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Crude futures prices tap $75 for first time ever in NY
CBS Marketwatch ^ | 4/21/2006

Posted on 04/21/2006 10:46:54 AM PDT by Rutles4Ever

SAN FRANCISCO (MarketWatch) -- Crude-oil futures climbed to a high of $75 per barrel Friday for the first time ever for a front-month contract on concerns about tensions surrounding Iran's nuclear activities, violence in Nigeria, and tight U.S. supplies of unleaded gasoline. June crude was last up $1.26, or 1.7%, at $74.95 per barrel. "We often see this sort of short covering in a record-setting bull market ahead of a weekend, since nobody is sure where we may be Monday," said trader Kevin Kerr, who is also editor of MarketWatch's Global Resources Trader.


TOPICS: Breaking News; Business/Economy; Culture/Society; News/Current Events
KEYWORDS: crude; economicilliteracy; oil; rape
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Discuss.
1 posted on 04/21/2006 10:46:57 AM PDT by Rutles4Ever
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To: Rutles4Ever
Discuss.

Sorry, I would get banned.............

2 posted on 04/21/2006 10:48:47 AM PDT by OXENinFLA
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To: Rutles4Ever

At this point, I don't care if it's price gouging, market forces, lack of refining capacity...or a combination of all of the above...all I know is I am sick of paying $3 a gallon for gas...


3 posted on 04/21/2006 10:49:15 AM PDT by RockinRight (Yes...she's an excellent tour guide!)
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To: Rutles4Ever

I'm pretty good with economics, but I can't figure out how a tight "unleaded gasoline" supply in the U.S. effects Crude Oil prices. The supply problem is because we are cutting the refineries over to summer blend.

Don't we really just care what the "crude oil inventory" is when deciding how it effect oil prices? Often, when we have this spring gasoline effect, our oil inventory goes up because of the backlog.


4 posted on 04/21/2006 10:49:36 AM PDT by CharlesWayneCT
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To: Rutles4Ever

Disgust is about all I have to offer.

It is directed at envirowackos and politicians (on both sides of the aisles) bought and paid for by them.


5 posted on 04/21/2006 10:49:47 AM PDT by NormsRevenge (Semper Fi)
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To: Rutles4Ever
My son-in-law's maternal grandparents own an oil company, so the higher the price of oil, the larger my grandchildren's inheritance.
6 posted on 04/21/2006 10:49:48 AM PDT by Jeff Chandler (Ignore the drive-by media. Build the fence. Sí, Se Puede!)
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To: Rutles4Ever

The Democrats are delighted. They've done everything possible to block any new power sources, and now they have a golden opportunity to blame Bush.

I notice they are already busy doing so in an article referenced on Drudge's web site.


7 posted on 04/21/2006 10:49:54 AM PDT by Cicero (Marcus Tullius)
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To: Rutles4Ever

If, as we hear every day in the media, the cost of gas is too high for Americans to absorb, then the oil bubble is about to burst.

Usage is already down 0.6% from this time last year. Doesn't sound like much, but in a booming economy, it is a surprise.


8 posted on 04/21/2006 10:49:58 AM PDT by rightinthemiddle (Islamic Terrorists, the Mainstream Media and the Democrat Party Have the Same Goals in Iraq.)
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To: Rutles4Ever

These traders are dense as hell.

There is no indication of a war with iran.

Sy Hersh has basically achieved his objective, fear monger so gas prices go through the roof and bring down the govt.

These traders are lining the pockets of iran to build nuclear weapons. In their stupidity they are doing them a favor.


9 posted on 04/21/2006 10:50:03 AM PDT by santorumlite
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To: Rutles4Ever

Won't somebody think of the Oil Company CEOs!

During the 90's they were homeless and wearing rags.

/rolls eyes


10 posted on 04/21/2006 10:51:11 AM PDT by Democratshavenobrains
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To: RockinRight
all I know is I am sick of paying $3 a gallon for gas...

Don't worry...it will be $4 before long....unless you live in Cali, in which case you may already be paying $4

11 posted on 04/21/2006 10:51:37 AM PDT by ContemptofCourt
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To: rightinthemiddle

Oil will never go down. There is no bubble. This market is dictated by fear mongering.

They will use iran to drive crude over a hundred dollars.

These speculators are getting rich on the back of working americans and helping make chavez and iran's president rich.

I am getting sick of this bs.


12 posted on 04/21/2006 10:52:08 AM PDT by santorumlite
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To: Rutles4Ever; P-Marlowe; jude24

We are under attack.

It is an economic adversary.

