Oil spikes above $70 for first time this year (Speculators at it again!)

AP, via Yahoo! Finance ^ | June 5, 2009 | Chris Kahn

[Virginia Ridgerunner]

Oil prices broke through the $70 per-barrel barrier Friday and more forecasters are broadening expectations for an upward swing in crude.

Benchmark crude for July delivery lost 37 cents to settle at $68.44 on the New York Mercantile Exchange, finishing the week with a gain of nearly $2 a barrel. Earlier in the day oil jumped as high as $70.32 per barrel, the highest since October.

Oil prices have been soaring for months despite a massive surplus of petroleum and natural gas. A large amount of speculative money has flowed into the markets, according to government reports, potentially taking advantage of a weak U.S. currency.

Surging energy prices appear to be outpacing an economic recovery for now, and there are concerns that consumers may pull back spending further, especially with retail gasoline nearing the $3 mark.

[Virginia Ridgerunner]

Just this past week, I watched gas prices shoot up by .20 to AT LEAST $2.55 per gallon in the Emmitsburg, Maryland area, with almost daily increases. There's nothing behind it but a devalued dollar and renewed speculation. It's really pissing me off!

[netmilsmom]

Count yourself blessed.
We went to Philly on vacation last week. Left at 2.39. Came back to 2.95.

[Carley]

The price of oil is directly the result of the worth of our dollar.

As the value of the dollar drops the price of the oil rises.

[bolobaby]

Speculators? I think this is the beginning of international inflationary pressures due to U.S. debt levels.

[From The Deer Stand]

Speculators, yes, but the devaluation of the Obama dollar is also causing the price-per-barrel of oil to increase.

[Diana in Wisconsin]

$2.79 and higher all over Wisconsin.

http://www.gasbuddy.com/

[pnh102]

Clearly Bush is manipulating oil prices to help his buddies in the oil industry!

[engrpat]

Two days ago I went to physical therapy and gas at a local station was 2.32, and hour and half later it was $2.42. Knew I should have filled up on my way instead of waiting for the trip back home.

[baiamonte]

As the dollar devalues the price of all hard assets go up in value, including gold, silver, real estate and oil. As inflation goes up, hard assets go up, including oil. Get ready for $100/bbl oil, a government takeover and the return of the bicycle.

[org.whodat]

Oil prices have been soaring for months despite a massive surplus of petroleum and natural gas. A large amount of speculative money has flowed into the markets, according to government reports, potentially taking advantage of a weak U.S. currency.

See Tagline!!!,

[org.whodat]

BS!!!!!

[Izzy Dunne]

broke through the $70 per-barrel barrier Friday

Can somebody 'splain to me why these idiots call it a "barrier"?

It never was any sort of "barrier" and it's been broken a couple of times already anyway.

[angkor]

Evil speculators serve the essential capitalist function of moderating risk.

[jwparkerjr]

One reason the price is going up is simply IT CAN. Of all the things we consumers spend money on only a couple are really necessary. Gas is one of them and as long as we pay what they are asking they will continue to ask for more. It's human nature, especially in a capitalistic economy. The pretty well know now how far they can push us until we start to push back. At this point that's about $4 a gallon. They depend on the fact that we have a very short memory, and even shorter attention span. It's a give and take situation. They raise prices 10 percent and we cut our use by 5 percent. OK, they're still making more money than before.

Until we can curb our appetite for energy nothing’s going to change. We will not change until we are forced to, and what it takes to force any of us to do anything varies.

[HiTech RedNeck]

With this, Alaska and the few other sources of domestic oil will begin smiling again. It’s an ill wind that blows no good.

[EQAndyBuzz]

This is our government giving the oil companies and the financial industry one last shot to make billions before they also are taken over.

[Josa]

Dear Leader and his oil buddies at it again..........

[HiTech RedNeck]

The problem seems to be that they don’t have to put 100% skin in the game up front. So when the market crashes and they get burned, even their bankruptcy is easier.

[AppyPappy]

Obama’s rich oil buddies are at it again.

[NotSoModerate]

LOLOL!!! Obama may consider controlling the commodities markets... putting caps on prices