Economies Can Cope With Higher Oil Price, Libya Says

[SpikeTss]

Source: Bloomberg


The global economy can cope with rising crude prices, which may climb to as high as $120 a barrel in the coming week, Libya's top oil official said.

``For years we've been saying the era of cheap oil is over,'' Shokri Ghanem, chairman of Libya's National Oil Corp., said today in Rome before the International Energy Forum, which starts tomorrow. ``None of us thought it would reach $115 a barrel so quickly, so it could reach $120'' this week.

The world economy ``has not reached the tipping point where it can't accept higher prices,'' Ghanem said.



Read more: http://www.bloomberg.com/apps/news?pid=20601087&sid=aNDuulUjb5dM&refer=home

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Good to see, that the Libyans have found yet another way of pressing money from the West. Previously it was 'only' by blowing up night clubs, abducting and torturing foreigners who visit the Libyan country to work there (think of the Bulgarian nurses and doctors) and assaulting us with terrorist acts.

Now the Libyans quite openly say that they are deliberately manipulating the oil price to press money from us.
Bush has done a great job with his appeasement policy toward this regime.

:sarcasm:

[JDPriestly]

1. Libya needs a lesson in economics. At a certain point, people

stop buying. I've reached that point with a lot of things. A group I belong to has taken steps to reduce the number of meetings and increase the length of the meetings. In part, it is a response to the higher gas prices. Also, my husband and I carpool when possible -- in response to the gas prices. We work at home more -- in response to the gas prices. Oil is worth so much and no more. It's a bitter lesson that the housing and mortgage industries are learning. The oil industry will also learn it. If they slow down the economy, they won't be able to sell their oil. We will switch to other sources of energy. It will happen. And many of us want it to happen. One of these days, we will just say: Bye, bye, Libya. We won't be needing you any more.

[msongs]

2. Step One - only buy gasoline at a gas station, no food or other stuff nt

[JDPriestly]

3. Absolutely right!!!

[roamer65]

4. The higher price isn't the fault of OPEC.

It is the fault of the monetary inflation created by our Federal Reserve. Too many dollars chasing a finite resource. If anyone wants to find blame, it goes no further than our country and our government.

This is the result of the largest M3 money growth in American history.

[Amonester]

5. "Oil speculators aim to make $60-$ 70 per barrel seem normal" (2005)

Oil speculators aim to make $60-$ 70 per barrel seem normal

16-08-05 An abnormal rise in oil prices has reached a threatening level in the world economies. The aim of the speculators is to make $ 60-$ 70 seem normal, which was never even imagined before.

Oil prices have reached the $ 70 limit, showing a nearly 100 % increase over the last year. Rising prices have doubled Turkey’s cost of oil, increasing the cost to $ 4 bn.

Barrel prices of crude oil closed at $ 66. The rise in oil prices began last year, particularly because of an increase in China’s demand. China has a rapidly growing industry but experienced problems in the production and presentation of the oil market, which were perceived as grounds for the price; however, experts think that differences between oil produced and oil demanded is the cause of increase in oil prices.

Although it is discussed that attacks towards the distribution channels of Middle East oil have played an important role in price increase, it is suggested that speculative movements in the international markets are effective. Experts say when production, transportation and risk factors are included, the prices should be around $ 35-40 emphasizing that the rest is the job of profit-seeking speculators.

http://www.gasandoil.com/goc/features/fex53581.htm

(emphasis mine)

That was 2005... Just how much these speculators-predators reap in net profits today must be just mind boggling...