Crude oil continues to rise.

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Mr. 300's avatar

Mr. 300

Senior Member

3,090 posts
Apr 6, 2010 9:56 PM
Why is Obama filling the pockets of Big Oil???


http://www.wtrg.com/daily/crudeoilprice.html
Oil and gasoline prices barely budged Tuesday, as traders took a break from a recent rally driven by signs of an improving economy.

Benchmark crude for May delivery rose 22 cents to settle at $86.84 a barrel on the New York Mercantile Exchange. Earlier prices touched a new 18-month high of $87.09 a barrel. Oil prices have climbed 24 percent since February.

Crude traded between $69 and $84 for about nine months before breaking above that range last week. On Monday, reports showed improvements in services businesses and in the housing market.
http://finance.yahoo.com/news/Oil-prices-settle-a-little-apf-4112335196.html?x=0&sec=topStories&pos=7&asset=&ccode=
Apr 6, 2010 9:56pm
tk421's avatar

tk421

Senior Member

8,500 posts
Apr 6, 2010 10:11 PM
If it was Bush's fault when he was President, it must be Obama's fault now.
Apr 6, 2010 10:11pm
IggyPride00's avatar

IggyPride00

Senior Member

6,482 posts
Apr 6, 2010 10:14 PM
Nice to see supply and demand fundamentals being reflected in in market prices like this. :rolleyes:
Apr 6, 2010 10:14pm
Mr. 300's avatar

Mr. 300

Senior Member

3,090 posts
Apr 6, 2010 10:16 PM
tk421 wrote: If it was Bush's fault when he was President, it must be Obama's fault now.
+1
Apr 6, 2010 10:16pm
W

WebFire

Go Bucks!

14,779 posts
Apr 6, 2010 10:22 PM
IggyPride00 wrote: Nice to see supply and demand fundamentals being reflected in in market prices like this. :rolleyes:
Let's see the numbers.
Apr 6, 2010 10:22pm
ptown_trojans_1's avatar

ptown_trojans_1

Moderator

7,632 posts
Apr 6, 2010 10:24 PM
tk421 wrote: If it was Bush's fault when he was President, it must be Obama's fault now.
Hey, at least it is consistent.

Just like the people were wrong linking it to Bush, people are wrong linking it to Obama. There are more factors, such as foreign supply and demand, that matter.
Apr 6, 2010 10:24pm
tk421's avatar

tk421

Senior Member

8,500 posts
Apr 6, 2010 10:30 PM
I'm not buying supply and demand anymore. The price is being artificially driven up. Demand is down and supply is up, yet prices still rise.
Apr 6, 2010 10:30pm
David St. Hubbins's avatar

David St. Hubbins

Senior Member

205 posts
Apr 6, 2010 10:34 PM
Oil also rises along with gold when the dollar loses value since it is a good hedge against inflation.
Apr 6, 2010 10:34pm
LJ's avatar

LJ

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16,351 posts
Apr 6, 2010 10:35 PM
David St. Hubbins wrote: Oil also rises along with gold when the dollar loses value since it is a good hedge against inflation.
Oil is also priced globally in USD and the price is global, so the US supply and demand is only a part of the equation.
Apr 6, 2010 10:35pm
Cleveland Buck's avatar

Cleveland Buck

Troll Hunter

5,126 posts
Apr 6, 2010 10:35 PM
Get used to it. The dollar is going to take a big shit here soon.
Apr 6, 2010 10:35pm
IggyPride00's avatar

IggyPride00

Senior Member

6,482 posts
Apr 6, 2010 10:49 PM
I was being sarcastic in my first post. Supply and Demand have very little to do with the price of oil anymore, and you can guarandamtee that whatever financial regulation reform will keep it that way.

The dollar can't even be blamed for the recent run-up, because it has actually been quite strong recently because of the Euro's problems.
Apr 6, 2010 10:49pm
Glory Days's avatar

Glory Days

Senior Member

7,809 posts
Apr 6, 2010 11:04 PM
tk421 wrote: I'm not buying supply and demand anymore. The price is being artificially driven up. Demand is down and supply is up, yet prices still rise.
now i dont know the numbers, but its getting close to summer, demand should be up.
Apr 6, 2010 11:04pm
F

Footwedge

Senior Member

9,265 posts
Apr 7, 2010 1:24 AM
IggyPride00 wrote: . Supply and Demand have very little to do with the price of oil anymore,
Agreed. It has a lot more to do (price of oil) with what the conglomerate speculators want to do. Just another ballon to inflate.
Apr 7, 2010 1:24am
believer's avatar

believer

Senior Member

8,153 posts
Apr 7, 2010 3:46 AM
^^^We agree on something. While world wide demand is down, oil prices are being driven up artificially by speculators in anticipation of economic rebound. The problem is by driving up the cost of oil in a down economy I have to believe that this will have the effect of sustaining an already weak economy.

Sooner or later oil prices will have to stabilize or drop to stimulate more demand.
Apr 7, 2010 3:46am