Oil futures hit above $140 a barrel

You Do have piont a on the Supply amounts we have in the US.
IF we are going to use it, we NEED more Refinerorys.

On the other hand, I can reusse wates oil making it into a fuel that burns cleaner than oil and will inprove engine life and I can do all of this in my backyard for less than the cost of oil.
So I ask you why not?
Yes, to do this on a large scale we would have to biuld alot of new plants; but, we NEED more Refinerorys anway.


Sorry, cannot spell FUR S***

"The more I learn the less I know" A.E.

 

I listen to CNBC while I'm on the road. Friday they interviewed one of those evil speculators. Pretty interesting info on how the speculation actually benefits the market and the consumer. Apparently, if not for the speculators, there would only be "one" seller. Speculators create a market where there are always several sellers and and just as many buyers.

The price drops due to profit taking and where the dollar is in relation to other currencies. The price increases are due to the dollar falling, and speculators (and those of us who invest in mutual funds where the fund managers invest the fund into oil related stocks).

Until the Fed gets off its course of stupidity and raises the rate by at least 200 basis points over the next few months, the dollar will remain weak against the Euro and the other currencies. When we get the dollar back up, the investors/speculators will put their money back into $$$$ and crude will drop.
I doubt that crude will go below $100 per barrel although many analysts claim that crude could be down to as low as $65 if off-shore drilling was permitted by congress.

My suggestion to McCain, if he wants to sit in the Oval Office next January, start preaching off-shore drilling as his #1 priority.