Oil tops $76 a barrel on international tension

More at http://www.usatoday.com/money/industries/energy/2006-07-13-oil-thurs_x.htm?csp=34

Bush's foreign policy being disastrous.

There are any number of other, better reasons to reject Bush and the Republicans, but we'll take all the votes we can get in November.

don't notice what's going on politically until it bites them on the arse.

ugh.............I feel like screaming.

to overseas oil interests in UAE and Saudi Arabia have not lodged into voters' minds as a real PROBLEM.

Oh yeah -- now I know why -- the LIBERAL media!

take care of this? When he was campaigning in 2000 he was bashing Gore because oil was $20/bbl. Is it possible that his folksy charm isn't actually a replacement for real foreign policy expertise and international respect? Maybe he should have the Sheiks to his pig farm during his month of vacation and talk things over.

Man, I really hate these people.

How many innocents dead for profits of global corporations? As a species, we sorta deserve extinction. We aren't very good at taking care of our survival.

by sheer force of his personality. Was that a joke or a lie or both? I guess Bushy boy isn't as good a lay as he thought he was.

OPEC making prices higher. some of it has to do with production limits being reached ie peak oil. other parts have to do with the mess in the ME right now. right now i dont think the combined forces of moses, jesus, mohammed, buddah, etc etc could do anything about prices going higher.

we as americans need to conserve, go to other sources of energy (solar, wind, water, geothermal, nuclear) ASAP.

about how he would kick ass to make sure that we all had cheap gas after the new sherriff rode into town.

They knew the score - that world demand was going up and current supplies were limited - at least for the time being.

But these guys rushed in to grab what they could and by doing so, caused a domino effect that we're just starting to see.

As the first dominoes fall.......

If any DEM president had done that - he/she would have been tarred and feathered by the MSM.

Not a peep from them regarding that episode though....

As well as bring a smile to Oil Can Cheney's face.

Jabba the Gut's picture could be a new weight loss sensation.

Yikes, those are some nasty teeth (among other things).

I think I'd get a jowlectomy. Yeesh!!:o

CNN says that oil analysts say we'll see $80/barrel sooner rather than later.

Good times!

grins evilly.

really needs to be removed from the commodities market.

lunch right now and then back to their jobs) to gas up NOW!

Does anyone remember not too long ago that Hugo wanted oil to be stabilized at $50 per barrel? And that noone went along with it?

http://news.yahoo.com/s/ap/wall_street;_ylt=AhiUbH78BjWLyBXODqVNLkes0NUE;_ylu=X3oDMTA3ODdxdHBhBHNlYwM5NjQ-



Stocks tumble as oil nears $77

By CHRISTOPHER WANG, AP Business Writer 6 minutes ago

NEW YORK - Stocks retreated sharply for a second straight session Thursday as Wall Street battled a storm negative factors — soaring oil prices, interest rate jitters and a slowing economy.
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Escalating tension in the Middle East carried oil near $77 a barrel, which compounded worries over Merrill Lynch's warning that higher lending rates and gasoline prices would likely pressure consumer spending at Wal-Mart Stores Inc. SAP AG rattled investors further after reporting weak sales of software licenses last quarter.

Many on Wall Street worried that the day's headlines signaled a worst-case scenario. Continued gains in energy prices could prompt the
Federal Reserve to keep lifting interest rates to contain inflation, but the recent spate of downbeat earnings news suggested that economic growth was already moderating. Many investors fear higher rates in a cooling economy could lead to a recession.

"At this point in the cycle, you have questions about how much inflation is rising, what the Fed will do and how much growth will slow," said Scott Wren, senior equity strategist at A.G. Edwards & Sons. "That's a debate that's going to be worked out over time. If you're going to buy stocks, you have to take a stance" on where those numbers are headed.

In midafternoon trading, the Dow slumped 127.19, or 1.15 percent, to 10,885.99.

Broader stock indicators also fell. The Standard & Poor's 500 index was down 10.35, or 0.82 percent, at 1,248.25; the Nasdaq composite index dropped 21.48, or 1.03 percent, to 2,068.76, its lowest level since last October.

...a world wide stock market panic by the weeks end

We just started investing in a 401k and we are in our forties. I guess maybe we will beat the market afterall by not being in it.

I guess those gas prices take a bigger bite, maybe they should've campaigned harder for the raise in the minimum wage.:think:

Now, let's look at the implications of oil at $77/barrel. We'll just focus on the US economy:

1) The stock market will go down. Wall Street is 'driven' by cheap, easy fuel. When that dries up, everything becomes more difficult. It's almost an inverse graph to the price of gas.

2) Beloved Bush's numbers go down in direct correlation with oil. Every time gas goes up, people hate him just a little bit more .....(the only silver lining here heh he)

3) Everything and I do mean EVERYTHING that is produced in the economy is going to go up in price. This ranges from tomatoes, to fabric, to computers. Everything is transported around, and

4) Trucking companies will probably start going bankrupt. It's really hard for them right now, and this will kill them off. Same thing for poor people: they will be out hitch-hiking a lot more now.

5) People who live far outside town, in 'bedroom communities' will be pushed over the edge. They will either have to sell their houses & move closer to home, or find another job. Watch for some real nice house bargains coming up.

6) People who drive Hummers will get a 2nd look. As they pull in to the gas station, they better expect hostility, people flipping them the bird, all kinds of anger.

7) Watch tempers to flare...more and more as gas goes up to $5.00/gallon. It's gonna get ugly....

We are already spending nearly 400 dollars a month on gasoline because of our jobs... and we have cars with good mileage. Can we impeach those jerks now??

I drive a little Ford Escort....$15.00 per week gets me by.....but not now.

OMG....but this means your gas expense will go up, as well. Crap....we've got to get these jerks out. You're right.

Oil surged to a record high above $76 a barrel on Thursday on renewed worries over supply from major exporter Nigeria and as conflict between Israel and Lebanon heightened international tensions.

Dow fell by 121 and Gold is over $660 and $11 increase today.

and the Pres is Germany Eating BBQ