Oil prices hit record high at $103.05 per barrel.
By on Feb 29th, 2008 at 5:08 pm
Oil prices hit record high at $103.05 per barrel.
AFP reports that “oil prices charted fresh record territory” today, “rising to 103.05 dollars as the dollar fell to all time lows.” These high oil prices are linked to the weak U.S. dollar:
A weak US currency boosts demand for dollar-denominated raw materials such as crude oil because it makes them cheaper for buyers using stronger currencies. The increased demand, if it outstrips the fall in the currency, leads to higher prices.
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So we should cut the gas tax.
February 29th, 2008 at 5:12 pmHeh, don’t know nuthin about $4 gas.. Heh.
February 29th, 2008 at 5:12 pmThe surge is working!!!
February 29th, 2008 at 5:13 pmThe United States imported a record $331 billion worth of crude oil last year at an average price of $64.25 per barrel. Ironically, if the US is forced to import crude oil at $95 per barrel or higher this year, due to the Fed’s aggressive rate cuts, the import bill for 2008 could jump by roughly $150 billion and completely negate Washington’s upcoming $152 billion economic stimulus package. -Gary Dorsch
And, from what I have read B-52 Ben plans on another rate cut around March 18th
February 29th, 2008 at 5:13 pmThe price surge is working.
*Swiping Gas Card*……….
……
……
……
*Limit Exceeded *
February 29th, 2008 at 5:16 pmAnd when oil is traded on Euros, which I believe are just over a buck and a half now, gas will hit $6.00 USD.
Bush has created an environment where the dollar isn’t worth $hit. What we’re seeing now ain’t nothing.
Think it’s a recession? Can anyone say Depression with a capital DEPRESSing?
February 29th, 2008 at 5:18 pmAnd just out of curiosity, what happens when the rate hits 0%?
February 29th, 2008 at 5:19 pmWhy does VA Voom favor the government meddling in the free market by eliminating the gas tax?
February 29th, 2008 at 5:19 pmWould you like to find a job in this economy? You must relocate to Iraq.
Would you like to fill your tank at a reasonable rate? Iraq’s oil fields are accepting new customers. Take a drive — and a float — with the family.
February 29th, 2008 at 5:19 pm.
The next thread will be…
OIL PROFITS SURGE!
Duh!
.
February 29th, 2008 at 5:21 pmComment by Ms_Joanne — February 29, 2008 @ 5:18 pm
Exactly, the Saudi’s are already talking about de-linking the dollar from the price of oil- but on the plus side Bush did get a pretty neat sword out of his trip to the Middle East, even if he didn’t get any concessions or guarantees… SWORD! Shiny!
February 29th, 2008 at 5:21 pmDon’t forget all the hand-holding and cheek-kissing with the Saudi Royals. Oooooh, was Larry Craig jealous!
February 29th, 2008 at 5:22 pmThanks Bush, you stupid son of a b!tch, thanks for destroying the entire country and it’s economy in 7 years.
Worst President Ever.
Bush the Butcher of Bagdad.
Buck Fush
February 29th, 2008 at 5:23 pmAnalysis conducted by Goldman Sachs that said suspending oil-reserve purchases could lower pump prices by as much as 25 cents. It’s not a complete fix, but something should be done quickly in the short-term.
February 29th, 2008 at 5:24 pmOur purchases today are essentially just topping off the reserves each day.
The President has the executive authority to suspend oil-reserve purchases.
… who could forget one moment of that magical desert trip? Dancing and laughing and holding hands…
February 29th, 2008 at 5:24 pmhttp://www.gaspricewatch.com/usgastaxes.asp
States are strapped for cash as it is V V, what with investing in SIV’s.
The Federal Tax of 18.4 cents per gallon is collected in all states in addition to any state or local taxes on gasoline sales.
How you gonna pay for the bigger Bush government [+35%] ?
February 29th, 2008 at 5:25 pmI’ve been harping on this for a while: Of all of the criminal, immoral, unconstitutional and dastardly things Bush and his Cabal have done, nothing will compare to the economic devastation that is about to be unleashed on us.
This is the distinction the smart opposition party should be drawing at every opportunity.
The next President will face an economic scenario that would scare FDR.
Bush and the Republicans need to be associated, in every mind in America, with the policies that got us here – before the sh!t hits the fan.
February 29th, 2008 at 5:26 pmWhy does VA Voom favor the government meddling in the free market by eliminating the gas tax?
Comment by ralph the wonder llama — February 29, 2008 @ 5:19 pm
Because cutting taxes is the cure for all ills, doncha know?
Never mind that our whopping debt is one of the reasons for our weakened dollar in the first place…
February 29th, 2008 at 5:27 pmOur resident moronic troll is back telling us to cut gas taxes. It doesn’t care that our highways and byways are already crumbling and becoming very unsafe. If we cut the gasoline taxes, this country would be one big pothole from sea to shining sea. And I’m sure that the moronic troll would be one of the first to complain about the horrible condition of it’s roads and infrastructure.
