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Archive for Tuesday, February 21, 2012

Oil jumps to nine-month high after Iran cuts supply

February 21, 2012

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Oil prices jumped to a nine-month high above $105 a barrel on Monday after Iran said it halted crude exports to Britain and France in an escalation of a dispute over the Middle Eastern country’s nuclear program.

By Monday afternoon, benchmark March crude was up $2.02 to $105.26 per barrel in electronic trading on the New York Mercantile Exchange, the highest since May. The contract rose 93 cents to settle at $103.24 per barrel in New York on Friday.

Iran’s announcement will likely have minimal impact on supplies, analysts said, because only about 3 percent of France’s oil consumption is from Iranian sources. Britain had not imported oil from the Islamic republic in six months.

“The price rise is more a reflection of concerns about the further escalation in tensions between Iran and the West,” said commodity analyst Caroline Bain of the Economist Intelligence Unit. “Banning the tiny quantities of exports to the U.K. and France involves very little risk for Iran — indeed quite the opposite, it catches the headlines and leads to a higher global oil price, which is something Iran is very keen to encourage.”

Markets in the United States were closed Monday for the Presidents Day holiday.

Iran’s oil ministry said Sunday it stopped crude shipments to British and French companies in an apparent pre-emptive blow against the European Union after the bloc imposed sanctions on Iran’s crucial fuel exports. They include a freeze of the country’s central bank assets and an oil embargo set to begin in July.

Comments

yourworstnightmare 2 years, 1 month ago

Don't like high gas prices? Don't buy gas.

It's called capitalism. Look it up.

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FalseHopeNoChange 2 years, 1 month ago

Don't forget, The Obama, "Militant" extraordinaire, told us early on, to make sure our "tires" are inflated properly to save on gas.

This simple maneuver will affront anything Iran tries to do to New America.

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FalseHopeNoChange 2 years, 1 month ago

Would You Support an Iran War If …

Posted on February 22, 2012 by WashingtonsBlog

Would You Support a War Against Iran If You Knew the True Facts?

Would you support a war against Iran if you knew that: ■Iran has one of the largest Jewish populations in the world, and the second-largest in the Middle East behind Israel ■Jews are protected by the Iranian constitution, and are guaranteed seats in the Iranian parliament ■The CIA admits that the U.S. overthrew the moderate, suit-and-tie-wearing, Democratically-elected prime minister of Iran in 1953. He was overthrown because he had nationalized Iran’s oil, which had previously been controlled by BP and other Western oil companies. As part of that action, the CIA admits that it hired Iranians to pose as Communists and stage bombings in Iran in order to turn the country against its prime minister

http://www.washingtonsblog.com/2012/02/would-you-support-an-iran-war-if.html

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FalseHopeNoChange 2 years, 1 month ago

The Obama is doing a good job keeping US gas prices less than Europe. His "inspirational" leadership with skilled "militant" behavior fine tuning the economy is saving our bacon. (appologies to muslims for the bacon reference)

There are no "chinks" in The Obama's economic armour.

*You know, here I have been complaining about $4 a gallon gasoline prices starting to pop up in a few of our big states like California and Florida here in the month of February, a record for this time of the year . . . but then I read that in Oslo, Norway a gallon of regular gasoline is $9.33, or in Rome, Italy its $8.51, or in Copenhagen, Denmark its $8.48, or in London, England its $8.12, or in Paris, France its $8.06 - kind of put's things into perspective, huh? *

(from a source)

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tennesseerader 2 years, 1 month ago

Increase oil production in the USA and you bring $$$ into our economy. This equals jobs, tax revenue, royalties reduction of national debt and lowers the price we pay at the pump.

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Ron Holzwarth 2 years, 1 month ago

This is not news at all. Only yesterday there was an article that covered Iran cutting off oil exports to Britain and France. Of course that would drive the price of crude oil up.

Was I the only one to realize that? I am amazed that I was the only person that commented yesterday. I have never understood why some articles draw a large number of comments, and others draw very few.

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kernal 2 years, 1 month ago

It's short-sighted to be clamoring for more oil at the same relatively low prices that we're used to in the U.S., when Europe and other countries have been paying more than double what we do for each gallon of gas. For decades, we've been the major users of oil, but move over, because here comes India and China with their economic and industrial growth and more spendable income.

You think this is bad? Just wait 25 years. If we don't take drastic measures to change how we live now, there's a worse economic disaster than we ever dreamed of in the next 30 to 40 years.

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0day 2 years, 1 month ago

Iran is the next Iraq. Gotta get that oil for all the oil addicts in the United States.

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yourworstnightmare 2 years, 1 month ago

The price of oil is driven by two things: 1) The nearly constant and steady demand for the product in the USA. 2) Market speculation.

