Oil's Surge Deepens Stocks' Dive

Wall Street Journal ^ | 21 May 2008 | PETER A. MCKAY

[shrinkermd]

Soaring oil prices continued to pummel the stock market and hack away at investors' hopes for a resumption of the rally that had carried equities well off the lows seen during the worst of the credit crisis earlier this year.

The Dow Jones Industrial Average, which plunged nearly 200 points Tuesday, shed another 227.49 points on Wednesday, falling 1.8% to 12601.19, off 5% on the year. All 30 of its components finished in the red. The two-day slide was the Dow's worst in nearly three months.

Crude futures surged to a fourth straight record, up $4.19, or 3.3%, to $133.17 a barrel in New York. Oil continued to surge in electronic trading, climbing over $134 a barrel. The gains came after a report showing U.S. inventories of crude fell last week, contrary to analysts' expectations for growth in reserves. Crude oil has leapt 39% this year and is more than double its price of 52 weeks ago.

[wally-balls]

It is WAY past the time to tar and feather (metaphorically of course) the environmentalists
__________________________________________________________

No. ‘Metaphorically’ won’t work. Brow beating, debating, pleading, begging, groveling won’t get us anything but more frustration while we continue to lose ground to the enemy. It’s time to get our hands dirty. We’re on the verge of losing everything we hold near and dear unless we act with vengeance. We must be willing to suspend our humanity while we kick our nation’s trash to the curb. We need to do whatever we can to forestall the destruction of this great country.

[Mr. Jeeves]

“But..but Larry Kudlow said it was all over, so I put all my money in Citigroup stock like that nice broker recommended!” ;)

[Zeppelin]

Even IF that wouldn't reduce price, it's a national security issue. And it will reduce price.

It'll reduce the price marginally, mainly b/c of the proximity of the supply and the refineries, but more importantly, it would keep more of the wealth IN our country in times of such high prices. and if it's sold on the world market (duh) then it'll bring more value to our GDP.

[Freedom_Is_Not_Free]

Bullish! Wildly bullish! A recession can’t possibly occur now. The economy has never been better! Good think housing has bottomed and the dollar is strong.

[safisoft]

This is what is going to temporarily wreck our economy.

This is what depressions are made of. I just hung up on a RNC fund raiser. We are on the verge of financial collapse, and the Republicans are the most limp-wristed I have ever seen.

[Williams]

Absolutely agree. Imagine the billions we are sending out of here to make Canada, Mexico, Saudi Arabia etc rich. It's a tragedy not putting that money into our own economy. This country thinks we can do all this ass backwards with no consequences.

What makes sense is so simple, yet the left has us lost in the wilderness.