Pres. Bush should take the lead as he did after 9/11. This symbolic gesture would have him on record as the one to take the helm.

The motto of this war should be something like: "Throw off the yoke of OIL."

Why fund the terrorists?


13 posted on 04/21/2006 10:52:34 AM PDT by xzins (Retired Army Chaplain and Proud of It. Supporting our Troops Means Praying for them to Win!)
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To: NormsRevenge
Disgust is about all I have to offer.

It is directed at envirowackos and politicians (on both sides of the aisles) bought and paid for by them.

Ditto. "Thank" you DemonRATs, RepublicRATs and RINOs for (a) not allowing a new refinery to be built in 25 years and (b) not allow new drilling in the same time frame.

14 posted on 04/21/2006 10:52:39 AM PDT by steveegg (Sen. Ted "Swimmer" Kennedy's vehicles have killed more people than V.P. Dick Cheney's guns)
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To: RockinRight
all I know is I am sick of paying $3 a gallon for gas...

Amen. And I don't care what anyone here says, if the prices continue at the level -- or go even higher -- we will see Bush's approval rating drop into the 20s. It doesn't matter if it's actually his fault or not.

15 posted on 04/21/2006 10:53:34 AM PDT by Kjobs (Murtha IS A COWARD!! Go Jean Schmidt!)
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To: Rutles4Ever
"tight U.S. supplies of unleaded gasoline."

Bull *cough* Hi... can we build a few more refineries? it's been over 30 years... k, thanks.
16 posted on 04/21/2006 10:53:56 AM PDT by fhlh (Polls are for Strippers.)
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To: Rutles4Ever
At least inflation is under control.

/sarc

17 posted on 04/21/2006 10:55:15 AM PDT by unixfox (The 13th Amendment Abolished Slavery, The 16th Amendment Reinstated It !)
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To: RockinRight
all I know is I am sick of paying $3 a gallon for gas

Cheer up, $4, $5, $6, maybe $7 around the corner soon at this rate.

18 posted on 04/21/2006 10:55:53 AM PDT by RetiredArmy (Politicians are in it for themselves, to get reelected, to benefit them, not we the people.)
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To: Rutles4Ever

So many opportunities to hedge consumption loss and make profit...

1. Buy Oil stocks (done-- just the last two months covered my gas @$4/gallon for this and next year)
2. Stock Options: Straddle leaning long (working on it)
3. If it goes to $75 (absurd) short oil futures (waiting)


19 posted on 04/21/2006 10:55:56 AM PDT by LambSlave (Who is John Galt?)
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To: Rutles4Ever

As soon as the threat of Iran abates, so will the gas price.


20 posted on 04/21/2006 10:55:58 AM PDT by Siena Dreaming
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To: Siena Dreaming

21 posted on 04/21/2006 10:57:14 AM PDT by RockinRight (Yes...she's an excellent tour guide!)
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To: All

Isn't $3.00 a gallon pretty cheap compared to other countries?


22 posted on 04/21/2006 10:57:35 AM PDT by Cage Rattler
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To: santorumlite

The "speculators" are over-extended. A "speculator" had to buy it at $74 for it to go to $74.50. Those who bought at $60 are mostly out of the market now. I think they recent rise is short covering. The rookies are buying at the top.

Bubbles are built on fear and greed. The oil market is built on both.

"Oil will never go down." Sounds like we're near the top to me.

I remember "Qualcomm will go to $1000." The market started tanking the next day.


23 posted on 04/21/2006 10:58:35 AM PDT by rightinthemiddle (Islamic Terrorists, the Mainstream Media and the Democrat Party Have the Same Goals in Iraq.)
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To: Rutles4Ever

Market forces at work. I really believe the growing needs of China on the oil markets is having an effect on the price increase we are seeing.


24 posted on 04/21/2006 10:58:42 AM PDT by jschurchin
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To: Jeff Chandler

As long as your kid gets his, who gives a Shiite about anyone else right?


25 posted on 04/21/2006 11:00:05 AM PDT by chris1 (I)
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To: xzins

We are so late to the game... We could put a man on the moon forty years ago, but we can't find a fuel alternative to oil? I don't want to dam up the free market, but enough is enough. We need to start cutting back.

It's now 75.20.


26 posted on 04/21/2006 11:00:24 AM PDT by Rutles4Ever
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To: Kjobs

Again, where is the leadership from the WH? Nothing but b.s. as usual.


27 posted on 04/21/2006 11:01:21 AM PDT by chris1 (I)
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To: NormsRevenge
You said it.








