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Oil Prices - President Bush Intervenes!

Thanks a lot, scotty :)

 

Hi Nostradamus... I gave you 2 ticks! :)

 

Oil went up US$74, then down US$71.88 and still US economic growth surged to an annual rate of 4.8% in the 1stQ, its best performance in more than 2 year. I think we R going to live with it. DOW-Mon good good liao then Tues SGX oso good good liao

 

Thanks scotty. Care to give me a tick? :)

 

Thanks singaporegal and Nostradamus! good posts!

 

Bush gave the Environmental Protection Agency the authority to relax regional clean-fuel standards to attract more imports of gasoline to the United States and to make it easier for supplies to be moved from one state to another. He also said he would halt deposits of oil to the nation's strategic petroleum reserve until the fall, but analysts said that measure would have next to no impact on crude prices and certainly would not help make gasoline any cheaper. Even the fuel-specification waivers will have a marginal impact, analysts said, given that the main force behind today's soaring pump prices is the near-record price of crude oil. Analysts said a floor remains underneath oil prices, which are 33% higher than a year ago, for a variety of reasons: - With daily global demand roughly 85 million barrels per day, the world's oil producers have less than 2 million barrels per day of spare production capacity, and most of that is for Saudi blends of oil that are less ideal for manufacturing transportation fuels. - Oil traders are nervous about geopolitical tensions ranging from violence in Nigeria to the West's nuclear standoff with Iran to the move toward greater nationalization of natural resources in energy-rich Venezuela. - The global economy is expanding, and that means the thirst for oil is only going to grow. - Speculative investors are piling into energy markets as a way to profit from soaring prices and geopolitical turmoil that could potentially be bad for equities prices.

 

Oil stocks not doing very well today. I guess its probably because of this.

 

Breaking news from CNN!! I think this would be good for the stock markets that are freaked out about the high oil prices. "President Bush has decided to temporarily halt deposits to the nation's Strategic Petroleum Reserve to increase oil to consumers and to slow rising gas prices, a senior administration official said today. Bush, who is speaking on energy policy at this hour, also has ordered a federal investigation into possible gas price gouging."