Posted on 06/06/2009 10:12:41 AM PDT by NoLibZone
NEW YORK (AP) -- Oil prices broke through the $70 per-barrel barrier Friday and more forecasters are broadening expectations for an upward swing in crude.
Benchmark crude for July delivery lost 37 cents to settle at $68.44 on the New York Mercantile Exchange, finishing the week with a gain of nearly $2 a barrel. Earlier in the day oil jumped as high as $70.32 per barrel, the highest since October.
Oil prices have been soaring for months despite a massive surplus of petroleum and natural gas. A large amount of speculative money has flowed into the markets, according to government reports, potentially taking advantage of a weak U.S. currency.
(Excerpt) Read more at finance.yahoo.com ...
Only soaring if you have to pay with USD... If you have EUR or GBP or CAD, oil prices are up just a bit more than 2%, not the 20% we’ve seen in the US.
This rise in oil is because the Obama Administration is systematically destroying the value of the dollar, making all international commodities more expensive for us, because we have to pay in USD.
We nationalize the losing companies rather than those that would help our economy.
The Army Corps of engineers should be building refineries and not parks.
Cheap fuel would create a huge surge in our economy and Detroit would have to build more auto plants.
Airline companies would have to buy more Boeings.
Bailed out financial institutions are getting back into the oil game, it seems.
No need to worry. The media will pay no attention to rising gas prices, unlike last year when they were having a spasm over rising prices.
Why did it go up at all?
IF supply and demand dictate free market prices?
This summer when oil goes over the $100 a barrel and the Feds and States increase tax on gasoline, the crap will hit the fan. I predict gasoline will reach $4.50 a gallon. The environmentalists are try to stop more oil drilling in Alaska now, and it will be interesting to see what Palin will do. But King Obama needs another crisis and this will be one of the many coming up.
this will make the Oministration happy indeed
supply and demand and government bureaucrats
Foreign demand is still increasing, especially in China and India. The US the biggest consumer, but we’re still only 23% of the entire market... That leave 77% consumed by the rest of the world and that’s still going pretty strong.
Not to mention seasonal shortages in drilling rigs driving the price of drilling higher, meaning the cost of oil goes up.
I’m not worried at all about a small 2% change of a global commodity over the course of 6 months, as we go into the peak use season for oil. It’s not like the 20% we’ve seen because of our devaluing dollars...
Obama really is for the people — especially the poorer people, isn’t he?
NOT!!!!!!!!
the one will fix.
The one will amplify and send another of his ‘czars’ to take over running the oil industries. The democrats have had that as a goal for decades now. The one will deliver their jewel in the communist crown.
“...The media will pay no attention to rising gas prices, unlike last year when they were having a spasm over rising prices.”
You are correct, the media will down play this for sure. The phrase “cost of oil” worked its way into advertisements, posters on message boards left snide remarks on how low the price of oil was when Bush began his first term, etc.
i don’t know whether to laugh or cry.
My pal said ZerO wanted to turn america into his home state hawaii, i thought he wants to turn America into cuba.
What the hell cheap money, tax payers are footing the bill on both sides. Make the A hole speculators pay cash up front and see what happens to price.
Praise Be the Obamassiah!
/sarc
Do you want to know why oil is going up? Read the second half of the ticker at the link below for just one provable example. JPM is hiring super tankers using taxpayer money to store oil in order to drive the price up. And they then they will sell it to us at the increased cost. In this case they are messing with heating oil or all things. This is the same sort of stuff that caused oil to go to $150.00 Last year. The sheeple are so blind. If we had let these investment banks die then oil would be so much lower priced right now. We have been actually funding our own demise.
http://market-ticker.org/archives/1087-Oh-Really-Mr.-Hoenig-and-JPM.html
Yep. And Bambi wants gas to be $5 a gallon one way or the other he’ll see to it with gas taxes.
Yep, that seems to work for Wal-Mart, or any other retail place. Only with energy can you play around with something you haven’t even paid for. I seem to recall it was one of the last acts Clinton-or one of his appointees-did while in office-letting the speculators have free reign. This country will never pull out of recession. Hell, those $4.50-$5.00 a gallon prices were what killed the country in the first place.
Yeah, now when they report it jumping up, they hastily add, “BUT-last year at this time, it was...blah, blah, blah”. Give it another few weeks-it’ll be there again.
Oil is not traded freely.
The myriad of ways that Oil is regulated and manipulated here would make any central planner in the Kremlin green with envy.
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