Oil rises jump almost $7, (Fear not Americans, ANWR is still off-limits)

**megimoo** · 06-06-2008, 01:22 PM

Oil rises jump almost $7, closing in on record (Fear not Americans, ANWR is still off-limits)

Many investors tend to buy (oil) commodities as a hedge against inflation when the dollar is falling.

Also, a weaker dollar makes oil less expensive to investors dealing in other currencies. Analysts believe the dollar’s protracted decline has been a major reason why oil prices have nearly doubled in the past year.

The euro strengthened further against the greenback Friday. A Labor Department report showing the U.S. unemployment rate jumped half a percentage point to 5.5 percent last month — its biggest monthly increase since 1986 — could drag the greenback even lower in the days ahead.

NEW YORK - Oil prices shot up nearly $7 a barrel Friday, extending big gains from the previous day and racing toward an all-time high after a Morgan Stanley analyst predicted prices could hit $150 by the Fourth of July.
A further weakening of the dollar helped keep prices high by enticing overseas buyers armed with stronger currencies and other investors looking for a hedge against the greenback. Light, sweet crude for July delivery jumped as much as $6.96 to

http://www.msnbc.msn.com/id/12400801/$134.75 on the New York Mercantile Exchange, before easing slightly to trade at $134.40, up $6.61.
http://www.msnbc.msn.com/id/12400801/

**LogansPapa** · 06-06-2008, 01:39 PM

IT"S NOT WORLD DEMAND FOR THE COMODITY! IT"S NOT -IT"S NOT-IT"S NOT! I WON’T LET IT!. IF IT CAUSES ME PAIN - AS AN AMERICAN - IT’S WRONG AND I’M GOING TO GET VERY ANGRY AT YOU LITTLE PEOPLE IN ALL THOSE OVER-POPULATED COUNTRIES!!!

:mad:

**megimoo** · 06-06-2008, 03:03 PM

Originally Posted by LogansPapa

IT"S NOT WORLD DEMAND FOR THE COMODITY! IT"S NOT -IT"S NOT-IT"S NOT! I WON’T LET IT!. IF IT CAUSES ME PAIN - AS AN AMERICAN - IT’S WRONG AND I’M GOING TO GET VERY ANGRY AT YOU LITTLE PEOPLE IN ALL THOSE OVER-POPULATED COUNTRIES!!!

:mad:

Are you feeling well old man ??

**linda22003** · 06-06-2008, 03:31 PM

It's a wild day today, with oil prices up to $138.75/barrel, and the Dow down about 350 the last time I looked, with half an hour to go.

Vepr · 06-06-2008, 03:54 PM

Personally I think we should sit on our oil reserves as painful as it is. Oil is a finite commodity and we should make the most out of other people's oil before we start dipping into what we have left whether it is ANWR or shale oil etc. I do not think a lot of people realize just how much oil is ingrained in our daily lives. It is part of everything we do. If we do not have a viable alternative when it is gone we are in for a world of hurt and rapid decline back to a pre-industrial society but at populations far exceeding what they had then. The mass starvation will be ugly to say the least.

**Aklover** · 06-06-2008, 04:14 PM

Originally Posted by Vepr

Personally I think we should sit on our oil reserves as painful as it is. Oil is a finite commodity and we should make the most out of other people's oil before we start dipping into what we have left whether it is ANWR or shale oil etc. I do not think a lot of people realize just how much oil is ingrained in our daily lives. It is part of everything we do. If we do not have a viable alternative when it is gone we are in for a world of hurt and rapid decline back to a pre-industrial society but at populations far exceeding what they had then. The mass starvation will be ugly to say the least.

Oil is far from finite, most first world countries either inhibit accessing it or use their own to thier benefit by manipulating supply.

**LogansPapa** · 06-06-2008, 04:19 PM

Originally Posted by megimoo

Are you feeling well old man ??

HeY!! I'm not........um......oh - wait. I am old. Nevermind. :o

**LogansPapa** · 06-06-2008, 04:21 PM

Originally Posted by Vepr

Personally I think we should sit on our oil reserves as painful as it is. Oil is a finite commodity and we should make the most out of other people's oil before we start dipping into what we have left whether it is ANWR or shale oil etc. I do not think a lot of people realize just how much oil is ingrained in our daily lives. It is part of everything we do.

Bingo! Excellent perspective, and real too.:)

Vepr · 06-06-2008, 04:25 PM

Originally Posted by Aklover

Oil is far from finite, most first world countries either inhibit accessing it or use their own to thier benefit by manipulating supply.

There is not an endless supply of oil in the world so it is a finite resource unlike the sunlight. It is hard to tell when we will run out of easy to access crude oil that we can pump out of the ground but it will happen. We might still be able to access tar sands and shale oil but even with those the supply is not endless. At some point oil will run out we just do not know when. We had better have a decent alternative at that point though or the resounding crash of civilization will be deafening.