Oil's at $70 - New England Patriots Forums

Real World · 06-05-2009, 11:40 AM

The run on commodities is gaining steam.

Oil prices briefly above $70 on US jobs data

New US jobs data sends oil prices briefly above $70 per barrel

George Jahn, Associated Press Writer
On Friday June 5, 2009, 10:09 am EDT

VIENNA (AP) -- Oil prices spiked briefly above $70 per barrel on Friday for the first time since October on the back of a U.S. Labor Department report that showed the pace of layoffs eased in May.

The unemployment rate, at 9.4 percent, is still the highest in over 25 years. But the 345,000 loss in payrolls in May was better than previous months and strengthened hopes that the recession in the world's largest economy may be bottoming out.

Benchmark crude for July delivery hit $70.32 per barrel, the highest since October, after the data. It then fell back to $69.70 a barrel by afternoon in European electronic trading on the New York Mercantile Exchange. On Thursday the contract shot up $2.69 to settle at $68.81.

Crude's stellar rise -- it now fetches roughly twice what it did only four months ago -- is leading analysts to revise forecasts upward, with many now saying they expect a barrel to cost $80 or more by year's end.

Crude prices have been boosted by expectations that the U.S. economy could be stabilizing and by some investors' appetite for oil and other commodities as a hedge against a weak dollar.

http://finance.yahoo.com/news/Oil-pr...9561.html?.v=9

***shmessy*** · 06-05-2009, 02:41 PM

......just the beginning.

***BelichickFan*** · 06-05-2009, 02:55 PM

Well nothing much is going on with alternatives. There's no new drilling. No plans for nukes. We're at a standstill so, yeah, get used to it.

scott c · 06-05-2009, 03:22 PM

Quote:

Originally Posted by BelichickFan

Well nothing much is going on with alternatives. There's no new drilling. No plans for nukes. We're at a standstill so, yeah, get used to it.

Greedy speculators going for whatever they can bleed us for AGAIN.....

***BelichickFan*** · 06-05-2009, 03:24 PM

Quote:

Originally Posted by scott c

Greedy speculators going for whatever they can bleed us for AGAIN.....

The speculation is due to an expectation of higher demand as economies, hopefully, pick up.

I want :

Drilling.
Nukes.
Natural Gas for Vehicles.

Let's go, obama, nothing is happening.

***shmessy*** · 06-05-2009, 03:28 PM

Quote:

Originally Posted by BelichickFan

The speculation is due to an expectation of higher demand as economies, hopefully, pick up.

I want :

Drilling.
Nukes.
Natural Gas for Vehicles.

Let's go, obama, nothing is happening.

I want to put the Arab/Iranian/Venezuelan/Russian despots out of business.

***BelichickFan*** · 06-05-2009, 03:36 PM

Quote:

Originally Posted by shmessy

I want to put the Arab/Iranian/Venezuelan/Russian despots out of business.

Great - but nothing's happening.

Zilch.

***shmessy*** · 06-05-2009, 03:39 PM

Quote:

Originally Posted by BelichickFan

Great - but nothing's happening.

Zilch.

There is a huge push towards alternative energy that is happening. The first time EVER, the US has a SCIENTIST (not OIL Company Executive) as Energy Secretary and Waxman knocked out Dingell in an intraparty coup for chairmanship of the House Committee on Energy.

All this has happened in the past 5 months.

The wheels are in gear, but it's not like flipping a switch.

***BelichickFan*** · 06-05-2009, 04:03 PM

Quote:

Originally Posted by shmessy

The wheels are in gear, but it's not like flipping a switch.

We could flip a switch and start building nuke plants.
We could flip a switch and start drilling our own oil.
We could flip a switch and start having more cars/trucks running on natural gas.

No switches are flipping.

***BelichickFan*** · 06-05-2009, 04:04 PM

Quote:

Originally Posted by shmessy

There is a huge push towards alternative energy that is happening. The first time EVER, the US has a SCIENTIST (not OIL Company Executive) as Energy Secretary and Waxman knocked out Dingell in an intraparty coup for chairmanship of the House Committee on Energy.

All this has happened in the past 5 months.

That's bureaucracy. Other than names changes, what has HAPPENED ???