Oil Rises Above $144 as ECB Rate Gain May Spur Buying

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GasBuddy News Article

Oil Rises Above $144 as ECB Rate Gain May Spur Buying Thursday, July 03, 2008
Bloomberg -- July 3 (Bloomberg) -- Crude oil rose to a record above $144 a barrel in New York as the European Central Bank is poised to increase interest rates and U.S. stockpiles unexpectedly fell to their lowest since January. Economists are forecasting the ECB will raise its 4 percent benchmark rate by a quarter percentage point today, weakening the dollar and spurring commodity buying as an inflation hedge. Investors are purchasing oil, which has doubled this past year, as U.S. equities slump, with the Standard & Poor's 500 Index falling yesterday to its lowest level in two years.
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JT Moderator	Message Posted: 7/3/2008 7:32:38 AM	Ignore JT Report Abuse
	Thursday, July 03, 2008 Bloomberg -- July 3 (Bloomberg) -- Crude oil rose to a record above $144 a barrel in New York as the European Central Bank is poised to increase interest rates and U.S. stockpiles unexpectedly fell to their lowest since January. Economists are forecasting the ECB will raise its 4 percent benchmark rate by a quarter percentage point today, weakening the dollar and spurring commodity buying as an inflation hedge. Investors are purchasing oil, which has doubled this past year, as U.S. equities slump, with the Standard & Poor's 500 Index falling yesterday to its lowest level in two years. Visit Bloomberg for full article

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Don20 Champion Author Oklahoma City Posts:1,302 Points:970,330 Joined:Mar 2005	Message Posted: 7/4/2008 7:51:58 AM	Ignore Don20 Report Abuse
	Some small business are in hurts vill, with the price of gas.
Sealer Champion Author Charleston Posts:2,276 Points:255,630 Joined:Jan 2008	Message Posted: 7/4/2008 7:32:21 AM	Ignore Sealer Report Abuse
	Global demand is rising faster than global supply. Prices will rise until this trend reverses.
BMWer Sophomore Author Calgary Posts:204 Points:398,825 Joined:Dec 2003	Message Posted: 7/4/2008 7:29:10 AM	Ignore BMWer Report Abuse
	can you say resession
Egor Champion Author Regina Posts:1,164 Points:538,910 Joined:Aug 2005	Message Posted: 7/4/2008 7:24:38 AM	Ignore Egor Report Abuse
	Let's see. This story says that the US economy is going into the crapper. Because of this, investors are dumping all of their money into oil. Because of this, they are hurting the worlds ecomonies and hurting businesses all over the world. So, for that past while, everyone (especially economists) have been denying that the market is driving the price up. We have known better and been saying so. Now this story comes right out and says that is what is going on. So, there is no more denying it!!!. However, now they are bringing down the world's econony, just like the mess they made with junk mortgages. What we have here folks are a bunch of investment addicts. They are no better than gambler and junkies. It is time to take them all out of the investment pits and put them in the Betty Ford Clinic (or out of whatever trading houses elsewhere in the world to whatever rehab is out in the rest of the world).
Netscaper113 Champion Author New York City Posts:5,379 Points:1,051,725 Joined:Aug 2005	Message Posted: 7/4/2008 7:23:46 AM	Ignore Netscaper113 Report Abuse
	ouch
design_guy06 Champion Author Ontario Posts:3,820 Points:750,025 Joined:Aug 2006	Message Posted: 7/4/2008 7:18:27 AM	Ignore design_guy06 Report Abuse
	I'm with ya Knuckles, BOOOO!
knuckels08 Sophomore Author Kentucky Posts:100 Points:19,300 Joined:Jun 2008	Message Posted: 7/4/2008 7:17:05 AM	Ignore knuckels08 Report Abuse
	booooooooooo
buckoMD Champion Author Maryland Posts:1,643 Points:396,195 Joined:Jul 2007	Message Posted: 7/4/2008 7:15:37 AM	Ignore buckoMD Report Abuse
	kidmikey, the price of candles went up too, just before Edison invented the light bulb. They tried to raise the price after that also, but it didn't help sales.
dopster All-Star Author Toledo Posts:549 Points:846,825 Joined:Aug 2004	Message Posted: 7/4/2008 7:13:59 AM	Ignore dopster Report Abuse
	Because of higher shipping costs(fuel), some American companies are receiving preference for their products. Would sure like to see jobs come back to this country as a result.
kidmikey37 All-Star Author Texas Posts:514 Points:137,770 Joined:Apr 2008	Message Posted: 7/4/2008 7:12:09 AM	Ignore kidmikey37 Report Abuse
	i hope theres a stopping point
bug27 Champion Author Kentucky Posts:1,738 Points:1,128,950 Joined:Apr 2005	Message Posted: 7/4/2008 7:10:59 AM	Ignore bug27 Report Abuse
	Yadda, yadda, yadda...........as if they need an excuse to raise oil prices.
