Has *'s WWIII Comment Contributed To The Price Of Oil Going Up.....

[global1]

is this *'s latest contribution to the oil companies?

[AndyA]

1. Yup. Bush is gonna have one hell of an office at some oil company

when he leaves office.

And a big salary to boot, with a generous bonus and benefit package. As a gesture of gratitude for all he's done for the industry... :(

PATHETIC, ain't it?

[Warpy]

2. I've noticed for a long time that every time he opens his yapper

about Iran, the price per barrel goes up. I've also noticed the dollar and the Dow both go down.

I sincerely wish someone would shut him up, preferably through impeachment, trial, conviction, removal, and imprisonment.

[northzax]

3. no, the price of oil isn't actually changing, in real terms

just the currency we purchase it in is devaluing. Using petro dollars, the price isn't changing much for anyone using the Euro or Yen.

[bananas]

4. It's only $60/barrel adjusted for devaluation

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x2082840

From Mother Jones:

Oil hit a new high today, $89 a barrel. Some analysts predict it will soon hit $100. All this has caused much anxiety in the markets and handwringing in the press, which has generally attributed the increase to 1) unrest in the Middle East 2) increased demand, particularly from China and India and 3) speculators.

All of these things are a factor to some extent. But what analysts and pundits generally fail to point out is another reason for high oil prices in the U.S. market is the devaluation of the dollar. If it weren't for that, oil would cost about $60 a barrel, as it does effectively does in Europe and Canada. On George W. Bush's inauguration day in January 2001, you could have purchased a barrel of oil for about $30. If you lived in Europe, a barrel would have set you back about 32 Euro. Because the value of the U.S. Dollar has fallen so substantially since then (it took 93 cents to buy a Euro in January 2001, it now takes $1.42), the increase in the cost of oil for a U.S. consumer has far outstripped the increase for a Euro (or Canadian, or Swiss, or just about any other) consumer.

Today, it takes US $89 to buy a barrel of oil, but only 62 Euro. Going from 32 Euro to 62 is a healthy rise, but is less than a 10% annual increase since Bush has been in office. By contrast, the move from $30 to $89 is nearly a tripling, or more than 17% per year. See this chart, where the price of oil in U.S. dollars is represented in white while the price in Euros is in red:

<snip>

[global1]

5. Thank You George.....nt

[ladjf]

6. That's his job.

[Supersedeas]

7. it could only 'hep' his Texas friends