Oil hits record near $140 a barrel on dollar, fire

Yahoo / AP ^ | 06/16/2008 | EagleUSA

[EagleUSA]

NEW YORK (AP) -- Crude oil futures hit a record close to $140 a barrel Monday as the dollar weakened against the euro. Retail gas prices rose to a record $4.08 a gallon. Light, sweet crude for July delivery rose to $139.89 before retreating to trade up $3.62 at $138.48 a barrel on the New York Mercantile Exchange.

Many investors buy commodities such as oil as a hedge against inflation when the dollar falls. Also, a weaker dollar makes oil less expensive to investors dealing in other currencies. Many analysts believe the dollar's protracted decline is a major factor behind oil's doubling in price over the past year.

The euro bought $1.5504, a sizable increase from $1.5354 late Friday in New York. The British pound rose to $1.9668 versus $1.9469 in New York.

[EagleUSA]

Ah, but no problem for America! With our strong energy policy, the majority of our oil coming from our own resources, and nuclear energy supply the bulk of our cheap electric power, this is of no concern.

Thank you Washington, DC. for your superb energy management policies which have protected America from this travesty ---

[Nashvegas]

buying a scooter, 90 mpg.

[Redbob]

Ooooh, sarcasm!

LOL!

Too late for that: we’re about to elect a new President who fully subscribes to the “global warming” hoax being used to push U.S. consumers and industries back into the stone age.

[WarToad]

So.... what exactly was the energy policy Cheney worked so hard on putting together?

[Michael Barnes]

*sniff*sniff*

hmmm.....

[353FMG]

Good old Brazil — they’re doing it again. More oil discoveries offshore while we sit on our hands and ruin our economy.

http://www.rigzone.com/news/article.asp?a_id=62994

[JPJones]

Merely announcing that the US is planning to someday maybe somehow return the the gold standard, would send oil prices plunging...

[am452]

So.... what exactly was the energy policy Cheney worked so hard on putting together?

Some people have a financial interest to keep the staus quo.

[RightWhale]

Some kind of causality is implied. There is no mutual causality among these quantities. The Saudi announcement of increasing production by 200,000 bpd was answered by an increase in NYMEX crude [West Texas] price. Getting close to expiration of the nearst fuures contract.

[jveritas]

Short term solution: Change the laws to severely punish the the oil speculators who are irrationally manipulating the oil prices without any real basis on the supply and demand of the market. There is more than enough oil supply to satisfy the market demand now and in the future. What the oil speculators are doing is not free market but it is pure and clear theft.

Long term solution: begin drilling more for oil in the US.

[Blood of Tyrants]

But the UN says that the problem is solved by Saudi Arabia increasing production by 200,000 barrels a day!

[Rammer]

I think the hardest part is going to be telling your parents that you're gay.




























I kid! I kid!

[jveritas]

Some kind of causality is implied. There is no mutual causality among these quantities. The Saudi announcement of increasing production by 200,000 bpd was answered by an increase in NYMEX crude [West Texas] price.

This is an absolute proof that the oil speculators must be punished via a set of new laws to prevent this irrational manipulation that has nothing to do with the supply and demand law. Oil production increased but oil speculators push the price up.

[wtc911]

Change the laws to severely punish the the oil speculators who are irrationally manipulating the oil prices without any real basis on the supply and demand of the market

_______________________________________

That you Obama?

[EagleUSA]

So.... what exactly was the energy policy Cheney worked so hard on putting together?
:::::::
More exactly, where is the energy policy that the LIBS KEEP SUPPRESSING???

[EagleUSA]

But the UN says that the problem is solved by Saudi Arabia increasing production by 200,000 barrels a day!
::::::::
Yes, I will believe this one when I see it. Meanwhile, our cheapest gas keeps rising and is at $4.47 per gallon today.

[TexasGunLover]

This is an absolute proof that the oil speculators

Okay, Hussein, let's just go ahead and let the government take over all private businesses.

You know, another word for speculator is investor. You ever owned a stock, mutual fund, or participate in a 401K program? If so, you're one of those investors you're wanting to punish.

We have no shortages, supply and demand is working just fine. Let the market work, we don't need government involvement.

Loosen drilling regulations if you wish to deplete our reserves rather than our enemies if you must, but let's not attack capitalism and give the government more power just because we're spending a few extra bucks a month.

[43north]

[There is no mutual causality among these quantities.]

In other news, OPEC oil minister farts, crude prices skyrocket...

That’s about as much causality as this market needs these days.

[WarToad]

You realize that speculators (otherwise known as investors) represent only 15-20% of the oil commodity market at any given time? That they are currently nearly evenly split in longs and shorts pulling against eachother in no certain direction? That 80-85% of the market is brick and morter real oil users taking delivery and still buying buying buying because their customers (us) are still buying buying buying?

The speculator conspiracy theory has a wonderful evil attraction to it. That monster under the bed sticks with us and takes different forms through our lives.

[NRG1973]

The Saudis agreed to pump 500,000 bpd more of oil...and it hasn’t put a dent in the price. When is Congress going to realize that we need to:

1. Open the outer continental shelf to drilling
2. Open ANRW to drilling
3. End the moratorium against work on shale oil in Colorado, and
4. Encourage construction of coal to liquids plants in the USA

More domestic supply will allow us to get away from the global oil market.