I long for the days....but never again

28 posted on 04/21/2006 11:02:15 AM PDT by Lucky9teen (Gov't solution to invasion=band aid. What we need is to fix the leak, before we clean up the mess.)
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To: jschurchin

I agree that China is a big reason, but we can't force China to stop consuming oil, so what's our choice but to start conserving here? We're not going to tell China to stop expanding their economy.

If this is sustained, we're in for a very long summer.


29 posted on 04/21/2006 11:02:22 AM PDT by Rutles4Ever
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To: chris1
As long as your kid gets his, who gives a Shiite about anyone else right?

Just trying to be a "glass half full" guy.

Besides, a nation which refuses to develop its own resources has no right to complain about the price of imported resources.

30 posted on 04/21/2006 11:03:38 AM PDT by Jeff Chandler (Ignore the drive-by media. Build the fence. Sí, Se Puede!)
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To: LambSlave

If everyone does as you are doing the barrel of oil will be $ 500 dollars within weeks.


31 posted on 04/21/2006 11:04:08 AM PDT by jveritas (Hate can never win elections.)
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To: Rutles4Ever

Get back in there Mortamer and sell...sell...sell...


32 posted on 04/21/2006 11:04:26 AM PDT by Moleman
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To: rightinthemiddle

Any bubble in the price of oil that busts won't hurt the production/supply chain. They insulate themselves by immediately raising daily prices at the pump to reflect the daily price of oil, gas, etc. In fact, they seem much more willing to raise it immediately than they do to lower it when the market goes down.


33 posted on 04/21/2006 11:05:21 AM PDT by xzins (Retired Army Chaplain and Proud of It. Supporting our Troops Means Praying for them to Win!)
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To: Cicero
The Democrats are delighted. They've done everything possible to block any new power sources, and now they have a golden opportunity to blame Bush.

A president who refuses to aggressively defend himself deserves low poll numbers.

34 posted on 04/21/2006 11:05:25 AM PDT by Jeff Chandler (Ignore the drive-by media. Build the fence. Sí, Se Puede!)
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To: Cage Rattler
Isn't $3.00 a gallon pretty cheap compared to other countries?

Most other countries tack on a much higher tax than the US does. The Norwegians are paying about $9 a gallon, but most of that $9 is taxes.

I talked to a lady this week who just returned from the UK. She paid the equivalent of about $6 per gallon in Birmingham, but again, most of that is tax.

35 posted on 04/21/2006 11:05:34 AM PDT by epow
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To: chris1

What do you the President to do to fix this problem? Let us know please.


36 posted on 04/21/2006 11:06:16 AM PDT by jveritas (Hate can never win elections.)
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To: jveritas

No, because everyone will sell off when it hits ~$75-80 if they have sense... the greedy and foolish will try to ride the bubble to its peak, but I will be long gone...

37 posted on 04/21/2006 11:07:29 AM PDT by LambSlave (Who is John Galt?)
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To: Siena Dreaming

As soon as the threat of Iran abates, so will the gas price.




Siena, I think you are Dreaming.


38 posted on 04/21/2006 11:07:35 AM PDT by trubluolyguy (Procrastinators of the world UNITE!!!.....Tomorrow.)
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To: Rutles4Ever

More market manipulation by Soros and his DUmocrat-commie buddies.


39 posted on 04/21/2006 11:09:32 AM PDT by RasterMaster ("Bin Laden shows others the road to Paradise, but never offers to go along for the ride." GWB)
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To: Jeff Chandler

Yep, but its much easier blame others, LOL.

Oprah nation!


40 posted on 04/21/2006 11:09:43 AM PDT by roses of sharon
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To: xzins
In fact, they seem much more willing to raise it immediately than they do to lower it when the market goes down.

That's mandated in Wisconsin. Under our absurd minimum markup law (supported by DemonRAT governor Jim "Craps" Doyle (WEAC/Potawatomi-For Sale) and various RINOS and RepublicRATs), gas stations must tack on the higher of 6% above what they paid for the gas in their tanks or 9.18% above what that day's average terminal price is.

41 posted on 04/21/2006 11:09:49 AM PDT by steveegg (Sen. Ted "Swimmer" Kennedy's vehicles have killed more people than V.P. Dick Cheney's guns)
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To: Lucky9teen
I was killing some time yesterday afternoon, and caught an episode of "Cops"...there was one of their trademark white-trash-meth head busts right under the sign at a gas station....$1.46 per gallon.

...kinda tipped me that this episode was at least a couple of years old.