Masercal Champion Author Michigan Posts:1,266 Points:297,110 Joined:Oct 2007	Message Posted: 7/4/2008 7:10:47 AM	Ignore Masercal Report Abuse
	No real competition for oil is keeping prices higher.
mrkel Champion Author Cincinnati Posts:1,538 Points:768,325 Joined:Apr 2006	Message Posted: 7/4/2008 7:09:20 AM	Ignore mrkel Report Abuse
	There is no new news?
Itsme Sophomore Author Pennsylvania Posts:244 Points:217,020 Joined:Mar 2003	Message Posted: 7/4/2008 7:07:44 AM	Ignore Itsme Report Abuse
	One of the only ways I see things getting any better in the short-term is if people stop shopping places like Wal-Mart that sell primarily foreign merchandise and start purchasing merchandise made in the U.S. (which is getting harder and harder to find). I believe if people joined together and did this that the value of the dollar would increase and hopefully consumer prices would be able to decrease. This cannot be accomplished unless the American people stick together with the same goal in mind.
bbreff Champion Author Atlanta Posts:1,850 Points:981,915 Joined:Jun 2005	Message Posted: 7/4/2008 7:06:42 AM	Ignore bbreff Report Abuse
	old news
mwhals Champion Author Charleston Posts:4,586 Points:776,390 Joined:Jun 2006	Message Posted: 7/4/2008 7:04:46 AM	Ignore mwhals Report Abuse
	Up, up, up go the prices!
Itsme Sophomore Author Pennsylvania Posts:244 Points:217,020 Joined:Mar 2003	Message Posted: 7/4/2008 7:01:25 AM	Ignore Itsme Report Abuse
	We need new laws for investors.
nd73 Veteran Author Grand Rapids Posts:338 Points:215,670 Joined:May 2007	Message Posted: 7/4/2008 6:53:47 AM	Ignore nd73 Report Abuse
	The US economy needs a reality check, not this shell game.
nd73 Veteran Author Grand Rapids Posts:338 Points:215,670 Joined:May 2007	Message Posted: 7/4/2008 6:50:32 AM	Ignore nd73 Report Abuse
	Smoke and mirrors on Wall St. This does nothing to spur the economy.
BoerneWatch Champion Author San Antonio Posts:6,131 Points:785,660 Joined:Oct 2005	Message Posted: 7/4/2008 6:43:28 AM	Ignore BoerneWatch Report Abuse
	Just like the real estate market. The price is hitting a ceiling and everyone knows it, but still speculate. This bubble will burst and burst big.
scrounger Champion Author Vancouver Posts:6,064 Points:1,643,320 Joined:Mar 2003	Message Posted: 7/4/2008 6:40:05 AM	Ignore scrounger Report Abuse
	take oil out of the commodities arena
AlaRedNeck All-Star Author Kansas Posts:932 Points:165,425 Joined:Apr 2008	Message Posted: 7/4/2008 6:40:00 AM	Ignore AlaRedNeck Report Abuse
	it doesn't matter how much we cut demand. Refineries will just cut production to keep prices high. We aren't gonna win this one.
CheapoBob Champion Author Alabama Posts:1,176 Points:912,185 Joined:Apr 2005	Message Posted: 7/4/2008 6:39:47 AM	Ignore CheapoBob Report Abuse
	bunch of crooks
tazdriver Champion Author Alabama Posts:2,087 Points:527,035 Joined:Jan 2007	Message Posted: 7/4/2008 6:39:40 AM	Ignore tazdriver Report Abuse
	Oil will never be expensive again after the oil bust which is coming.
spunky4443 All-Star Author Washington Posts:931 Points:412,380 Joined:May 2005	Message Posted: 7/4/2008 6:38:54 AM	Ignore spunky4443 Report Abuse
	Come on Bush, quit ignoring the Public, do something with the Speckulators.
