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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

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remay Champion Author Houston Posts:7,078 Points:2,143,215 Joined:May 2006	Message Posted: Sep 15, 2012 8:12:28 AM Ignore remay Report Abuse Oh, and don't forget that the speculators and traders hadn't made enough profits lately...
Cheepo Champion Author Tampa Posts:9,989 Points:3,147,905 Joined:Apr 2003	Message Posted: Sep 14, 2012 1:53:02 PM Ignore Cheepo Report Abuse Drill baby drill!!!!!! We do not need the arabs!!!!!!!
caddilac Champion Author Ontario Posts:16,749 Points:2,166,430 Joined:Apr 2007	Message Posted: Sep 14, 2012 10:34:38 AM Ignore caddilac Report Abuse Any excuse to jack up gas prices.
30mpg80 Champion Author Lexington Posts:10,265 Points:1,514,580 Joined:Nov 2008	Message Posted: Sep 14, 2012 9:58:58 AM Ignore 30mpg80 Report Abuse Go wild whenever anyone sneezes!
ramgas Champion Author Texas Posts:2,250 Points:1,322,080 Joined:Jan 2005	Message Posted: Sep 14, 2012 9:58:44 AM Ignore ramgas Report Abuse Pump prices quick to rise on this news, but never seem to recover when crude price goes down. How is that?
twinfanMN Champion Author Minnesota Posts:1,695 Points:473,880 Joined:Jun 2011	Message Posted: Sep 14, 2012 9:56:01 AM Ignore twinfanMN Report Abuse Will this gouging ever end?
mageetp Champion Author British Columbia Posts:3,345 Points:653,435 Joined:Aug 2011	Message Posted: Sep 14, 2012 9:55:20 AM Ignore mageetp Report Abuse More spin.
Stevedog Champion Author Michigan Posts:3,988 Points:1,972,700 Joined:Jul 2006	Message Posted: Sep 14, 2012 9:51:44 AM Ignore Stevedog Report Abuse who cares about the middle east anymore? I'm worried about a clash between North Dakota and Canada
sjf238 Champion Author Philadelphia Posts:1,215 Points:648,705 Joined:Mar 2011	Message Posted: Sep 14, 2012 9:49:33 AM Ignore sjf238 Report Abuse Bad.
OaklandInvaders Champion Author San Jose Posts:2,488 Points:594,980 Joined:Jul 2011	Message Posted: Sep 14, 2012 9:48:07 AM Ignore OaklandInvaders Report Abuse ok
wang91554 Champion Author San Jose Posts:3,305 Points:1,228,610 Joined:May 2009	Message Posted: Sep 14, 2012 9:45:21 AM Ignore wang91554 Report Abuse woe
kuma2000 Champion Author Honolulu Posts:3,358 Points:700,875 Joined:Jun 2011	Message Posted: Sep 14, 2012 9:45:21 AM Ignore kuma2000 Report Abuse paid $4.19 this morning
highdesertman Champion Author Albuquerque Posts:2,623 Points:1,743,830 Joined:Mar 2005	Message Posted: Sep 14, 2012 9:42:30 AM Ignore highdesertman Report Abuse If you were invested in the stock market yesterday, you'd be looking at this as good news.
deaconjones Champion Author Cleveland Posts:2,254 Points:324,730 Joined:May 2006	Message Posted: Sep 14, 2012 9:41:56 AM Ignore deaconjones Report Abuse MORE HOCUS-POCUS.....
OOXXFF Champion Author Greensboro Posts:3,193 Points:1,105,905 Joined:Sep 2009	Message Posted: Sep 14, 2012 9:39:55 AM Ignore OOXXFF Report Abuse How high will gas prices go?
DougtheEconMan Champion Author Akron Posts:1,913 Points:272,740 Joined:Feb 2008	Message Posted: Sep 14, 2012 9:38:07 AM Ignore DougtheEconMan Report Abuse Blaming speculators for high energy prices is like blaming the weatherman for the bad weather!
