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Crude futures prices tap $75 for first time ever in NY
CBS Marketwatch ^ | 4/21/2006

Posted on 04/21/2006 10:46:54 AM PDT by Rutles4Ever

SAN FRANCISCO (MarketWatch) -- Crude-oil futures climbed to a high of $75 per barrel Friday for the first time ever for a front-month contract on concerns about tensions surrounding Iran's nuclear activities, violence in Nigeria, and tight U.S. supplies of unleaded gasoline. June crude was last up $1.26, or 1.7%, at $74.95 per barrel. "We often see this sort of short covering in a record-setting bull market ahead of a weekend, since nobody is sure where we may be Monday," said trader Kevin Kerr, who is also editor of MarketWatch's Global Resources Trader.


TOPICS: Breaking News; Business/Economy; Culture/Society; News/Current Events
KEYWORDS: crude; economicilliteracy; oil; rape
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To: HHKrepublican_2
Well great! By the time they inherit it, they inheritance should cover about a barrel of oil!

Half a barrel is better than none.

81 posted on 04/21/2006 11:38:41 AM PDT by Jeff Chandler (Ignore the drive-by media. Build the fence. Sí, Se Puede!)
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To: steveegg
I seem to recall another price breakpoint for oil. $40/bbl was supposed to convince the American oil companies to explore in America.

That is only the case if you talking about $40 of constant purchasing power. A significant component of the rise in the price of oil is due to currency debasement meaning the cost of extraction has risen far more than is reflected in the bogus inflation numbers put out by our Central Planners in Dee Cee.

82 posted on 04/21/2006 11:38:47 AM PDT by AdamSelene235 (Truth has become so rare and precious she is always attended to by a bodyguard of lies.)
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To: Kjobs

Agreed. If these prices continue into the midterms and '08, this may be the main subject to throw the Presidency and at least the Senate back to the dems, even though they will only make things worse. People don't care about the long term causes, they will only see that in six/eight years of republican rule, gas prices doubled/tripled, etc. Bottom line will be the gas prices when the elections happen.

If the dems were smart, they would play the odds and save this for '08. But when are dems ever smart?


83 posted on 04/21/2006 11:40:19 AM PDT by kenth
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To: rightinthemiddle

I've cut back on my out-of-town driving bigtime.


84 posted on 04/21/2006 11:40:19 AM PDT by sarasota
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To: Jeff Chandler

"My son-in-law's maternal grandparents own an oil company, so the higher the price of oil, the larger my grandchildren's inheritance."



well then just think what he gains from them he will lose from you, or when the dems win in nov due to these gas prices and put your in laws out of business your kid wont get squat.




85 posted on 04/21/2006 11:40:21 AM PDT by jneesy (certified southern right wing hillbilly nutjob)
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To: jveritas

Lifting the gasoline taxes means nothing. It's putting a bandaid on an amputation. It doesn't change the price of crude.

There is no short-term solution, we are way beyond that. We need oil drills and refineries built. Even if we started today, it would take 10 years.

Way to go, Washington. You weenies are the cause of the next Great Depression.


86 posted on 04/21/2006 11:40:38 AM PDT by Lunatic Fringe (http://ntxsolutions.com)
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To: jveritas

Agreed, the taxes are just piling on.

The gov't at all levels does the opposite of what should be done all the time.

I just can't imagine after 9/11 anyone in their right mind not being for more domestic exploration of oil drilling.


87 posted on 04/21/2006 11:41:20 AM PDT by chris1 (I)
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To: RockinRight

Now if we had a U.S. Congress with the foresight of the Alaskan legislature, about 20 years ago they would have instituted a "permanent fund" whereby oil drilling land leases would produce royalties that are set aside into an account that in turn is invested and all the revenues produced and interest received on said account would pay for all the needed infrastructure and programs that U.S. citizens want. Instead of paying taxes every year to the Feds, we'd all be getting a royalty check like Alaskans do. These crude oil prices are making Alaska the envy of the world's best economists.


88 posted on 04/21/2006 11:42:21 AM PDT by Integrityrocks
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To: Jeff Chandler
" ... Besides, a nation which refuses to develop its own resources has no right to complain about the price of imported resources."


How about you figuring out how to develop a few thousand tons, a year, of the following strategic materials, so we don't have to import them ...

Titanium

Nickel

Chromium

Cobalt

Aluminum

Colombium

and Tantalum


Thanks in advance.




89 posted on 04/21/2006 11:43:03 AM PDT by G.Mason
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To: chris1

We call them liberals and they are not in their right mind.


90 posted on 04/21/2006 11:44:16 AM PDT by jveritas (Hate can never win elections.)
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To: chris1

"Talk is cheap", that is certain. And we're a nation of political gasbags.


91 posted on 04/21/2006 11:46:15 AM PDT by sarasota
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To: G.Mason
Titanium Nickel Chromium Cobalt Aluminum Colombium and Tantalum

Do we have those materials in the ground ? We have plenty of oil in the ground.

92 posted on 04/21/2006 11:46:19 AM PDT by Jeff Chandler (Ignore the drive-by media. Build the fence. Sí, Se Puede!)
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To: steveegg

They *are* drilling. Every available rig is working. And it did start back at $35, actually. It's just that it's the independents who are doing it and no one is paying attention to the small deals. But a whole lotta small deals eventually fill our tanks.


93 posted on 04/21/2006 11:47:03 AM PDT by Rte66
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To: jveritas

Seriously, after 9/11 I was convinced, naively, that we would do the following:

1. Secure our borders and deport many many illegals, especially those from the ME.

2. Push immediately for energy independence. and

3. Drop the hammer on our enemies.

We have only done two of those, and look where we are.

Millions of illegals and energy prices higher than ever.


94 posted on 04/21/2006 11:47:06 AM PDT by chris1 (I)
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To: raybbr

They have to buy all those new 3's and 4's for the little changeable magnetic signs.


95 posted on 04/21/2006 11:49:03 AM PDT by Rte66
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To: Lucky9teen

Exxon bypassed WalMart as the leader in profits last year.


96 posted on 04/21/2006 11:49:14 AM PDT by sarasota
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To: Rutles4Ever

The demonrats and their environmentalist buddies are directly responsible for high gas prices.


97 posted on 04/21/2006 11:49:14 AM PDT by AxelPaulsenJr (More people died in Ted Kennedy's car than hunting with Dick Cheney.)
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To: jneesy
well then just think what he gains from them he will lose from you, or when the dems win in nov due to these gas prices and put your in laws out of business your kid wont get squat.

I don't spend a lot of money on gas. I have always bought fuel efficient vehicles. There is nothing I can do about the Democrats taking advantage of a president who refuses to fight them. And my son-in-law's grandparents actually own oil wells, so the only thing that will put them out of business is low oil prices.

98 posted on 04/21/2006 11:49:33 AM PDT by Jeff Chandler (Ignore the drive-by media. Build the fence. Sí, Se Puede!)
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To: AxelPaulsenJr

And the current bunch of slobs known as the GOP Senate are just as much to blame for not doing anything as usual.


99 posted on 04/21/2006 11:50:55 AM PDT by chris1 (I)
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To: Lucky9teen

TV news this morning did a little feature on people coming in and hocking things at the pawn shop for $40-50, saying it's for gasoline. Then some maroons were bringing in their cars to see how much they could get for them.


100 posted on 04/21/2006 11:51:26 AM PDT by Rte66
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