By GottaLaff
By the way:
Trade deficit soars on oil prices, Chinese importsIsn't non-Palin news fun?
The soaring deficit with China and high oil prices bumped the U.S. trade deficit for July to $62.2 billion, nearly $3.5 billion more than the deficit for June.
By GottaLaff
The psychology of oil prices... again. This time it's the Oilman in Chief who repeats one of the stupidest lines of the election season. The first video is only 14 seconds long, the second one, 30 seconds.
McCain = Bush = McCain. But don't ever hold a sign inscribedwith those words. J Sid will have you removed.
By GottaLaff
Since Bush has been president, the oil companies have made $600 billion in profits, per Bernie Sanders just now on the Thom Hartmann show.
Oil prices spiked to a new record above $147 a barrel Friday, as rising hostilities between the West and Iran and the potential for attacks on Nigerian oil facilities gave investors reason to rush back into the energy markets.But it's all in your mentally recessed heads.
Another drop in the U.S. dollar also lured buyers.
The resurgence in crude prices not only raises the concern that $4-a-gallon gasoline is here to stay for U.S. drivers — it also means that heating homes could get significantly more expensive this winter.
By GottaLaff
The perfect storm for oil prices showed no signs of dissipating Thursday, as supply worries combined with dollar weakness pushed crude to a new record of $145.
By GottaLaff
Oil prices hit record high points close to $144 per barrel on Monday as the dollar fell further and amid a conference and protests staged in response to soaring crude, analysts said. [...]
Crude futures have doubled in the past year and have risen by almost 50 per cent since the start of 2008, when they breached $100 for the first time, triggering fears over inflation and slower economic growth.
By GottaLaff
World oil prices surged to fresh record highs above $142 a barrel Friday as Asian share prices plunged. A sell-off in Asia followed Thursday's steep three-percent decline in U.S. stocks. [...]
The spike in oil prices comes after the president of the Organization of Petroleum Exporting Countries said Thursday that he expected crude prices to go as high as $170 a barrel in the next few months.
By GottaLaff
Liquid gold:
Oil futures shot above $140 Thursday after OPEC's president said crude prices could rise well above $150 a barrel this year and Libya said it may cut oil production. The advance raised the likelihood that gasoline prices would also extend their advance, and that prices of goods and services throughout the economy would also keep rising.Liquidation:
Wall Street has suffered a huge loss, with the Dow Jones industrials plunging more than 350 points as investors contended with a barrage of bad news. A surge in oil prices past $140 a barrel and warnings of trouble in the key financial, automotive and high-tech industries created a gloomy mood across the market.Liquid remedy:
What the hell?
Yesterday, McCain admitted that his offshore drilling proposal would probably have mostly "psychological" benefits, NBC/NJ’s Adam Aigner-Treworgy reports. At a town hall in Fresno that primarily focused on energy issues, McCain was asked a question about the price of gas and the viability of various short-term solutions.
"In the short term I'd like to give you a little relief for the summer on the gas tax," McCain began, referring to his controversial proposal to temporarily suspend the federal tax on gasoline. But then he made a surprisingly candid admission: "I don't see an immediate relief, but I do see that exploitation of existing reserves that may exist -- and in view of many experts that do exist off our coasts -- is also a way that we need to provide relief. Even though it may take some years, the fact that we are exploiting those reserves would have psychological impact that I think is beneficial."
By GottaLaff
Oil surged to a new record high on Monday of nearly $140 a barrel, propelled by weakness in the U.S. dollar which offset the bearish impact of plans by Saudi Arabia to boost output.One month ago: $127. I sure hope Big Oil can survive on only $140 a barrel.
By GottaLaff
As I type this, the Dow is down 276 points, and unemployment is up, to 5.5%. I've tried to post as much good news as possible, but this is unavoidable:
Hey, I'm just the messenger.The price of oil surged more than $6 a barrel Friday morning, the biggest gain in more than three months, sending the stock market into a nose-dive and reversing Thursday’s gains.
Investors are worried that the rising price of oil, coupled with bleak unemployment data that was released Friday morning, will continue to hurt businesses and suppress consumer spending in an already-weak economy.
In addition, a report by Morgan Stanley on Friday said that oil prices could reach $150 a barrel by July 4 because of higher demand in Asia. [...]
Crude oil prices were also pushed higher by a weaker dollar, which fell on the government jobs data.
Comments by Israel’s transportation minister on Friday that an attack on Iranian nuclear sites looked “unavoidable” also sent investors into a frenzy.
By GottaLaff
At this rate, oil should reach $150 in what, a week?
Americans getting an early start on the Memorial Day weekend found that gasoline prices again it a record high overnight, reaching a national average above $3.83 a gallon. Some analysts predict gas will break past $4 as early as next week.Oil prices, meanwhile, fluctuated Thursday after setting a record of $135.09 in overnight trading. A stronger dollar gave some investors reason to sell oil futures to lock in profits from crude's record run. But concerns about falling supplies and rising demand are expected to keep propelling prices higher in the days and weeks to come.
By GottaLaff
Oy(l):
Oil prices bolted to a new record above $132 a barrel Wednesday after the government reported that supplies of crude oil and gasoline fell unexpectedly last week. And crude's rise in the futures market again pressured consumers by pulling prices at the pump higher -- a gallon of regular gas rose overnight to a new record above $3.80 a gallon.With gas and oil prices setting new records on a daily basis, many analysts are beginning to wonder whether anything can stop runaway prices.
