Middle East tensions ramp up oil prices

Guardian(UK) ^ | 10/15/07 | Larry Elliot

[Dane]

Middle East tensions ramp up oil prices

Larry Elliott, economics editor Monday October 15, 2007 Guardian Unlimited

The price of oil rose above $85 for the first time in London trading this morning as tension between Turkey and Iraq intensified concerns about shortages of supply over the winter and sparked fresh speculative buying.

US light crude was up by more than $1 a barrel and hit $85.19 a barrel before easing back to $84.88 by mid-morning. Brent crude was up $1.25 at $81.60.

[Dane]

Thank you nancy pelosi for your narrow minded political uber alles mentality, and putting our troops in danger and rattling oil markets.

BTW, CNN is keeping very, very quiet about nancy po'ing Turkey.

I guess they are covering for her hubris against our winning the WOT.

[Spruce]

Middle East tensions ramp up oil prices

Now there's a headline you don't read very often. ;)

[bray]

Thank you Do Nothing Nancy for your Bumbling into the ME and stirring up Turkey/Khurdish tensions. This airhead should Resign.

Pray for W and Our Troops

[mysterio]

Doesn’t matter. If it hadn’t have been Turkey, they would have raised the price because Chavez’ toilet backed up or something. Or because it’s going to be a cold winter. Or because it’s going to be a warm winter. Or because there’s some storm somewhere.

[Slapshot68]

I keep seeing the doom and gloom headlines of “worst winter in years” etc.

Um...ahem...what about global warming?

Oh wait, it’s been changed to Climate Change.

[Nathan Zachary]

I guess they were asleep at the Guardian when oil was up around 95$$$ a barrel last month, when tensions were a little lower...
Or maybe the panic generator at the guardian is broken

[Dane]

Doesn’t matter. If it hadn’t have been Turkey, they would have raised the price because Chavez’ toilet backed up or something.

Uh it does matter. Madam Nancy's incursion into this could incite bloodshed in oil rich northern Iraq.

[Go Gordon]

BTW, CNN is keeping very, very quiet about nancy po'ing Turkey.

What did she say/do?

[edcoil]

We have been in a battle there for years. What more do we need -

[Dane]

I guess they were asleep at the Guardian when oil was up around 95$$$ a barrel last month, when tensions were a little lower... Or maybe the panic generator at the guardian is broken

Huh, it wasn't up that much last month, but it probably will be with nancy pelosi's boneheaded move.

[Dane]

What did she say/do?

Nancy is pushing a resolution on Turkish genocide 90 years ago and startring an uneeded political brouhaha and potentially putting our troops in danger.

[IronJack]

When the oil companies need an excuse for another round of gouging, they can always trot out this tired old war horse. I wish they’d be a little more creative; they’re not trying very hard anymore. At least the ridiculous stories about refinery fires and pipeline maintenance made for amusing reading.

[F15Eagle]

That’s for sure. Right now, crude is up over 14% and retail pump prices are down by 33% from 2005. Instead of $3.59 it’s now $2.42/gal yet crude is at record levels. There’s a ton of manipulation by a lot of parties I do believe.

[blabs]

There's always a suprise decline in inventory, or some ongoing tension to deflect the true reason why oil is increasing in price....because the dollar is decreasing in value. (down again .20 today, below 78, with no floor guidance, basically we're sailing uncharted territory)

Obviously, this should not be shouted from the rooftops, as your everyday Dick and Jane may actually begin to wake up and understand that the petro-dollar is the true world reserve currency, what FED inflation truly is and that it is not at 4%, and how it is destroying the middle class, the elderly, people on fixed income, savers, and hard working Americans, forcing the true bread and butter of America business, Manufacturing, to leave US soil for 3rd world offshore outsourcing while touting the mantra of the new "Service Economy", encouraging illegal immigration labor, rewarding the wall street casinos, and creating the largest Government/Military/Industrial Fascist enterprise to ever exist in the history of the World.

Makes me feel proud...

[IronJack]

crude is up over 14% and retail pump prices are down by 33% from 2005. Instead of $3.59 it’s now $2.42/gal yet crude is at record levels.

Crude is up 14 percent over what? 2005 prices? And I don't know where you're buying your gas if it's only $2.42 a gallon; I just filled up at $2.79, up almost 20 cents this weekend.

Please, save your stale apologias. We're being screwed. We've been getting screwed for the last 20 years. We're used to it. But at least be a little more creative when you lie to us. At least ACT like you care if we believe you or not.

[F15Eagle]

Please, save your stale apologias. We're being screwed.

Uh, I think you're way off base. I agree with you. Try again. And yes I filled up for $2.41.9 in the Midwest.

[IronJack]

Please accept MY apology if I misunderstood. These threads tend to be filled with oil-company bootlicks who justify their extortion under the liturgy of Free Market Economics, even though the evidence points to exactly the opposite.

[F15Eagle]

I understand. I’ve misread a few posts myself, over the years. :)

[Dane]

Please accept MY apology if I misunderstood. These threads tend to be filled with oil-company bootlicks who justify their extortion under the liturgy of Free Market Economics, even though the evidence points to exactly the opposite.

Uh it seems that you are doing the bootlicking for nancy pelosi, afterall northern Iraq, where an all out war may break out with nancy pelosi's instigating, is oil rich, but you already knew that, and instead parrot the ignorant and opprotunistic nancy pelosi line, that it is the evil oil companies fault.

[mysterio]

Instead of $3.59 it’s now $2.42/gal yet crude is at record levels.

It will shoot through the ceiling soon enough, don't worry.

[F15Eagle]

you’re probably correct ...

[BlackVeil]

oil is increasing in price....because the dollar is decreasing in value.

An excellent point. The same observation could be made about the run on the gold price.

[djxu456]

Bush is destoying the value of the US dollar,
in part, by selling cut rate gasoline, to our enemies.

[The Ghost of Rudy McRomney]

$2.79 a gal. here in NW OheilO.

[thackney]

when oil was up around 95$$$ a barrel last month

Light Sweet Crude Oil
New York Mercantile Exchange
http://www.nymex.com/lsco_fut_condet.aspx?product=CL&month=Nov&cmonth=X&year=7&currPrev=C

[F15Eagle]

I filled up @2.40.9 last night anticipating the increase. By the time I reached another store of the same company, it was %2.56.9. Of course they market differently in different areas.

[AFPhys]

Absolutely. The reason for this runup in prices is Pelosi and her fool sycophants on the House Foreign Affairs Committee.