Skip to comments.Oil futures climb on Mideast tension, Fed stimulus (Gas prices set to skyrocket. Obama's Fault!)
Posted on 09/14/2012 3:33:25 AM PDT by tobyhill
Oil futures rose in European trading hours Friday, extending gains after the U.S. Federal Reserve announced fresh quantitative easing to support the U.S. economy, while concerns over unrest in the Middle East stirred supply fears.
Crude for October delivery (US:CLV2)(US:CLV2) rose $1.36, or 1.4%, to $99.69 a barrel in electronic trading on the New York Mercantile Exchange.
Oil futures gained 1.3% in New York Thursday to settle at their highest level in four months after the Fed said that it would buy $40 billion a month of mortgage-backed securities for an unlimited period.
On Friday, oil prices were further lifted by worries that this weeks violence in the Middle East and North Africa could lead to supply disruptions. The unrest in the region broke out after the U.S. ambassador to Libya was killed in Benghazi on Tuesday, and violence continued Thursday after protesters stormed the grounds of the U.S. embassy in Yemen. No embassy personnel was injured in the attack.
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Great; just in time for winter...
If we have cold weather prior to the election I predict Obama loses every state in the Northeast and upper Midwest.
Printing money by the Feds this week will also drive up prices.
The demand side of the equation doesn’t matter anymore, it’s different this time. /s
On the upside, continued high prices encourage the continued expansion of domestic sources of supply. That’s not much consolation for individuals and businesses hanging on by a thread in this protracted unannounced depression, but it is a positive development that will serve to limit the impact of future war threats in the Middle East.
Speculators are scouring for any excuse to get a return for now, though. We’ve seen several spikes and crashes since 2008, while world economies have been headed consistently down, dragging demand with it.
Yup, heating oil here in Maine too
We live in Ohio (that’s O H I O ) and our winter last year was VERY cold ... not tons of snow, but very cold.
A Speculator in fact could feed wrong information to any of the goobers in the MSM and make money.
Kind of like when sheep will still jump over a broke down fence after it is gone.
Why has no one ever thought of spending until our bank account improves?
This is like applying a tourniquet to the neck to stop a bleeding head wound.
One might reasonably expect that, but one would be wrong. The government and by extension Obama, will come tot he rescue on the white horse bearing YOUR money to purchase fuel for anyone that votes democrat.
Here in SW Pennsylvania regular gas went up to 3.99 a gallon. The local news stations...*chirp,chirp*
I fully expect Sheik Obama to dump some of the oil in our strategic petroleum reserves in the near future to buy himself some votes.
Now wouldn’t it be too bad if people in CA and IL would have to walk to the polls. At least in CA it wouldn’t be snowing.....
Too bad the feds can’t print gasoline like they do our money.
I am so NOT looking forward to paying even higher gas prices as they are way too high now. Living in a rural area has it benefits but high fuel prices is not one of them.
Then why bother to collect income tax at all?
If they can print money forever to buy bonds then why not disband the IRS and use that savings while simply printing money in lieu of taxation?
One station is $4.20 for unleaded here, Other will follow. who knows what it will be soon in major cities. Sadly, Obama is LUCKY that this unrest and violence chased this story off the front page.
Ultimately, people vote with their pocketbooks.
When will Obama start talking about the SPR?? Sunday? Monday?
How will the press spin this to blame Bush, Romney, or traditional Americans? We’ll have to wait and see...
“The government and by extension Obama, will come tot he rescue on the white horse bearing YOUR money to purchase fuel for anyone that votes democrat.”
That operating model doesn’t work anymore (at least here in the northeast); there is no more money. Attempts to raise more chases companies and the taxpayers that work for them to other states (or countries); that is why Chris Christie was elected governor here in NJ. We’ve laid off thousands of municipal employees because there is simply no more money; no attempt was made to raise the money (in fact, Christie prevented it with a property tax cap). Our infrastructure resembles Mogadishu, but at least people aren’t forced into bankruptcy by their property tax bills as much anymore.
Interesting; thanks. If it gets Romney in it will be worth it.
(Ahem) The only reason he would even consider using the SPR would be to help the neediest, the hardest hit, during these hard economic times of the Bush economy.
There is now plenty of money, Beranke is printing it.
“There is now plenty of money, Beranke is printing it.”
The first batch never reached NJ/NY; the second won’t, either.