Oil Trades Near Two-Week High After US Starts Attack in Iraq

[PhilipShore]

Bloomberg
Oil Trades Near Two-Week High After US Starts Attack in Iraq
Australia & New Zealand

http://www.bloomberg.com/apps/news?pid=10000081&sid=aoklDaTJyfAE&refer=australia

March 17 (Bloomberg) -- Crude oil traded near a two-week high in New York on concern conflict in Iraq, the Middle East's fifth-largest oil producer, may disrupt global supplies.

Prices rose from a two-day low yesterday after U.S. and Iraqi forces began the largest air assault against insurgents since the March 2003 invasion that ousted Saddam Hussein. Neighbor Iran, facing the threat of UN sanctions if it doesn't halt nuclear research, said it is prepared to hold talks with the U.S. about the violence in Iraq.

``Iran, of course, is still the wild-card,'' said Bob Frye, a broker at Access Futures & Options in Woodlake California. ``The market is still looking for reasons to go higher'' and the attack in Iraq provided that, he said.

[rzemanfl]

1. I paid $2.51 a gallon today, the highest price in several months. nt

[shaniqua6392]

2. $2.60 or so here in SE Michigan.

I think I might buy one of those Moped things for everyone in the family. Wouldn't we look cute going to church riding down the sidewalk on our scooters?? LOL. I have to laugh or I may cry. I need to get gas tomorrow cuz I am almost on empty. This sucks. We hate you George. Thanks for teaching us to hate.

[rzemanfl]

4. I broke my knee cap dumping a moped when the front brake

grabbed and the back wheel slid. Doctor said "if you were younger, you'r just have dislocated your kneecap." I can still feel it every day, almost ten years later.

[acmejack]

3. You were wise to buy it today

How much do you think it will go up overnight? Couple that with the air rapidly escaping from the dollar and I expect it shall be a long while, like never maybe, that you shall see at that price again.

fwiw There once was a time when I was thought overly optimistic.

[Jayhawk Lib]

5. Let it go higher....

The only way we are going to get energy independent is high prices at the pumps and log lines like we had in the 70s. Only then will we really get serious about using less energy and finding alternatives to fossil fuels. It has got to happen sooner or later.

There are not enough incentives with oil at this price, $62 a barrel, for this to happen. It is only high enough now to make us bitch but as it gets higher we will have to get off of our duffs and make alternatives happen.

[bluestateguy]

7. People can only conserve so much

*I did not use my heater all winter (I live in Texas anyway, so I got by just fine on a sweater and bathrobe around the house).

*I have two jobs, one that is MWF, for which I take public transportation, and the other, which is TTH, is located at a place where the buses don't go. So I have to drive those days. Otherwise my car use is pretty much confined now to trips to the grocery store two blocks away.

*After all of that, these gas prices are kicking the shit out of me. I do my part. Maybe it's not enough for the environmental extremists, who I am convinced are loudly cheering the rising gas prices from their Upper East Side penthouses and San Francisco townhouses, but they can shove it.

[4dsc]

12. energy independence is a misnomer

energy independence for the US?? Who are you trying to kid?? This country can never be energy independent because too much oil needs to come from overseas and there is no VIABLE alternative to oil!!

Besides, alternatives are here already!! And guess what, they are not going to run society when oil production goes down..

[Jayhawk Lib]

13. You are right...

They still have that carburetor that will let your car get 100 mile per gallon hidden. It is just one conspiracy after another isn't it?

[fed-up]

14. Wanna send me some $$$ for gas??? until I move to town, no buses where

I live and town is 10 miles away and I need to go in at least 5 times a week. The road is too dangerous to ride a bike and walking is out of the question for me.

[bluestateguy]

6. Well I better filler up tonight

It's getting to the point where I can only afford to use the car to go to and from work and to and from the grocery store.

[Newsjock]

8. Just as planned

Today's air assault is having exactly the impact that Cheney hoped for -- more money in his fat-ass wallet.

These sick f*cks. They make me ill.

[sweetheart]

9. its the rule of contested ground

risk premiums in a market under duress pay better. Oil men need
duress in their market, and they aim to be havin' it.

[Marie26]

10. Somebody's making a ton of money off of this.

Imagine if you knew beforehand when a US attack was planned. You could buy tons of oil low, wait a week & sell it high for an incredible profit. Given the close ties between the oil ind. & the Bush Ad., it wouldn't surprise me if they did exactly that. It's the ultimate insider trading.

[FormerOstrich]

11. Let's not forget...

that Scotty said the Commanders in the field made the decision for the attack. They didn't need *'s approval.

IOW, the Commander in Chief has delegated decisions that affect our foreign policy and the economy.

The press should be all over that tidbit. We should make sure that we keep the topic alive at least for 24 hours or so.