ILBCNU All-Star Author Michigan Posts:805 Points:300,710 Joined:Aug 2005	Message Posted: 7/4/2008 6:38:14 AM	Ignore ILBCNU Report Abuse
	amearly, it sucks, but it's true!
amearly Champion Author Michigan Posts:3,765 Points:817,865 Joined:Jan 2006	Message Posted: 7/4/2008 6:34:08 AM	Ignore amearly Report Abuse
	And still demand will be down on one of the major Hoildays and price still will be going up.
HockeyLady Champion Author New Jersey Posts:1,106 Points:896,610 Joined:Jun 2005	Message Posted: 7/4/2008 6:32:11 AM	Ignore HockeyLady Report Abuse
	we gotta' get some alternatives so we are not hostage to the mid east
techque Veteran Author St. Louis Posts:453 Points:916,920 Joined:Apr 2005	Message Posted: 7/4/2008 6:22:01 AM	Ignore techque Report Abuse
	this isn't supply and demand. this is a conspiracy to destroy the western economy.
bluebird1 Champion Author Toronto Posts:7,122 Points:1,454,150 Joined:May 2004	Message Posted: 7/4/2008 6:20:19 AM	Ignore bluebird1 Report Abuse
	Yes, everything is slumping except some commodities like Oil. Surprised if demand has really dropped why oil stockpiles fell in the US (demand is down in Canada even more).
mosensible Sophomore Author Los Angeles Posts:160 Points:96,355 Joined:Mar 2008	Message Posted: 7/4/2008 6:19:52 AM	Ignore mosensible Report Abuse
	If you grew up in the 50's, you know that the world has changed. Back then, most economic activity involved what we might call the necessities of life. When prices went up, there was only so much we could do to curtail purchases. Today, it's a lot different. We now have a huge number of multi-billion dollar businesses that are entirely nonessential. Things like video games, cable and satellite TV, cellphone ring tones, designer jeans, tatoos, exotic vacations, and pet therapists are now considered the domain of the middle class, but, hey folks, we don't have to do or have any of these things. We can just stay home and read books, and thereby kill trillions of dollars of economic activity. That was not possible 60 years ago. When this happens, there will be a lot less energy consumed.
mysub All-Star Author Las Vegas Posts:827 Points:673,905 Joined:Apr 2006	Message Posted: 7/4/2008 6:18:54 AM	Ignore mysub Report Abuse
	Thank your politicians.
mhoward20 Sophomore Author Virginia Beach Posts:192 Points:40,130 Joined:May 2008	Message Posted: 7/4/2008 6:12:52 AM	Ignore mhoward20 Report Abuse
	You tell 'em weenerdog!
weenerdog Champion Author Detroit Posts:1,406 Points:257,060 Joined:Jan 2008	Message Posted: 7/4/2008 6:11:42 AM	Ignore weenerdog Report Abuse
	This is where the buy-high-sell-low crowd gets into the market. They are the suckers who provide the return on the investement for others who have been in it.
Toppers All-Star Author Atlanta Posts:657 Points:813,400 Joined:Mar 2005	Message Posted: 7/4/2008 6:11:41 AM	Ignore Toppers Report Abuse
	Ya think?
waterman71 Veteran Author Michigan Posts:446 Points:78,615 Joined:Dec 2007	Message Posted: 7/4/2008 6:08:31 AM	Ignore waterman71 Report Abuse
	People put money where the returns are, but when it crashes look out
AnObserver Champion Author New Jersey Posts:1,389 Points:815,815 Joined:Sep 2005	Message Posted: 7/4/2008 6:07:03 AM	Ignore AnObserver Report Abuse
	Up up and away
gch42 Champion Author Georgia Posts:1,616 Points:405,225 Joined:Feb 2006	Message Posted: 7/4/2008 6:00:04 AM	Ignore gch42 Report Abuse
	Looks like the purchase as a "hedge against inflation" is what is causing the inflation. 1929, here we come...
