Crude oil rallies to new record close of $100.74

[Roland99]

Source: MarketWatch

NEW YORK (MarketWatch) -- Crude-oil futures rallied to a new closing high above $100 a barrel Wednesday, extending their record-breaking run after minutes confirmed the Federal Reserve's willingness to slash rates further.

Crude oil for March delivery rose 73 cents to finish at a new record closing high of $100.74 a barrel on the New York Mercantile Exchange.

Earlier in the session, the March contract, which expired today, hit a record all-time high of $101.32 a barrel.

"The momentum was with the bulls after yesterday's incredible run," said Phil Flynn, vice president of futures brokerage Alaron Trading.

Read more: http://www.marketwatch.com/news/story/crude-oil-rallies-new-record/story.aspx?guid=%7B931C75BE%2DCFD3%2D41B3%2D86F6%2D5431C0A3FBC4%7D

[Hydra]

1. *Sigh* More good news!

:sarcasm:

I don't even want to think about how much it will be if we invade Iran- 130? 200? 300?

[phantom power]

2. rally! Woo-hoo!

:woohoo:

[Mnemosyne]

3. High gasoline prices may be exactly what will cause the 'average' American

to finally rise and take to the streets.

We can only hope.

[Voltaire99]

4. Careful about what you wish for!

The end of cheap oil will produce certain ugliness. Mr. Average -- Joe Sixpack -- isn't known for his depth of understanding or tolerance.

It's easy to imagine him taking to the street demanding we "liberate" Venezuela's oil, for instance.

The bottom line is oil will get more expensive all the time now until it's gone. There's nothing that can be done about that short of war.

[hunter]

5. War will make it even more expensive.

Squeezing the remaining oil out will test the limits of our economy in times of peace, and will be damned near impossible in times of war.

The oil production infrastructure is fragile, and it is very expensive to defend it.

Imagine how much it costs to produce oil in Iraq... When you factor in all the death and destruction and military activity, it is outrageously expensive oil, certainly more than $100 a barrel and tainted with vast human suffering.

[Mnemosyne]

9. I'm only wishing for any reaction beyond apathy, so many seem to feel

so apathetic and helpless these days. Stolen elections? - "It's all rigged. Why vote?". Torture in our names? - "They have to, to protect us." How sad, and very telling, that most Americans will have little outrage at the destruction of Iraq and its' people and yet rage when gas costs an extra ten or twenty cents.

You know how badly *co wants Venezuela's oil. It's why Chavez is demonized in the media here. Why should the poor benefit from such a precious commodity when Exxon wants another $31bl quarter profit?

Sadly, Mr/Mrs/Ms Average is in for some very rude awakenings soon.

[superkia]

6. High gas prices could hurt the economy enough that bushy...

decides to call for martial law and remain our president. Last year, I was talking with a neighbor about how I thought that they would have a false flag event by blowing up a refinery to raise prices and hurt the economy so they could call for martial law and put off the elections and what do you know... a refinery had an explosion and prices are on the rise. The strange thing is that it was on the news once and has disappeared, I would like to know what caused the explosion and if it is under investigation. I don't think it was too bad in terms of causalities but its certainly bad for our pockets. Regular went from $2.94 to $3.05 in my city here in Maryland.

[Mnemosyne]

7. We just went from 3.12 to 3.22 in one day here, NW PA. People

here are very worried, disgusted and angry. The US is a powder keg waiting for a match, imo.

* has been dying to instate martial law since day one. He has a dictatorship and all to live up to, you know.

I saw that refinery story and no follow-up as I've heard. I had the same first thought as you. I had that feeling on 9/11 too. I try to tell anyone that will listen about false flag ops, no one I know is surprised at anything anymore, well almost anything.

The old Chinese curse has certainly landed here. "May you live in interesting times."

I believe we haven't seen anything yet and wish I was wrong.

We must be extra vigilant in these times.

[superkia]

8. Just seems strange that bushy would include economic issues...

as a reason to call for it? Why would he think to put that in there if it weren't something plausible?

[Mnemosyne]

10. * doesn't think, but one of his "brains" always covers any contingency.

You are onto to something there, imo, sk.

Where could I read exactly what the wording is in whatever hellish bill that was in? We do know how important "wording" is to these creeps. Our government is being run on loopholes.

I remember the bill that does that, but with the massive number of daily outrages, it's hard to keep track anymore.

[superkia]

11. Heres the link and a snippet from it.

http://www.whitehouse.gov/news/releases/2007/05/20070509-12.html


Definitions

(2) In this directive:

(b) "Catastrophic Emergency" means any incident, regardless of location, that results in extraordinary levels of mass casualties, damage, or disruption severely affecting the U.S. population, infrastructure, environment, economy, or government functions;

[Mnemosyne]

12. My goodness, busy little

dictator, isn't he!

This is especially disturbing in light of the economy. :(

Thanks sk! :hi:

[taught_me_patience]

13. The surge is working

... the surge in oil prices, that is...