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Oil hits $140 for the first time (Fill-up tonight before it hits the pumps tomorrow)
CNN Money ^ | 6/26/2008 | Kenneth Musante,

Posted on 06/26/2008 4:53:20 PM PDT by tobyhill

NEW YORK (CNNMoney.com) -- Oil reached $140 a barrel for the first time ever Thursday following reports that Libya may cut production and an OPEC official said crude could hit $170 a barrel this summer.

Meanwhile, the dollar's decline against the euro added further upward price pressure.

"I think this is just a combination of all those" factors, said Mark Waggoner, president of Excel Futures in California.

Light, sweet crude for August delivery ended the trading day at a record settlement of $139.64 a barrel, up $5.09, on the New York Mercantile Exchange - the third-largest single-day jump on a dollar basis in trading history. The previous settlement mark of $138.54 was set June 6, when oil prices jumped a record of $10.75 a barrel.

Just before the close, oil spiked to an intraday record of $140.39 a barrel. The previous trading high of $139.89 was set June 16.

(Excerpt) Read more at money.cnn.com ...


TOPICS: Extended News; News/Current Events
KEYWORDS: drillheredrillnow; elections; energy; energyprices; gasprices; oil
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To: durasell

You’re right, my bad. I was thinking in terms of US, I misread. But yes, China and India are the new boom areas, many more haves there (Brazil, too, has been having some successes). I guess those hoping for a distribution of wealth, by which they meant Americans distributing their wealth, have gotten their wish.


61 posted on 06/26/2008 8:39:06 PM PDT by fortunecookie (Communism/socialism has failed millions, a lesson lost on too many.)
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To: fortunecookie

It’s very simple — you have to think like an immigrant. Work hard (very hard), don’t take anything for granted, don’t let any opportunity slip past you. Sacrifice for the next generation.


62 posted on 06/26/2008 8:43:20 PM PDT by durasell (!)
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To: durasell
Look at the established, legit immigrant population with advanced education and specialized skill sets.

For every one of those, I can show probably 5 that come here, bringing their corruption, and bad attitudes with them. Most don't even bother to become Americans, hang onto their cultures, and stay within their own communities.

Even many with that have been successful, that have their own businesses, only hire their own and isolate themselves. That why you have a fragmented American society today. You've got Korea communities, Vietnamese communities, Muslim communities, and the list goes on and on and it's been this way for many years now.

I can show you entire cities where you have to actually look hard to see store signs in English.

Fragmented does not begin to describe what is occurring in America today.

63 posted on 06/26/2008 8:43:39 PM PDT by dragnet2
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To: dragnet2
I agree with you on that — but you left out a key component: technology.

Immigrant patterns are different because it's now possible to easily talk with the “old country,” fly to the old country and more or less stay in constant touch with those in the old country. This didn't exist a hundred years ago. Crap, I remember when a phone call from California to New York was a big deal...Long distance!

We're also seeing immigrants move freely and unapologetically back “home.” A few years ago it Irish guys moving back, now it's Poles leaving.

64 posted on 06/26/2008 8:47:38 PM PDT by durasell (!)
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To: durasell
Ya seem them coming out of LAX from the Mideast. The male is walking smoking a cigar, and the women are carrying all the luggage.

Immigrant patterns are different

No doubt about it.

65 posted on 06/26/2008 8:52:19 PM PDT by dragnet2
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To: aristotleman

66 posted on 06/26/2008 8:53:06 PM PDT by Rome2000 (Peace is not an option)
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To: Thebaddog

I agree also. I hope the ‘undecided voters’ wake up and see how bad OsamaBama would be.

If he gets in just watch. China will make moves, Israel will probably be hit before it hits back, as we will be hit within our own shores should we intervene in any of these conflicts. Israel is such a tiny nation.

On the other hand, if during a conflict Iran nukes our carrier tasks force in or near the Hormuz straits we would be hard pressed into making that a justification to retaliate in kind.


67 posted on 06/26/2008 9:45:46 PM PDT by valkyry1
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To: dragnet2

It is what it is. We live in a mobile world. People will go where there are jobs — or the chance of jobs.


68 posted on 06/27/2008 3:21:44 AM PDT by durasell (!)
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To: dragnet2
For every one of those, I can show probably 5 that come here, bringing their corruption, and bad attitudes with them. Most don't even bother to become Americans, hang onto their cultures, and stay within their own communities. Even many with that have been successful, that have their own businesses, only hire their own and isolate themselves. That why you have a fragmented American society today. You've got Korea communities, Vietnamese communities, Muslim communities, and the list goes on and on and it's been this way for many years now. I can show you entire cities where you have to actually look hard to see store signs in English. Fragmented does not begin to describe what is occurring in America today.

So you are suggesting that in the utopia of the past, when immigrants came here, they instantly learned english (if they didn't speak it, and they very quickly integrated into mainstream society?

I don't think it was so rosy. It takes time for a new segment of the population to find it's own version of "American".

Do you really claim that the America of your grandfather had the same culture as the America of the Original Americans (the pioneers)?

