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Global tensions push crude to a new record
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Supply fears resulting from tensions over Iran's nuclear program along with North Korea's missile testing, which spooked international markets, caused oil to jump to a new record high of $75.19 per barrel.


Come on. At what point do you just say bullshit to these market reports. Shouldn’t this report read Oil Companies take advantage of geopolitical instabilities in Iran & North Korea and drive oil prices upward to a new record high of $75.19 per barrel?
Last edited by: Reparto Corse: Jul 5, 06 16:20
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Re: Global tensions push crude to a new record [Reparto Corse] [ In reply to ]
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I'm trying to think of something that doesn't cause oil to go up. I'm stumped.

Supply causes it to go up ... other energy sources would cause it to go up [even without the demand, prices would go up to allow the same profit]. Now matter what the situation ... oil prices go up.

Heck, if minimum wage kept up with the increase rates of inflation and oil, we'd have much, much, less poverty.

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Last edited by: TripleThreat: Jul 5, 06 16:35
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Re: Global tensions push crude to a new record [Reparto Corse] [ In reply to ]
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$2.89 --> $3.09/gallon here. Reporters speculating that's due to shortages from the Fourth of July weekend. Shrug.
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Re: Global tensions push crude to a new record [peter826] [ In reply to ]
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Gas in Canada is sold by the liter, which works out to about 4 liters to the gallon. On Friday, the day before our holiday, you had gas at 1.08/l, when it had been 97 cents the day before that, and is back to a dollar. It's called "you'r enot going to cancel your trip because it's 5 cents more a liter, so pay up!!"

What is strange is how supply of oil and gas is much higher than last year, yet the price of oil is still up. Then they talk about Iran. Then they talk about hurricanes. Well it is quite unlikely things will be worse than last year, and they got through it ok. Not unscathed, but survived. I've heard that the hedge funds are really playing this market, since they make their money by betting on cahnges in market levels. They don't care if it's up or down, just that they were right on which one happened.


"I can endure more pain than anyone you've ever met. That's why I can beat anyone I've ever met." Steve Prefontaine, Without Limits
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