Oil prices spike after Iran seizes yacht

[Newsjock]

Source: Associated Press

Oil prices jumped Monday after Britian said a racing yacht was seized by Iran in the Persian Gulf and that five U.K. nationals were being held.

Crude quickly climbed $1.23 and settled at $77.28 a barrel on the New York Mercantile Exchange.

... The jump in prices comes as the gap between what drivers are paying for gasoline in the U.S. compared with a year ago is widening. That gap will likely grow through December, largely because prices were in freefall last year at this time.

Prices at the pump in the U.S. averaged $2.629 a gallon on Monday, 80.4 cents more a gallon than a year ago, according to auto club AAA, Wright Express and Oil Price Information Services. The difference is about $40 per month for a typical motorist.

Read more: http://finance.yahoo.com/news/Oil-prices-spike-after-Iran-apf-3418004076.html?x=0&sec=topStories&pos=6&asset=&ccode=

[DJ13]

1. "Obama unveils clampdown on oil speculators"

WASHINGTON (AFP) — Barack Obama attacked energy speculators Sunday, outlining new regulatory proposals that his campaign said would slash record-high oil prices and help hard-pressed consumers.

The Democrat attacked the so-called Enron loophole, a 2000 deregulation of oversight by the Commodity Futures Trading Commission that critics say opened the way to a speculative free-for-all in the oil markets.

"For the past years, our energy policy in this country has been simply to let the special interests have their way -- opening up loopholes for the oil companies and speculators so that they could reap record profits while the rest of us pay four dollars a gallon," Obama said in a statement.

"My plan fully closes the Enron loophole and restores common-sense regulation as part of my broader plan to ease the burden for struggling families today while investing in a better future"


http://afp.google.com/article/ALeqM5jNJjgKkHGZkk3FAyRTqcgpJx_kdw
AFP: Obama unveils clampdown on oil speculators


Oh yeah...... Jun 22, 2008 was the date on that article.

[BootinUp]

3. Are you saying you think he

abandoned that approach or that it is just his fault it hasn't happened yet or what? Second query... how long have you been following politics?

[DJ13]

4. Im saying it hasnt been a priority because the markets have stayed range bound

$60 to $80 seems the new normal, but in the midst of a glut, its really still too high.

I will say that now is the time to press ahead on limiting commodity speculation like he campaigned on, before the speculators break the upper resistance in price and he finds himself with (another) economic crisis on his hands.

I doubt anyone outside of the paid political types still believes the markets can self regulate.


Oh, and on your second question the answer was 1975.

[pundaint]

10. As with Health Insurers, bankers, and previous administrations

You got away with it if your criminal behavior was already underway - of course if you're PhRMA, you're welcome to a little uptick.

[BootinUp]

2. Good reason

not.

[wellst0nev0ter]

7. Give It Up, WILLYA??!!

We got a fucking Rubinite Goldman-Sach old boy Gary Gensler serving as a commissioner of the Commodities Future Trading Commission, which makes no sense since it was Goldman-Sachs that benefitted tremendously from the said oil bubble caused by said speculators. And the rest of the commissioners are just a bunch of Bush appointees and right-wingers serving their appointed terms. Obama had a chance to keep his promise for change when there was a vacancy, but he chose bankster insider Gary Fucking Gensler.

Like I said, give it up. Obama hasn't delivered us the magic ponies like he promised us.

[SkyDaddy7]

8. What's up with attitude?

[unkachuck]

5. "...Britian said a racing yacht was seized by Iran..."

....was that a MI6 racing yacht?....the ME Muslims seem to be a little sensitive these days....they act as if hundreds of thousands of Western Oil Crusaders have invaded there lands....

"...largely because prices were in freefall last year..."

....that's a new one to me....I've heard the excuse of, gas guzzlers, speculators, New England fuel oil stocks, lack of refining capacity, winter/summer blending, ME conflicts, Asian economic growth, first world demand and Katrina/weather to make us pay more per gallon....

....but I've never heard we've needed to be financially gouged because we owed the oil companies a welfare check....

[Edweird]

6. Man, I bet those guys on the oil tankers are relieved. They've been circling for (how long?)

waiting for something like this. What a wonderfully convenient coincidence!

[cowcommander]

9. The hijacked oil tanker that the somali pirates got could also be contributing to the price

[Hubert Flottz]

11. I just heard that some prince in Bumfuk got a gnat in his eye and

that the price at the pump is expected to reach $6.00.9 a gallon by Xmas!

Any excuse to gouge us will work out for the speculators/highwaymen.

If McSame had won gas would have already been $8.00.09 a gallon.

[dipsydoodle]

12. Odd association

given that the yacht was seized 25 November. :shrug:

$2.629 a gallon ...........yeh life's a bitch. :sarcasm: