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| Oil ends at a fresh high of $41.55 |
| 2004-05-17 |
| Oil futures close at a new high of $41.55 U.S. stocks end sharply lower on Iraq instability, oil Rosy scenario for the U.S. economy didn’t last long Gold futures, metals shares at seven-session high "Simply put, oil is a runaway train," said Kevin Kerr, editor of newsletter If anyone is interestested I predict oil is going to 60$ per B at which point Asian economies tank and Europe goes into a severe recession. Some time in July looks about right. |
| Posted by:Phil_B |
| #6 Phil, regarding your overview & comment; "I predict oil is going to 60$ per B at which point Asian economies tank and Europe goes into a severe recession. Some time in July looks about right." may be right on the money. In 1999 crude oil sunk to a low of almost $10 a barrel, then in a matter of less than one year oil futures shot up over $20... to $29-$32 a barrel without the current energy market fears of today. From $40 to '$60' could indeed transpire through pure fear promoted by the Islamic enemy, of course with some institutional trader greed thrown in for an extra few dollars added to the price of every barrel of crude. By the way, for each penny oil rises or falls amounts to $10 for each penny. A $2 jump in one trading session earns 2K per oil futures contract, and a bit less on an oil option's contract. With profits like these is it any wonder one reason behind the dramatic price rise in oil if the incredible amount of money which can be earned through the free market system? Number one: Having incredible success in the outcome of Spain's recent national election, the radical Islamists will attempt the same vicious stunt in terms of the Bush/Kerry presidential race. It's well known who the jihadists will be rooting for. Let's just say George Bush will not garnish the Muslim vote in November. Number two: As of this posting NYMEX crude oil futures for July-04 are right about $42.00 per barrel. If the Muslim terrorist stage a spectacular disruption of Saudi oil exports, the supply fear factor will be worth most likely another $10 to $15 upward jolt in crude, heading in the direction of $60.00 a barrel in panic buying looking toward the colder months, including skyrocketing prices for heating oil, natural gas, propane and of course unleaded gas going off the price trending charts. Number three: The objective of al-Qa'ida's 9-11-01 multi-passenger jet-bombs was to decapitate Wall Street thus the targeting of the 'World' Trade' Center (economic symbolism) in the center of global trading, New York. The goal of the jihadists has not been altered one bit. Sinking the western economy through fear of reduced energy supplies by way of organized acts of petrol-sabotage is not difficult for al-Qa'ida, since many terrorist moles have been planted deep inside the greater Persian Gulf nation's crude oil infrastructures. Number four: Our only counter measures to the jihadic terrorist movement, besides the continuation of intense monitoring, infiltration, disruption and the removal of as many potential Islamic terrorists as possible, is to blockade the monetary source of Shi'ite linked terrorism, OPEC's Iran. The leftwing mass media has the public scared about Iraq, making firm action to counter Iranian terrorist promotion a tough bill of goods to sell to the voters. Number Five: Will America wait until we have sunk into a severe recession brought on by Muslim terrorists blowing up the Saudi oil fields triggering a meltdown on Wall Street because of fear that the future will bring about increased instability resulting in a depletion of vital energy supplies and that of the free world? Number Six: Do we immediately begin importing crude oil requirements from non-Persian Gulf exporters, plus legislatively allow for safe exploration & drilling for oil & natural gas within the United States, by way of passing a massive energy deregulation bill. Sad to say, we will probably not deregulate nor embargo or blockade Iranian oil or 'secure Saudi oil. Number Seven: Will we take the necessary measures to severely reverse the enemy's ability to function in terms of arms shipments & huge sums of money flowing in to them, or allow the enemy to gain the upper hand over our very way of life through inaction regarding the arch-bankrollers and terrorist hubs located in Iran, Syria, Lebanon, Pakistan, Indonesia, Malaysia, Saudi Arabia and other strongholds of the death cult? |
| Posted by: Mark Espinola 2004-05-25 3:37:59 AM |
| #5 The only way to make large scale production of oil shales feasible is by 'heating them up' with nuclear explosions. I have already railed against the lunacy of ethanol once today, so I won't repeat myself. |
| Posted by: Phil B 2004-05-17 9:01:32 PM |
| #4 At these prices oil shale starts to look good and ehtanol use is exploding. OPEC and the energy companies are shooting themselves in the foot. Btw, oil prices can't hurt the economy... the US economy is simply to big now. It's not the 70s anymore. I think we use about 8 billion barrels a year.. that's about 320 billion dollars of oil vs 240 billion if it was at 30 bucks. Assuming oil stays at 40 for a full year (doubtful) it would only cost the US 80 billion dollars.... the us economy is expected to grow about 500 billion this year... |
| Posted by: Damn_Proud_American 2004-05-17 8:39:22 PM |
| #3 Them Texas stripper wells prolly start up at about $47.00/brl. |
| Posted by: Shipman 2004-05-17 7:24:06 PM |
| #2 The Seoud and other Arab friends are trying to cause regime change in the USA. If the economy enters recession from here to November then the chances of Kerry winning increase. Thus they raise oil price. |
| Posted by: JFM 2004-05-17 5:49:25 PM |
| #1 U.S. stocks end sharply lower on Iraq instability, oil You mean the instability created by the media? (Hint: In the local paper, there's a story that's titled "Senators want top-level probe". And right above it? "Iraq in turmoil".) "Simply put, oil is a runaway train," said Kevin Kerr, editor of newsletter What Kerr fails to mention is that every train has an engineer. They don't drive themselves. |
| Posted by: Bomb-a-rama 2004-05-17 5:39:22 PM |