Oil prices surge near $70 barrel

[lovuian]

http://feeds.bignewsnetwork.com/?sid=e083d792e481af56

Oil prices surged to almost $70 a barrel Monday amid talk of an escalating confrontation with Iran over nuclear ambitions, The Wall Street Journal said.

Prices had fallen below the $60 mark when the Iran situation cooled, but were on the rise as the new trading week began, gaining $1.56 to $68.95 a barrel.

Analysts were warning that crude and gasoline costs could soar above last year's record levels.

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Evidentally the Iran situation is going to escalate uncertainity in the markets!!!

[Deja Q]

1. The oil companies are loving it. That might be a motive too.

[global1]

2. * Says All Options Are On The Table - To Fatten The Wallets Of....

his oil crony buddies at the expense of us - the oil addicted.

[bullimiami]

3. all caused by bush. oil would be 30-40 a barrel max if not for iraq, iran.

threats, sabre rattling. this guy is destroying the country and noone is doing anything about it.

[saigon68]

10. kick

[JohnnyRingo]

4. They wont be satisfied until they get $3 per gal at the pump

The prices were headed that way last summer, then the numbers came out about record profits and the big CEO scare that followed dropped prices slightly. They've been trending upward again since.

I'm not saying the world's five largest oil companies directly control the price of a bbl of oil, but I'm sure their hands are in there somewhere.
(the hand that isn't in my back pocket that is).

I remind all that in the 60s when there were literally hundreds of oil companies...gasoline was a minor budget concern. Greedy corporate mergers granted by heavily lobbied politicians have reduced that field to a small band of CEOs who can manipulate prices via a simple conference call.

What happened to anti-trust laws?

[depakid]

7. "What happened to anti-trust laws?"

Reagan/Bush/Clinton decided that they'd prefer to let corporations merge and run hog wild over the public (and ultimately their own) interest.

Indeed, the failure of anti-trust enforcement has made Exxon/Mobil as powerful as its predecessor Standard Oil ever was- and made the corporate oligarchy more powerful than during the height of the gilded era.

Historians will look back (and not so long from now) and point to deregulation and anti-trust enforcement as one of the single biggest causes of the collapse of American power.

[leesa]

5. Must be time to threaten to put the oil barons under oath in front of

Congress again to explain just what was in Cheney's Energy Papers. Worked like a charm last time to make the prices go down.

[The_Casual_Observer]

6. The price of oil & gas has risen steadly since jr took over.

The increases have been profound.

[radfringe]

8. time for a tax cut?

back in 2001 when bush* was shoving his taxcut through - there were concerns about rising gas prices - he responded to the gas price concerns by saying people could use the taxcut to pay for gas....

welllll, that particular taxcut (for me) amounted to about $2 a week - and was quickly eaten up by an increase in my health insurance co-pay.

is it time for him to dust off the "use tax cut to pay for gas" argument?

a co-worker and I got into it a year or so back about gas prices

the co-worker used the argument that a gallon of milk cost more than a gallon of gas and I wasn't complaining about that.

I had told him "If I could run my car on 1 gallon of milk a week I wouldn't be complaining"

yesterday - he was the one complaining (he drives a big truck - diesel) - I smirked "have you tried using milk instead of gas in your truck?"

[saigon68]

9. Lots of ignorant

retards running around