Oil Slick Stuff

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RealMoneyIssues said:
Is this because the dollar shot up today? Just trying to understand all the gyrations in oil recently...
Click to expand...
Also effected by the results of the Oil/Gas inventories, I think they must have forgotten about the refineries that can be shut down by the Mississippi Flood?:confused:
 
Slumping oil, commodity prices halt stock rally

Falling oil and metals prices derail a 3-day rally in stocks; Disney disappoints

Stan Choe and David K. Randall, AP Business Writers, On Wednesday May 11, 2011, 2:35 pm NEW YORK (AP) -- Tumbling demand for commodities and a drop in the euro put financial markets on edge Wednesday, pulling the Dow Jones industrial average down by more than 150 points.
Demand for gasoline in the U.S. fell by the largest amount in seven weeks, the Energy Information Administration said, a signal that consumers are conserving money as gas prices near a national average of $4 a gallon. Gas futures fell almost 8 percent. Crude oil fell back below $100 a barrel, a loss of more than 4 percent.
Consumers typically buy more gasoline when the economy is getting stronger. Fewer fill-ups may result in a drop in consumer and business spending as customers forgo trips to malls and restaurants and companies ship fewer products.
Stocks fell broadly, with energy and materials companies suffering the worst declines. The Dow Jones industrial average lost 152 points, or 1.2 percent, to 12,609 in afternoon trading. The S&P 500 fell 18, or 1.3 percent, to 1,339. The Nasdaq composite lost 35, or 1.2 percent, to 2,837.
The market's losses accelerated shortly before noon. The dollar and government bond prices rose as traders moved money into safer assets. The dollar rose 0.8 percent against a group of other major currencies. The euro dropped 1.5 percent against the dollar.
http://finance.yahoo.com/news/Slump...html?x=0&sec=topStories&pos=main&asset=&ccode=
 
Lots of Hot Air on Gas but No End to High Prices

By Chris Stirewalt
Published May 12, 2011
| FoxNews.com

Impotence No Obstacle to Gas Talk on Hill
“Not only can I not vote for it, it’s laughable.”

-- Sen. Mary Landrieu, D-La., on a plan by her party’s leaders to end tax breaks for oil companies
Just because Congress can’t do anything to bring down gas prices ahead of the summer spike doesn’t mean they can’t try to take political advantage of it.
Today, Senate Democrats are summoning the heads of all the major private American oil operators in front of a hearing intended to highlight the tremendous profits being made by the industry.

The goal is to box in Republicans who are expected to vote against a White House-backed plan that would end an estimated $4 billion in tax breaks for oil companies and spend the money on President Obama’s pet green-energy projects.

Read more: http://www.foxnews.com/politics/2011/05/12/lots-hot-air-gas-end-high-prices/#ixzz1M9PE2tDo
 
Go ahead end the tax breaks, but DON'T SPEND IT... CUT IT... They just don't get it :mad:

Any way, the other thread about businesses got closed... I guess I should have linked it to the market :(

I am having to revamp my budget AGAIN to account for higher gas prices... :nuts:
 
Big oil doesn't need tax breaks​

""You all said you didn't need them in 2005," Wyden said. "You seem to be telling a different story today."
Chevron Corp. chairman and CEO John Watson said the companies don't want special tax benefits — just the benefits that other industries get.
But what the oil company chiefs had to say was not the goal for majority Democrats eager to demonstrate before the 2012 election that they stand with consumers against oil companies recording large profits with the help of billions of dollars in tax breaks.
Sen. Orrin Hatch, R-Utah, referred to a large portrait of a dog sitting on a pony to illustrate his thoughts of the proceedings.
"All this hearing is about is providing a justification for tax increases," Hatch said.
"For the president and some of my colleagues," he said, "the answer is always raise taxes. Government spends too much? Raise some taxes. Health care too expensive? Raise some taxes. Gas prices too expensive? I've got it . . . Let's raise some taxes."
Democrats acknowledged that a bill to repeal the tax breaks for the companies testifying Thursday would not bring down the price of oil at the gas pump. And no one suggested that the legislation has a future beyond a talking point. Republicans have enough votes to block it in the Senate and the House is controlled by the GOP."

http://news.yahoo.com/s/ap/20110512...Ec2VjA3luX3RvcF9zdG9yeQRzbGsDc2VuYXRlZGVtb2Ny
 
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