42 posted on 04/21/2006 11:10:21 AM PDT by ErnBatavia (Meep Meep)
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To: Moleman

TURN THOSE MACHINES BACK ON!!!


43 posted on 04/21/2006 11:11:35 AM PDT by Rutles4Ever
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To: Jeff Chandler

Agreed. We are so asnine in this country, from the WH down to the dog catcher. No leadership, no vision, no action.

All we get from many party butt-kissers is as follows:

Blame the libs.
Blame the MSM.
Blame the RATS.

Blame Blame Blame.

Why not take the bull by the horns and just act? GWB did it to invade Iraq, why not on this?


44 posted on 04/21/2006 11:11:58 AM PDT by chris1 (I)
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To: RockinRight
Rockinright wrote:
At this point, I don't care if it's price gouging, market forces, lack of refining capacity...or a combination of all of the above...all I know is I am sick of paying $3 a gallon for gas...

$4.00 per gallon gas (it's already $3.35 and climbing at some places around here) and shortages to boot, are going to lead to a Democratic takeover of Congress this November.

It DOESN'T MATTER how much rhetoric a few Freepers are going to extoll regarding the concept of "free markets". It doesn't matter one whit

With ever-increasing gas prices that literally zoom up nightly, facts becomes useless. What matters more is "public perception".

And right now the perception is that the prices and shortages are due - at least in part - to the greed of the energy producers (look that that Exxon retirement package!), speculators who run rampant and unregulated, and the inability (or unwillingness) of the President and his party to do anything about it.

For example, the current "ethanol imbroglio" could be ended immediately - by an executive order suspending the EPA-mandated ethanol switchover requirements. After the executive order was in place, the Repbulican-controlled Congress (our side still "controls" Congress, right?) could expedite legislation to restrict or perhaps end outright "botique blends" of gasoline in favor of a few "regional" blends that can be produced more efficiently and cheaply, reducing price-pressure on refinery products and maximizing production "throughput" at our refineries.

My bet is the Congress and President will do next-to-nothing, or just plain _nothing_ as prices zoom up and actual shortages ensue (as they are occuring RIGHT NOW). Of course, President Bush will take a moment to express his "concern" about high gas prices, and then go on to other business (derisive snort).

We'll have $4 a gallon by fall, perhaps $5.

And a Democratic Congress, to boot!

- John

45 posted on 04/21/2006 11:12:26 AM PDT by Fishrrman
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To: Rutles4Ever

Peak Oil


46 posted on 04/21/2006 11:12:47 AM PDT by Mulder (“The spirit of resistance is so valuable, that I wish it to be always kept alive" Thomas Jefferson)
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To: Rutles4Ever

Another $25, we get to $100 a barrel, which is supposed to be some magic number. At that point, it is entirely feasible to mine the ocean floor for Methane Hydrate, a much more abundant storehouse of energy than all the petroleum, coal and natural gas reserves known anywhere in the world.

Just breaking open the seams of coal that underlie many parts of the US, and using the Fischer-Tropsch process, we can produce more fuel stocks than we are likely to import from foreign sources for the next fifty years. In a word, self-sufficiency.

Designs for nuclear power generation plants, using technology developed since the last round of plants were built in this country some thirty years ago, should become one of our crash goals, starting a new plant every two weeks for the next five years, and getting them on line within three years of beginning construction.


47 posted on 04/21/2006 11:12:55 AM PDT by alloysteel
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To: steveegg

This is a "price control" violation of a free market. Many think of price controls as an effort to keep the price down. But, forcing the price higher via government mandate is still a price control and a distortion of a free market.


48 posted on 04/21/2006 11:14:44 AM PDT by xzins (Retired Army Chaplain and Proud of It. Supporting our Troops Means Praying for them to Win!)
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To: Fishrrman

What exactly do you propose they do?

We need more refining capacity, less regulation/EPA BS, and the ability to drill for our own oil. Is that what you're thinking?


49 posted on 04/21/2006 11:14:57 AM PDT by RockinRight (Yes...she's an excellent tour guide!)
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To: xzins
They insulate themselves by immediately raising daily prices at the pump to reflect the daily price of oil, gas, etc. In fact, they seem much more willing to raise it immediately than they do to lower it when the market goes down.

They did a story on the local news and asked a gas station owner how he sets the price for gas. He said he gets in his car at 5:00am, drives up the road to big Shell/Exxon/Mobil/BP corner of gas stations, and sets his price $0.01 less than the cheapest price.

50 posted on 04/21/2006 11:17:13 AM PDT by Lunatic Fringe (http://ntxsolutions.com)
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