Is Iran or Bin Laden driving up oil prices? by

[samintx]

buying futures and speculation? This would be a wonderful way for them to put the world in turmoil without firing a shot. Look what it did today and is supposed to go to 150.00 by July 4 and higher as we go along till it reaches 200.00.

[maco]

Ouch, that hurts.

Combined with rising unemployment.
http://www.marketwatch.com/news/story/tr...2787576%7D&dist=msr_12

Cooking The Books
http://www.deseretnews.com/article/1,514...38,00.html

Falling net worth.
http://money.cnn.com/2008/06/05/news/eco...topstories

[maco]

[quote samintx]buying futures and speculation? This would be a wonderful way for them to put the world in turmoil without firing a shot. Look what it did today and is supposed to go to 150.00 by July 4 and higher as we go along till it reaches 200.00.
Kind of thought that about invading Iraq, a victory for Bin Laden. Oil prices through the roof. The US in a quagmire in Iraq. Trillions of $$$'s to be spent on war.

http://www.nationalpriorities.org/costofwar_home
http://www.timesonline.co.uk/tol/comment...419840.ece
http://www.nytimes.com/2008/03/19/washin...9cost.html

Deficit spending causing the US dollar to tank.

Victory for Bin Laden

[Lux Interior]

No, oil prices went up because some douchebags at Morgan Stanley said they were going to go up.

http://biz.yahoo.com/ap/080606/oil_prices.html

I bet some buddies of the douchebags just happened to make a shitload of money today.

Self-fulfilling prophecies.

[samintx]

Lux, you are wrong again. If it was only that simple.

Short covering, longs getting in, Israel saying they will bomb Iran's nukes, the dollar vs the Euro. It is not just one thing, or simple.

[maco]

http://www.nzherald.co.nz/section/3/story.cfm?c_id=3&objectid=10512421&ref=rss

[OWC Jamie]

It's all McCain's fault.

[Acer]

[quote samintx]Lux, you are wrong again. If it was only that simple.

Short covering, longs getting in, Israel saying they will bomb Iran's nukes, the dollar vs the Euro. It is not just one thing, or simple.

No, it's not that simple, but there's a fair amount of unreasoned dollar chasing that goes on in futures markets as people look for any edge.

For example, in just the past week:

1. Fed guy says, "dollar looks stronger"-->oil prices drop immediately
2. Euro guys says, "dollar not really looking that strong" -->oil prices up immediately
3. Morgan Stanly, "oil going to be $150" --> oil prices approach records immediately

I don't know quite what to make of this, but that's an awful lot of volatility that is not directly to any supply-demand issue. How much of it is just an artifact of the futures market--a potentially devastating artifact that will net some people in the right place boatloads of cash while national economies implode?

[samintx]

Oil is paid in dollars and if the dollar goes down the oil price goes up because a US $1.00 doesn't buy a dollars worth of gas. The Saudis are thinking about pricing oil in Euros.

[samintx]

Even tho use of oil has slowed in USA it has not in countries that subsidize oil for their citizens like China and India. The price of oil is supposed to come down AFTER the China olympics when China stops subsidizing oil. I hope this is right.