Oil Slick Stuff

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Feb. 29, 2012, 8:07 a.m. EST
What central banks provide, oil markets take away

Commentary: Quantitative easing merely flowing into oil markets


By Matthew Lynn
LONDON (MarketWatch) — When William McChesney Martin was chairman of the Federal Reserve all through the 1950s and 1960s, he famously described the job as “taking away the punch bowl while the party was still going.” Central bankers don’t think like that anymore — they are more likely to be cheerfully pouring more vodka into the mix, and asking if anyone knows the name of a good dealer in tobacco-based products.
Still, we still have someone who is prepared to act as the anxious parent to the global economy.
Except these days, it is the oil market.
Central banks keep furiously pumping more money into the economy — right now in Europe, and mostly by stealth. But as soon as they do so, the price of oil goes up and that promptly takes money out again. Like hamsters on a wheel, they are running more and more furiously all the time — and getting precisely nowhere.
What central banks provide, oil markets take away - Matthew Lynn's London Eye - MarketWatch
 
nasa1974 said:
OK folks let's stay away from name calling. This is one thing we can agree on, that the price of oil is out of whack. It doesn't matter who listens to what "talking head". Bottom line, it is costing us too much. The Oil Companies and OPEC are the only ones making the real money and they don't care why. Oil is a limited commodity and we have to stop listening to the Oil Companies telling us to drill more. IT WILL RUN OUT!!! America is one of the greatest countries in the world and if we set our mind to something we can accomplish anything. Let's stop listening to these oil barons and get away from this oil dependency. We can do it and it is going to hurt for a little bit until everyone gets on board. Unfortunately no one has the cohunes to do anything about it.
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I say we change over to crystallic fusion. It's about as viable as any other alternative fuel source out there, and we won't have to decide whether to grow food or fuel.:blink:

Buzz.jpg
 
Regular Gas averaging $3.68 a gallon in Boiled Peanut GA, that's 9 or 10 cent raise in one day.:eek::nuts::mad:
 
This is all we need! Hopefully they can get it up and running soon.:sick:

Saudi Oil Pipelines Destroyed In Explosion, Sends Crude Soaring
Submitted by Tyler Durden on 03/01/2012 15:02 -0500

Among the many factors responsible for the jump in WTI to just shy of $109 over the past hour, and Brent to new records in various currencies, is the following news reported so far only by Iranian PressTV: "An explosion has hit oil pipelines in the flashpoint Saudi Arabian city of Awamiyah in the kingdom’s oil-rich Eastern Province." [more]
Saudi Oil Pipelines Destroyed In Explosion, Sends Crude Soaring | ZeroHedge
 
March 1, 2012, 3:38 p.m. EST
[h=1]Oil tops $110 amid talk of Saudi pipeline fire[/h]

[h=3]SAN FRANCISCO (MarketWatch) -- Oil futures broke through $110 a barrel in electronic trading after the close of New York floor trading Thursday. Oil for April delivery rose as high as $110.55 and recently traded up $1.11, or 0.9%, from its Thursday settlement of $108.84 a barrel.
Oil tops $110 amid talk of Saudi pipeline fire - MarketWatch[/h]
 
Scratching my head:

UPDATE: Saudi Oil Officials Deny Reports About Oil-Pipeline Attack

Says no attack occured, it's only a facebook & twitter rumor. No explosion, and no fire.
By Summer Said
Of DOW JONES NEWSWIRES

DUBAI (Dow Jones)--Reports about an explosion that hit a main oil pipeline in Saudi Arabia's oil-rich Eastern Province are untrue, senior Saudi officials said late Thursday.

"The reports are completely untrue. They originated from Facebook and Twitter, and the pipeline is still up and running," one official told Dow Jones Newswires.
Oil futures jumped over $110.55 a barrel in after-hours trading Thursday following a report from Tehran's PressTV which said that an explosion destroyed pipelines in the "flashpoint" Saudi city of Awamiyah.

An online website called the Arab Digest posted a headline "Saudi Arabia's Eastern Revolution hits the oil sector - pipeline under fire" and two photos of what it claimed was a pipeline fire. Neither photo showed a pipeline, and the fires didn't appear large. The photos couldn't be authenticated. The site quoted what it said was an unidentified resident of Qatif calling the blazes a message to the U.S. to pressure Saudi Arabia for reform.

"This is just a false propaganda, and we are not going to entertain it," a second Saudi official said.
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More:
UPDATE: Saudi Oil Officials Deny Reports About Oil-Pipeline Attack - WSJ.com
 
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