Re: Oil prices pass $143 a barrel

On Mon, 30 Jun 2008 04:15:08 -0700, old.salt wrote:

Light, sweet crude for August delivery rose $3.46 to $143.67 a barrel in
electronic trading on the New York Mercantile Exchange, by midday in
Europe.

http://apnews.myway.com//article/20080630/D91KBGRO1.html

I knew this would happen when the fed didn't raise interest rates the
other day. OS, you will see $200 a barrel for oil or damn close to it.
The weak dollar is a prime factor in this run up. It is down over 7%
against the euro this year alone!
Iran is the short term trigger, but the weak dollar is really the bigger
issue. With oil prices filtering into every aspect of our economy,
inflation is out of the bag, we might as well do something that will help
those energy costs go down, ie. raise interest rates to strengthen the
dollar. You're going to see other central banks do it, to be sure.

John Bolton spouting off things like this,

"John Bolton, the former U.S. envoy to the United Nations, has said
Israel would strike Iran between the U.S. presidential election in
November and inauguration in January."

isn't helping the psychology of the market either. I hope he's full of
***, but I'm afraid he isn't.

--
RaBan
.

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