Oil prices set new record

The Associated Press reprtes, "Oil futures shot above $140 Thursday after OPEC's president said oil prices could rise well above $150 a barrel this year and Libya said it may cut oil production.

Light, sweet crude for August delivery rose as high as $140.39 in afternoon trading on the New York Mercantile Exchange before retreating slightly to trade up $5.53 at $140.08. Final prices weren't available, but crude appeared headed to a record settlement."

Comments

[Raymond]

the truth about the oil problems

Ok people here it is all the truth you can handle. its about 40 min long, but start at 29 min and that's where they are really getting into the nuts and bolts of the problem. you see your being lied to and here is the proof.

http://www.c-spanarchives.org/library/index.php?main_page=product_video_info&products_id=206134-1&showVid=true

[spocK]

Raymond, thank you for the view. We all know it's the wild speculation that's creating this bubble, no different than the housing or tech bubbles. The problem with the panel's argument is simply trying to pass any of their proposed legislature. "Disposing of their positions in an orderly fashion" will not happen without a lengthy legal battle from those investors and the oil producers sharing the profits...let alone an obvious veto from W. I don't believe restricting a free market is a path congress wants to take. Unfortunate, yes, but we are not socialists. For this market to function correctly, speculators need a reason to leave. That comes from either reducing demand or increasing supply. Since we are a dependent nation and environmentally conscious, it makes more sense to take steps to permanently reduce demand. With such a limited resource, it's the only logical endgame.

[Tino]

The anti-free markets crowd is naive to the fact that if the US decides to curb trading, it will just move to the international markets.

Look at New York vs London in IPOs. International companies are preferring to list on other exchanges than ours due to the massive increase in regulations.

The New York and Chicago financial centers will be hit hard with the loss of trading, and London and Dubai will get even more of our money.

Isn't that what the socialists want? Utter destruction of the American economy?