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.
Half a barrel is better than none.
That is only the case if you talking about $40 of constant purchasing power. A significant component of the rise in the price of oil is due to currency debasement meaning the cost of extraction has risen far more than is reflected in the bogus inflation numbers put out by our Central Planners in Dee Cee.
Agreed. If these prices continue into the midterms and '08, this may be the main subject to throw the Presidency and at least the Senate back to the dems, even though they will only make things worse. People don't care about the long term causes, they will only see that in six/eight years of republican rule, gas prices doubled/tripled, etc. Bottom line will be the gas prices when the elections happen.
If the dems were smart, they would play the odds and save this for '08. But when are dems ever smart?
I've cut back on my out-of-town driving bigtime.
"My son-in-law's maternal grandparents own an oil company, so the higher the price of oil, the larger my grandchildren's inheritance."
well then just think what he gains from them he will lose from you, or when the dems win in nov due to these gas prices and put your in laws out of business your kid wont get squat.
Lifting the gasoline taxes means nothing. It's putting a bandaid on an amputation. It doesn't change the price of crude.
There is no short-term solution, we are way beyond that. We need oil drills and refineries built. Even if we started today, it would take 10 years.
Way to go, Washington. You weenies are the cause of the next Great Depression.
Agreed, the taxes are just piling on.
The gov't at all levels does the opposite of what should be done all the time.
I just can't imagine after 9/11 anyone in their right mind not being for more domestic exploration of oil drilling.
Now if we had a U.S. Congress with the foresight of the Alaskan legislature, about 20 years ago they would have instituted a "permanent fund" whereby oil drilling land leases would produce royalties that are set aside into an account that in turn is invested and all the revenues produced and interest received on said account would pay for all the needed infrastructure and programs that U.S. citizens want. Instead of paying taxes every year to the Feds, we'd all be getting a royalty check like Alaskans do. These crude oil prices are making Alaska the envy of the world's best economists.
How about you figuring out how to develop a few thousand tons, a year, of the following strategic materials, so we don't have to import them ...
Titanium
Nickel
Chromium
Cobalt
Aluminum
Colombium
and Tantalum
Thanks in advance.
We call them liberals and they are not in their right mind.
"Talk is cheap", that is certain. And we're a nation of political gasbags.
Do we have those materials in the ground ? We have plenty of oil in the ground.
They *are* drilling. Every available rig is working. And it did start back at $35, actually. It's just that it's the independents who are doing it and no one is paying attention to the small deals. But a whole lotta small deals eventually fill our tanks.
Seriously, after 9/11 I was convinced, naively, that we would do the following:
1. Secure our borders and deport many many illegals, especially those from the ME.
2. Push immediately for energy independence. and
3. Drop the hammer on our enemies.
We have only done two of those, and look where we are.
Millions of illegals and energy prices higher than ever.
They have to buy all those new 3's and 4's for the little changeable magnetic signs.
Exxon bypassed WalMart as the leader in profits last year.
The demonrats and their environmentalist buddies are directly responsible for high gas prices.
I don't spend a lot of money on gas. I have always bought fuel efficient vehicles. There is nothing I can do about the Democrats taking advantage of a president who refuses to fight them. And my son-in-law's grandparents actually own oil wells, so the only thing that will put them out of business is low oil prices.
And the current bunch of slobs known as the GOP Senate are just as much to blame for not doing anything as usual.
TV news this morning did a little feature on people coming in and hocking things at the pawn shop for $40-50, saying it's for gasoline. Then some maroons were bringing in their cars to see how much they could get for them.
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