Do these moronic trolls ever have anything to say that 1) makes sense or 2) is based on any form of truth or 3) not self-serving?
February 29th, 2008 at 5:27 pmTime to canoodle with King Addullard to see if he’ll, pretty please, loser oil prices.
-George W. Shitheel
February 29th, 2008 at 5:27 pmLower, not loser. Must have been thinking about Chimpy.
-GSD
February 29th, 2008 at 5:28 pmFacts, what has gotten into you today?
Quit being an A$$HOLE or shut down your computer til you regroup.
You’re being quite the di(khead today.
February 29th, 2008 at 5:30 pmOr cut the oil subsidies we give big oil for their supposed efforts at finding new oil resources? ROTFL, the OBVIOUS always escapes you! Maybe that’s why you’re a FAT TAX fan! ROTFL!
Comment by republicans hate facts — February 29, 2008 @ 5:25 pm
I would support cutting the subsidies. All of them. and if we passed the fair tax the tax on gas would be 23%. Think how much that would save you at the pump.
February 29th, 2008 at 5:31 pmComment by VA Voter — February 29, 2008 @ 5:12 pm
How about the oil industries reduce their taxes on the American people? They sure know how to get their cut — at the pump on a weekly basis, instead of on April 15th. At least the government’s not overcharging us.
February 29th, 2008 at 5:32 pmWe’ve also granted huge tax breaks to the telecoms to develop high-speed internet capacity, only to have that technology and infrastructure developed independently by the Cable industry. I think the Telecoms owe us a buttload of money for specific non-performance.
We’ll never get it back.
February 29th, 2008 at 5:33 pmComment by VA Voter — February 29, 2008 @ 5:31 pm
… and then we could all have PONIES!!! And no one would need to worry about roads or transit because the PONIES would make us all smile and they could go wherever we wanted to go- WITHOUT roads!!! and the ponies would be free because we would SAVE so much money from not paying taxes, and they eat grass- so that’s like fuel for free, and they’re really cute and pretty!!!
February 29th, 2008 at 5:34 pmVA Voter, Exxon Mobil earned $40 BILLION in profits last year. We should nationalize the oil industry and greatly increase the gas tax to discourage gas consumption. Gas would not be any more expensive, and the profits would go to the tax payer. The profits could be used to boost the earned income tax credit, or other rebate vehicle for poor people hit hardest by high gas prices.
By the way, as I explained to you before, your “fair tax”, which is a flat consumption tax, would destroy the middle class. In any case, as I also explained to you before, this tax has absolutely ZERO chance of ever passing, because it would cause nearly instant obliteration of whatever political party dared to pass it. But my explanations have been of no avail, obviously.
February 29th, 2008 at 5:41 pmHello! I’m Ronnie the Rabid Conservative!
Got economic problems? Recession staring you in the face? Forced to choose between gas and food? No problem! Cut taxes! Sunshine and music will fill your every waking moment!
Things going swimmingly? Enjoying job growth and unprecedented revenues? Is prosperity being widely shared and distributed across class lines? Cut taxes! After all, you deserve a larger share of your own money!
Newsflash, you neocon nitwits: when you have the same answer for every situation, you have NO ANSWERS AT ALL. Remember this as you watch your philosophy die in the decades to come.
February 29th, 2008 at 5:41 pmRussia is having its elections to replace Putin soon. As a results, a lot of reporting has been done lately about conditions in Russia.
Human rights have deteriorated under Putin, But Russia’s economy is BOOMING. Apparently, most Russians care more about the condition of their wallets, than the condition of their political freedom…because Putin is very popular.
After the Soviet Union broke apart, every measure of civil society went down steeply. Alcohalism and Death rates soared, health,birth rates, and security plummeted. Gorbachev and Yeltsin were despised. Oil was $28 a bbl.
Now, with oil over $100 bbl, Things are good in Russia. Maybe we were premature in claiming our victory in the Cold War. Maybe we need our own version of Glastnost ( openness) and Peristroika(restructuring).
February 29th, 2008 at 5:41 pmThe fair tax won’t solve the problem of rising oil prices. Nor will it stabilize the falling dollar.
Actually with decreased gov’t revenue, the deficit will continue to grow – exponentially – which would further weaken the dollar.
The Republicans have seriously fu(ked this country up – almost to the point where I am beginning to doubt it can be fixed.
