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GasBuddy News Article

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Mideast woes, Fed move send oil to 4-month high

Houston Chronicle -- Turmoil in the Middle East and the announcement of Federal Reserve plans to stimulate the economy sent the price of crude oil rising Thursday to its highest level in four months.

U.S. benchmark crude rose $1.30 to $98.31 on the New York Mercantile Exchange, the highest price at the close of trading since May 4.

With Iran's oil exports limited by sanctions and social unrest in several Arab countries making markets skittish, oil prices got another boost when the Fed outlined plans intended to give the slowly recovering economy a push that also might increase demand for energy.

It was a double whammy for oil markets, said Tom Kloza, chief oil analyst for the Oil Price Information Service.

"There's increased tension in the Arab world, and you also have the espresso shot of monetary stimulu


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Submitted Sep 14, 2012 By: Nofries
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: Mideast woes, Fed move send oil to 4-month high Back to Topics
REPLIES (newest first) Post a Reply
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remay
Champion Author Houston

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Message Posted: Sep 15, 2012 8:12:28 AM

Oh, and don't forget that the speculators and traders hadn't made enough profits lately...
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Cheepo
Champion Author Tampa

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Message Posted: Sep 14, 2012 1:53:02 PM

Drill baby drill!!!!!! We do not need the arabs!!!!!!!
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caddilac
Champion Author Ontario

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Message Posted: Sep 14, 2012 10:34:38 AM



Any excuse to jack up gas prices.
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30mpg80
Champion Author Lexington

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Message Posted: Sep 14, 2012 9:58:58 AM

Go wild whenever anyone sneezes!
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ramgas
Champion Author Texas

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Message Posted: Sep 14, 2012 9:58:44 AM

Pump prices quick to rise on this news, but never seem to recover when crude price goes down. How is that?
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twinfanMN
Champion Author Minnesota

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Message Posted: Sep 14, 2012 9:56:01 AM

Will this gouging ever end?
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mageetp
Champion Author British Columbia

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Message Posted: Sep 14, 2012 9:55:20 AM

More spin.
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Stevedog
Champion Author Michigan

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Message Posted: Sep 14, 2012 9:51:44 AM

who cares about the middle east anymore? I'm worried about a clash between North Dakota and Canada
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sjf238
Champion Author Philadelphia

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Message Posted: Sep 14, 2012 9:49:33 AM

Bad.
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OaklandInvaders
Champion Author San Jose

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Message Posted: Sep 14, 2012 9:48:07 AM

ok
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wang91554
Champion Author San Jose

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Message Posted: Sep 14, 2012 9:45:21 AM

woe
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kuma2000
Champion Author Honolulu

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Message Posted: Sep 14, 2012 9:45:21 AM

paid $4.19 this morning
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highdesertman
Champion Author Albuquerque

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Message Posted: Sep 14, 2012 9:42:30 AM

If you were invested in the stock market yesterday, you'd be looking at this as good news.
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deaconjones
Champion Author Cleveland

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Message Posted: Sep 14, 2012 9:41:56 AM

MORE HOCUS-POCUS.....
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OOXXFF
Champion Author Greensboro

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Message Posted: Sep 14, 2012 9:39:55 AM

How high will gas prices go?
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DougtheEconMan
Champion Author Akron

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Message Posted: Sep 14, 2012 9:38:07 AM

Blaming speculators for high energy prices is like blaming the weatherman for the bad weather!
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DougtheEconMan
Champion Author Akron

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Message Posted: Sep 14, 2012 9:36:57 AM

Dollar Index right now is down to 78.72! Obama record spends=downward pressure on US Dollar=Upward pressure on oil/gasoline!
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DougtheEconMan
Champion Author Akron

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Message Posted: Sep 14, 2012 9:36:30 AM

KEEP YOUR TANKS FULL! I've been preaching this for almost 2 months. The "pundits" and "experts" have NOT understood the supply/demand curve for gasoline that started to shape at the beginning of summer. Gasoline refineries have been overworked for months and months. Many have broke down. Some have caught on fire. This was all BEFORE the huricane!! We've seen some after driving season price drop, but very little and this is probably it. STAY FULL! We are only one or two down refineries from shooting back over $4 for a national average. Obamas failing and falling dollar will continue to put upward pressure on oil/gasoline.
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hrjjml
All-Star Author Florida

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Message Posted: Sep 14, 2012 9:36:07 AM

Meanwhile consumers have no choice
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roland1971
Champion Author Virginia

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Message Posted: Sep 14, 2012 9:35:42 AM

ok
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cbuck80
Champion Author Massachusetts

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Message Posted: Sep 14, 2012 9:35:41 AM

Gas will raise even more now
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Double_Golden
Champion Author San Francisco

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Message Posted: Sep 14, 2012 9:35:30 AM

crude raised mean gas price at the pump also raised...
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jackcleve
Champion Author Cleveland

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Message Posted: Sep 14, 2012 9:35:11 AM

The speculators have another excuse to stick it to the little guy!
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Palantas
All-Star Author Indianapolis

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Message Posted: Sep 14, 2012 9:35:03 AM

Sure it did.
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kzrooster
Champion Author Kalamazoo

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Message Posted: Sep 14, 2012 9:34:58 AM

Up Up and away!
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FortVancouver01
Champion Author Washington

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Message Posted: Sep 14, 2012 9:33:20 AM


They always have an excuse. Break up the big oil monopoly.



