Posted on 06/16/2008 8:00:37 AM PDT by EagleUSA
NEW YORK (AP) -- Crude oil futures hit a record close to $140 a barrel Monday as the dollar weakened against the euro. Retail gas prices rose to a record $4.08 a gallon. Light, sweet crude for July delivery rose to $139.89 before retreating to trade up $3.62 at $138.48 a barrel on the New York Mercantile Exchange.
Many investors buy commodities such as oil as a hedge against inflation when the dollar falls. Also, a weaker dollar makes oil less expensive to investors dealing in other currencies. Many analysts believe the dollar's protracted decline is a major factor behind oil's doubling in price over the past year.
The euro bought $1.5504, a sizable increase from $1.5354 late Friday in New York. The British pound rose to $1.9668 versus $1.9469 in New York.
(Excerpt) Read more at biz.yahoo.com ...
Thank you Washington, DC. for your superb energy management policies which have protected America from this travesty ---
buying a scooter, 90 mpg.
Ooooh, sarcasm!
LOL!
Too late for that: we’re about to elect a new President who fully subscribes to the “global warming” hoax being used to push U.S. consumers and industries back into the stone age.
So.... what exactly was the energy policy Cheney worked so hard on putting together?
hmmm.....
Good old Brazil — they’re doing it again. More oil discoveries offshore while we sit on our hands and ruin our economy.
http://www.rigzone.com/news/article.asp?a_id=62994
Merely announcing that the US is planning to someday maybe somehow return the the gold standard, would send oil prices plunging...
Some people have a financial interest to keep the staus quo.
Some kind of causality is implied. There is no mutual causality among these quantities. The Saudi announcement of increasing production by 200,000 bpd was answered by an increase in NYMEX crude [West Texas] price. Getting close to expiration of the nearst fuures contract.
Long term solution: begin drilling more for oil in the US.
But the UN says that the problem is solved by Saudi Arabia increasing production by 200,000 barrels a day!
This is an absolute proof that the oil speculators must be punished via a set of new laws to prevent this irrational manipulation that has nothing to do with the supply and demand law. Oil production increased but oil speculators push the price up.
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That you Obama?
So.... what exactly was the energy policy Cheney worked so hard on putting together?
:::::::
More exactly, where is the energy policy that the LIBS KEEP SUPPRESSING???
But the UN says that the problem is solved by Saudi Arabia increasing production by 200,000 barrels a day!
::::::::
Yes, I will believe this one when I see it. Meanwhile, our cheapest gas keeps rising and is at $4.47 per gallon today.
[There is no mutual causality among these quantities.]
In other news, OPEC oil minister farts, crude prices skyrocket...
That’s about as much causality as this market needs these days.
You realize that speculators (otherwise known as investors) represent only 15-20% of the oil commodity market at any given time? That they are currently nearly evenly split in longs and shorts pulling against eachother in no certain direction? That 80-85% of the market is brick and morter real oil users taking delivery and still buying buying buying because their customers (us) are still buying buying buying?
The speculator conspiracy theory has a wonderful evil attraction to it. That monster under the bed sticks with us and takes different forms through our lives.
The Saudis agreed to pump 500,000 bpd more of oil...and it hasn’t put a dent in the price. When is Congress going to realize that we need to:
1. Open the outer continental shelf to drilling
2. Open ANRW to drilling
3. End the moratorium against work on shale oil in Colorado, and
4. Encourage construction of coal to liquids plants in the USA
More domestic supply will allow us to get away from the global oil market.
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