Oil prices pass $132 after government reports supply drop (Thanks to DemocRats, Moderates & Greens)

AP on Yahoo ^ | 5/21/08 | John Wilen - ap

[NormsRevenge]

add-on ..

Thanks to DemocRats, Moderates & Greens .. and Speculators.

[NormsRevenge]

add-on add-on..

and Saudis. :-)

To all the Opec’rs out there underpumping, you’re only cutting yur own throats in the long run.

[ButThreeLeftsDo]

Up .17 at the pumps today.....MN.

[netmilsmom]

Right in time for Memorial Day weekend. Great.

It will be 5.00 by Fourth of July.

[NormsRevenge]

Rush just mentioned this..

Oil executives defend size, profits before Senate
H. JOSEF HEBERT, Associated Press Writer

http://news.yahoo.com/s/ap/20080521/ap_on_go_co/oil_congress;_ylt=Ao613yuSV0QKt4UBG_3SFRCyFz4D

WASHINGTON - Senators told oil executives Wednesday that high oil prices cannot be explained by supply and demand and the oil industry’s concentration — and OPEC price collusion — is contributing to the costs facing consumers.

Executives of the five largest oil companies were appearing before the Senate Judiciary Committee.

Committee Chairman Patrick Leahy, D-Vt., said there’s an unexplained “disconnect” between prices — at nearly $130 a barrel — and legitimate supply and demand.

“We need to get prices under control.... We can only conclude that the oil markets have failed,” said Sen. Herbert Kohl, D-Wis.

But Shell Oil Co. Chairman John Hofmeister said the prices can be explained, saying, “The fundamental laws of supply and demand are at work.”

[RegulatorCountry]

I filled up with regular last night, the cheapest I could find, $3.73.

[RockinRight]

I just noticed something. I’ve used the f-word more the last 12 months than my entire life, and it usually has something to do with either Obama, gas prices, real estate, or my job search.

[never4get]

With gas and oil prices setting new records on a daily basis, many analysts are beginning to wonder whether anything can stop runaway prices.

Absolutely will not happen when the US Government, the oil industry and share holders (many who are elected officials, family and friends), continue to realize increased profits, increased tax revenue, increased stock value/dividends by not drilling....don't tip over that profitable apple cart now...

[VeniVidiVici]

I’m really getting screwed with the natural gas bit. $1.80 a therm. I think I’ll save money by hooking up my electric dryer.

[NormsRevenge]

and this..

House action targets OPEC
AP - Tue May 20
http://news.yahoo.com/s/ap/20080520/ap_on_go_co/congress_energy;_ylt=AnEM4C0wgZ.lUI_QaveQe9g8KbIF
WASHINGTON - The House voted Tuesday to let the Justice Department pursue energy antitrust and price fixing cases against members of the OPEC oil cartel, although critics said such attempts would likely be fruitless and could prompt a backlash from oil producers.

---

US House passes anti-OPEC bill
AFP - Tue May 20
http://news.yahoo.com/s/afp/20080520/pl_afp/uspoliticsoilopec;_ylt=ApCoqXAS_7TueWqTRkLA6Mk8KbIF
WASHINGTON (AFP) - The House of Representatives Tuesday passed a bill authorizing the federal government to sue OPEC in US courts over alleged price fixing, in the latest swipe at the cartel over skyrocketing oil prices.

[RC2]

Todays politicians are the dumbest in the history of the United States. They can’t control the prices? Give me a break..........they can control anything they want.......if they want. Just like our borders, they don’t want to control it and they won’t.

[arderkrag]

This is like having a maid that keeps putting sandspurs in the covers. They make the bed, you sleep in it.

[MrLee]

I wonder how many people will have to die in northern states this winter before someone in Washington realizes there’s a problem?

[Vaduz]

Todays politicians/Dunning down is working fine thank you.

[never4get]

...How about telling the members of congress/senate, who have families and friends who own oil stocks, to sell that stock and introduce real legislation to allow drilling/building refineries...Oh thats right, too much tax revenue, increased dividends/stock value for those (family and friends too) who do own, and oil company profits are going higher and higher by not drilling....win/win for everyone but those who have to buy the gas.

[EBH]

Dear President George Bush,

It is way past time for you to have a serious conversation about our National Security. Every day it becomes increasingly evident that our dependence on foreign oil puts our nation at economic risk, increases our need for international defense of despot regimes, and creates an increasing security risk for every day we cannot meet our energy needs independently.

Let the democrats play the alternative energy game all they want, but preface each payout with an equal response to our current energy situation. They want 1.3 billion for alternative energy subsidies, I want 1.3 billion for oil extraction & increased refining capacity in America. This is needed to secure our country NOW, while we plan for the future energy needs.

[JRochelle]

This story proves that the price has to do with the traders, in large part.

Good news? Oil goes higher. Bad news? Oil goes higher.

[RightWhale]

There are technical signals in the futures market, including price differences between near-term and longer-term contracts

We have access to NYMEX data and can also read it. Claims such as this are empty assertions, especially when they indicate the current price is on the low side.

[Westlander]

Found this to be accurate. Updated every 4 hours. Speedway is owned by Marathon.

http://www.speedway.com/