Oil rises to near $100 as US debt talks drag on

[xchrom]

http://hosted.ap.org/dynamic/stories/O/OIL_PRICES?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2011-07-26-04-39-45

SINGAPORE (AP) -- Oil prices rose to near $100 a barrel Tuesday in Asia, boosted by a weaker dollar as talks among U.S. leaders made little progress ahead of next week's deadline to raise the government debt limit.

Benchmark oil for September delivery was up 42 cents to $99.62 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. Crude lost 67 cents to settle at $99.20 on Monday.

In London, Brent crude gained 14 cents to $118.08 per barrel on the ICE Futures exchange.

Republican and Democratic leaders rejected each others' government spending and debt proposals Monday as an Aug. 2 deadline looms for Congress to raise the government's $14.3 trillion debt limit.

[Loge23]

1. Which means more record profits for Big Oil

Meanwhile, they use these record profits to blanket the media with false and misleading ads about taxing them.

[MrTriumph]

2. And as gasoline prices climb, the ecomony will stall as it did in April.

Sadly, Obama won't act until the damage is done. He likes Wall Street and Wall Street loves speculators (gamblers).

[Loge23]

3. I'm afraid you're right (eom)

[sinkingfeeling]

4. Wait til the dollar is almost worthless.

[golfguru]

5. Exactly, as we keep printing more worthless dollars

not just oil & gasoline but everything you NEED such as food, electricity, water, medicines etc. will keep going up at a rate much higher than any raises you might get.

That is a basic law of economics....supply Vs Demand.
As supply of dollars increases more than supply of oil & food...the law takes over.

[Po_d Mainiac]

6. They could make it 'soft and absorbant' n/t