Oil jumps over $90 a barrel

[Theres-a]

Source: Yahoo

Crude oil prices on Friday rose to a fresh all-time high above $90 a barrel as the US dollar sunk to a new low against the euro.

snip

Edward Morse, chief energy economist at Lehman Brothers in New York, said that financial flows betting on further US dollar weakness ahead of the Group of Seven meeting and the US Federal Reserve meeting were propping up the oil price.

The dollar traded on Friday to $1.4303 against the euro, after touching earlier a record low of $1.4311 per euro. Investors are betting on a further interest rate cut when the Federal Reserve meets on October 31.

snip

Nauman Barakat, senior vice president at Macquaire Futures in New York, warned that traders have built massive December options calls -rights to buy oil at a certain price- at $90 and $100 a barrel, providing the backdrop for "additional upward impetus."

snip

Read more: http://news.yahoo.com/s/ft/20071019/bs_ft/fto101920070302459290

---

Trick or treat from the feds and OPEC?

[girl gone mad]

1. Another rate cut...

would screw us so hard. How about some $5 tomatoes and a $10 gallon of milk?

[Javaman]

22. Might as well just buy a cow at this point, it would be cheaper in the long run. nt

[xchrom]

2. wow -- that's a pretty big jump from just few weeks ago.

a little economic shock therapy.

[Javaman]

23. Gimmie gimmie shock treatment. nt

[izzie]

3. Makes one thankful we have a friend of the oil co. in the WH

It may be a dream but did not Bush run on that? Or say something about what a good deal it would be for us? A man who works in the supermarket told me two days ago that they had just marked down 150 items and next week 0ver 200 would come down. Seems some one bought the chain of stores. I will be happy to see that as every thing has gone up for years since I shopped there. I always buy day old bread and it used to be always 1.oo and the same is now 1.25. It is the same all over the store. I am old and live alone so do not have children to feed and cart around.I already know my car will have to go. It is just to costly to keep a car to take it out once a week at most. It is like you dump money into a large bug that sits in a garage and is just not needed any more. Got to be a better way to get food than paying for that thing to sit waiting. I really can not buy the gas for it to go any place even if I was not a loner.

[StClone]

4. Snake Oil Yes

It's pretty clear they make Oil Man Bush look like he is making decisions, swagger and all. But, the shots are mostly made by Corporations and Cheney and Bush gets to play Fierce Spokesmonkey -- a job he relishes.

[0007]

16. I know what ya mean izzie! Twenty five dollars of food use to be

enough for a week. Now it takes about sixty dollars to carry me a week. I hardly drive my car. When I think of the insurance I pay and the taxes that go into it for the year, I wonder if its worth it!

When junior took office oil was around twenty dollars a barrel. I know that things change. But goddamn! Not at the speed of light.

I think congress and the administration are a bunch of wino's that are now using crack. One hardly ever sees a wino these days. They are a rare breed.

[izzie]

33. My father always told me money has little safe value but it is

this, one has to watch. How long you must work for a loaf of bread and pair of shoes to find out how well you are doing. If it is more time this year than last you are working down. As I am retired I have to look at the percent it takes from what I get and the raise in my retirement pay. Food and gas are not doing well that is for sure. I said I would pay more in my rent also to help out the lady I rent from as I knew her heating is beyond sky high as her lights are also. One part of my retirement is saving and


interest............ went up for 8 years of Clinton and down for 6 years of Bush. It is only now re-turning to going up under Bush. Makes things hard for retired person and God help the working people. Some where in all this mess the State has looked at my income and now helps on medical. I pay for Gap ins. etc but for some reason they have added help on bills for a GD check up that would have been a real drag if I had to pay for it all. I am not even sure just what happened or why they did it but since I have been paying taxes to Maine and USA for almost my whole life I am happy for it. PS my cat sat on the keys and look what happened.

[JNelson6563]

5. When Bush took office in Jan. 2001

Oil was $27.69 a barrel. And the Rethugs were whining about the price of gas.

Julie

[Indi Guy]

7. No question that the price of oil is directly related to the level of fear

The oil mongers (as well as the arms mongers) cannot exist without the complicit fear mongers!

Pulling this post & presenting it in a new thread

[merwin]

9. Actually, it's directly related to Bush's approval rating (seriously)

[KayLaw]

10. Question.

Do you (or does anyone) know the USDX when Bush took over? We hit another low yesterday.

