Doom and gloom heard until recently: "The dollar is dead, long live the Euro"

"Switch to the Euro, the dollar is worthless and unstable, the oil producing nations are going to switch to the Euro". That's ALL I heard all over the MessedUpMedia for the past two years. America sucks, China is king, the Euro is God's new currency..........



Hmmmmmmmmmmmmmmmmmmmmm

Oil Falls to Seven-Month Low as Euro Slump Damps Hedging Appeal

Crude oil fell to a seven-month low in New York as the euro tumbled against the dollar, undermining the attraction of commodities for hedging against inflation.

Oil slipped in tandem with equities on concern that European governments are divided on how to contain financial turmoil in the wake of the sovereign debt crisis. Yesterday crude halted a six-day losing streak after stockpiles in the U.S. increased less than analysts forecast last week and supplies of distillate fuel unexpectedly declined.

“It’s currency speculation that’s driving the oil market right now,” said Robert Montefusco, a Sucden Financial broker in London. “With the euro in trouble, banks are selling any rallies in the currency and oil and metals are tracking that. At some stage, OPEC will step in to address oversupply.”

Crude oil for June delivery fell as much as $2.32, or 3.3 percent, to $67.55 in electronic trading on the New York Mercantile Exchange, the lowest price since Sept. 30. The contract, which expires today, traded at $67.63 at 1:45 p.m. London time. Brent crude oil for July settlement dropped $2.41 to $71.28 on the London-based ICE Futures Europe exchange.

The July contract in New York was down $2.43 at $70.07. The euro fell as much as 0.9 percent to $1.2308, within two cents of the four-year low it reached yesterday.

http://www.businessweek.com/news/2010-05-20/oil-falls-to-seven-month-low-as-euro-slump-damps-hedging-appeal.html


A plague on all of their pundits.

The price went up here early this spring, Every week it went up when oil went up by a dollar or so a barrel. Well it's now about $20 less per barrel and I have yet to see price in my area drop. Now I live in a rural area that is "always" higher than some of the larger cities, but I went to one of the larger cities in the are on Monday, and then again on Tuesday, and the price were lower than they are here, but still the same as they were last month when I went there.

I think gas prices will stay high till "after" Memorial day, they always do, and then they will start to drop. The problem I have is when price go up, they do it every week, sometimes twice a week, and in 2008 three times in one week, but when prices drop, and this time they have dropped like a rock, it takes months instead of weeks to see the drop at the pump! I agree with you, they will drop, but it ticks me off they take so damned long to do so!

spinned by friends of Alex Jones at InfoWars!

in the long term i'm sure both the euro and the dollar (now that bush and his soft dollar bullshit policies are gone) will be fine

i don't currency speculate, because people talk loudly and seem to make a logical argument, but they're ALWAYS wrong

currency randomly fluctuates, stuff happens, end of story