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.
Isn't $3.00 a gallon pretty cheap compared to other countries?
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.
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.
As long as your kid gets his, who gives a Shiite about anyone else right?
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.
Again, where is the leadership from the WH? Nothing but b.s. as usual.
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.
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.
If everyone does as you are doing the barrel of oil will be $ 500 dollars within weeks.
Get back in there Mortamer and sell...sell...sell...
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.
A president who refuses to aggressively defend himself deserves low poll numbers.
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.
What do you the President to do to fix this problem? Let us know please.
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...
As soon as the threat of Iran abates, so will the gas price.
More market manipulation by Soros and his DUmocrat-commie buddies.
Yep, but its much easier blame others, LOL.
Oprah nation!
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