Here's your daily "Oil Rises to a Record" story for Tuesday:

[marmar]

from Bloomberg:



Oil Rises to Record as Falling Dollar Prompts Commodity Buying

By Christian Schmollinger

April 15 (Bloomberg) -- Crude oil rose to a record as investors purchased futures contracts to hedge against the falling dollar after the Group of Seven failed to end the currency's slide.

The dollar was at $1.5827 per euro as of 11:19 a.m. in Tokyo from $1.5832 late in New York yesterday. It touched $1.5913 on April 10, the highest level since the European currency's debut in 1999. China, the world's second-largest oil consumer, imported 25 percent more crude in March versus a year ago, offsetting projected demand declines in the U.S.

``Traders are skeptical that the central bankers will intervene to help the dollar so investors are selling dollars and buying oil and other commodities,'' said Victor Shum, senior principal at Purvin & Gertz Inc. in Singapore. China's growing consumption of oil ``really counterbalances the decline in the U.S. and'' developed countries.

Crude oil for May delivery climbed as much as 72 cents, or 0.6 percent, to $112.48 on the New York Mercantile Exchange, the highest since futures began trading in 1983. It was at $112.40 at 11:14 a.m. in Singapore. Prices have gained 77 percent from a year earlier.

Futures yesterday rose $1.62, or 1.5 percent, to settle at $111.76 a barrel, the highest close since trading began in 1983.

Brent crude for May settlement rose as much as 61 cents, or 0.6 percent, to $110.45 a barrel, an all-time intraday high, at 10:46 a.m. Singapore time on London's ICE Futures Europe exchange. The contract yesterday gained $1.09, or 1 percent, to close at a record $109.84. .....(more)

The complete piece is at: http://www.bloomberg.com/apps/news?pid=20601087&sid=apqtjHwyrwjU&refer=home

[lovuian]

1. evidentally Russia and Arabs and others are going to be very

very rich and Americans are going to be very very poor

[GreenTea]

2. We are "barreling" down the road.....

We are heading towards $5.00 a gallon before BushCo leaves office (McCain will continue it). Gas was what, at $1.67 a gallon when BushCo Oil took office in 2001.

In over a hundred years gas, prices hit $1.67 a gallon (never mind how the oil industry for so many years supported the auto industry cranking out low MPG....and helping to defeat so many mass transit initiatives, while building more roads with our tax dollars for even more automobile gas consumption).

We are now forced to buy their gas while they get even more tax breaks and subsidies (corporate welfare) from our tax dollars, still it's NOT enough!

But again, in just seven plus years of BushCo gas is now at $4.00 a gallon (in CA) and rising, heading to be sure to $5.00 a gallon before Bush leaves office...

We'll then have McCain keeping it rolling for the only five oil conglomerates left to continue their collusion & gouging us at the pump.

Now, the greedy republicans want the Iranian oil fields and of course Venezuela', as they will profit even more from our taxes paying for our military for their imperialism and will no doubt gouge us even more.....

Who are the ignorant, gullible, or worse, the indifferent, who think differently?

[lovuian]

3. high high will we go?

Its makking us have to change