Posted on 05/17/2008 6:01:11 AM PDT by shrinkermd
Bowing to pressure from Congress, the Energy Department said Friday that it would temporarily suspend a program to fill the nation’s strategic oil stocks.
But the move, which some analysts and politicians had hoped would help break the rally in oil prices, failed to sway the market. Crude oil prices hit another record Friday.
The decision on the oil stocks came the same day that Saudi Arabia announced a modest increase of 300,000 barrels a day in its oil production as President Bush visited the oil-rich kingdom.
But oil traders dismissed the news from Washington and Riyadh and focused instead on the continuing tensions between growing energy demand and limited supply growth.
“You’re getting more oil on the market so you’d think this would be a reason for prices to pull back down,” Thomas Bentz, a senior energy analyst at BNP Paribas in New York, said. “But sometimes the market doesn’t react to fundamentals, especially when it’s in a bullish mode.”
Crude oil futures rose to a record of $126.29 a barrel, up $2.17, on the New York Mercantile Exchange on Friday.
(Excerpt) Read more at nytimes.com ...
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
Want to see the price of oil go down quickly?Take all the oil speculators and line them up against the wall....
Stupid is as stupid does. (someone’s mother said that)
Works for me.
The doesn’t produce one barrel of oil and only a shell game. If you like $4 per gallon, Thank Congress.
Pray for W and Our Troops
I believe this is the ultimate definition of a "Bubble" in the 'just-about-to-pop' stage. Remember when the residential real estate market was in a "bullish mode".
So once again useless grandstanding in DC by the Congress has done nothing at all to solve our lack of anything resembling an Energy Policy
Actually increase production pf Oil here in the USA instead of keeping us dependent on the International Oil Market.
Lining up all the speculators in the world will NOT reduce the price of gas in the USA even $.01. What we have is a supply and demand problem.
Demand for Oil is at record highs but, because of our Political class's eagerness to sell our interests in order to appease the Green Lobby groups with their fat campaign funds, we are artifically keeping the supply of oil constricted.
High Demand+Low Supply automatically drives up prices.
Themselves. For over 30 years the idiots we elect and re-elect to Congress have consciously followed a policy of “conservation not consumption”. Every time the price of gas has spiked, they have screamed the same stupid slogans, (Windfall profit tax, investigate Big Oil increase the CFE standards, put pressure on OPEC” and sheep like, the American people have swallowed the political class's absurd retoric.
Want to see the price of Oil go down?
Actually significantly increase production of Oil here in the USA instead of keeping us dependent on the International Oil Market.
Lining up all the speculators in the world will NOT reduce the price of gas in the USA even $.01. What we have is a supply and demand problem.
Demand for Oil is at record highs but, because of our Political class's eagerness to sell our interests in order to appease the Green Lobby groups with their fat campaign funds, we are artificially keeping the supply of oil constricted.
High Demand+Low Supply automatically drives up prices.
There, all better. [disbelief may now resume]
Well, gollleeee, Gomer, no one could have predicted THAT.
/ twit repellent
That ought to be a law somewhere...
Oh, wait...
Zero effect on the market, as one would expect. Democrats are dangerously ignorant of reality.
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