GREED MARCHES ON
GREED MARCHES ON
So now we have a new President and so called Congress. On with the matters at hand and trying to stop the leaking economy. First of one of the fastest ways to help plug this leak would be with the Billions in Oil Royalty Monies to be paid that the oil companies owe us! Here we are trying to get some type of balance and the 7 sisters and friends are putting the Irons to us once again. Have you bothered to notice the creeping of gas prices going up once again! Didn’t think so!
Quick question, Who was the top retailer nationwide 6 months ago? Why Walmart of course, till they we dethroned by another retailer! Any guesses? Well would you believe it was good ole EXXON/MOBIL. NO SHIT SHERLOCK, How do you like that, at the height of all this turmoil they dethrone Walmart with a large hundreds of Billions in a quarterly profit.
They have laid low long enough, start the rise and huge profit again, who cares about you the people that own this land and they lease the rights to oil then rape us as bad as OPEC does. Gives you a warm and fuzzy feeling inside.
Maybe we should Nationalize Oil then as land owners we would get a check in profits, not a royal screwing like we are now. You should go back in my blogs and find the oil producing countries chart and look up how much there people pay for a gallon of gas, at it’s highest period they still paid less the $1.10 per gallon of gas. Go figure that one out, also just remember that we are an oil producing country as well.
Oil prices strike new high for 2009 above $71
By John Porretto, AP Energy Writer
HOUSTON — Oil prices surged to a new high for the year Wednesday with investors pouring money into crude markets as a hedge against inflation.
Adding to crude’s advance was government data that showed an uptick in demand for gasoline, yet given how much cheaper gas is compared to last year, the recession is clearly taking a toll on consumers and businesses.
Benchmark crude for July delivery rose $1.32 to settle at $71.33 a barrel in trading on the New York Mercantile Exchange after earlier touching $71.79. It was the second time in as many days that crude hit new heights this year at the close.
As U.S. currency has lost value over the past several months, crude prices have doubled largely from the influx of cash from Wall Street. Investors have used oil and other commodities as a hedge against a weak dollar.
The most recent government reports show that investors who are not buying and selling oil for commercial purposes, such as airlines who hedge energy costs, have entered the market and are betting crude oil is going to rise.
FIND MORE STORIES IN: New York Mercantile Exchange
Equity markets are rebounding on the belief that the worst of the recession is over and that has helped pull energy prices higher, said Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates.
“That kind of economic optimism easily feeds into expectations that oil demand will be coming back sooner than expected,” Ritterbusch said.
Crude and gasoline held in U.S. storage facilities tumbled last week, the government reported Wednesday, as Americans took to the road for the summer driving season.
Yet the country is still flush with gasoline and oil, and it’s the weak dollar that has driven crude prices higher for weeks.
The Energy Department’s Energy Information Administration said Tuesday that crude prices will likely average $67 a barrel in the second half of 2009, about $16 higher than the first six months of the year. A month ago, the EIA’s price-per-barrel forecast for the second half of 2009 was $55.
The EIA also predicted consumers will be paying $2.70 for a gallon of gasoline by July before prices level off.
In other Nymex trading, gasoline rose by 4.86 cents to settle at $2.0153 a gallon while heating oil settled at $1.8326 a gallon — up 2.5 cents. Natural gas for July delivery fell 2.3 cents to $3.708 per 1,000 cubic feet.
In London, Brent prices rose in tandem with Nymex crude, gaining $1.11 cents to $70.73 a barrel on the ICE Futures exchange. Trader and analyst Stephen Schork noted that “for the thirteenth time in the last 15 sessions, London crude for July delivery posted a new year-to-date high.”
WAKE UP, WAKE UP, WAKE UP !
Richard
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