UPDATE:
Senators told oil executives Wednesday that high oil prices cannot be explained by supply and demand and the oil industry's concentration -- and OPEC price collusion -- is contributing to the costs facing consumers.Executives of the five largest oil companies were appearing before the Senate Judiciary Committee.
Committee Chairman Patrick Leahy, D-Vt., said there's an unexplained "disconnect" between prices -- at nearly $130 a barrel -- and legitimate supply and demand.
"We need to get prices under control.... We can only conclude that the oil markets have failed," said Sen. Herbert Kohl, D-Wis.
But Shell Oil Co. Chairman John Hofmeister said the prices can be explained, saying, "The fundamental laws of supply and demand are at work."
Howard Wolfson is talking and I am nauseated.
Oil price passes $130 a barrel
Lost parrot tells veterinarian his address
McCain Media Consultant McKinnon Resigns
The New York Times reports Sen. John McCain's "chief advertising strategist," Mark McKinnon, "announced Tuesday that he was resigning, following through on a vow he had made months ago not to work against the candidacy of Senator Barack Obama." The AP adds that McKinnon "said last year that he didn't want to work against an Obama candidacy. Electing Obama 'would send a great message to the country and the world,' McKinnon said at the time, although he added that he intended to vote for McCain."
Ground Zero Responders Found To Have Elevated Anxiety Levels
Israel Holding Peace Talks with Syria
The Hill: Panel nixes Bush order on earmarks
House Democrats have escalated their shoving match with the White House over so-called “air-dropped” earmarks.
Police say at least 11 killed by gunfire in Baghdad
What's behind the battle over the new G.I. Bill?
White House Denies Planning Iran Attack
A rumor that the Bush Administration is planning to launch an attack on Iran drew a swift denial from the White House. The AP reports the White House flatly denied a report published in the Jerusalem Post yesterday that alleged President Bush plans to attack Iran before the end of his term.
By Paddy
Yesterday I mused on the fact that Georgie was feeling a little miffed that he wasn't hogging the headlines of late, so he had to throw a hissy to get some media. I'm sure this will get him some teevee time, but probably not what he wanted.
RSS harmony-
Saudis see no reason to raise oil production now
RIYADH, Saudi Arabia (AP) -- Saudi Arabian leaders made clear Friday they see no reason to increase oil production until their customers demand it, apparently rebuffing President Bush amid soaring U.S. gasoline prices.
During Bush's his second personal appeal this year to King Abdullah, Saudi officials stuck to their position that they are already meeting demand, the president's national security adviser told reporters.
Alot of rumblings about John McCain this morning, none of it sounding very good.
Bush asks Saudis to increase oil production
Iraqi refugee finds life in U.S. harder than foreseen
USA Today: In Final Contests, It's All About Momentum If leading pledged delegate counts and the seating of Michigan and Florida delegates are the determining events for the nomination, what are the last few contests for? Bragging rights, momentum and symbolism.
Bin Laden: Palestinian cause fuels war
Ex-Army Corps consultant indicted in Katrina bribery case
NY Times: In South, Black Turnout May Challenge the G.O.P. The sharp surge in black turnout that Senator Barack Obama has helped to generate in recent primaries and Congressional races could signal a threat this fall to the longtime Republican dominance of the South, according to politicians and voting experts.
18 'Awesome' Imaginary Worlds
Vitamin D deficiency linked to breast cancer in new study
AP: GOP Abandons Bush on Food, Energy Issues WASHINGTON — President Bush's calls for fiscal responsibility received scant notice this week on Capitol Hill. Fellow Republicans had something bigger on their minds — high prices for groceries and gasoline in an election year that is looking increasingly bleak for their party.
By GottaLaff
Oil prices shot to a new record near $127 a barrel Tuesday on concerns that Iran may consider cutting crude oil production. Gas prices, meanwhile, rose to a new record over $3.73 a gallon Tuesday, and their advance shows little sign of slowing with Memorial Day weekend, the traditional start of the summer driving season, just 10 days away.Happy Tuesday.
By GottaLaff
Oil you need is love:
The Senate on Tuesday voted with overwhelming support to stop filling the Strategic Petroleum Reserve in order to reduce the cost of gasoline.Oh, that Senate! They must have forgotten how much more money Big Oil still craves. See? This is why we need more oversight. Big Oil's profits are sure to shrink to a measly 7490179%! There goes the economy.
“Democrats today led the charge against one of the root causes of skyrocketing oil and gas prices,” said Senate Majority Leader Harry Reid (D-Nev.) following the vote. “Instead of hiding barrels of oil in the nearly full Strategic Petroleum Reserve, we want to put them on the market to increase supply and lower prices.” [...]
“Republicans must abandon their shortsighted strategy of ‘drill, drill, drill’ and join us to pass the rest of the Democratic energy bill that puts consumers first, forces Big Oil to pay its fair share and invests in renewable energy,” Reid said.
Republicans also hailed the vote.But -- and there's always a "but" -- guess who voted, and ::dun dun dunnn:: guess who didn't:
Democratic presidential candidates Sens. Barack Obama (Ill.) and Hillary Rodham Clinton (N.Y.) rushed back to Washington to be part of the 97-1 vote. Only Sen. Wayne Allard (R-Colo.) opposed the measure. Sens. John McCain (R-Ariz.) and James Inhofe (R-Okla.) did not vote.John Sidney McGasTax must be terrorist who wears an oil-barrel lapel pin.
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