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  1. #1
    Atomic Punk
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    Default Experts See Danger In Rising Oil Prices

    (AP) WASHINGTON Oil prices appear headed back toward $70 a barrel, a level not seen since Hurricane Katrina battered the Gulf Coast and sporadic shortages sent gasoline at the pump above $3 a gallon nationwide.

    While last summer's price spike triggered outrage in Congress and hurt sport utility vehicle sales, it caused only a hiccup in motor-fuel consumption. And for now, with demand back on the rise, the economy seems capable of absorbing uncomfortably high prices.

    Analysts warn, however, that consumers and businesses could be just one major supply disruption away from more serious financial consequences.

    Sherry Cooper, chief economist at BMO Nesbitt Burns, said the ramifications of $70 oil and $3-a-gallon gasoline would be "more mild" the second time around "because we're getting kind of used to it."

    But while the gas-price sticker shock may be wearing off, Nomura Securities chief economist David Resler fears a more subtle fuel-related angst settling in among consumers.

    "There is the pessimistic notion that this is not going to go away and that's going to have a more lasting impact on driving habits and behavior, I suspect, than we've seen so far," Resler said.

    In that context, a hypothetical supply disruption that jolts oil prices to $80 or higher and keeps them there for an extended period _ say, three months _ could result in "a substantial falloff in discretionary spending" that snowballs into a serious slowdown.

    Perhaps the top threat for the oil market is the standoff between the United Nations and Iran, OPEC's No. 2 producer, over Tehran's nuclear energy ambitions. Iran's foreign minister said Friday his country would not use oil as an economic weapon, and that helped ease prices, but analysts say they remain concerned about supplies from Iraq, Russia, Venezuela and other places.

    Unrest in Nigeria has taken more than 500,000 barrels per day of oil off the market, and more than 300,000 barrels per day of Gulf of Mexico output remains shut-in because of damage from last fall's hurricanes.

    With global oil demand expected to average 85 million barrels per day in 2006, and excess production capacity limited to 2 million barrels per day, oil analyst Jamal Qureshi of PFC Energy in Washington said prices aren't likely to retreat anytime soon.

    "The market is awakening to the scope of the risks," said Antoine Halff, director of global energy Fimat USA in New York.

    Yet in spite of all the apprehension about oil supplies _ or maybe because of it _ U.S. inventories of crude are at a seven-year high of roughly 341 million barrels. That does not include the 685,700 barrels in the country's strategic reserve, available in an emergency.

    Some analysts point to this buildup of inventories as evidence the market is divorced from reality. IFR Energy Services' Tim Evans sees a "dangerous complacency about the downside potential for prices" _ but many more say it is a reflection of unease about geopolitical uncertainties.

    On Friday, light crude for May delivery settled at $66.63 a barrel, down 52 cents on the New York Mercantile Exchange. U.S. retail gasoline prices averaged $2.53 a gallon, or 37 cents higher than last year, according to Oil Price Information Service.

    The potential exists for $3-a-gallon gasoline at some point this summer, analysts say, but that assumes out-of-the-ordinary disruptions to refining or distribution, or both. The Energy Department, meanwhile, is forecasting an average summertime price of $2.50.

    Economists and oil-market experts say industry and homeowners may not like paying more for fuel but they are adapting, in large part because energy is a tiny piece of overall spending and, thanks to more efficient technology, an even smaller piece than it was during the energy crises of the 1970s.

    The burden is most severe on low-income families and fuel-intensive businesses, though truckers, chemical manufacturers and, to a lesser extent, airlines have had success in passing along these costs.

    Relatively low interest rates, which have made it easy to borrow money while helping to prop up the stock and housing markets, have reduced the impact of high oil prices on the economy.

    Of course, the Federal Reserve has raised short-term rates 15 times since June 2004 to cool off the housing market and keep inflation in check, and this is likely to slow growth irrespective of energy prices.

    BMO's Cooper said the Fed probably needs to raise interest rates again in May to slow economic growth because there are signs _ rising airfares among them _ that inflationary pressures are creeping up.

    Brian Hicks, co-manager of US Global Investors' Global Resources Fund, a mutual fund heavily invested in energy, said a recession in the U.S. would likely reverberate across emerging-market economies and could quickly depress daily oil demand by 2 million barrels per day.

    That dire scenario is not what Hicks or most other financial professionals are anticipating. Hicks forsees oil prices trading in a range of $55 to $65 through the end of the year, with consumption tapering off anywhere above $70 and the Organization of Petroleum Exporting Countries curtailing production at around $50.

    James Cordier, president of Liberty Trading in Tampa, Fla., believes oil prices will climb as long as the economies of the U.S., China and India continue to grow and that prices may need to hit $75 before there is any significant demand response.

    "We are going to find out at what price level we start rationing demand," Cordier said. "That is what we have to do."
    "Watch what people are cynical about, and one can often discover what they lack. -- Gen. George S. Patton

  2. #2
    Atomic Punk FORD's Avatar
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    Quote Originally Posted by voivod

    Sherry Cooper, chief economist at BMO Nesbitt Burns, said the ramifications of $70 oil and $3-a-gallon gasoline would be "more mild" the second time around "because we're getting kind of used to it."