[northzax]

21. on 1-20-2001

the Euro was trading at 1.065 to the dollar. yesterday it closed at .699 Euros to the Dollar.

[KayLaw]

26. Thanks.

I appreciate the info.

[loudsue]

28. I thought it was 1.43 euros to the dollar.

The dollar went down...a lot.

[northzax]

31. not in 2001.

it was never above about 1.20 that I can recall for very long (at least not since it was fully traded in 1998.)

[dtotire]

32. Price Of Oil

Wolfowitz said the price of oil would go down to $20 a barrel if we invaded Iraq.

[Earth_First]

6. $100 by next week?

Hmmm...

[Diclotican]

8. there-s a

there-s a

This is bouth bad and good news.. Good news to the country who produce oil (As Norways do) bad for the rest who have to pay more for petrol.. Bad even for us who produce the stuff, becouse we also have to pay more for our petrol. And we dont get 3.9 Liter for each dollar, we get One Liter for each 10-12 NKR we have.. So if you think its bad when petrol cost 3.40..Wait to the doble digit are coming up.. It wil be hell... When I first startet drive, the petrol cost NKR 6.50 Today the price for one liter, is between 10 and 12 NRK.. And its seldom under NKR 11..

And Norway produce the stuff...

Diclotican

Sorry my bad engelish, ot my natie language

[KayLaw]

11. You are right.

It will be hell for Americans because most of us use our cars so much, plus our food has to travel a long way to make it to our stores.

[merwin]

13. Hard to not rely on cars in a lot of places.

For example, My wife works about 15 miles from where we live, which is about 15-30 minutes driving, depending on traffic, or about 1.5 hours by bus, since she has to go through multiple transfers with delays at each one. It's too bad that the Seattle area has such a craptacular transit system.

Note that by "Seattle area" i mean King County. If you're traveling within Seattle itself, it's not that bad.

[Diclotican]

15. merwin

merwin

I see.. Terrible if you work long away from where you live.. And have to trogh triple transfers with delays at each one.. More easy to drive with the car then...

But Seattle are that one of the better places when it came to public transportion, or are I wrogn?..

I guess it like that over the whole world. Inside the City everting is good.. Outside the center, it can be dificult..

But I guess London in UK have been doing some great jobb.. The old "tube" is execlent to travel true when you is transportion yourself around the city.. But its old and need some refurnisment then.. But its workning, pretty well to if I may say it.. Something that EVERY capital or bigger City should have been build for many year since I guess

Diclotican

Sorry my bad engelish, not my native language

[merwin]

20. Seattle... the city where our car tabs paid for a monorail that never got past the planning stage.

The only mode of transportation in Seattle and the surrounding areas is by bus. Yes, there is a single light-rail line that can take you between a few cities, but it's not really useful for most commuters unless you're going from Tacoma to Seattle.

King County (which Seattle is a part of) has a long history of:
a) Not planning for non-car transportation
b) Arguing about the best way to implement alternate versions of mass transit, which has ended up as no alternate versions of mass transit.

When I spent a few months in London, I lived near the end of the Northern line, and was always content with the transit system there. I was never far from a bus that could take me to the tube. And from the tube you can get most anywhere quickly.

[Diclotican]

25. merwin

merwin

Wierd, have ALLWAYS belived that Seattle was one of the more "Progresive" Citys in US, when it come to public transport and its like.. I know that in US the most peopole have a car, or more. Home we allways had ONE car, but then the car is a pricy thing in Norway with all the taxes and so on.. Bus was the best way to use if you want to go somewhere, If you dosent take the old bike and bikecykle then..

But also, I really belived that Seattle for a city in US had a good collective transportsystem, better than many other Citys then...

London is a great City to be in, when you found out how to use the collective transport. Specially the Tube.. A genial construction, where you just have to follow one of the painted lines on the walls, and you wil allways get where you need to be.. If it in centrum, or long away on the fringes of the City.. By the way London is a BIG City... 9 millions.. So I guess they HAD to build a collective transportsystem who can make the trafic go good around in the City.. Not just in Centrum bot in the whole City;)

Diclotican

Sorry my bad engelish, not my native language

[Diclotican]

