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Oil spikes $5 on Mideast rumors (of Iran firing on US and Brits mounting rescue)

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Roland99 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Mar-27-07 04:38 PM
Original message
Oil spikes $5 on Mideast rumors (of Iran firing on US and Brits mounting rescue)
Edited on Tue Mar-27-07 04:40 PM by Roland99
http://money.cnn.com/2007/03/27/markets/oil_spikes/index.htm?postversion=2007032717

NEW YORK (CNNMoney.com) -- ...

U.S. light crude for May delivery jumped $5.18, or 12 percent, to $68.91 a barrel in electronic trading.

Both Reuters and one trader said the spike wasn't an electronic glitch, but what was causing the jump wasn't known.

The trader said various rumors were circulating in the market, including that Iran had fired on U.S. warships and that British commandos had mounted a rescue attempt of its captured sailors, but nothing had been confirmed.

The White House said there is nothing to indicate any incident took place regarding Iran, Reuters reported.
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gatorboy Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Mar-27-07 04:41 PM
Response to Original message
1. So is the WH gonna beat down these oil cronies for inflating prices over rumors?
Spigot man?

Didn't think so.
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NightWatcher Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Mar-27-07 04:41 PM
Response to Original message
2. Quick, go fill up now
And keep a full tank and a spare in the trunk.
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Deja Q Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Mar-27-07 04:45 PM
Response to Reply #2
6. Two things:
1. Gasoline lasts about a month before it becomes useless, unless you add chemicals - which don't render it immortal either.

2. Uh, a gas tank in the trunk will leak vapors. You know, that cool smelling stuff that'll kill more brain cells than 8oz of 100-proof booze.
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Mojorabbit Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Mar-27-07 04:51 PM
Response to Reply #6
11. We keep gas in the boat and an old pickup
with a little Sta Bil in it for emergency and it lasts for months and months without any problem using it.
The web site says it will keep for a year.
http://www.goldeagle.com/sta-bil/all_about_sta-bil.htm
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RL3AO Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Mar-27-07 04:42 PM
Response to Original message
3. Big Oil probably started the rumors.
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RB TexLa Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Mar-27-07 04:50 PM
Response to Reply #3
9. Doubtful. More like a trading entity, they are like Italian newspapers
everyone wants to be the first to report something, if they think it's possible they start the rumor and hope the news backs it up, if not they just say it was a rumor passed on to them. That's in all markets.
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Deja Q Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Mar-27-07 04:43 PM
Response to Original message
4. So that's why gas was $2.49 this AM; $2.69 when I got home!
Hot damn!
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Roland99 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Mar-27-07 04:44 PM
Response to Reply #4
5. Nah, this will just make it $2.99 in the morning. We went from $2.39 to $2.65 yesterday.
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paparush Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Mar-27-07 04:46 PM
Response to Original message
7. WHAT? What rumor about Iran firing on US ships..?????
Nothing on cnn.com.
Nothing on foxnews.com
Nothing on drudgereport.com
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RL3AO Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Mar-27-07 04:46 PM
Response to Reply #7
8. Of course...just Big Oil starting rumors.
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RB TexLa Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Mar-27-07 04:51 PM
Response to Reply #7
10. these rumors rarely leave market floors
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orwell Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Mar-27-07 05:04 PM
Response to Original message
12. Trace the call...
...I bet the rumor came from the Office of the Vice President.

Novak will carry it tomorrow...
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Star80 Donating Member (81 posts) Send PM | Profile | Ignore Tue Mar-27-07 05:20 PM
Response to Original message
13. What We Need
Is a nationalized energy system. Oil, natural gas, electricity.

I'd love to fill up with AmericaGas and never have to see Chevron, Texaco, BP, or Amoco signs again.
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