline: “Oil prices rise to record near $123 a barrel on prediction of $200 oil, supply concerns.”

Five Asian rice producers, led by Thailand, are considering the establishment of a cartel –similar to the Organization of Petroleum Exporting Countries – to better control the supply and price of rice.

OPEC is doing everything it can to drive up the oil price.

No sooner had the words “oil at $120 per barrel” left my lips yesterday, Chakib Khelil, President of OPEC, said it could hit $200 and there was little he or his cartel could do about it.

OPEC President Chakib Khelil said he can see crude oil prices reaching $200 a barrel because the market is driven by the the US dollar’s slide, according to Algerian government newspaper El Moudjahid.

According to the paper: “Questioned about a possible rise which would go to $200, the minister did not rule out this eventuality, explaining that this rise is indexed from now on to the fall in the dollar or to the rise in the dollar.”

Peak Oil expert Byron King was ahead of the curve on the role of the dollar in pushing up oil prices.

This from Bloomberg:

Royal Dutch Shell Plc said a militant attack on a pipeline has cut as much as 169,000 barrels a day of Nigeria’s Bonny Light crude production as rebels claimed responsibility for two more strikes today.

Crude futures contracts in New York have hit fresh highs of $117+ a barrel on the news of the attacks. Crude oil prices climbed to a new record after Shell said exports would be cut — the highest since futures started in 1983.

Crude oil yesterday shot past $117 a barrel. Sky-high oil prices are now hitting Americans where it hurts: their wallets. The average price US drivers paid for gasoline has soared to a new high of $3.51 a gallon, rising a hefty 11.9 cents over the last week.

“The rise in the oil price has little to do with supply and demand, says Phil Flynn of Alaron Trading over at Casey Research,” and has everything to do with the value of the dollar … It really is all about the dollar right now and if the dollar shows any sign of strength, you’ll see a lot of money come out of oil very quickly.”

It takes a big man to admit when he’s wrong – and, when it comes to the oil business, there doesn’t come any bigger than T Boone Pickens.

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