Record one-day jump in oil prices.
By on Sep 22nd, 2008 at 5:18 pm
Record one-day jump in oil prices.
The price of oil jumped more than $16 to $120.92 a barrel today, the “biggest daily gain in dollar terms since 1984 — when crude began trading on the New York Mercantile Exchange.” Yglesias has more.
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Buckle up folks…it’s gonna get very, ugly very fast :(
September 22nd, 2008 at 5:19 pmUglier?
**sniff**
September 22nd, 2008 at 5:21 pmHm. Good thing I don’t drive a car. =)
September 22nd, 2008 at 5:24 pmMyabe in the end we will all come together as a community of trifty resource users who work together for the common good…
September 22nd, 2008 at 5:26 pm“But the fundamentals of the economy are strong… McCain told me so!!!!”
wonder how that kool-aid is tasting right about now??
September 22nd, 2008 at 5:28 pmOil Went UP because the Dollar$$$ Went Down.
Proposing a 700 Billion Dollar Increase to our National Debt has worked its Magic.
September 22nd, 2008 at 5:29 pmdbadass Says:
——————————————————————————–
Myabe in the end we will all come together as a community of trifty resource users who work together for the common good…
Whut ar yu, sum kinda goldurn commy er sumpthin?
September 22nd, 2008 at 5:29 pmWhy isn’t John McCain telling us to let more air out of our tires?
September 22nd, 2008 at 5:32 pmMission Accomplished!!!
Let’s see what McGonnaDieSoon and Moosejaw have to say about this….prepare to have your head tore off by the Spin.
September 22nd, 2008 at 5:32 pmTo do list:
Turn down your thermostat.
Buy a hybrid car
Buy low flow showerheads
Make your trips to town more efficient
Install solar power for your home and office
Take a stay-cation
Elect OBAMA
add more …
September 22nd, 2008 at 5:33 pmSo, during the August recess, republicans claimed credit for the drop in oil prices – due to their “debates in the dark.” I have to wonder what the spin is that explains the increase now?
September 22nd, 2008 at 5:34 pmBadger Says:
Oil Went UP because the Dollar$$$ Went Down.
Proposing a 700 Billion Dollar Increase to our National Debt has worked its Magic.
Bend over and get ready America!
September 22nd, 2008 at 5:35 pmHere’s where Bush’s base “The Haves and the Haves Mores” rape the American public in one final orgy of greed before the
party’s over.
It looks like Congress is not buying the absolute power version of the bailout bill. They want to cap compensation for CEOs and put in some checks and balances.
Want to guess what is going to happen????
1. The Bailout Bill is revised to remove the worst parts currently in place.
September 22nd, 2008 at 5:42 pm2. This bill is passed by Congress and sent to Bush to be signed.
3. Bush uses his imaginary “Signing-Statement” rights to put back all the bad stuff taken out of the new bill.
4. Bush signs his original version (after altering the compromise version).
5. Democrats send a strongly worded letter to Bush and call for a committee hearing.
6. We all go broke….
Chris L Says:
So, during the August recess, republicans claimed credit for the drop in oil prices – due to their “debates in the dark.” I have to wonder what the spin is that explains the increase now?
Gallup Tracking Poll
9/21/2008
McCain- 44%
September 22nd, 2008 at 5:48 pmObama- 48%
The rhetoric on Iran has gone through the roof in Israeli newspapers. The IAEA and UN meeting will have lots of stern talk about the Iranian threat.
Ehud Olmert has 40 some days left in power. Bush has a few months. Both leaders are widely scorned in their home countries. They’ve got no popularity to lose and maybe a legacy to try and save.
It’s 1929 on Wall Street and 1939 in Hitler’s Europe.
September 22nd, 2008 at 5:48 pmsluggo Says:
Want to guess what is going to happen????
#####
You are more optimistic than I am. This is what I predict:
1. Bush rejects the dems version of the bill.
September 22nd, 2008 at 5:51 pm2. The dems promise not to cave.
3. Bush says that if we do not have a “clean” version of the bill the terrorists will win.
4. McCain will blame the dems for the whole crisis and remind everyone that he was a POW.
5. The dems will cave and give Bush a blank check.
Meanwhile…
Flippy McSpin says: “My friends. We need to protect my friends who trade commodities from evil regulations like my opponent enacted in the thirties. Washington insiders want to prevent me from fixing the economy so I’m not going to tell anyone my super-secret plan that I’ve been sitting on my entire 26 years in the Senate. I’ve got ‘em right where I want ‘em“.
Chippy says: “By the power of Christ, I’ll make Alaska the sole energy supplier for the ENTIRE WORLD!!! After the Rapturee”.
September 22nd, 2008 at 5:56 pmThis Just In…
WASHINGTON – A key Democrat negotiating a $700 billion financial bailout says the Bush administration HAS AGREED to include mortgage aid and strong congressional OVERSIGHT in the plan.
Rep. Barney Frank, the Financial Services Committee chairman, says a great deal of progress has been made in talks between lawmakers and President Bush’s team on the rescue.
A government official with knowledge of the talks also said the administration has agreed to create a plan to help prevent foreclosures on mortgages it acquires as part of the bailout.
Why ???
Paulson’s ambitious schedule may (Have) become derailed because of growing opposition from CONSERVATIVE REPUBLICANS and rank-and-file Democrats.
Sen. DeMint (R South Carolina) said…
“This plan will not only cause our nation to fall off the debt cliff, it could send the value of the dollar into a free-fall as investors around the world question our ability to repay our debts,” . “It’s also very likely that this plan will extend the cycle of bailouts, encouraging other companies to behave in reckless ways that create the need for even more bailouts, triggering an endless run on our treasury.”
