Gold, oil prices soar on Middle East concerns (We're "taxed" at pump for Iraq, Lebanon wars)

Business Day ^ | Aug 2 06 | Business Day

[churchillbuff]

RISING oil prices sent the gold price to a two-week high yesterday, with spot gold quoted at about $654/oz as investors increasingly sought the metal as a hedge against rising inflation.

...Another attack on Iraq’s crude export pipeline to Turkey on Monday, continued fighting between Israel and Hezbollah, and Iran’s nuclear stand-off with the west all supported prices.

[churchillbuff]

It's good that so many freepers are so gung-ho for war in the Middle East, because you're paying for it at the pump. If you think the 50 percent rise in gas prices over the past three years isn't related to the invasion of Iraq - a major oil producing country - well, then you're probably also one of the folks who hasn't apologized for claiming the invasion would be a cakewalk.

[the invisib1e hand]

you must have had a tough day. a little too hot where you are, I gather, because your remarks are sheer nonsense.

Let's just go cut a deal to sell Israel's soul to their enemies now, as long as someone promises us cheap gas. /sarc (for the people in Loma Linda).

You're-falling-into-their-trap alert.

[churchillbuff]

Another attack on Iraq’s crude export pipeline to Turkey on Monday

Yes, you're right. Attacks like this have nothing to do with the supply - and price - of oil. Sounds like you have a degree from the Al Gore school of economics.

[MikefromOhio]

Chamberlain Troll, we weren't getting a lot of oil from Iraq to begin with and yeah, they are producing more NOW than they were then ANYWAY.

Stupid trolls.

[coconutt2000]

We're gung-ho for peace. The terrorists are gung-ho for war.

If we defeat them, we'll have peace. And if we don't fight, there won't ever be peace.

[the invisib1e hand]

Sounds like you have a degree from the Al Gore school of economics.

You haven't disappointed me.

[NorCalRepub]

it's a good thing he wasn't around in WWII when we had to raion just about everything....sounds like he is not willing to sacrifice for freedom.....such a shame...

[KamperKen]

I'll take the rise in gas prices over Saddam Hussein and his various terrorist agents having nuclear weapons.

The entire UN, include Kofi Annann, were on the take with oil-for-food. There were no sanctions. It was only a matter of time. Also, there is this concept called "sacrifice". It's something that all civilizations are called on routinely to partake of to maintain their status as civilizations.

You "liberals" are neither deep nor informed thinkers, your post being the latest dreary example.

[mdittmar]

It's good that so many freepers are so gung-ho for war in the Middle East, because you're paying for it at the pump. If you think the 50 percent rise in gas prices over the past three years isn't related to the invasion of Iraq - a major oil producing country - well, then you're probably also one of the folks who hasn't apologized for claiming the invasion would be a cakewalk

You forgot the smoke taxes,the property taxes,the sales tax,your car license taxes,your ssi,your fdic,your medicare,your estate,your income tax.

Yep,the war on terror has done us in.;)

[A message]

Iraq's oil production today is well above 1980 production when we had in comparative dollars much higher gas prices and Iraq's oil production today is higher then the early 90's when we had comparative lower gas prices.

Iraq oil production

Get a clue. The problem is multi faceted between a rising Indian and Chinese industrial base and a mad man in charge of Iran and many other factors in between such as a weak kneed futures market all playing on doomsday fears.

[nopardons]

Well, there you go again, churchy, posting your same old, same old doom&gloom, anti-American drivel.

Nobody claimed anything would be a "cakewalk"; except Dems, who said that that is what President Bush said, but he never did.

[ChildOfThe60s]

Yeah, the 50% decline US oil production since the early 70s certainly has nothing to do with it.

And if you are so foolish as to think leaving Saddam in power would have made things any better now, then you are deluded.

We are in a genuine, down and dirty war. Iraq is just on facet of that war. And if we are only going to engage the enemy when we expect a "cakewalk", we have lost already.

Invading Iraq was/is an extremely risky thing to do. But doing nothing would have guaranteed failure.

"Gung-ho"? The war was already coming to us. Iraq is a way of taking it back to them. We may not win, but we would lose for certain had we not taken the initiative. We do not have the option of isolation.

[churchillbuff]

Nopardons, you say "nobody said Iraq invasion would be a cakewalk, except Dems" . Guess you were asleep for about three years.

http://www.washingtonpost.com/ac2/wp-dyn/A1996-2002Feb12 Cakewalk In Iraq

By Ken Adelman Wednesday, February 13, 2002; Page A27 ... I believe demolishing Hussein's military power and liberating Iraq would be a cakewalk. Let me give simple, responsible reasons: (1) It was a cakewalk last time; (2) they've become much weaker; (3) we've become much stronger; and (4) now we're playing for keeps. ...

The writer was assistant to Defense Secretary Donald Rumsfeld from 1975 to 1977

[tubebender]

We are paying this price because we are not allowed to develop our own oil fields...

[nopardons]

Toppling Saddam WAS a cakewalk! heck, it was faster and easier than anyone thought it would be, But NOBDOY ever said that what came afterward would be quick nor easy.

Don't play word games, churchy...you always lose.

[jiggyboy]

FWIW, gold came back down by the end of the day. It's now at $645 for like three days in a row.

Silver on the other hand is really making a move. That's gone from $11 to $12.37 in a week.

[pageonetoo]

You forgot one:

"It has nothing to do with revenue! It will never be a primary offense..."

[woofie]

What is the price of cow manure?

[The Iceman Cometh]

Well, if I have to pay extra at the pump rather than have Saddam fill mass graves with Kurds, then I guess it's worth it.

[TheBattman]

Ummm...only a 50% increase in gas prices over the last 3 years? Closer to 100% for me.

And who said the invasion would be a cakewalk? Although the invasion itself WAS easy...itbhas been the fight against imported terrorism and the religious in-fighting that have been a headache.