The Speculators did it again.
After the Jedah Summit on yesterday, oil prices rose again today on the open markets. As stated on yesterday, there was nothing to come out of this meeting other than pandering to the masses. Watch for the price of oil to increase in the future as well.
This discussion will continue. However, the Speculators on this site will attempt to help you CAPITALIZE as the price of oil increases. It does not have to be GLOOM and DOOM for everyone!!
This weekend, an emergency meeting was convened in Saudi Arabia to discuss the increasing rise in oil prices. The participants include OPEC member nations and even major oil companies. The alleged purpose of this meeting is to give the world the impression, especially US consumers, that some solution will originate to reduce the price of oil.
There is no solution!!! Oil is a publicly traded commodity, just like stocks traded on the NYSE and the NASDAQ. As long as you have more buyers than sellers, the price will increase. If there is a threat of lower supply to the market (Threats to bomb IRAN, sabotage of oil pipelines in Africa) the price will increase (Look at how flooding in the Midwest increased the price of corn). BASIC ARITHMETIC.
The JEDAH SUMMIT is a publicity stunt created by national governments, including the United States. This summit is another pacifier to soothe the anxiety of its citizens. These same citizens who think and believe that investments in alternative energy, removal of offshore drilling bans, and WINDFALL PROFITS TAXES, will somehow lower the price of oil.
If this was the case and answer, it would have been done long ago. Don’t forget, we are in an election year.
The price of oil is going nowhere but up, period. The Saudis can pump an additional 500,000 barrels/day. PEOPLE WILL STILL BUY THE OIL, unless cars, planes, and buses start to run on water.
Get use to high oil prices. Speculators will keep buying and politicians will continue lying.
By the end of the year, look for $7 or more at the pump.
Just Speculating…… oh, Ken Lewis of Bank of America will be the next CEO to get fired due to the sub-prime housing market meltdown.
How do you know I'm spending too much money if you don't know how much money I have?- John Mulheren
