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Hiding Bear

B4 The Bell Frieday September 24

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Oil holding steady DESPITE news that the US will be loaning oil from the SPR...just imagine where the price would be today without the manipulation!

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crude at $48.85

 

that didn't work!

Report: OPEC has lost control over oil prices

 

A report by the Center for Global Energy Studies asserted that the price of crude oil was no longer under OPEC control. The report said OPEC, with spare production capacity of 1.5 million barrels per day, does not have sufficient capacity to significantly reduce oil prices, which have exceeded $47 a barrel.

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"OPEC has lost control over oil prices."

 

That's funny, the poodits said the same thing when crude fell to $12 a barrel.

 

An untreatable boner is better than untreatable impotence ... for a day or two ... :o

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Now the annoucements of SPR shipments to Shell, Placid, etc. are hitting the wires.

 

Doofuses -- don't they know crude oil closes at 2:30 pm eastern?

 

Energy Dept. -- sheesh -- always a day late and a dollar short ... :angry:

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I wonder if this has anything to do with higher oil prices?

 

From a story about the first ever Chinese Formula 1 race this weekend.

 

" While praise for Shanghai's new modern Grand Prix circuit and the glitzy downtown areas of the eastern metropolis is gushing, the bumper to bumper traffic jams are irking some... Ralf Schumacher agreed that the traffic was a drawback. "It's a very nice city, there's a lot of building going on and it's supremely clean and the food's good," he said. "The traffic though is a mess...China has seen massive growth in car ownership over the past few years and is now the third largest auto maker in the world."

 

No chance all those new cars in China will increase world wide demand for oil.

 

At least that's the mind meld at the Federal Reserve thinks.

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