DougtheEconMan Champion Author Akron Posts:1,913 Points:272,740 Joined:Feb 2008	Message Posted: Sep 14, 2012 9:36:57 AM Ignore DougtheEconMan Report Abuse Dollar Index right now is down to 78.72! Obama record spends=downward pressure on US Dollar=Upward pressure on oil/gasoline!
DougtheEconMan Champion Author Akron Posts:1,913 Points:272,740 Joined:Feb 2008	Message Posted: Sep 14, 2012 9:36:30 AM Ignore DougtheEconMan Report Abuse 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.
hrjjml All-Star Author Florida Posts:590 Points:403,150 Joined:Feb 2012	Message Posted: Sep 14, 2012 9:36:07 AM Ignore hrjjml Report Abuse Meanwhile consumers have no choice
roland1971 Champion Author Virginia Posts:1,634 Points:356,860 Joined:Mar 2012	Message Posted: Sep 14, 2012 9:35:42 AM Ignore roland1971 Report Abuse ok
cbuck80 Champion Author Massachusetts Posts:1,609 Points:420,820 Joined:Jan 2012	Message Posted: Sep 14, 2012 9:35:41 AM Ignore cbuck80 Report Abuse Gas will raise even more now
Double_Golden Champion Author San Francisco Posts:2,690 Points:631,885 Joined:Aug 2011	Message Posted: Sep 14, 2012 9:35:30 AM Ignore Double_Golden Report Abuse crude raised mean gas price at the pump also raised...
jackcleve Champion Author Cleveland Posts:2,208 Points:2,162,900 Joined:Aug 2005	Message Posted: Sep 14, 2012 9:35:11 AM Ignore jackcleve Report Abuse The speculators have another excuse to stick it to the little guy!
Palantas All-Star Author Indianapolis Posts:804 Points:425,315 Joined:Sep 2011	Message Posted: Sep 14, 2012 9:35:03 AM Ignore Palantas Report Abuse Sure it did.
kzrooster Champion Author Kalamazoo Posts:2,520 Points:543,475 Joined:Nov 2011	Message Posted: Sep 14, 2012 9:34:58 AM Ignore kzrooster Report Abuse Up Up and away!
FortVancouver01 Champion Author Washington Posts:1,243 Points:312,160 Joined:Jul 2012	Message Posted: Sep 14, 2012 9:33:20 AM Ignore FortVancouver01 Report Abuse They always have an excuse. Break up the big oil monopoly.
TheSnowstorm Champion Author Montreal Posts:8,724 Points:1,939,155 Joined:June 2005	Message Posted: Sep 14, 2012 9:32:45 AM Ignore TheSnowstorm Report Abuse Incredible how the price of crude changes to events that haven't even transpired.
bluebird1 Champion Author Toronto Posts:15,868 Points:3,133,875 Joined:May 2004	Message Posted: Sep 14, 2012 9:31:57 AM Ignore bluebird1 Report Abuse 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.
smoketown Champion Author Cincinnati Posts:6,368 Points:1,408,600 Joined:Feb 2008	Message Posted: Sep 14, 2012 9:25:45 AM Ignore smoketown Report Abuse Any excuse for speculators.............
slvrdo_dsprdo Champion Author Nashville Posts:4,788 Points:928,265 Joined:Jul 2008	Message Posted: Sep 14, 2012 9:25:43 AM Ignore slvrdo_dsprdo Report Abuse The Fed should stop helping us.
99church Champion Author Indiana Posts:1,957 Points:388,765 Joined:Oct 2011	Message Posted: Sep 14, 2012 9:19:43 AM Ignore 99church Report Abuse well said tekkersmom57
Tekkersmom57 Champion Author Syracuse Posts:2,014 Points:727,915 Joined:May 2010	Message Posted: Sep 14, 2012 9:17:54 AM Ignore Tekkersmom57 Report Abuse 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!!!!
95Vette Champion Author Missouri Posts:2,595 Points:656,455 Joined:Sep 2005	Message Posted: Sep 14, 2012 9:17:36 AM Ignore 95Vette Report Abuse 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!
