Crude Oil Prices Rise Above $67 a Barrel

[phantom power]

April 03,2006 | VIENNA, Austria -- Oil prices rebounded Monday on the uncertain outlook for supplies out of Iran and Nigeria, sending Nymex prices back over $67 a barrel and Brent crude spiking by more than $1 a barrel.

(...)

Daukoru, who is also the president of the Organization of Petroleum Exporting Countries, told Dow Jones Newswires that around 27 percent of Nigeria's output had been knocked out by ethnic rebel attacks in the Niger Delta region.

Militants have pledged more attacks to get a bigger cut for southerners of the oil revenues held by the federal government.

(...)

Looking further ahead, David Dugdale of MFC Global Investment Management took note of the approaching hurricane season in the Gulf of Mexico. That, plus real or threatened instability in Iran and Nigeria, make for "good reasons to believe that prices should remain at high levels," he said.

http://www.salon.com/wire/ap/archive.html?wire=D8GOI8507.html

[DainBramaged]

1. I see a knock-out punch to the world's economy

from the greedy OPEC bastards and the commodities traders who control the market. All because of a stolen election 6 years ago and 90,000 stupid Flordians who voted for Nader.

[phantom power]

2. Actually, I think OPEC is motivated to avoid such a knockout-punch.

A world economy in collapse can't afford to buy as much oil, and would be even more motivated to seek other energy solutions. That is one reason I think recent oil prices aren't just price gouging, they are true signs of the onset of peak oil. No good businessman triples the price of their product, when they are already filthy rich selling at the old price. It's a terrible risk/reward trade-off. At least, that's my theory.

[DainBramaged]

4. The greedy think that they can take it with them

I asked a very wealthy Conservative (not Republican mind you, but a true conservative) how much is enough. Know what he said? He makes money in spite of himself, and has no idea what he is worth. His "people" take care of him. And he was smiling the whole time. Me with $24 in my pocket, him with a line of credit so large he could buy the town I live in. But he was a genuinely nice person, just out of touch. No children, no relatives, just his money. Sad. He will never be affected by gas prices, heating costs, health insurance, nothing, because his people take care of him.

I hate him, and everyone like him. And I don't hate anyone. But his kind I do. Because they don't understand the world around them, and that they HAVE the power and money to change things for so many who need so much more than they could imagine.

[Newsjock]

3. And the stock market surges

Dow industrials up 121 points today, as of this writing.

Sick.

[JohnWxy]

5. The wealthy elite are giddy -

They see us importing more and more cheap products from China (who keeps their currency low with respect to the Dollar and thus keeps their prices artificially low and maintain a huge imbalance in trade with U.S.) which will keep inflation in check. They aren't worried about the loss of U.S. jobs because they are living off of there investments which are increasingly placed in foreign companies who are taking increasing amounts of market share from american companies (causing loss of jobs for Americans). We are increasingly becoming colonies to the industrializing nations which have much lower cost of labor due to much lower standard of living.

the only thing is, we ALL can't work at McDonald's because you can't maintain the fast food industries sales as better paying jobs leave the U.S. to go over-seas. This will be realized too late by those who will be next in line to lose their jobs. When they go out to find employment after losing their jobs, McDonald's won't be hiring any more people as there sales will be leveling off or declining.

[Javaman]

6. and not a peep from the MSM, funny how that works huh? nt