| Topic: |
Politics > Politics-USA |
| User: |
"911.com" |
| Date: |
31 Aug 2007 09:15:19 AM |
| Object: |
Rise in Jobless Claims fuels Gas Price Hike |
Oil jumps nearly $1 on storm worries
http://money.cnn.com/2007/08/31/markets/oil.ap/index.htm?section=money_topstories
Crude futures climb on concerns about a tropical system that could
threaten oil and gas installations in the Gulf of Mexico.
August 31 2007: 9:35 AM EDT
SINGAPORE (AP) -- Energy futures rose Friday on concerns of
a tropical storm system forming in the Atlantic.
Light, sweet crude for October delivery rose 92 cents to $74.28 a barrel
in electronic trading on the New York Mercantile Exchange.
Natural gas futures rose 6.4 cents to $5.699 per 1,000 cubic feet.
September gasoline rose 0.14 cents to $2.0815 a gallon,
and heating oil added 0.89 cents to $2.0373
Energy investors bid prices higher any time a tropical storm
or hurricane threatens oil and gas installations in the Gulf of Mexico.
The Nymex contract had fallen 15 cents a barrel Thursday on
concerns about the prospect of weakening demand after
second-quarter gross domestic product in the U.S. rose
4 percent - slower than many analysts had expected.
Jobless claims also rose unexpectedly last week to the
highest level since spring.
Energy investors worry that a slower economy means less demand
for oil and gasoline.
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| User: "The Vicar" |
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| Title: Re: Rise in Jobless Claims fuels Gas Price Hike |
31 Aug 2007 11:13:52 AM |
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"911.com" <bush@911.com> wrote in message
news:13dg8jn7vmh0q95@corp.supernews.com...
Oil jumps nearly $1 on storm worries
http://money.cnn.com/2007/08/31/markets/oil.ap/index.htm?section=money_topstories
Crude futures climb on concerns about a tropical system that could
threaten oil and gas installations in the Gulf of Mexico.
August 31 2007: 9:35 AM EDT
SINGAPORE (AP) -- Energy futures rose Friday on concerns of
a tropical storm system forming in the Atlantic.
Light, sweet crude for October delivery rose 92 cents to $74.28 a barrel
doesnt that sound delicious?
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| User: "The Trucker" |
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| Title: Re: Rise in Jobless Claims fuels Gas Price Hike |
31 Aug 2007 10:21:45 AM |
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On Fri, 31 Aug 2007 14:15:19 +0000, 911.com wrote:
Oil jumps nearly $1 on storm worries
http://money.cnn.com/2007/08/31/markets/oil.ap/index.htm?section=money_topstories
Crude futures climb on concerns about a tropical system that could
threaten oil and gas installations in the Gulf of Mexico.
August 31 2007: 9:35 AM EDT
SINGAPORE (AP) -- Energy futures rose Friday on concerns of
a tropical storm system forming in the Atlantic.
Light, sweet crude for October delivery rose 92 cents to $74.28 a barrel
in electronic trading on the New York Mercantile Exchange.
Natural gas futures rose 6.4 cents to $5.699 per 1,000 cubic feet.
September gasoline rose 0.14 cents to $2.0815 a gallon,
and heating oil added 0.89 cents to $2.0373
Energy investors bid prices higher any time a tropical storm
or hurricane threatens oil and gas installations in the Gulf of Mexico.
The Nymex contract had fallen 15 cents a barrel Thursday on
concerns about the prospect of weakening demand after
second-quarter gross domestic product in the U.S. rose
4 percent - slower than many analysts had expected.
Jobless claims also rose unexpectedly last week to the
highest level since spring.
Energy investors worry that a slower economy means less demand
for oil and gasoline.
I wonder if "energy investors" are really as stupid as this article makes
them out to be? For all I know the article is correct and these
"investors" are bidding up the price because they think the economy is
going into a slump and less energy will be needed. That would simply say
that the "investors" are stupid. The fact is that oil prices (3 month
average) are a reflection of the value of the dollar. As the Fed creates
more dollars and throws them at the housing bubble, the value of the
dollar declines and the price of oil as measured in dollars rises. The
other central banks, not wanting to lose market share in global markets
also adjust the value of their currencies following the dollar. The
dollar has and will continue to lose value against other fiat currencies.
But they will all lose value in relation to oil, land, gold, etc.
___________________________________________________
--
"I know no safe depository of the ultimate powers
of society but the people themselves; and
if we think them not enlightened enough to
exercise their control with a wholesome
discretion, the remedy is not to take it from
them, but to inform their discretion by
education." - Thomas Jefferson
http://GreaterVoice.org
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| User: "Richard" |
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| Title: Re: Rise in Jobless Claims fuels Gas Price Hike |
31 Aug 2007 10:44:30 AM |
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The Trucker wrote:
On Fri, 31 Aug 2007 14:15:19 +0000, 911.com wrote:
Oil jumps nearly $1 on storm worries
http://money.cnn.com/2007/08/31/markets/oil.ap/index.htm?section=money_topstories
Crude futures climb on concerns about a tropical system that could
threaten oil and gas installations in the Gulf of Mexico.
August 31 2007: 9:35 AM EDT
SINGAPORE (AP) -- Energy futures rose Friday on concerns of
a tropical storm system forming in the Atlantic.
Light, sweet crude for October delivery rose 92 cents to $74.28 a barrel
in electronic trading on the New York Mercantile Exchange.
Natural gas futures rose 6.4 cents to $5.699 per 1,000 cubic feet.
September gasoline rose 0.14 cents to $2.0815 a gallon,
and heating oil added 0.89 cents to $2.0373
Energy investors bid prices higher any time a tropical storm
or hurricane threatens oil and gas installations in the Gulf of Mexico.
The Nymex contract had fallen 15 cents a barrel Thursday on
concerns about the prospect of weakening demand after
second-quarter gross domestic product in the U.S. rose
4 percent - slower than many analysts had expected.
Jobless claims also rose unexpectedly last week to the
highest level since spring.
Energy investors worry that a slower economy means less demand
for oil and gasoline.
I wonder if "energy investors" are really as stupid as this article makes
them out to be? For all I know the article is correct and these
"investors" are bidding up the price because they think the economy is
going into a slump and less energy will be needed. That would simply say
that the "investors" are stupid. The fact is that oil prices (3 month
average) are a reflection of the value of the dollar. As the Fed creates
more dollars and throws them at the housing bubble, the value of the
dollar declines and the price of oil as measured in dollars rises. The
other central banks, not wanting to lose market share in global markets
also adjust the value of their currencies following the dollar. The
dollar has and will continue to lose value against other fiat currencies.
But they will all lose value in relation to oil, land, gold, etc.
If greedy entrepreneurs want to have fun playing dice
with volatility surfing they should stick to selling
Ferraris and Gucci bags, but they shouldn't play dice
with other people's pensions, social security, health care,
electric rates,... and all the other basic infrastructures
people need to maintain a civilized standard of living.
Infrastructures should be based on reliable projections
by buffering volatility with solid reserves, something
the gas-oil, electric and insurance companies and
the social security system have abandoned since
Bush took office in favor of deregulated "free market"
adjustable rate pricing.
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