Oil prices up 11 percent in 2 weeks

[Newsjock]

Source: Associated Press

Oil prices are again flirting with $80 a barrel after a two-week rally fueled by promising economic reports and worries that troubles in Europe and the Middle East could eventually tighten supplies.

... An extended surge in crude prices will force gasoline and other fuels higher as well. Retail gas prices already have started to increase this week, and experts predict the national average will hit $3 a gallon this summer.

The rally in crude comes even though the country is still flush with very large supplies. Reports of growth in home construction, industrial production and manufacturing have boosted confidence among investors that Americans will regain their appetite for fossil fuels in the second half of the year.

... "The fear of Iran has always been instrumental in the price run-ups of 2007 and 2008, fueling the 'what-if' scenarios that are necessary for bull runs and this year might not be different," said analyst Olivier Jakob of Petromatrix in Switzerland.

Read more: http://finance.yahoo.com/news/Oil-prices-up-11-percent-in-2-apf-2238669084.html?x=0&sec=topStories&pos=4&asset=&ccode=

[ShortnFiery]

1. Yes all that posturing our illustrious Secretary of State is doing toward Iran is ...

doing it's magic for our Oil Cartel.

[BunkerHill24]

4. Hillary is a spook in the markets, indeed.. n/t

[Psephos]

9. Alternately, Iran may be saying things to roil the markets and raise their income.

Iran's paycheck goes up when it says things that make people nervous.

Clinton's paycheck stays the same.

[SpiralHawk]

2. "Smirk." - CPAC Republicons, Cronies & Propaganda Pimps

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x4275851

CPAC fueled by oil industry cash

Source: Think Progress

The extremist Conservative Political Action Conference (CPAC) is being fueled by Big Oil. CPAC’s “Radio Row” — featuring “top conservative talk show hosts” — is officially sponsored by the American Petroleum Institute (API), the “only national trade association that represents all aspects of America’s oil and natural gas industry.” ThinkProgress is at the convention and took a picture of the prominent API sign:

[Silver Swan]

3. Is that why

local prices went up 14 cents per gallon overnight?

[CatholicEdHead]

5. Mostly all the latter and not the former

I can understand tighter supplies (probably manipulated) rather than improving economic conditions.

[louis-t]

7. It's not that economic conditions are getting better.

It's that they 'might' get better, based on some arbitrary bit of information, that fuels the buying of oil futures.

[pinniped]

6. A sternly worded letter must be sent to someone.

.

[AtheistCrusader]

8. Wierd, I've been watching the pump prices near my home relaxing to below $2.80 a gallon

as I pedal on by... :P