Oil soars as Trump dumps Iran nuclear deal, dollar dips
Source: Reuters
MAY 8, 2018 / 9:24 PM / UPDATED 23 MINUTES AGO
Kit Rees
LONDON (Reuters) - Crude oil prices hit 3-1/2-year highs on Wednesday after President Donald Trump pulled the United States out of an international nuclear deal with Iran, while the dollar touched a new high for the year and world stocks held steady.
Trumps move sparked fears of increased tension in the Middle East and uncertainty over global oil supplies. [O/R]
Demand for safe-haven assets remained muted as the immediate market impact was seen as specific to oil supply, but investors remained mindful of the knock-on effects on inflation.
Gold prices XAU= retreated and bond yields rose. The U.S. 10-year Treasury US10YT=RR once again breached the psychologically significant 3-percent level and hit a two-week high of 3.0140 percent, supported by expectations of higher interest rates.
Read more: https://www.reuters.com/article/us-global-markets/oil-soars-dollar-roars-as-trump-dumps-iran-nuclear-deal-idUSKBN1IA064
world wide wally
(21,740 posts)Sophia4
(3,515 posts)Beausoleil
(2,843 posts)politicaljunkie41910
(3,335 posts)what's going to happen first. He makes sure of that.
beachbum bob
(10,437 posts)bluestarone
(16,900 posts)CLIMBING!!!!!!!!!!!!!! Russia pays RUMP and then RUMP pays Russia!! Nice game they have going huh??
watoos
(7,142 posts)here in Pa., but then we have the highest state gasoline taxes in the nation.
beachbum bob
(10,437 posts)BumRushDaShow
(128,748 posts)has also been > $3 for the past couple weeks too - well before this announcement. I ran out last week and topped the car off (luckily I don't have to drive much). And the city has that 8% sales tax so adds the extra 2% onto the state's base sales tax.
IronLionZion
(45,410 posts)It's often much cheaper there.
I live in DC and go to Maryland or Virginia to buy gas (and groceries) and save like 20 cents a gallon.
BumRushDaShow
(128,748 posts)(which they know)
The bridge toll on the Delaware River Port Authority bridges is $5 (and you have to cross some bridge to get to NJ from PA). So by the time I got over there, the cost differential is gone. And just recently, Jersey (for the first time in decades) raised their gasoline tax to 23 cents/gal (they used to have the 2nd lowest tax in the country), so it's now worse (they are now running about ~25 cents/gal less than us but it is meaningless).
So for example, right now, a couple stations right across the bridge in Camden, are ~$2.73, and what I paid last week at the cheapest I could find here was $2.97 (difference of 24 cents), and if I fill up with 15 gallons, that's a saving of about $3.60. But that "savings" was eaten by the $5 toll and I lose $1.40.
So unless I am a regular commuter (one of my BILs used to commute back and forth there every day), it's not worth it.
And I used to drive down to the D.C. metro area a lot and the gas was always cheaper down there too. I would obviously have to fill up before coming home from down there in any case, but at least it was at a bit of a savings. But then once more, the tolls going down there and back totaled something like $16 I think, and more than ate that up too!
Edit to add - for the heck of it, I calculated another way - using the Tacony-Palmyra Bridge (which is not part of the Port Authority but has its own toll, where years ago it was called "the double-nickel bridge" ). And going over that with an EZ-pass means a toll of $3 and the gas on the other side of the bridge is averaging $2.79, with a differential of 18 cents. So for 15 gallons, that would be a savings of $2.70, but then with the $3 toll, I would only save 30 cents. If I didn't have an EZ-pass, the toll would have been $4 so I would have had a loss of $1.30.
Jersey got it all figured out.
3Hotdogs
(12,365 posts)I don't know where you live but it may pay to take the drive.
BumRushDaShow
(128,748 posts)and I would probably use up a couple gallons of gas (round trip) to get there, which would come out to the same as a toll. This would include even the Morrisville - Trenton toll bridge along Rt. 1 (which is 60 cents for EZ-pass). And similarly, Wilmington, DE is about the same distance (and is running around the same prices as Jersey), so still not really cost effective.
