Posted on 05/09/2009 8:11:24 AM PDT by Rufus2007
If you want to know when the economy is making a comeback, keep a watchful eye on the frequency of high oil and gas price reports in the news.
Throughout 2007 and the first half of 2008, viewers were inundated with high gas and oil price reports on cable and broadcast news. But since hitting $147 back in July 2008, oil prices have plummeted into the low-$40 range mid-January and so has the frequency of doom-and-gloom oil warnings.
However, crude has since rallied into the upper-$50s. And, as crude has rallied, predictions of oil hitting unfathomable heights appear to be making a comeback as well. CNBC's May 8 "The Kudlow Report" considered that $300-a-barrel oil was a possibility.
...more (w/video)...
(Excerpt) Read more at newsbusters.org ...
Who owns CNBC? Ah yes, GE. What is their grand plan to get back on top? Ah yes, green energy. Got it.
One things for sure...if we see it over $80, Obama is going to put a windfall profits tax on the oil co’s. All that money is just too tempting.
All depends upon what campaign contributions the ‘proper’ organizations get. One thing for absolute certain, there will be no flying into DC in corporate jets!
This is a core issue that can “kill off” a lot of Dem supporters!
Drill here, Drill now!
Why bother with that? Just nationalize them. At that point, they will represent a ‘threat to the economy’ and the treasury secretary can just take them over.
Goldman Sachs has successfully manipulated everything in the past two years. $150 oil. the demise of its principal competitors Lehman, Bear and Merrill. The TARP charade. The bear market rally explosion. What’s left? why not $200+ oil?
Supply and demand. How little will the world need?
$4+ gas and double-digit unemployment... enough to get We the People to march on Washington and take our country back??
That’s what I was thinking. In today’s economy, driving oil prices higher will only lead to making less money because people will be buying less gas.
Payback time for the Saudi king and zer0’s new butt buddy Chavez
The world is awash with oilright now. The US has a 19 year high of crude in storage. Some ULCC’s have been taken out of service and many others are being used as storage platforms. This is all smoke and mirrors.
Exactly.
Now we know where all that TARP money has gone. They’re using it to bid up the price of oil again. I love it when our tax money is used against us. This smells to high heaven.
I tend to agree. I am expecting a second wave of Economic weakness to hit (After the recent round of ‘Happy Talk’ has subsided). Alt A Mortgage resets are scheduled at an even greater rate than they were when this mess started, Unemployment is only less severe because of Gov’t hiring, State/Local Finances are at a bursting point, Pensions are undoubtedly underfunded and will sap earnings, Commercial RE is a worry that seems to be being ignored, Interest Rates - Energy, etc. are on the rise and Taxes on income/energy are going up and on and on.
All in all, to me not a scenario for any kind of Economic Growth for the foreseeable future.
I agree. From what we are hearing now, once in awhile, is that the US has more oil than most of the world. Drill here, drill now. It totally escapes me why we refuse to acknowledge this.
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