February 29th, 2008 at 5:45 pmRussia is only doing well because oil prices are so high. Otherwise the economy there is a mess. It is a fact that the purchasing power of middle class Russians fell by two-thirds after the fall of Communism. The reason is that a new “capitalist” plutocracy arose from the former Communist party. These party elites divvied up the spoils of privatization, and sold much of them off to Western corporate interests. This vastly enriched a few people. Everyone else got screwed. Capitalism at its finest. Now instead of investing oil profits in infrastructure, Putin is throwing some crumbs to buy off the middle class, which the plutocrats keep the rest. It is frightening how much our country and Russia have come to mirror one another.
February 29th, 2008 at 5:46 pmVA Voter is on his typical ‘fair tax’ crusade, as usual. I wonder…who would it benefit more?
23% fair tax? Ok, our taxable income ended up at about 17k last year (we’re students). Of that amount, we owe 1,800. That’s ~10%, and includes both SSI and FICA. Under his system, our share would increase to 3910. Ouch. We’d have 13k after taxes by his system.
OK, what about a hypothetical guy who pays 17 million. He’d pay about 5.9mln in tax, or 34.7%. A ‘FairTax’ would have him paying 3.9mln, a savings of 2.0mln.
The current setup is a progressive structure that taxes at a rate that is low if your income is low, then progressively more as your income increases. The Neocons don’t like anything that favors the lower and middle class…hence why they’re trying to get this idea of a ‘fair tax’ into the public discussion. It even has a catchy name, but when you get down into it, you find out very quickly that it’s anything BUT fair.
February 29th, 2008 at 5:46 pmOf course VA Voter continues to dodge the fact that oil has QUADRUPLED under his precious President Numbskull’s utterly ruinous leadership.
February 29th, 2008 at 5:47 pmNo matter what, the US Tax Code needs to be rewritten into a single paragraph – loopholes are what make deficits. We have been baffled by bullshit for long enough.
February 29th, 2008 at 5:48 pmThe markets sure don’t like the high price of oil (Dow Jones down closes down 315).
http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=DJIA&sid=1643
Stocks fall sharply on economic worries
Oil prices continued to stir concern about inflation after pushing past $103 per barrel for the first time.
February 29th, 2008 at 5:49 pmComment by Marcus Aurelius — February 29, 2008 @ 5:48 pm
I can agree with this….
February 29th, 2008 at 5:50 pmWe need to close the loopholes but see Jeremy’s post above for why ‘Simple’ tax codes are code for ’screw the poor and middle class’ tax codes.
February 29th, 2008 at 5:51 pmVA Voter is a typical Republican: Willing to vote against their own interests in the false belief that they will somehow be rewarded for such stupidity.
February 29th, 2008 at 5:51 pmComment by Jeremy in Denver — February 29, 2008 @ 5:46 pm
Your analysis is incorrect. The rich person would likely pay less, because the tax is paid on consumption only. It is a sales tax. The rich person would not pay any taxes at all on any investment income. No capital gains taxes. No dividend taxes.
Bush’s own Treasury department studied this tax scam. Paul O’Neill, Bush’s first Treasury Secretary, provided documents on this study to reporter Ron Susskind. These documents were subsequently published in Slate, and probably elsewhere (maybe in Susskind’s book, but I’m not sure about that). In any case, the Treasury study concluded that this sales tax would result in a MASSIVE tax break for the rich, and that the only way to accomplish it in a revenue neutral way would be to make it up on the backs of the middle class. But koolaid drinkers like VA Voter just don’t get it.
Of course, revenue neutral isn’t in the spendthrift Bush’s limited vocabulary. Bush is perfectly happy running massive deficits, because he is spoiled rich boy who never had to pay for anything in his sheltered life.
February 29th, 2008 at 5:52 pmThe Neocons don’t like anything that favors the lower and middle class…hence why they’re trying to get this idea of a ‘fair tax’ into the public discussion. It even has a catchy name, but when you get down into it, you find out very quickly that it’s anything BUT fair.
It’s that neocon branding thing. Figure whatever they are branding “fair tax” to mean exactly the opposite and you will be on the money. I wonder why the Democrats haven’t learned how to do this? They can rename SCHIP the Children’s Health Care Initiative. That would be a good branding name and it would even be true.
February 29th, 2008 at 5:54 pmNo matter what, the US Tax Code needs to be rewritten into a single paragraph – loopholes are what make deficits. We have been baffled by bullshit for long enough.
Comment by Marcus Aurelius — February 29, 2008 @ 5:48 pm
It is unrealistic to write a tax code in one paragraph. The only tax system you will get that way will screw the middle class. We need a strongly progressive income tax, including a negative income tax for the poor. We could greatly simplify the current system simply by cutting out all the special breaks written for industry. Then return to progressive income tax rates, reduce FICA, and tax realized capital gains and dividends as income. Add consumption taxes to specific products that have externalized costs, such as gasoline.
February 29th, 2008 at 5:56 pmBet’cha can’t write it without me finding and exploiting a loophole.
