Oil Prices Push $100 Mark

Source: CBS News/AP

(CBS/AP) Crude oil prices rose above a record $99 per barrel Wednesday as worries about inadequate winter supplies in the Northern Hemisphere and news of refinery problems stoked bullish sentiment.

The price of oil has now increased 45 percent since August, reports CBS News correspondent Larry Miller.

Jeremy Stretch, market strategist at London's Rabobank, said the weak U.S. dollar is largely to blame: Oil producers need more them to make up the dollar's lost buying power.

"Once the translate their oil revenues back into their own domestic currencies, if the dollar is falling, then it does impact their actual revenue flows," Stretch said.

Read more: http://www.cbsnews.com/stories/2007/11/21/business/main3529952.shtml

...then the $150, then the $200 and then the sky is the limit mark :wtf:

And it wasn't that long ago.

No attack and it's already at $100.

I shudder to think what attacking Iran will do to the price.

with a Dem president and Dem Congress.

Faux Snooze would be foaming at the mouth. Limpballs would be bloviating about how this proves the moral bankruptcy of the Democrats.

I can't wait to hear all that crap when the Dems take the House, Senate, and White House.

Throw Iraq and Afghanistan into it....

It's gonna be "All Clinton's Fault" multiplied times 1,000.

of how badly we've been screwed by the corporations and both sides of the single party state might help you out.


www.moneyasdebt.net

and

www.freedomtofascism.com

By driving SUV's, building McMansions out in the exurbs, and especially buying crap made in China.

The run-up in oil prices is simple: oil is a finite, non-renewable resource, and demand for it in recent years has skyrocketed while the ability to extract more and more of it hasn't kept pace (google Peak Oil).

If the average American actually decided way back in the 80's or 90's to drive fuel-efficient cars instead of the SUV boom that occurred, and if we didn't try to kill each other every Christmas trying to be the first to buy made-in-China imports plastic crap, we would at least have a few more years to prepare for this situation.

Bush is only the nail in the coffin of a slow-motion suicide we started years ago.

Bush did not single-handedly create all of the material conditions which are converging under the umbrella term of "Peak Oil," but the situation has been grossly exacerbated by the Bush gang.