That’s some RARE Bipartisan thinking there. :/
September 22nd, 2008 at 5:59 pmBarack Obama has nothing to lose from doing the right thing. Alll the better if he brings the Steny Hoyer’s to heel and gets a tough, responsible bailout bill through.
September 22nd, 2008 at 6:02 pmAnd the Republicans have everything to lose by opposing it.
They might still do so–but it will be their last act as a viable political party.
Johnny B. Goode!
Deep down in Arizona close to Mexico
Way back up in the cactuses where it never snows
There stood an ancient mansion made of gold and wood
Where lived a a corrupt politician named Johnny B Goode
Who’d never learned the difference between Sunni or Shia so well
But he could pretend to chase Osama to the gates of Hell
Go! Go! Go! Johnny!
Go! Go! Go! Johnny!
Go! Go! Go! Johnny!
Go! Go! Go! Johnny!
Go! Go! Johnny B. Goode!
He used to carry his bribe money in a gunnysack
Go sit beneath a tree and count his Keating kickbacks
Old lobbyist on K street would see him sittin’ in the shade
Laughing at the doubletalk and flip flops he made
The people passed him by they would stop and say
Oh my but that little old mummy really hates the gays
Go! Go! Go! Johnny!
Go! Go! Go! Johnny!
Go! Go! Go! Johnny!
Go! Go! Go! Johnny!
Go! Go! Johnny B. Goode!
Once upon time the state of Arizona couldn’t host a superbowl
Because it was legislated by a group of white supremacist trolls
The bigots were led by an angry fascist who was a goose-stepping man
A millionaire, senator who belonged to the Klu Klux Klan
Johnny B Goode was a maverick when it came to recognizing MLK
So the old cracker donned his klan robe and voted against a holiday
Go! Go! Go! Johnny!
Go! Go! Go! Johnny!
Go! Go! Go! Johnny!
Go! Go! Go! Johnny!
Go! Go! Johnny B. Goode!
His mother told him someday you will be an old man
And you will be the leader of a murderous criminal clan
Many people will be blown to bits from miles around
To see you launch the nukes and take us all down
Maybe some day you will make mushroom clouds so bright
Sayin’ “Johnny B Goode pushed the button tonight”
Go! Go! Go! Johnny!
September 22nd, 2008 at 6:10 pmGo! Go! Go! Johnny!
Go! Go! Go! Johnny!
Go! Go! Go! Johnny!
Go! Go! Johnny B. Goode!
The problem is that even this extended North Sea BFOE production is still only running at less than 70 cargoes per month, which is a total monthly production of little more than 40 million barrels. Even at $150 per barrel that represents a value of only $6 billion, and at current prices less than $4 billion.
Sitting on this base of physical trading is an off-exchange complex of price risk consisting of the simple forward BFOE contracts themselves, a host of derivative contracts, and an increasing number of “structured finance” transactions. It is estimated that in total, some $260 billion was recently invested in oil markets one way and another, and this pool of funds was superimposed as an inverted pyramid of risk on this relatively tiny base of physical crude oil.
September 22nd, 2008 at 6:19 pmHere is my prediction.
OBAMA WINS
mccain loses
BUSH & CLAN ARE INDICTED, TRIED & CONVICTED
America is free again.
Then … Jesus comes down and tells the rapture-ites to wait 2,000 more years, he has to bring heaven on earth first.
Then Rapture-ites have a multitude of tantrums and go to Wasilla, Alaska to buy Rapturite kits, from the former governor, who has opened up a new online Rapture-ite kit store :)
September 22nd, 2008 at 6:43 pmWaterMan Says:
To do list:
Turn down your thermostat.
Buy a hybrid car
Buy low flow showerheads
Make your trips to town more efficient
Install solar power for your home and office
Take a stay-cation
Elect OBAMA
add more …
Sharpen pitchfork and other farm tools.
September 22nd, 2008 at 6:57 pmGet the tar heated up and the feathers fluffed.
And stagflation turns into hyper-inflation.
Hold on, we’re in for a bumpy ride!
September 22nd, 2008 at 7:06 pmThe Least Expensive source of Energy is NOT Wasting it in the first place….ie. Conservation.
I agree that individual American Families Can and Should take the initiative to Curb their Energy Use
BUT…
Individual Actions can only go so far. The Government Needs to Get Involved in a Green Energy Plan…and our Current Oil Dependent President hasn’t and Won’t Get With it.
With Forward thinking Leadership, harnessing the Energy and Talent of the American People…we can do this.
Just getting America’s Municipal Buses and Garbage Trucks to run on Electricity or Natural Gas would do more to lower our dependence on Foreign Oil than all the drilling we could possibly do in the near term.
Do that, and watch oil prices plummet.
September 22nd, 2008 at 7:13 pmWayne Says:
WaterMan Says:
To do list:
Turn down your thermostat.
Buy a hybrid car
Buy low flow showerheads
Make your trips to town more efficient
Install solar power for your home and office
Take a stay-cation
Elect OBAMA
add more …
Sharpen pitchfork and other farm tools.
Get the tar heated up and the feathers fluffed.
add more …
Turn to your next door neighbor – who is a member of the NRA – give them a cup of coffee, a big hug, and let them come along for the ride to DC.
September 22nd, 2008 at 7:56 pmCheney-Bush are smiling! Their holding are up! Now let’s bailout their crooked cronies!
September 22nd, 2008 at 7:58 pm“add more …”
practice those aspects of freeganism which work for you
September 22nd, 2008 at 8:09 pmMISSION ACOMPLISHED…
September 23rd, 2008 at 1:59 am