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TheSnowstorm
Champion Author Montreal

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Message Posted: Sep 14, 2012 9:32:45 AM

Incredible how the price of crude changes to events that haven't even transpired.
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bluebird1
Champion Author Toronto

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Message Posted: Sep 14, 2012 9:31:57 AM

Of course....good news sends prices up & bad news sends prices up!! Only thing speculators can't spin is no news!!!

As to those asking why prices are so high (here in 1.37/L or $6.22/gal Cdn) with demand down - its not supply/demand driving oil/gas mkt, except maybe supply/demand of paper bbls/gals.
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smoketown
Champion Author Cincinnati

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Message Posted: Sep 14, 2012 9:25:45 AM

Any excuse for speculators.............
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slvrdo_dsprdo
Champion Author Nashville

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Message Posted: Sep 14, 2012 9:25:43 AM

The Fed should stop helping us.
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99church
Champion Author Indiana

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Message Posted: Sep 14, 2012 9:19:43 AM

well said tekkersmom57
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Tekkersmom57
Champion Author Syracuse

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Message Posted: Sep 14, 2012 9:17:54 AM

In response to "Lologogo" question: "what ever happened to supply & demand running the prices of commodities?" When the speculators were allowed to purchase more and more oil as a commodity, they took over the price direction of oil. It just doesn't matter if supply is up or demand is down. The end decision of where the price of oil will go.....ding, ding, ding.....you got it, goes to the speculator. HOW WONDERFUL is that!!!!
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95Vette
Champion Author Missouri

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Message Posted: Sep 14, 2012 9:17:36 AM

Big Oil will use any event to justify upping the price of oil and prices at the pump! If this economy is to be jump started.. Big oil needs to get off their big profits and start lowering prices to the consumer.. yes the consumer, who drives the economy most!
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RapMassaG
Champion Author Cincinnati

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Message Posted: Sep 14, 2012 9:17:04 AM

Tekkersmom57

----Our FED Chairman, Helicopter Ben, does not care about us little people. His sole mandate is to get the banksters, and the rest of the 1%, all of the money he can, by taking it from everyone else.
And don't think Mittens will do anything if he gets elected. Despite what he says, nothing will happen. After his acceptance speech, the big banks will have a chat with him. Make him "an offer he can't refuse", if you will.
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bbthegun
Champion Author San Diego

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Message Posted: Sep 14, 2012 9:15:45 AM

Expect the price of oil to continue to rise because this Fed move has just further devalued our currency. Bernanke is an economic idiot.
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ntass1
Champion Author Edmonton

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Message Posted: Sep 14, 2012 9:14:50 AM

thanks for nothing
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blah2blah3
Champion Author Houston

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Message Posted: Sep 14, 2012 9:13:52 AM

ok
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Tekkersmom57
Champion Author Syracuse

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Message Posted: Sep 14, 2012 9:13:46 AM

How counter productive "to jump-start the lethargic U.S. economy, the Fed announced it would buy $40 billion in mortgage-backed securities each month with no set end date, a policy that could drive dollars into the market and boost spending. The move could weaken the dollar, on which crude prices are based, making oil a cheaper buy in other currencies."

So we produce the above action and raise oil prices which in turn JUMPS up the gas price. Enough is enough with oil and gas both rising. There are too many senior citizens on fixed incomes that will not be able to heat their homes this winter. The economy is very poor right now. Let's try an alternative method!
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trytogetby
Champion Author Cincinnati

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Message Posted: Sep 14, 2012 9:13:15 AM

O' BS, excuse, excuse, excuse as always.
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ShutRBug
Champion Author Ontario

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Message Posted: Sep 14, 2012 9:12:12 AM

arghhhh
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btcscoc1
All-Star Author Los Angeles

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Message Posted: Sep 14, 2012 9:11:54 AM

that's great
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DJRIO
Champion Author Miami

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Message Posted: Sep 14, 2012 9:11:48 AM

the dollar is falling.
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BigKart
Champion Author Indianapolis

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Message Posted: Sep 14, 2012 9:11:19 AM

Can I change my vote on the price of oil at election time? ;-)
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pnd1
Champion Author Tallahassee

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Message Posted: Sep 14, 2012 9:11:05 AM

A bunch of smoke and mirrors!
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Jeff4U
Champion Author Atlanta

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Message Posted: Sep 14, 2012 9:09:01 AM

We are headed straight to economic hell.
November is our last chance of survival. Vote wisely and save America.
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DesertRat2011
Champion Author Riverside

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Message Posted: Sep 14, 2012 9:08:37 AM

Guess which way the price of gas & diesel will be going.......... can you say UP
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Lologogo
Champion Author Twin Cities

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Message Posted: Sep 14, 2012 9:06:35 AM

but consumption is lower than it's been before so prices should be low, right? What ever happened to supply & demand running the prices of commodities?
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LoadToad
Champion Author San Diego

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Message Posted: Sep 14, 2012 9:05:10 AM

Here we go again ! ! !
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2granny
Champion Author Michigan

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Message Posted: Sep 14, 2012 9:04:08 AM

Politics at work. No surprise it's election year.
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The_DR
Champion Author New Jersey

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Message Posted: Sep 14, 2012 9:04:03 AM

same 'ol same 'ol.
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