This is a dynamic country, ever changing to suit the current population influxes. If you want cultural stability, move to a homogeneous country with an actual long and seamless history of continuous lineage and culture. (good luck!!!!!!!)

69 posted on 06/27/2008 4:57:13 AM PDT by aristotleman (....in wolves' clothing....stealing ur prey.....)
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To: Bubba_Leroy
So it took Bush and a Republican controlled Congress six years to double gas prices and it took the a Democratic controlled Congress less than two years to double them again. Now that’s progress!

Good point.

70 posted on 06/27/2008 9:43:20 AM PDT by Marie (Why is it that some people believe everything that happens is the will of G-d - except Israel?)
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To: tobyhill
I heard in Europe that 50% is in taxes?

I heard that it's about 34% here.

71 posted on 06/27/2008 9:44:39 AM PDT by Marie (Why is it that some people believe everything that happens is the will of G-d - except Israel?)
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To: blam

At $7-9 a gallon we’ll be seeing truckers striking, gas stealing and violence. It will start in the cities even though the country folk will be taking a harder hit.


72 posted on 06/27/2008 9:49:46 AM PDT by Marie (Why is it that some people believe everything that happens is the will of G-d - except Israel?)
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To: RC2
How much do the oil companies pay for the oil? Not what the futures are running up to.

More than some people think. The average price of oil paid by the refinery in April was $105.57/barrel.

In March, the Average futures price for April Delivery Oil contract was $105.42/barrel.

Refiner Acquisition Cost of Crude Oil
http://tonto.eia.doe.gov/dnav/pet/pet_pri_rac2_dcu_nus_m.htm

NYMEX Futures Prices
http://tonto.eia.doe.gov/dnav/pet/pet_pri_fut_s1_m.htm

What’s wrong with telling the oil companies that they can’t import any more oil than they produce?

Many oil companies, like ExxonMobil, actually buy more Crude Oil than they produce.

Since we keep much of our most promising area off limits for them to produce, it seems we have other problems to fix first, like opening up more of our country for production.

73 posted on 06/27/2008 9:54:51 AM PDT by thackney (life is fragile, handle with prayer)
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To: valkyry1
Joe Lieberman gave the best assessment of the candidates in an interview with Jake Tapper. In a word he said McCain would take the chances and get things done while Obama talks a good game.
74 posted on 06/27/2008 10:02:55 AM PDT by Thebaddog (Dog breath? I don't think so.)
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To: Marie
" It will start in the cities even though the country folk will be taking a harder hit"

Why will us country folks take a harder hit?

75 posted on 06/27/2008 10:26:31 AM PDT by blam
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To: blam
Because folks in rural areas (thinking of a friend who lives in western Oklahoma) have to drive 20 miles or more to do shopping/business.

The folks who are really screwed are the exurbanites who decided to buy a house 35 miles from work because they wanted the high class lifestyle that they couldn't afford if they lived within 10 miles of work.

76 posted on 06/27/2008 10:28:37 AM PDT by Clemenza (Friggin in the Riggin...Friggin in the Riggin)
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To: fortunecookie; durasell
Haves and have nots can also be seperated by expectations.

Some people expect to be handed their dream. Others expect to work for their dream.

For some being a have means they can eat. For others being a have means they can buy a new car every year.

Being a have IS relative, unlike some other things.

77 posted on 06/27/2008 11:20:53 AM PDT by Just another Joe (Warning: FReeping can be addictive and helpful to your mental health)
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To: Clemenza
The folks who are really screwed are the exurbanites who decided to buy a house 35 miles from work because they wanted the high class lifestyle that they couldn't afford if they lived within 10 miles of work.

And then there are those of us that bought a house within 3 miles of work and first had work move 12 miles, then a 30 miles, away.
Bummer.
But, adaptation is a wonderful thing, and with a motorcycle it's fun too!

78 posted on 06/27/2008 11:25:54 AM PDT by Just another Joe (Warning: FReeping can be addictive and helpful to your mental health)
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To: Just another Joe; durasell

True enough. I meant ‘haves’ in terms of having basics, affording to eat, affording rent anywhere in commuting distance to where one works, working a livable wage. Things that were once veritable givens if one was willing to work. I imagine some do consider themselves have nots because they still have the same car 3 years later, or have cancelled vacations. It does reflect a growing trend either way.


79 posted on 06/27/2008 1:30:00 PM PDT by fortunecookie (Communism/socialism has failed millions, a lesson lost on too many.)
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To: fortunecookie
I meant ‘haves’ in terms of having basics, affording to eat, affording rent anywhere in commuting distance to where one works, working a livable wage. Things that were once veritable givens if one was willing to work.

Those things are still veritable givens if one is willing to work.

Admittedly, you may have to make some changes.
The cable TV and high speed internet access may have to go, you may have to sell the house and buy, or rent, closer to your job, , give up the land line and three mobile phones and go with JUST the land line or JUST one mobile phone, etc.

We haven't gone into a "Great Depression", at least not yet.
When I see welfare mothers without mobile phones, cars, and big screen TVs I'll start to worry a little.

80 posted on 06/27/2008 1:43:07 PM PDT by Just another Joe (Warning: FReeping can be addictive and helpful to your mental health)
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