CONSUMER CONFIDENCE
Even though we don't depend 100% on mid east oil...what would happen to oil prices? Consumer Confidence?
2/3 of the US Economy is consumer confidence driven!
Just a thought.
Franklin
Singapore, April 1 (Bloomberg) -- Crude oil rose to a six- month high after an intensifying conflict between the Israelis and Palestinians raised concern flows from the Middle East, which supplies about 30 percent of the world's oil, may be disrupted.
Israel besieged Palestinian leader Yasser Arafat's compound as five suicide bombings since the Passover season began on Wednesday killed as many as 38 people. While analysts don't see an immediate threat to oil supplies, prices rose to reflect the possibility that conflict may spread.
``What it may do is prolong the war-risk premium on oil prices,'' said David Rubin, Asia oil and gas analyst with Nomura Securities in Jakarta. ``There doesn't seem to be any way out -- the Israelis respond to suicide bombings with massive force, and the Palestinians respond to massive force with more suicide bombings.''
Crude oil for May delivery rose as much as 3.6 percent, or 94 cents, to $27.25 a barrel in after-hours electronic trading on the New York Mercantile Exchange. That's the highest price in six-and- a-half months.
On Thursday, crude oil rose 1.7 percent on expectations of stronger demand after reports signaled the U.S. is quickly recovering from last year's recession. The market was closed for a holiday on Friday.
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U.S. Economy
On Thursday Nymex crude oil rose 44 cent a barrel, to $26.31, after the Commerce Department said the U.S. economy expanded at a 1.7 percent annual pace from October to December, up from a previous estimate of 1.4 percent.
The University of Michigan's consumer-sentiment index rose to a 15-month high in March. Economic growth will lead to greater demand for gasoline, diesel and industrial fuels, analysts said.
Manufacturing in the Chicago area expanded for a second month in March, the first back-to-back gains since June-July 2000, a survey of purchasing executives showed. The National Association of Purchasing Management-Chicago said its factory index rose to 55.7 this month from 53.1 in February. A reading above 50 means that manufacturing activity increased.
Factories use about one-fourth of the products made from crude oil in the U.S.
While demand may be rising, U.S. petroleum inventories are falling. Supplies of crude oil, gasoline, and distillate fuels all fell last week according to the American Petroleum Institute report on Tuesday.
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We have illegals flooding into our country crippling the surpluses due to the need for entitlements, We have enemies that control oil who are going to get what they want, because our government will capitulate, and lastly we have a government that will not stop at giving up our rights, our freedoms, and our sovereignty. Our government is doing everything it can to cripple itself. Between Being dependent on OPEC Nations, Allowing illegal immigration, and funding the relocations of many different illegal immigrants, giving welfare, and other monies to people who are in our country illegally. Our government is telling people we need to curtail free speech, and give up our 2nd Amendment rights, for the safety of the children. Our government is listening to marxist wackos who say we can't use our resources, or be a world power, because other countries have so little. It's all a big stinking pile of excrement continually shoveled down the throats of Americans who can see and know the truth.
One day when Americans wake up and realize that our country isn't ours anymore, and that our people are gradually being enslaved it will be too late, as we will be disarmed, not allowed to speak the truth, and probably have an implanted chip controlling every facet of our lives. I pray that I'm either young enough to rebel, or too old to care when the inevitable comes.
If the Saudis and the rest of OPEC want to blackmail us, I say we call their bluff and tell them to choke on their oil, we won't buy it.