Posted on 07/05/2006 1:27:25 PM PDT by caa26
WASHINGTON — Oil prices jumped to a record above $75 a barrel on Wednesday, propelled by a rally in gasoline that analysts said could send average U.S. pump prices past $3 a gallon by the weekend.
Recent snags in oil-shipping and refining along the Gulf Coast have raised traders' concerns about motor-fuel supplies at a time when demand continues to rise despite soaring prices. The start of a new fiscal quarter also has brought more speculative money into the market, brokers said.
"Everybody thought we'd hit a price that would create permanent demand destruction. But demand for gasoline is rising," said Alaron Trading Corp. analyst Phil Flynn. "Once again the American public has shown its ability to get over paying high prices for gasoline."
A protracted diplomatic standoff between the West and Iran, OPEC's No. 2 oil supplier, has kept a high floor beneath prices, and analysts said geopolitical tensions were heightened further on Wednesday by North Korea's test-firing of missiles.
(Excerpt) Read more at foxnews.com ...
I think the price is whatever the shadowy futures traders want it to be.
Well, it's whatever they are willing to pay. Maybe some are big enough to influence the price in the short term.
BUMP
Thanks for the info.
And the same sort who for years said we needed higher gas taxes, especially considering the "bargain" we get compared to Europe.
When oil goes up enough to cut down fuel demands here in the States, maybe more Americans will develop the guts to support the needed regime change in Iran--the main national source of the problem.
Our highways are full of old RVs full of whiners and the like, so let it go up to a few hundred dollars per barrel.
Although we don't get the news in western media (corporate sponsors want to appease the enemy), Iran again said "no way" to stopping uranium enrichment even temporarily yesterday. Oil prices may drop a little once in a while, but they'll generally go up, until the Iran situation is cleaned-up by force.
Next time you buy gas, remember to ask for the core inflation rate.
Now, who wants to explain THIS phenomenon in light of so-called Free Market rules?
Shhhhhh man dont say that . The supply and demand boys will be on your ass like a hip pocket.
I am surprised they waitied till after Independence day to screw us.
Get ready cause Heah come de flame heah come de flame.
I mentioned the multitude of RVs on vacations. But actually, the streets and highways fill up much more with people who drive smaller vehicles around, because they're bored.
Citgo
(The Palestinian terrorist regime is the crisis and Israel's fist is the answer.)
An accurate statement cloaked in a comic simile.
I am surprised they waitied till after Independence day to screw us.
They've got all the time in the world. What are you gonna do, NOT buy gas???? HAHAHAHA! Now shut up and bend over.
I know that I'm at risk of being pounded by the so called macro-economic geniuses. Last week they were touting a great market success when record inventories were cited and the price dropped a mere 16 cents a barrel.
Okay, class. More dollars chasing fewer goods is?
"I think the price is whatever the shadowy futures traders want it to be.'
And I wonder how many of these firms have Rat ties? That's why you never hear the Rats calling for an investigation of them.
Who cares about a regime change in Iran? I want to start drilling off the coast of CA and Florida and in Alaska. I want environmental laws changed so we don't have to kiss butt on the muslims to try to keep oil prices down. Let the Iranians posture and scream, drill here and do away with the need for their oil altogether!
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