RapMassaG Champion Author Cincinnati Posts:2,646 Points:1,073,190 Joined:Oct 2008	Message Posted: Sep 14, 2012 9:17:04 AM Ignore RapMassaG Report Abuse 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.
bbthegun Champion Author San Diego Posts:6,028 Points:1,703,865 Joined:Sep 2006	Message Posted: Sep 14, 2012 9:15:45 AM Ignore bbthegun Report Abuse Expect the price of oil to continue to rise because this Fed move has just further devalued our currency. Bernanke is an economic idiot.
ntass1 Champion Author Edmonton Posts:3,930 Points:754,750 Joined:May 2011	Message Posted: Sep 14, 2012 9:14:50 AM Ignore ntass1 Report Abuse thanks for nothing
blah2blah3 Champion Author Houston Posts:2,741 Points:627,595 Joined:May 2011	Message Posted: Sep 14, 2012 9:13:52 AM Ignore blah2blah3 Report Abuse ok
Tekkersmom57 Champion Author Syracuse Posts:2,014 Points:727,915 Joined:May 2010	Message Posted: Sep 14, 2012 9:13:46 AM Ignore Tekkersmom57 Report Abuse 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!
trytogetby All-Star Author Cincinnati Posts:900 Points:222,895 Joined:Apr 2012	Message Posted: Sep 14, 2012 9:13:15 AM Ignore trytogetby Report Abuse O' BS, excuse, excuse, excuse as always.
ShutRBug Champion Author Ontario Posts:1,564 Points:674,615 Joined:Jun 2005	Message Posted: Sep 14, 2012 9:12:12 AM Ignore ShutRBug Report Abuse arghhhh
btcscoc1 All-Star Author Los Angeles Posts:930 Points:229,535 Joined:Aug 2012	Message Posted: Sep 14, 2012 9:11:54 AM Ignore btcscoc1 Report Abuse that's great
DJRIO Champion Author Miami Posts:8,181 Points:1,452,310 Joined:Jan 2008	Message Posted: Sep 14, 2012 9:11:48 AM Ignore DJRIO Report Abuse the dollar is falling.
BigKart All-Star Author Indianapolis Posts:841 Points:248,455 Joined:Apr 2011	Message Posted: Sep 14, 2012 9:11:19 AM Ignore BigKart Report Abuse Can I change my vote on the price of oil at election time? ;-)
pnd1 Champion Author Tallahassee Posts:5,201 Points:1,065,110 Joined:Jul 2009	Message Posted: Sep 14, 2012 9:11:05 AM Ignore pnd1 Report Abuse A bunch of smoke and mirrors!
Jeff4U Champion Author Atlanta Posts:8,890 Points:1,878,955 Joined:Nov 2004	Message Posted: Sep 14, 2012 9:09:01 AM Ignore Jeff4U Report Abuse We are headed straight to economic hell. November is our last chance of survival. Vote wisely and save America.
DesertRat2011 Champion Author Riverside Posts:3,756 Points:511,305 Joined:Jun 2011	Message Posted: Sep 14, 2012 9:08:37 AM Ignore DesertRat2011 Report Abuse Guess which way the price of gas & diesel will be going.......... can you say UP
Lologogo Champion Author Twin Cities Posts:1,380 Points:369,465 Joined:Sep 2011	Message Posted: Sep 14, 2012 9:06:35 AM Ignore Lologogo Report Abuse 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?
LoadToad Champion Author San Diego Posts:1,364 Points:1,298,045 Joined:Sep 2005	Message Posted: Sep 14, 2012 9:05:10 AM Ignore LoadToad Report Abuse Here we go again ! ! !
2granny Champion Author Michigan Posts:9,710 Points:1,492,980 Joined:Apr 2009	Message Posted: Sep 14, 2012 9:04:08 AM Ignore 2granny Report Abuse Politics at work. No surprise it's election year.
The_DR Champion Author New Jersey Posts:2,920 Points:611,790 Joined:Aug 2011	Message Posted: Sep 14, 2012 9:04:03 AM Ignore The_DR Report Abuse same 'ol same 'ol.