The perfect storm that spurred Bush to action

scotsman online ^ | 04/05/2002

[mdittmar]

Deepening concern that the Israel-Palestinian conflict could escalate into a conflagration across the whole region has not only pushed the oil price to a six-month high,

There's a real suprise, prices rising before summer.

[Dialup Llama]

>There's a real suprise, prices rising before summer.

watch for a 'refinery fire' or somesuch to sharply drive up prices.

[kaylar]

And we just had a holiday weekend, too, for which the prices always rise.

[Tasha]

Strap in tightly, this could get rough

It will get rough, no doubts about it. I only hope that my fellow FReepers do not have any open margins, or do not borrow any money to buy stocks in the moment of euphoria, or temporary illusion. It appears to me that the perfect storm is coming. We have a good captain. President Bush is a really good man and I pray for him, that he and his crew can easily face the challenges that are facing them.

[Howlin]

The knock-on effects of an Israeli failure to respond

Isn't it far more likely that Arafat will be the one who doesn't respond?

I cannot imagine that Bush did what he did today without talking to Sharon first.

[Dialup Llama]

>>There's a real suprise, prices rising before summer. >watch for a 'refinery fire' or somesuch to sharply drive up prices.

Better yet, there's suddenly going to be a lot of 'maintenance' which will lower production.

[isthisnickcool]

Darn! And I just put new headers on my Viper!

[AmericaUnited]

I'd go short oil right about now. $28 a barrel will be close to the top.

[Billy_bob_bob]

No kidding, we are on schedule for the first "accidental" refinery fire of the season, after which the prices will spike up by fifteen percent for a few months. You can just about set your calendar by it. Figure within the next six to eight weeks we will see some refinery somewhere in California have a big fire. Happens every year, like clockwork.

[Lael]

I cannot imagine that Bush did what he did today without talking to Sharon first.

I believe you are right. But you will notice that Bush took his time. Sharon just needs a few more days to locate the remaining Suicide bomb factories, and that could just be the slippage while the striped pants set talk it out.

Remember, Bush considers Arafat to be a liar, and he has NO respect for him. If the suicide bombers continue, Bush can wash his hands, at least temporarily, and go on a war footing---the Fed is required to keep interest rates low during wartime.

[Arkie2]

Tell me again why we're not already drilling in the Florida Gulf and ANWAR? Oh, I forgot, we can't spoil the view in Florida and disturb the breeding habits of Elk in Alaska. I'm sure we'll all appreciate the wisdom of these choices a year from now.

[McGavin999]

The worry for Bush is that, even in the absence of a concerted Arab oil boycott, a higher oil price on wider conflict fears could blow a big hole in America’s recovery hopes.

Hmmmm, big hole in America's recovery means an even bigger hole in all other economies. America is the biggest consumer nation on earth, we stop buying who is going to buy the euro's goods and who will buy Chinese goods, particularly since we've been so consistantly insulted by these people. I know that I'll be more careful of what I buy. Just think of all the jet fuel that will be saved by Americans staying home this summer :o)

Oh yeah, and nothing like reminding Americans how dependent we are on foreign oil to make us more willing to drill and find our own sources, at least enough to get us by until the Russian pipelines can be put in place. We have L-O-N-G memories.

[kaylar]

I agree, and I hope the Iraqi threats will help get something moving on domestic drilling. And I would rather buy oil from Russia than from OPEC any day, if it was between those two.

[Tasha]

Be very careful with going short or long. But whatever you do, stay out of margins. Good luck with the short or long, whatever way you decide.

[Darlin']

"I cannot imagine that Bush did what he did today without talking to Sharon first."

He didn't. I'm sure it was a coordinated effort. If not, Powell would be on a plane today not next week.

[Howlin]

Well, what is wrong with everybody else, acting like Bush did this all out of the blue?

[aristeides]

I wonder why this writer didn't mention the obvious possibility that we'll seize the Arab oilfields if the Arabs press us too hard on oil supplies. There's much less reason to want to stay on the good side of the Saudis than there was in '73.

[ConsistentLibertarian]

Some people say Bush is stupid. But it's not true. He may do stupid things, but he's smart enough to surround himself with people who are smart enough to tell him when he's done something inconceivably stupid, and to his credit, he tries to fix his mistakes once he's been told what they are. We could do a lot worse.

[Darlin']

They're reacting emotionally and rational thought just doesn't apply when you do that. It's akin to riot or mob mentality. It isn't the way they would have handled it so it must be wrong.... I wonder why all of them aren't President.