Oil above $126, gold at new high - Telegraph
I like this comment:
All I can say is I'm into oil and gold big time, so thanks everyone for making me a millionaire.
I like this comment:
"Unrest in the Arab world has added a $20-25 premium to oil prices since the toppling of regimes in Tunisia and Egypt in the last few months, said Mike Wittner, head of commodities research at Societe Generale"
So tell me Mr. Witter, in the last 200 odd years when has there not been unrest in the Arab world?
I find it interesting that when these flare ups happen in one or another of these "Arab" nations the financial world goes into hyper drive, oil speculators speculate and drive the price up and in a few months or at worst a year it all settles down again and goes back to where it was or less than when it flared up.
So when one examines the real long term impact on the actual supply volume protracted over lets say a five year period the indcident has little or no effect at all on the actual amount of oil in play.
Meanwhile the press write articles headlining like "Oil will hit $150 if Gadaffi farts during Friday prayers" Or "Chaves says he will nationalize ball scratching if foreign companies reject the new Ball Scratching tax"
Most if not all the wild fluctuations in oil price are caused by rich people (individuals and countries) manipulating the market and none is related to the cost of research, drilling and extraction of the commodity itself. So what does that tell us about the current situation, well Gadaffi will eventually either bugger off into exile, or a stray Tommahawk will blow him off the WC one morning, the Libyan "Emergency" will be yesterdays news, oil will drop back to between $85 and $95 a barrel and we, the suckers who have to pay the inflated prices for everything linked to the price of oil, will have once again contributed to the wealth of some oil speculator or corrupt regime that has, in the mean time provided no added benefit to society at all.
What a world!
So tell me Mr. Witter, in the last 200 odd years when has there not been unrest in the Arab world?
I find it interesting that when these flare ups happen in one or another of these "Arab" nations the financial world goes into hyper drive, oil speculators speculate and drive the price up and in a few months or at worst a year it all settles down again and goes back to where it was or less than when it flared up.
So when one examines the real long term impact on the actual supply volume protracted over lets say a five year period the indcident has little or no effect at all on the actual amount of oil in play.
Meanwhile the press write articles headlining like "Oil will hit $150 if Gadaffi farts during Friday prayers" Or "Chaves says he will nationalize ball scratching if foreign companies reject the new Ball Scratching tax"
Most if not all the wild fluctuations in oil price are caused by rich people (individuals and countries) manipulating the market and none is related to the cost of research, drilling and extraction of the commodity itself. So what does that tell us about the current situation, well Gadaffi will eventually either bugger off into exile, or a stray Tommahawk will blow him off the WC one morning, the Libyan "Emergency" will be yesterdays news, oil will drop back to between $85 and $95 a barrel and we, the suckers who have to pay the inflated prices for everything linked to the price of oil, will have once again contributed to the wealth of some oil speculator or corrupt regime that has, in the mean time provided no added benefit to society at all.
What a world!
All I can say is I'm into oil and gold big time, so thanks everyone for making me a millionaire.
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