- Obama: "I want to make sure we end before the call to prayer"
- Iran Deploys Troops, Ballistic Missiles To Eritrea [2008]
Posted on 05/28/2012 12:04:11 PM PDT by SunkenCiv
Oil rose above $107 per barrel on Monday as fears of a euro zone break-up receded but Middle East oil supply worries resurfaced after minimal progress in talks over Iran's nuclear programme.
Opinion polls suggested Greece's pro-bailout conservatives could win elections on June 17, keeping the country in the euro zone and making a swift collapse of the currency bloc less likely.
Fears of a war in the Gulf that could threaten global oil supplies have returned after world powers failed to convince Iran last week to halt its most sensitive nuclear work.
Tension between Iran and the West remains high ahead of more talks in Moscow next month to try to end the stand-off.
In markets thinned by public holidays across Europe and Memorial day in the United States, Brent gained for a third session in a row, supported by a weaker dollar.
July Brent futures hit a high of $108.04, up $1.24, before easing back to trade around $107.62 by 1506 GMT. U.S. crude oil futures also rose more than $1 to an intra-day high of $91.99...
Surveys over the weekend showed Greece's New Democracy party has regained an opinion poll lead, which could see the formation of a government determined to keep on good terms with its European partners.
A conservative government would attempt to impose tough austerity conditions attached to a 130 billion euro bailout agreed with the EU and International Monetary Fund in March.
The euro bounced off two-year lows in Asian trade on Monday, hitting $1.2590 and pulling away from Friday's 1.2495, its lowest level since July 2010.
Despite recent gains, oil has fallen sharply this month with Brent down more than 12 percent.
(Excerpt) Read more at reuters.com ...
OPEC Has Already Turned to the Euro...The source for the euro exchange rate is the Federal Reserve, and I have calculated the euro's average exchange rate to the dollar for each year based on daily data.
GoldMoney Alert
February 18, 2004
|
US Imports of Crude oil
|
|||||
|
(1)
|
(2)
|
(3)
|
(4)
|
(5)
|
(6)
|
|
Year
|
Quantity (thousands of barrels)
|
Value (thousands of US dollars)
|
Unit price (US dollars)
|
Average daily US$ per € exchange rate
|
Unit price (euros)
|
|
2001 |
3,471,066
|
74,292,894
|
21.40
|
0.8952
|
23.91
|
|
2002
|
3,418,021
|
77,283,329
|
22.61
|
0.9454
|
23.92
|
|
2003
|
3,673,596
|
99,094,675
|
26.97
|
1.1321
|
23.82
|
We can see from column (4) in the above table that in 2001, each barrel of imported crude oil cost $21.40 on average for that year. But by 2003 the average price of a barrel of crude oil had risen 26.0% to $26.97 per barrel. However, the important point is shown in column (6). Note that the price of crude oil in terms of euros is essentially unchanged throughout this 3-year period.
As the dollar has fallen, the dollar price of crude oil has risen. But the euro price of crude oil remains essentially unchanged throughout this 3-year period. It does not seem logical that this result is pure coincidence. It is more likely the result of purposeful design, namely, that OPEC is mindful of the dollar's decline and increases the dollar price of its crude oil by an amount that offsets the loss in purchasing power OPEC's members would otherwise incur. In short, OPEC is protecting its purchasing power as the dollar declines.
Brent Crude at $100 Is a ‘Challenge’ for Saudis, Husseini Says
http://www.bloomberg.com/news/2012-05-16/brent-crude-at-100-is-a-challenge-for-saudis-husseini-says.html
Why , Greece can’t afford oil and Iran has tons
there are two things that make oil go up — no, three: a war premium, auspicious economic omens, and currency devaluations.
Your photos say it all. All of the money wasted on green technologies and the war on hydrocarbon and any other form of energy in the USA is simply a payback to his Saudi masters to keep the price of oil high. The liberal/totalitarian dunces actually think Obama is pro environment or something.
It has been a very good return on investment for the Saudis for paying for his education and bribing the Columbia and Harvard to accept the spectacularly unqualified Obama.
/bingo
I thought Odumbo got a Nobel Peace Prize for nuclear non-proliferation.
Yet Iran is still thriving in the proliferation area?
Iran’s selling oil to some nations which aren’t observing the sanctions. Once the shooting starts, there won’t be any Iranian oil at all in the market, and the market is worldwide, so the price will make a nice jump.
It’ll be cool, listening to my idiot family complaining about the “greedy bastards” at the gas stations.
Greek politics were the other concern — the lefties threaten to take Greece out of the Euro, which would have an immediate impact and cause a crisis. Looks like the left isn’t going to win after all.
Oil goes up when people are willing to pay more for it because they expect the supply to run short of the demand.
Zero got the Nobel because of that (D) after his name.
The price in Greece equates to $12/gallon.
Lots of motorcycles, teeny tiny cars, crowded public transportation..
Can’t even imagine what would happen here with that price but apparently that genius academic we have for DOE Secretary thinks this is what should happen.
Iran has lots of oil but no refining capacity to turn it into anything useful -- like gasoline.
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