Posted on 05/21/2008 2:35:54 PM PDT by 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.
(Excerpt) Read more at online.wsj.com ...
You see, the problem is either them or you; Obama has assured us we have too many SUVs and keep our home temperatures at 72.
Congress and Obama plan to give the medal of freedom to the tooth fairy since this is the source for their current energy policies.
Well, at least the Senate voted to prop up oil sheik profits by banning more oil drilling in Alaska!
The media is practically criminal for not talking about the need to drill for more oil.
Even IF that wouldn't reduce price, it's a national security issue. And it will reduce price.
WE DO!
Gas was up almost 12 cents and it will hit the pumps by morning. I hate those rude awakening so I’m on my way to fill up now.
Stupid Congress Critters...while they were having their meeting with oil companies today the oil market told them to shove it where the sun doesn’t shine...they are morons.
It's time we take back our America from these do nothing elected politicians. Vote them ALL OUT!!!
At this point in time, I do not care if the tooth fairy really did solve this issue. This is getting out of control. I wonder where it end? $200 per barrel? $300? This is what is going to temporarily wreck our economy.
It is WAY past the time to tar and feather (metaphorically of course) the environmentalists
Don’t worry, it’s just the media, trying to make you think it’s bad. (do I have to put an /s?)
“It is WAY past the time to tar and feather (metaphorically of course) the environmentalists”
In past history, they would be swinging from lamp posts.
Time for a Manhatten project to add domestic stocks from domestic drilling and domestic refining.
Tell the damn tree huggers to shut up and sit down. Tell the DhimmiRats to stop the international pandering and realize that the crisis begins at home, remains at home and clearly is affecting the home.
Independence from our reliance on foreign oil should be every bit as much an issue as the WOT and the security of our national borders.
Oh...wait...the libs don’t see any of those as critical. My bad.
Well, at least the Senate voted to prop up oil sheik profits by banning more oil drilling in Alaska!
::::::
Remember, it is Dim strategy. Create as many downsides in America as possible, then be there to blame your competition for the problems and say you are going to fix them. They must make their needed victims — that is why they want an energy disaster in this country. More victims, more problems, more hate, more discontent, more everything negative. Welcome to DemonRat strategy.
Sugar cane futures :-).
if Brazil can do it, surely we can...it may take 5-10 years but this is our own damn fault for not acting sooner. The panic being stirred up by the media and commidities sepculators isn’t helping, either. Drill in ANWR now.
let OPEC eat sand.
No Increase In Domestic Drilling = Dish Out More Money.
Now that the "right to vote" has been granted to every incompetent resident, Dead or Alive, in America -- voting these jerks out is impossible...
America has already reached "critical mass" of a sufficient number of dumb asses and leftists to control both houses of Congress and the White House......
Our founders foresaw this possibility and added the 2nd Amendment to make a more prejudicial and violent removal from office possible....
It may yet come to that.....
No problem whatsoever if one had the foresight to invest in energy stocks.
Like me ;-)
Dream on.. I used to think that way too..
At some point it will end with a huge recession. Oil is used for too many things in our country and its continued rise will bankrupt the economy.
We currently import 13 million barrels per day. At $130 per barrel that menas we are exporting $1.7 billion per day to overseas oil producers. Annually this represents $620 billion of our wealth being transferred to other countries. Thats four (4) times what the Iraq war costs. If oil goes to $175 per barrel then we will be transferring $830 billion per year. At that price it won't be long before our economy goes belly-up.
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