People here in Philly will go across the bridge or down to Delaware to get (sneak) alcohol (we still have state stores here) for a big discount, but for gas, both NJ & DE have it set just so - especially with the stations right on the other side of the bridge/state line - to not make it worth it.
brucefan
(1,549 posts)For 26 years,cant remember the last time I bought gas in Philly
Wounded Bear
(58,634 posts)It's been floating above $3 for a while, even at the discount stations.
calimary
(81,193 posts)CountAllVotes
(20,868 posts)n/t !!
workinclasszero
(28,270 posts)MAGA baby!
Staph
(6,251 posts)went from $2.62 on Tuesday to $2.89 today.
Thanks, Obama!
democratisphere
(17,235 posts)BumRushDaShow
(128,748 posts)and is still trading around that - https://www.cnbc.com/quotes/?symbol=@LCO.1
quartz007
(1,216 posts)Looks to me prices depend on supply and demand at any particular time.
What really irritates me is gas prices jump up within hours when crude oil prices go up. But when crude oil prices drop, it is 7-10 days before gas starts going down a few pennies at a time. Looks like big oil is always ripping us off as much as possible.
BumRushDaShow
(128,748 posts)Quick to go up and slow to drop.
BUT, and this is a big "but", what might happen is that the U.S. oil producers might try to cash in and will start pumping big time again and might possibly flood the market (at least temporarily). That happened before. It could be touted as a "job producer" for all those folks who got laid off in the industry when the market was completely swamped between us and Saudi pumping it out.
Botany
(70,483 posts)$3.50 a gallon gas here we come.
Wounded Bear
(58,634 posts)they think we'll lift the Russian sanctions against drilling in the Arctic.
Botany
(70,483 posts)Nicky Santoro: "Always the dollars. Always the fuckin' dollars."
Sadly you might be right ..... Hey we got to bring down the cost of gas and if we open
the oil and gas fields in the arctic then the supply will go up and the cost of gas will go
down.
Wednesdays
(17,339 posts)The peak will be five bucks, or more.
DFW
(54,330 posts)It depends on your perspective.
not fooled
(5,801 posts)all the beneficiaries of donnie's largesse.
blue collar dump voters: enjoy your $5+/gal gas and having your sons and daughters serve as cannon fodder in the upcoming wars.
forgotmylogin
(7,524 posts)Does he even know how to drive?
His buddies sure make a lot of money on it tho.
marble falls
(57,063 posts)high gas prices will work against cheetolini as his blue collar voters are hit hard by high pump prices.
dembotoz
(16,799 posts)gas goes up
the pick up and suv look more expensive
Achilleaze
(15,543 posts)repubes screwing over America
heaven05
(18,124 posts)fuck trump. And I damn sure won't be able to pay for it. Another thing, with trump increasing the deb/expenditure load on americans, I just found out how expensive putting cancer into remission can be. Even with Medicare and a good insurance which I pay through the nose for, I just got a personal bill for chemo services for $4270.00. Can't wait for the rest to dribble in. Talk about 'sticker shock'!.
bluestarone
(16,900 posts)MIDTERMS!!!! Then RUMP and PUTIN will really nail us Americans!!!!!!!!!!!!
quartz007
(1,216 posts)Thank goodness my insurance has a out of pocket maximum of $2800 in any calendar year.
n2doc
(47,953 posts)Assholes
Bengus81
(6,931 posts)So all the Trumpanzies can use their 3.00 per week tax cut to pay for gas and still come up 7.00 short each week.
Fuel here was 2.15 the day that fat ass took office,now about 2.70 and afraid to look this morning.
world wide wally
(21,740 posts)Mission accomplished.
quartz007
(1,216 posts)Fracking is profitable at $75 as well. May be that is what Rump is trying to accomplish. More fracking.
OMGWTF
(3,949 posts)lark
(23,083 posts)He's just done lots to help their economy and hurt ours, their investment is paying off big time.
Wounded Bear
(58,634 posts)and start buying Russian oil.
MosheFeingold
(3,051 posts)The US is now a net exporter of oil. As prices rise, more expensive fields (e.g., the Bakken) become profitable again, so we'd export even more.
Long way of saying, as a "net" to the US economy higher oil prices are OK, in that we produce our own oil and more.
Doesn't make going to the gas station fun, however.
And the money goes to asshole Texans.
BobTheSubgenius
(11,562 posts)Must mean that treaties limiting nuclear proliferation are definitely for cucks, then. Amirite?
forgotmylogin
(7,524 posts)Historically it seems that nothing riles people up as much as having to pay $35-40+ to fill their tank.