AuburnTim Champion Author Indiana Posts:1,149 Points:329,020 Joined:May 2005	Message Posted: 7/4/2008 5:57:05 AM	Ignore AuburnTim Report Abuse
	Don't forget to send your congressman a thank you note!
deanjk Veteran Author Arkansas Posts:286 Points:82,935 Joined:Apr 2008	Message Posted: 7/4/2008 5:57:00 AM	Ignore deanjk Report Abuse
	do ya think??
weenerdog Champion Author Detroit Posts:1,406 Points:257,060 Joined:Jan 2008	Message Posted: 7/4/2008 5:48:43 AM	Ignore weenerdog Report Abuse
	No reason why it cannot hit $150, we are just a day or two away with these $4 increases.
HybridPete Champion Author Detroit Posts:1,171 Points:235,845 Joined:Jan 2008	Message Posted: 7/4/2008 5:46:51 AM	Ignore HybridPete Report Abuse
	Scary!!!
4warned All-Star Author Michigan Posts:996 Points:574,965 Joined:Nov 2006	Message Posted: 7/4/2008 5:46:51 AM	Ignore 4warned Report Abuse
	They said it might make $150 by the fourth of July, close.
Cachase1 Champion Author Oklahoma City Posts:2,920 Points:709,230 Joined:Aug 2003	Message Posted: 7/4/2008 5:44:51 AM	Ignore Cachase1 Report Abuse
	It's a conspiracy I tell ya.
Gassie1 Champion Author Akron Posts:4,171 Points:521,135 Joined:Apr 2007	Message Posted: 7/4/2008 5:44:03 AM	Ignore Gassie1 Report Abuse
	Still proud to be an American, just broke! [Edited by: Gassie1 at 7/4/2008 8:44:30 AM EST]
FieroGT Champion Author Twin Cities Posts:5,921 Points:1,055,570 Joined:Mar 2005	Message Posted: 7/4/2008 5:42:44 AM	Ignore FieroGT Report Abuse
	It sure seems that bin Laden has us by the short hairs.
WonderfulMI Champion Author Michigan Posts:1,315 Points:118,445 Joined:Jun 2008	Message Posted: 7/4/2008 5:41:16 AM	Ignore WonderfulMI Report Abuse
	As long as you are ranting pro-Bush and anti-Bush, I will weigh in. I am a fiscal conservative. I am shocked by so called "conservatives" who spend more money than they take in. You have all heard of the "Tax & spend Liberal", right. At least, that is fiscally conservative. What is wildly dangerous is the "Don't Tax & Still spend Conservative". By running the country into debt, we have undermined our national security. We cannot afford to pay for what we have borrowed irresponsible. I have never borrowed one cent, or paid any interest. I own my house, my car, and all my belongings, and no, I did not inherit anything either. I never had student loans. I got it the old fashioned way, I worked for it. I pay for my own private health insurance. I just paid my property taxes ($4,000+). I owe no debts. I am in favor of clean green energy, because it is the closest thing to perpetual motion. Hydroelectric, wind, solar, ocean current (such as Norway uses) are all viable. I support this. If this make me a "tree-hugging liberal democrat left-winger" in your eyes, and you still want (1) to NOT tax add STILL spend, (2) to pursue the dead-end energy policy of pumping oil, (3) deride all alternative energy proponents as liberals, you are sadly mistaken. A true conservative does not depend on "the government" to bail his sorry a** every time he screws up.
cableman31 All-Star Author New York Posts:547 Points:385,420 Joined:May 2004	Message Posted: 7/4/2008 5:40:55 AM	Ignore cableman31 Report Abuse
	Bush is loving every minute.
no_monkey2002 All-Star Author Tallahassee Posts:653 Points:492,605 Joined:Mar 2006	Message Posted: 7/4/2008 5:40:24 AM	Ignore no_monkey2002 Report Abuse
	they will stop only when the oil gives out
EXTREMESNOW All-Star Author Oregon Posts:956 Points:266,110 Joined:Jul 2006	Message Posted: 7/4/2008 5:38:57 AM	Ignore EXTREMESNOW Report Abuse
	I GUESS UNTIL CONGRESS CAN'T AFFORD TO GO ON THIER VACATIONS THEY WONT GET MUCH DEBATE IN ON HOW TO SOLVE THIS DISASTER. WELL MAYBE THEY ARE TAKING LESSONS FROM FEMA AND ARE JUST A LITTLE SLOW TO GETTING AROUND TO WORKING ON THE PROBLEM!