It is the latter that leads to seemingly irrational increases in oil, and is why national and world politics can influence the price. Because demand for the product is always high, normal supply and demand capitalism does not work with oil.

If the price of gas is too high, stop buying it. Walk. Ride a bike. Take the bus.

But please, please don't whine about the price of gas. It is so tiresome and vapid.

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usnsnp 2 years, 1 month ago

A few questions to ask. If we are short of oil how come we export crude oil to Japan from Alasaka. If we are short of gasoline how come we are exporting gasoline to other countries. Keystone pipeline when it gets built is there any assurance that the crude oil that is shipped to Texas and refined will not be exported to the highest bidder. If you look into things there is nothing saying any crude oil or refined products refined in the United States has to be sold to the United States, oil companies can sell their product anywhere they want, that is called fair trade.

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gl0ck0wn3r 2 years, 1 month ago

I'm waiting for a long cut-and-paste about peak oil.

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somedude20 2 years, 1 month ago

There will always be a reason to hike up oil prices. I am sure there are groups of people that sit around all day being paid to come up with the next reason that takes more cash out of our pockets.

Good thing there is not a futures speculation for human life. They would speculate about when we are to die and then keep on hiking up your health insurance/life insurance coverage daily,weekly,monthly,yearly until you are broke or dead. KFC cooks up another 1,800 "meal" so the speculators will start raising your rates.

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uncleandyt 2 years, 1 month ago

So, let's make no sense of this story by____. Britain hasn't gotten oil from Iran for six months. France relies on Iran for 3% of its oil. The European Union imposes sanctions on Iran including an oil embargo set to start in July. Headline?, Oil jumps to nine month high after Patriots lose Super Bowl. Oil jumps to nine month high after nine months. Oil jumps to nine month high after continuing speculation. This little story wants to soften you up to the idea that a war against Iran is not your fault. Demand clearer propaganda.

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Armstrong 2 years, 1 month ago

The bold new chapter Obama getting ready to write for America - Chapter 7

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Agnostick 2 years, 1 month ago

The Bobbsey Twins are having fun this morning, I see. Such joy and hatred.

Ultimately, we need to use less petroleum products. It will not be easy, it will not be cheap, it will not be quick--but it will, in the long run, be cheaper than fighting China and India in the open market for barrels of Middle East crude.

Limited U.S. drilling to ease the transition to electricity... that's the key, I believe.

The usual troll will be along shortly to crow about Solyndra.

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JackMcKee 2 years, 1 month ago

Santorum has a plan to cut gas prices in half. Women can't drive.

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its_just_math 2 years, 1 month ago

Predictable too how the Obamamania media absolutely refuses to make any single solitary connection of high fuel prices to Their Anionted Saviour, Barack Hussein Obama.

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ibroke 2 years, 1 month ago

also they could mount a golf club rack on the back

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Gandalf 2 years, 1 month ago

Better yet Evilsam and Obama both should put an export tax on gas being shipped out of state or overseas.

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FalseHopeNoChange 2 years, 1 month ago

Oh, and The Obama wants gas to go up so he can sell his "Volts".

But, in my opinion. The Obama should invest in the fuel of the future. Nat Gas. Instead of Solyndra.

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Richard Payton 2 years, 1 month ago

Some of ya talking about vacations must of seen that dude getting maced at Disney. When's the environmentalist going to let big oil build a refinery?

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ibroke 2 years, 1 month ago

merrill just blamed the high oil prices on the GOP LMAO! funny stuff

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FalseHopeNoChange 2 years, 1 month ago

I expect The Obama will execute his "October Surprise" on Iran in August .....IF he can keep Bibi from pulling the trigger sooner.

My reasoning is simple.

The Obama needs to keep the most beautiful First lady in the history of the country, in "New Shoes". Vacations are expensive. Vacations He can't afford. It's not cheap paying for the most beautiful First Lady slooshing down the "bunny slopes".

(from a source)

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Gandalf 2 years, 1 month ago

The current gas spike has not been caused by an oil shortage or lack of refining capacity. Rather by greedy corporations who place profits over country.

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its_just_math 2 years, 1 month ago

Putting a damper on domestic drilling combined with an abysmal foreign policy. Thanks Obama.

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Richard Heckler 2 years, 1 month ago

Oil is a dangerous commodity as Wall Street gamblers increase the cost of oil in their zeal to see their personal wealth increase. Some reckless spenders with too much money bring on inflation which I thought goes against the thinking of fiscal conservatives.

Where oh where did the fiscal conservatives of 32 years ago go...... oh where oh where did they go...... those reckless spenders bought the GOP and Wall Street then sent all of our jobs abroad... then in end the Wall Street Journal published the GOP in their obituary readings

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