OIL HITS 126 PER BARREL!

[nvme]

It is not even noon in Miami. already hurting from weak dollar and declining income, oil will be the the final nail that pushes the world into recession and possible world wide depression. (IMO). Every motorist cringes as the notice the needle is on E. Yet it seems how powerless we are to stop this slow bleeding of our economy. Food prices will next reflect the insanity of current Oil gouging. Who is bidding up the prices? Not one drop of this heinous poison has been spilled no major tanker wrecks have been reported. yet prices have taken on a life comparable to the 50's movie the blob it is consuming and growing yet now outrage? Who is profiting from the demise? How do we get it to a level that the average consumer can afford it? Why is Congress not outraged? This bleeding is endless. media are reporting like lapdogs that VEN. and USA have tension. speculation. Have we attacked Iran? Saudis say there is ample supply. The chimp refuses to do anything about the strategic reserve. No oil platforms have been threatened. summer driving is what they are speculating. NO wait its Iraq. No its India. No its ANWAR. No its bullshit. PLEASE TELL ME IN LAYMAN TERMS WHY THE PRICE OF ENERGY HAS EXPLODED WITH OUT ANY REAL OR PERCEIVED THREAT. NOTHING IS LOOMING THAT WASN'T LOOMING BACK IN 06. I AM BAFFLED. I WOULD APPRECIATE ANY ADVICE ON WHO TO CALL WHERE TO RAISE HELL IN ORDER TO DO MY PART TO STOP THE THIS GALACTIC RISE.



:rant:

[NMDemDist2]

1. all the money that was chasing the real estate hedge funds is looking for

a safe haven

so they are buying up oil, wheat, corn and anything else they can get their hands on.

no one to call about speculators I fear.

[Zynx]

4. Quite right. The price has far exceeded fundamentals.

Gasoline inventories are high and oil inventories are not exactly tight.

[nvme]

8. so this is just another false economy

thanks for your response

[Hidey]

2. "Who is profiting from the demise?"

Today it would be the oil companies and the speculators..

Tomorrow, when the depression is in full swing, it will be the rich folks who swoop in to buy up real assets at pennies on the dollar.

Not everyone loses in a depression.. Just the poor.

[Warpy]

3. There is a perceived threat

every time some right winger opens his piehole about bombing Iran.

The howling walrus (Bolton) did the job this week, with help from H. Clinton. Meanwhile, this administration continues to bloat the Strategic Reserve, competing for oil on the spot market and keeping the price high instead of releasing oil and knocking the price down the way they're supposed to.

Every time you fill your car and realize you're going to have to cut back on food, thank a war hawk.

[earthboundmisfit]

5. What about a windfall profits tax for the speculators?

That the whole world is effectively in the hands of these bastards is sickening.

[aint_no_life_nowhere]

6. What about the value of the dollar?

Isn't that part of this problem? The U.S. dollar isn't buying as much as it used to, including oil. As the dollar tumbles in value, it takes more dollars to buy a barrel of oil. Wouldn't it help the value of the dollar and its buying power if the Fed raised interest rates and if the U.S. government decreased its borrowing and debt? If the dollar had a strong value, wouldn't international speculators begin buying dollars and investing in them instead of buying up oil futures and food commodities? Some people seem to be saying that there's nothing the U.S. government can do. Other people I've heard say that there's plenty the U.S. government could do, but Bush won't do it or promote it. And the media seems to ignore Bush's failure to take action of any kind.

[mike3121]

7. OIL REFINERY FIRE

Time for another one of those "mysterious" oil refinery fires to drive the price to $ 150 per barrel