Bet’cha if you try to fix that loophole with an amendment, you create at least two more (if your heart is pure, if not, you’ll use it to make as many loopholes as you can to benefit your group).
February 29th, 2008 at 5:59 pmWhat a Myth it is…The Free Market. The Tax code is the Monster it is ( and much bigger than when Bush took office, btw) because the politicians are trying to INFLUENCE the Economy. This most often takes the form of Influence … benefitting political constituents and contributers. We truly do have the best Government money can buy.
February 29th, 2008 at 6:04 pmBet’cha can’t write it without me finding and exploiting a loophole.
Comment by Marcus Aurelius — February 29, 2008 @ 5:59 pm
Yeah, and I am sure you can’t write it in one paragraph without screwing the middle class.
February 29th, 2008 at 6:06 pmBet’cha can’t write it without me finding and exploiting a loophole.
Bet’cha if you try to fix that loophole with an amendment, you create at least two more (if your heart is pure, if not, you’ll use it to make as many loopholes as you can to benefit your group).
Comment by Marcus Aurelius — February 29, 2008 @ 5:59 pm
You’re probably right. The only alternative, as I see it, is a non-progressive tax system that devastates the middle class.
For that matter, any law set down in writing will immediately inspire someone to try to push its envelope, exploit it for unfair gain or flat-out circumvent it. That’s human nature.
A progressive tax system will inevitably be complex. But we’ve got to fund our government, and seems to me that those who benefit most from its protections and have greatest access to its resources ought to pay more to support it. That means a progressive tax system.
February 29th, 2008 at 6:10 pmMichael Feldman’s comment on the Flat Tax….” Why Not? The Earth is”.
The progressive part of the tax system is Simple. Once you determine your Income, making it progressive is just arithmetic.
The complicated part is determining your income. Why? because of all the deductions….put in by congress to influence and reward sectors of the economy. That’s where the tax system becomes complicated and Unfair.
February 29th, 2008 at 6:17 pmA progressive tax system is the only system which makes any sense.
The rich, through ownership, are by farthe heaviest users of publicly-funded services & infrastructure. In fact, they could not be rich or have gotten rich without public funds.
What part of “you use it, you pay for it” don’t these would-be freeloaders understand?
February 29th, 2008 at 6:37 pmJonny, they feel _entitled_. THey also have a thousand and one various reasons why they should be given what they feel entitled to. Some are honest: “We made this money, stop trying to take it from us.” Others are semi-honest: “Less money in our pockets means we spend less, which means you little people get less.” Others are outright lies: “Hey, if you use this tax setup that we call the Fairtax, it’ll be fair. Truuust us!”
Heh.
February 29th, 2008 at 6:42 pmOh, and notice VA Voter has mysteriously vanished. Squat and run, anyone? :-D
February 29th, 2008 at 6:43 pm.
Sorry OT on this but…
FBI documents contradict 9/11 Commission report
.
February 29th, 2008 at 6:49 pmIt’s the dollar. Oil is only 68 Euros.
February 29th, 2008 at 6:56 pmIt’s not so much that things are getting more expensive.
They are just getting more expensive in dollars because the dollar is tanking.
And America is soon going to be third world.
Exactly when can we start hearing “treason” related to Bush and Cheney? Everything they have done benefits foreign governments–many unfriendly to us–and hurts the American people. As some have said, they hate the American people, let alone the constitution, peace, prosperity, hope, justice, and anyone but rich white guys.
February 29th, 2008 at 9:16 pmBush doesn’t give a sh*t. He doesn’t give a sh*t, he doesn’t give a sh*t. he doesn’t give a rat’s a**!
Whatever crash and burn is happening to our economy, the Chimp and his cronies won’t be affected. Not in the slightest. They all have they monies safely stashed away and their well guarded ranches paid for. In short, they’ll sit high on the hill in their castles, while Joe Average suffers.
These bastard republicans don’t give a sh*t. The last seven years has guaranteed I will NEVER vote for a republican again. You can take that to the bank….if there are any left.
February 29th, 2008 at 9:58 pmI thought you wanted higher energy prices, so that people would use less.
Keep your story straight, dammit!
February 29th, 2008 at 10:14 pmI thought you wanted higher energy prices, so that people would use less.
Keep your story straight, dammit!
Comment by muckdog — February 29, 2008 @ 10:14 pm
You’re really that stupid? you can’t figure out that fat rich white slobs enriching themselves further at the expense of working people is not the way to do it? Suckdog, you are but shit on my shoe.
February 29th, 2008 at 10:28 pmThe sheep have been fleeced.
March 1st, 2008 at 12:29 amHow did spending a trillion dollars on war and the military work out for the American public?
Oh yeah, I know…….9/11 changed everything, we had to do it.
19 guys with box cutters ($1.99 ea) made us borrow and spend ourselves into oblivion.
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