Jun 11, 2008

Oil Prices Still Higher--No End in Sight

"Oil prices have risen nearly sevenfold since 2002"
--i.e. since the unjust neoconservative wars began which were hinged upon "a catalyzing event, like a new Pearl Harbor" (9/11).

Gas will likely be $4.50 per gallon by July 4th, $5.00 by Labor Day.

Note the thing they try and belittle, while attempting to blame China for rising demand, is the devaluation of the dollar which is driving the price up on the future's market:

"the weaker dollar also prompting speculative buying"

clipped from www.guardian.co.uk

Oil looks set to test $139 record

The price of crude oil tonight looked set to test last week's record of almost $140 a barrel after reports of falling stocks in the US prompted a fresh wave of speculative buying.

The sharp increase in prices followed a report from the US government showing oil stocks had fallen for a fourth week. It coincided with reports of fresh supply problems in Nigeria and a 25% increase in oil imports in China ahead of this summer's Beijing Olympics.

With the weaker dollar also prompting speculative buying, markets were braced for oil prices to test last Friday's high of $139.12, reached after an $11 surge.

Oil prices have risen nearly sevenfold since 2002, driven by rising demand from China and other developing countries.