    We're not getting used to it, YOU FUCKING CUNT!!

    We will not "get used to it"

    Bend over and get ass raped. You'll get used to it.

    FUCK THAT, you oil industry WHORE!!

    WHY don't you go model some prison jumpsuits and get used to how you look in them. Because it's going to be your only wardrobe soon.

    ENFORCE THE EXISTING ANTI TRUST LAWS NOW, AND ADD THE DEATH PENALTY FOR ANY FRAUD THAT EXCEEDS $1 MILLION.

    Kill these fucking thieves before they kill this country. THESE are the real terrorists!
    Eat Us And Smile

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  3. #3
    Atomic Punk MikeL's Avatar
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    Work hard at staying angry while you keep pumping that gas, FORD.

  4. #4
    Atomic Punk FORD's Avatar
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    10.22.17 @ 08:55 PM
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    Quote Originally Posted by MikeL
    Work hard at staying angry while you keep pumping that gas, FORD.
    Aren't you tired of these fucking pigs destroying this country and telling you to "get used to it"?

    Gas prices are a PROVEN FRAUD. Why the Hell isn't something being done about this? Because oil industry criminals have controlled the White House since World War II, with the exception of the JFK years and Jimmy Carter's term. Jury's still out on Clinton, given all the time he spends with Poppy Bush.

    Should I have to "work hard at staying angry" about that? Or should anyone NOT angry about it be evaluated by a mental health professional.
    Eat Us And Smile

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  5. #5
    Atomic Punk MikeL's Avatar
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    Proven fraud, eh? I wish I could type more, but there's a black helicopter outside of my window and I need to find my tinfoil hat.

  6. #6
    Atomic Punk FORD's Avatar
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    Quote Originally Posted by MikeL
    Proven fraud, eh? I wish I could type more, but there's a black helicopter outside of my window and I need to find my tinfoil hat.
    It's price fixing. You know it. I know it. Chimp knows it. And the fact that they won't enforce existing anti-trust laws and stop these mergers that have left the oil industry in the control of 4 or 5 companies is the main reason they get away with it.
    Eat Us And Smile

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    "What then is this bleating of sheep in my ears?"- 1 Samuel 15:14

  7. #7
    Little Dreamer
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    I think it's time to buy a motorcycle........

  8. #8
    Eruption nitefly5150's Avatar
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    Quote Originally Posted by FORD
    Aren't you tired of these fucking pigs destroying this country and telling you to "get used to it"?

    Gas prices are a PROVEN FRAUD. Why the Hell isn't something being done about this? Because oil industry criminals have controlled the White House since World War II, with the exception of the JFK years and Jimmy Carter's term. Jury's still out on Clinton, given all the time he spends with Poppy Bush.

    Should I have to "work hard at staying angry" about that? Or should anyone NOT angry about it be evaluated by a mental health professional.
    Sigh - it falls so cleanly along party lines does it? Yeah I know, you skipped Jonnson - he's from Texas.

    This would be a lot more believable with a conspiracy theory that involved Kennedy or Clinton to go along with it. Lotsa old money in the Kennedy family and I doubt all of it was made on the up-and-up. Clinton, ugh, I didn't like him so I really can't be objective, but I'll be there are a lot of skeletons in that closet.

    Do you believe that the Bush family has complete control of every media outlet?

    And yes I should be evaluated by a mental healt professional but not for not believing this. For not being able to let this go. I spent years here staying out of the political threads.

  9. #9
    Sinner's Swing! the_atomic_punks_rule's Avatar
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    The dude just made a comment man.

  10. #10
    PM Goo with your concerns OLO's Avatar
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    12.17.17 @ 10:54 AM
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    You are all OIL WHORES!!!
    ((Just My Two Cents))
    And thats about what its worth.

  11. #11
    Atomic Punk MikeL's Avatar
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    Price fixing? FORD... There's no price fixing. I only got a measly $500,000 for my water engine, where as my buddy got $700,000 for his. Maybe they need to cover the costs of more people inventing water engines due to the ease of information access on the Internet?

  12. #12
    Atomic Punk BREW CREW's Avatar
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    Quote Originally Posted by OLO
    You are all OIL WHORES!!!
    I am more of a chocolate guy myself.
    Just go for it!

  13. #13
    PM Goo with your concerns OLO's Avatar
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    Quote Originally Posted by BREW CREW
    I am more of a chocolate guy myself.
    Dick Cheney owns all of the Chocolate factorys, I have proof. The BCE is sitting on a engine that runs off of CHoclate.

    You anti american chocolate whore.
    ((Just My Two Cents))
    And thats about what its worth.

  14. #14
    Atomic Punk BREW CREW's Avatar
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    Sooo, Willy Wonka's chocolate Factory was a scam?
    Just go for it!

  15. #15
    Atomic Punk MikeL's Avatar
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    Willy Wonka had a chocolate river. I can see FORD in a chocolate river.


 

 

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