Oil Hit's $94.53 - US supplies down, + rate cute devalues dollar

[Bill]

Funny - early this morning expectation of the rate cute pushed the price down, then the reality of the rate cut's effects on the dollar kick in worldwide, and we get a 4 dollar jump to another highest ever price.

I thought this one line was funny. "reports showing demand outpacing supply in the fourth quarter". What they don't say, is that production worldwide is dropping, despite the highest prices ever offered per barrel.

"Fighting between Turkey and the Kurds in oil-rich northern Iraq, reports showing demand outpacing supply in the fourth quarter, a falling dollar and speculative investing have all been cited as reasons for the runup. "

http://money.cnn.com/2007/10/31/markets/oil_eia/index.htm?postversion=2007103115

"NEW YORK (CNNMoney.com) -- Oil prices set a new record high Wednesday, jumping over $4 on an expected interest rate cut from the Federal Reserve and dwindling supplies in the United States.

U.S. light crude for December delivery jumped $4.15 to settle at a new record of $94.53 a barrel on the New York Mercantile Exchange, topping Monday's record close of $93.80 a barrel. Prices rose as high as $94.74 in intraday trade, surpassing crude's all-time record trading high of $93.80 a barrel, also set Monday. "

"But crude is still near all-time highs, even adjusted for inflation. The last time oil was this high was the early 1980s, when it rose to $93 to $101 a barrel, depending on the inflation calculation used and the oil contract cited."

[LadyMod at scam.com]

Funny - early this morning expectation of the rate cute pushed the price down, then the reality of the rate cut's effects on the dollar kick in worldwide, and we get a 4 dollar jump to another highest ever price.

I thought this one line was funny. "reports showing demand outpacing supply in the fourth quarter". What they don't say, is that production worldwide is dropping, despite the highest prices ever offered per barrel.

"Fighting between Turkey and the Kurds in oil-rich northern Iraq, reports showing demand outpacing supply in the fourth quarter, a falling dollar and speculative investing have all been cited as reasons for the runup. "

http://money.cnn.com/2007/10/31/markets/oil_eia/index.htm?postversion=2007103115

"NEW YORK (CNNMoney.com) -- Oil prices set a new record high Wednesday, jumping over $4 on an expected interest rate cut from the Federal Reserve and dwindling supplies in the United States.

U.S. light crude for December delivery jumped $4.15 to settle at a new record of $94.53 a barrel on the New York Mercantile Exchange, topping Monday's record close of $93.80 a barrel. Prices rose as high as $94.74 in intraday trade, surpassing crude's all-time record trading high of $93.80 a barrel, also set Monday. "

"But crude is still near all-time highs, even adjusted for inflation. The last time oil was this high was the early 1980s, when it rose to $93 to $101 a barrel, depending on the inflation calculation used and the oil contract cited."


Hmmmmmmm. Remember in the 80's they screamed for more gas efficient cars and slower speed limits.

I wonder what they will scream for this time?


Lady Mod

[disrupter]

I think it just hit $96.00 USD in Singapore overnight.

Dollar sliding, Oil price rising fast.
It has now reached even an inflation adjusted all time high.

I guess all that looting of the US treasury under Bush is coming home to roost.

[Bill]

I think you're right - the official NYMEX price is now 95.70.

And gold just jumped to 799.80, pennies short of $800. Silver's up, coppers up, natural gas is up.

Watching american dollars flow towards the oil nations - what's sweet about this is, if we are seeing peak oil, it's going to smash down on 2008 like a hydraulic hammer.

[disrupter]

I would have hoped reasonably intelligent persons would have been selected in the USA to run it.
Instead a foolhardy crook was installed by mafia stolen elections.
Instead of relaxing, knowing among the best of human intelligence is in charge, I am on the out-of-control, tobboggan ride steered by a psychotic criminal madman, & i am tense in stark terror.
It's hard to imagine, me, a single, socially disconnected person could have done much if anything about it, but a tiny nagging exists.

The black comedy universe has done it to me again. Let me fool myself into thinking any hope of security existed. So one lets go & freefalls into the abyss. Life on a planet flying at 67,000 mph without even a cobweb holding it in orbit is inherently maniacal. Who am i kidding? Just try to keep your head together & don't bet everything on anything. Learn as much as possible & hope that the application of it will be enough. In the end it won't but at least one hopes for as long a run as possible.

I guess it is the heaven express train analogy. you get up to the engine & find the engineer is a monkey handing out lolly pops. Well we all know who the monkey is, except he is tossing around nukes instead. things are worse than one might imagine. Life may be suicidal, but at least i will try to avoid it being self-inflicted if possible.

But i can enjoy shooting bullets at the monkey. LOL.
Join me, it's a riot.