OPEC leaders blame U.S., Bush for higher oil prices
3/6/08

I got news for you, cupcake; it isn't all political and it isn't always Bush's fault.

Ditto, LOL

VIENNA, Austria — OPEC’s leadership has accused the U.S. of economic "mismanagement" that it said is pushing oil prices to new record highs and rebuffed calls to boost output, laying the blame on the Bush administration.
Oil prices surged for the first time past $104 a barrel after the OPEC announcement and the release of a U.S. government report showing a surprise drop in crude oil stockpiles.

The 13-nation Organization of Petroleum Exporting Countries said it would maintain current production levels because crude supplies are plentiful and demand is expected to weaken in the second quarter.
OPEC President Chakib Khelil told reporters the global market is being affected by what he called "the mismanagement of the U.S. economy," and that America's problems were a key factor in the cartel's decision to hold off on any action.
"If the prices are high, definitely they are not due to a lack of crude. They are due to what's happening in the U.S.," Khelil said. "There is sufficient supply. There's plenty of oil there."

Khelil's comments came one day after U.S. President George W. Bush lashed out at the organization, warning Tuesday: "I think it's a mistake to have your biggest customers' economies slowing down as a result of higher energy prices."
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sounds about right. Demand might increase with the world getting larger but double prices????Ha.

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Well...when you couple that with Bernanke continually weakening the dollar by dropping interest rates, the weakening stock market, a blue collar credit crisis, and the constant threat of production cuts by OPEC, both American and foreign investors, alike, are buying into commodities.

Theres too much "new" money in futures right now for any kind of stabilization in prices.

Oh, by the way...while we watch the economy tank, all you corporate apologists can rest well knowing that the rich are buying up all the "cheap" stocks that us blue collar joes dump in an effort not to lose everything we worked for in 20+ years, and laughing all the way to the (swiss) bank.

The rich will get richer, the poor will get poorer, and truckers will still call me stupid.

Dude, I can agree with your insight on Bernake. The man wouldn't know "Real World" Economics if it bit him on the ###.

But define "Rich". According to the Dems, anyone who is single and grosses $50K or more a year, or a couple who grosses $100K or more a year is/are "Rich". These "Rich" folk in SoCal can scarcely afford to buy a house on a $100K a year. They're just getting by.

So can you define "Rich" and are they as evil as you paint them?

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America Might Not Be Perfect.....But It Remains The Best Place On Earth For The Dreams Of The Average Person To Become Reality.....

Instead of whining about the "Rich" buying up stocks, why don't you jump in and purchase some stocks. Who knows, at these bargain prices, you just might find the next "Microsoft" or "Home Depot" and become "Rich" too.

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America Might Not Be Perfect.....But It Remains The Best Place On Earth For The Dreams Of The Average Person To Become Reality.....

Better yet, to save the suspense, just short the dollar, like the richest man in the world, who hails from Nebraska, does. Sell the dollar, screw the U.S. and become wealthy. The American Dream..........

You can't blame him. Bernanke set up this market condition through his mismanagement.


That's the beauty of our market system. One can make money on "movement" up or down.

Buffet isn't "rich" through luck. Maybe he should be the Fed Chairman.

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America Might Not Be Perfect.....But It Remains The Best Place On Earth For The Dreams Of The Average Person To Become Reality.....

First, it is hard for me to even imagine having his type of money. My God, how much money does one man, or one family, need? If I had a small fraction of the $68 billion, or whatever the number is, that he has, the LAST thing I would use one cent of that money for is to short the dollar. Sure, his billions are a small part of the trillion dollar money market, but many. many people follow the big money (his). Yes he will see the dollar fall low enough to suit his pocketbook and then reverse position, taking down many of those followers of his in the meantime. I just have a problem with monster money people taking down the life savings of many small timers. Especially when American dollars are at stake for ALL Americans.........