Skip to comments.Oil hits 18-month high over $85 on economic outlook (Now the MSM claims oil price increase is good)
Posted on 04/05/2010 4:05:32 AM PDT by tobyhill
Data on Friday showed U.S. employers created jobs in March at the fastest rate in three years. Non-farm payrolls rose 162,000, only the third increase since the U.S. economy fell into recession in late 2007 and the largest since March 2007.
U.S. manufacturing is also expanding at its fastest pace for more than five years, while Chinese manufacturing is picking up and Japanese business sentiment is also improving.
U.S. crude oil for May delivery rose $1.02 per barrel to a high of $85.89 in early Asian trade before slipping back to around $85.32, up 45 cents, by 1000 GMT. The market was closed for a three-day weekend including the Good Friday holiday.
U.S. crude has risen almost 2 percent in the first five days of the quarter, versus a rise of 5.5 percent through the whole of the first three months of the year.
Brent crude rose 29 cents to $84.30.
The strong payrolls, positive manufacturing data and signs of rising fuel demand are all likely to support oil prices and cement crude in a new, higher range trading, analysts say.
"Our take on crude oil prices in the short-term is that we likely will push higher from here," said senior commodities analyst Edward Meir at brokers MF Global.
(Excerpt) Read more at reuters.com ...
when we have to spend more on fuel, we have less to spend on goods.
the MSM like common dung beetles....wander aimlessly, head in the sand....moving backward...while pushing their crap and hoping it sticks to something.....
Don’t worry, because 0bama is president, $3 a gallon gas or more is good for the US.
I thought the Dems said when they took office, oil and gas prices would go down?
That’s was one part of their campaign. The other ignored part was they wanted oil prices to go up but just not as quick as it did under Bush.
That beetle like the MSM sure has a load of crap.
(Now the MSM claims oil price increase is good)
(Now the MSM claims you being out of work is good)
If this happened under BUSH, it would be the LEAD STORY!!!
More of “Americans paying their ‘fair share.’”
Anything but the truth -- Depends on what lies you want to tell, doesn't it.
It was also front page, top-of-the-fold two years ago. For weeks and weeks.
Can somebody assemble some parallel news clips from then and now?
high oil prices hurt the poorer groups of people but the dems don’t care because all their voters live in cities
It would at best reflect a lift in global demand. It might also be cartel action in anticipation of future losses in the face of cap and tax.
“This game the MSM and the Rats are playing”
Yeah but it is working and they know it. The uninformed leeches in our society will continue to soak it in and vote for these b@$$turds over and over. Their numbers are increasing daily as the leftists continue to hand out freebies to these slackers.
Most people don’t remember that gem. Also remember zero saying he wants electric rates to skyrocket?
Bush oil stockpile plan could cause oil prices to rise
8 Ways the Bush Administration Has Caused the Oil Price Boom
Oil Price Rise Causes Global Shift in Wealth
It would be great for America, if we could actually produce any of it here, from new fields in new, novel ways...OOPS, we can’t do that anymore...never mind.
Rising energy prices and the inability to re-fi homes are the two factors that limit the upside of this upswing of the business cycle, and guarantee malaise at the best. Stubbornly not developing energy sources damns the liberal hopes for a decently functioning version of their idealism. It and the debt are leading to the eventual unraveling of this country; not in this iteration, but not too far into the future.
What? He’s out of office?
It’s still his fault.
Hillary already said the left wants to take the oil companies profits. I believe this is the plan. It's been in the works since the Clinton era.
The expansion in the economy will more than make up for the rise in the price of oil.
Secretly, liberals love the price of oil to be sky high. But they have to feign outrage against the greedy oil companies and call for price controls (which they know won’t happen) because they know how angered their constituents get over it and they want to appear to be “in touch”.
When will BO start that drillin’?
The media can write or say whatever it wants but when gas goes over $3 a gallon, the zero and the democrats will be history.
Electric bills will sky rocket because of Cap and Tax, heath insurance will go up by 30% because of Death Care, food has already gone up 30%, 11 million people have lost their jobs, and 11 million new illegals will need welfare checks.
Our Federal government conspiring over the years to restrict crude and refined oil output. Inevitably, restricted output leads to shortage and enormouse price rise. There is no real corresponding cost increase for the oil companies, so profits soar.
Then, the government demonizes the oil companies for price gouging, and levies a windfall profits tax as punishment to the evil oil companies and to restore “fairness”.
View it for what it is: Evil government raising taxes on its citizens, and having the oil companies collect those taxes for them so they can “appear” to be on the side of the lowly people.
WAKE UP PEOPLE!!!!!!!!!!!!!!!!!!!
Obama got his wish.
That fact always seems to escape those in Washington.
This means Americans will be flocking to ride all those spankin' new, environmentally friendly, Light Rail thingies to work and play!
Worse than that - higher oil prices directly support Russian military expansionism by flooding them with hard currency for their oil exports...
Last time, in the “Bush years” when it it $70!!!!!, the Senate held Stalinesque show trials blaming Exxon-Mobile et al as if they, all by themselves (with 7% of world oil reserves to their name) just decided to raise the price for everyone, for no particular reason.
Now, what do we hear from them??????? (not that we should)