Oil hits record near $140 a barrel on dollar, fire

Yahoo / AP ^ | 06/16/2008 | EagleUSA

[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.

[RightWhale]

oil speculators must be punished

Any effect of speculation disappears after a while.
What? It doesn't matter. Somebody must be punished.
Well, find them, then we'll take a look at them and the unicorns they rode in on.

[RightWhale]

Good to see your #4 in the list. Do more than encourage. Actually start building and the country would need a lot of these plants.

[dirtboy]

The speculator conspiracy theory has a wonderful evil attraction to it.

Enron. Amaranth. You act like there have been no documented cases of recent market manipulations in the energy sector.

[NCC-1701]

There are roughly 450 people to blame for the outrageous pump prices. They work in the White House and on Capital Hill in Washington, D.C.. Bush could sign an executive order opening up ANWR and other known oil fields in this country. But he hasn’t or won’t do for what ever reason. Cogress could open up those same fields in the name of nation emergency and national security. We all know that that IS NOT GOING TO HAPPEN under this bunch. So we are stuck with 450 idiots that doesn’t give a tinkers dam# about what’s going on. Their cars are filled with gas THEY DON’T HAVE TO PAY FOR. As long as that is in effect, they don’t care. I got mine, let them get their’s is the common mindset in DC.

It would be great if we could vote this group out and replace them with those who would do our bidding. But that’s another thing that won’t happen. Far too many of the sheeple are comfortable with the status quo. So again, we are stuck with this group. This is one of the best arguments for term limits. Two terms in the Senate and maybe four terms in the House. That’s it. No one individual could get anymore than that. And no one could run for the House, serve the maximum terms, then run for the Senate and vice versa. There would be no loopholes with that. Again, that’s wishful thinking. It’ll never happen.

Just how high will pump prices have to get before there’s a revolt against the existing power structure? That’s to be seen. So everyone enjoy their summer staycation. You won’t be able to afford to go on any nice trips this year.

[WarToad]

“Enron. Amaranth. You act like there have been no documented cases of recent market manipulations in the energy sector.”

But we’re not talking VP+ level internal manipulation of a single company in a slice of the market they provide. We’re talking external manipulation of an entire global industry on an open market. Night and Day.

Side note. My wife worked for Enron. F.U. ENRON!!!!
Sorry, had to get that out. Still peaves me off.

[Orange1998]

Nobody in power understands the oil business better than Bush. I’m amazed he can sit on his hands and tell the American people the best he can do is squeeze a point or two of increased production. I think Bush and Cheney got what they wanted and will do absolutely nothing. Kinda reminds me of Carter Oil blunder.

[EagleUSA]

So we are stuck with 450 idiots that doesn’t give a tinkers dam# about what’s going on. Their cars are filled with gas THEY DON’T HAVE TO PAY FOR. As long as that is in effect, they don’t care. I got mine, let them get their’s is the common mindset in DC.
:::::::
A government for and by the people, right? The mindless voters of 2006 had better get their crap together a fix this issue come next time to vote!!!

[Orange1998]

I see your point on the free market but the truth is we don’t have a free market in oil. With price increases at phenomenal rates the free market is being manipulated. It does not take a rocket scientist to figure this one out since we have many years of post oil prices.

[mysterio]

Nobody in power understands the oil business better than Bush. I’m amazed he can sit on his hands and tell the American people the best he can do is squeeze a point or two of increased production.

I'm not surprised. The fact that he didn't see this coming and failed to address the problem is symptomatic of the ineptitude of his second term. He even appeared genuinely surprised a few months back when asked if gas was going to hit $4.

[reagan_fanatic]

Good old Brazil — they’re doing it again. More oil discoveries offshore while we sit on our hands and ruin our economy.

Well, come on - we don't want to go and get a drop of oil or two on a few penguins or fish, now do we???

[dirtboy]

We’re talking external manipulation of an entire global industry on an open market. Night and Day.

Which Amaranth did in the natural gas market.

[Charles Martel]

So.... what exactly was the energy policy Cheney worked so hard on putting together?

Just a guess, but I'd say it goes something like: "Use Ours Last".

[ichabod1]

Some of those speculators are going to be left holding the bag when the streak ends.

[ichabod1]

Some would say that it isn’t fair that only the very rich can afford to fill up their tanks. Some would say that rationing at a fair price is the only solution to this problem.

[kempo]

I think it will go down in the history books that the Democrats were the cause of the Big recession or depression we are fixing to go through because of their stupid belief in “man made global warming”. Its a hoax. Look here http://www.forces.org/Multimedia_Portal/index.php?selection=174

[ichabod1]

Shoring up the dollar wouldn’t be a bad idear.

[MissEdie]

I have an idea, since the Saudis need our grain so much why don’t we push the price to $10,000 a bushel? They can afford it, and afterall they need our grain to eat.

[ichabod1]

Well, back in the first term they never in their wildest dreams thought the terrorists would fly airliners into buildings.

[OB1kNOb]

Short term solution: Change the laws to severely punish the the oil speculators who are irrationally manipulating the oil prices without any real basis on the supply and demand of the market.

You got my vote on that, although I'd prefer an open season with no bag limit. ;-)

[EagleUSA]

I have an idea, since the Saudis need our grain so much why don’t we push the price to $10,000 a bushel?
::::::
While the idea captures the right spirit, our government has indebted us to the Saudis to an extreme. What Washington has done to compromise our worldwide position, all in the name of empowerment, is beyond comprehension. If you look at our debt, and who is really financing it, we are in serious trouble. Our enemies are loving it.