14. KayLaw

KayLaw

True.. You may even think that the "evil collective transport" are great, when the petrol you have to pay cost more than two digits on the pump... Once in the times US public transport system was one of the greatest of the world, Sheap, clean and effective.. My father was in US in the 1950s, visiting a distand relative, and he stil remember the excelent public transport, who was light year ahead at somting Norway was cable of toing in the same times.. Now the public mass transport, in many cases is worse than in many 3 world countries.. Thats bad for the future, it wil take year just to get the transport fixet out, then to build all the transport, and then to get the public to use it.. We do have this type of problems here where I live, in Oslo (I live outside the city, but even then... ) BBC World reported for 5 minutes that they expected the oil to hitt US dollar 100 if the worst analyst is correct when the year is up... O dear it wil cost much to fill even my humble little Toyota then.. And it cost like NKR 400 to fill the car now.. Wel, then I have to take the buss and train more then, dont matter have both train and buss 5-10 minutes from here I live.. But it is comfortable to have the car then.. But if the price is coming over NKR 15, then I may stop my car, and take the buss when I dont Need the car..

But, on the brigth side, then the american public maybee discover the yoy of walking, and see the world with a another wiew too?.. And to walk, or to take the bike is healty you know;) Maybee they even take off some of the fat they have building uf for the last 50 year or so also?. (sorry no pun intended, but all this McDonald food cant be healty for you...)

Yes you use the car mutch more than many others nations do. But one diference it is also. You verry often have this BIG GAZZELING SUCKING PETROL CARS, who are using a lot of petrols just to start and drive.. Yes you have this excelent big V8-V12 and so on engines.. Wonderfull sounds from the engines.. But it cost you a lot when it come to petrol use.. Even the germans have understanded that they cant build car for "everyone" who use more than .8 of them mile (metril mile not engelish mile) Even their big car use less petrol than ever before..

Diclotican

Sorry my bad engelish, not my native language

[KayLaw]

18. I agree.

Unfortunately, most people can't walk (or even bike) to their jobs, shops or anywhere except their neighbors' houses. When we lived in Key Largo, European tourists were surprised that -even though Key Largo is a small town - they really needed a car to get from their hotels to restaurants and shops.

[Diclotican]

27. KayLaw

KayLaw

True.. That was one of the things that pusled mee to, the one time I was in US that you had to travel by car, or if you have luck by bus. Home we walk all the time, and in US we was seeing as stranges, becouse we shoose to walk maybee 1 km to a restaurant, and we tryed to walk to a shoping mall. But THAT was little to long I am afraid.. We kind of "missed" how long it really was.. But we do was there to see what a american mall was all about.. Big, big and lot of shops..

Today Norway do have some of this malls, but even then I doubt they are so big as in some of the malls in US..

But Norway, for the moment DO have the biggest mall in Scandinavia then. Its in my nabour county, Bærum. And is been rebuilded lately, and it is BIG..

Diclotican

Sorry my bad engelish, not my native language

[radfringe]

12. Trick or treat from the feds and OPEC? no

it's called "Makin' progress" :eyes:

[bronxiteforever]

17. George w Bush quotes from 2000 on his promise to bring down gas prices

OPEC will increase oil supply out of respect for Bush
Bush said today that he would bring down gasoline prices by creating enough political good will with oil-producing nations that they would increase their supply of crude. “I would work with our friends in OPEC to convince them to open up the spigot, to increase the supply. Use the capital that my administration will earn, with the Kuwaitis or the Saudis, and convince them to open up the spigot.” Implicit in his comments was a criticism of the Clinton administration as failing to take advantage of the good will that the US built with Kuwait and Saudi Arabia during the Persian Gulf war in 1991. Also implicit was that as the son of the president who built the coalition that drove the Iraqis out of Kuwait, Mr. Bush would be able to establish ties on a personal level that would persuade oil-producing nations that they owed the US something in return.
Source: Katherine Q. Seelye, NY Times Jun 28, 2000

[Just-plain-Kathy]

19. Wow, that's some quote!

I remember Bush saying before the elections that he wasn't into "nation building". He gave the impression that America will start minding its own business. ...I guess he was referring to how he'd rather destroy our nation.


...A belated welcome to the DU. ...I'm also a bronxiteforever. Morris Park rules!! :)

[bronxiteforever]

24. Thanks - Refugee from University Heights-I am now lost in PA!!!

:hi:

[Wise Doubter]

29. Then, 9/11 changed EVERYTHING.......

:eyes: :puke: :wtf:

[bdamomma]

30. cheney must be a happy pig in shit or oil.

[0007]

34. Pig cheney loves both

[soothsayer]

35. Ok, did it jump over $90 a barrel, or did it jump TO over $90 a barrel?

The latter, obviously, but I guess the former is on the way..!