Plucketeer
(12,882 posts)IronLionZion
(45,410 posts)headline is incorrect
montanacowboy
(6,081 posts)It will hit $4 by summer holidays
Hey Humpers! How do you like it?
C Moon
(12,212 posts)LakeArenal
(28,813 posts)OMGWTF
(3,949 posts)dalton99a
(81,432 posts)mtngirl47
(988 posts)This will help with the Blue Wave in November!
AllyCat
(16,174 posts)Deal breaker, that's for sure. Breaking deals with other government and deals he made while campaigning about prices of commodities.
packman
(16,296 posts)Why doesn't that surprise me?
DFW
(54,330 posts)Must be the Fox Noise version. The Euro is below 1.19 for the first time in a while. "Dollar soars, too" would be closer to the truth--which makes perfect sense, since with oil headed north, a few hundred billion dollars will be necessary to pay for the jump in the oil price, which is traded mostly in dollars world-wide. For those of us who are paid in dollars but taxed in euros, it is actually good news, although no one expects it to last.
SCantiGOP
(13,868 posts)But dollar is up now. Very unusual for oil prices and the dollars value to both go up together.
DFW
(54,330 posts)As Trump's handling of our economy is the equivalent of shooting blindfolded and hoping to hit a bullseye at 50 yards, the only logical reason I can think of for a dollar surge is that some large consumers of oil in non-dollar-denominated countries were caught flatfooted with the rise in oil prices, and need to cover an unforeseen need to buy a few hundred billion dollars on the currency markets.
steve2470
(37,457 posts)I hope you and MrsDFW are doing well!
DFW
(54,330 posts)Mrs. DFW is going through a bit of stress at the moment. She still feels OK, but needed some nasty polyps removed (one of her mom's two bouts with cancer was intestinal, and my wife would rather not go through it again, already having beaten cancer twice). We are (again) waiting for the biopsies.
Her mom is in bad shape, too, so she is driving up there every two weeks or so (left again this morning, less than a week after getting out of the hospital), which makes me nervous as hell. We have to go down to the wedding of one of her cousins in Bavaria on Friday, so I hope she can set her mom up for the weekend and get her ass back down to Düsseldorf tomorrow night so we can travel together.
I was in Paris all day today, and have to run over to Holland tomorrow, There is no rest for the weary, as well you know! But Mrs. DFW is one strong woman, as you now know from personal experience, and unless some Romanian truck driver falls asleep at the wheel and runs her over a cliff, I'm sure she'll be fine, and back in time for us to travel together Friday. Never a dull moment, right?
steve2470
(37,457 posts)She is a strong woman, and a good cook, as we both know! I'll always treasure my visit with you two
DFW
(54,330 posts)I don't know if she ever told you, but she grew up in the flat farmland of the northwest, near the border with Holland. A country girl, through and through. She also learned to think for herself, and that there was nothing wrong with doing what you wanted to do. She was approached several times about being a model, and she told them to get lost because she wanted to be a social worker, and that's what she planned to do (and did). Not your typical response to THAT kind of offer, I'll bet.
steve2470
(37,457 posts)You married a real gem, as you know.
DFW
(54,330 posts)I've never completely figured out why she chose to stay with me. She could have had any guy she wanted, and yet I won the lottery. Not that I'm complaining, you understand. You've seen me sing her praises on this board often enough, and if some think I'm blowing her up to be something far more special than she really is, well, I guess I can't blame them for their skepticism. But you know the real story (so does Peggy). Spend a few hours in her presence, as you did, and you know it's all for real. Just like what happened to me when we first met.
Forty-four years ago. How scary is that?
KY_EnviroGuy
(14,489 posts)By Mark DeCambre
Published: May 9, 2018 4:04 p.m. ET
Link: https://www.marketwatch.com/story/oil-and-the-dollar-are-doing-something-they-have-only-done-11-times-in-the-past-35-years-2018-05-09
Anticipation of supply disruptions likely to ensue following President Donald Trumps announcement on Tuesday that the U.S. is exiting the multilateral Iran nuclear pact also played a part in lifting crude futures.
Always more complex than what meets the casual eye.......
Wednesdays
(17,339 posts)The next task is enlightening the other 300 million Americans.
Best of luck to you.