Investor Panic in Oil Market

Economy

Once more PROFITS for the Oil Industry is on the rise, thanks to PANIC BUYING on the Market. Least that is how I see it, because frankly I have come to the point where I simply do not believe the excuses given for the constant rise in Oil Prices both on the Market, and AT THE PUMP.

Crude oil futures soared $10.75 US a barrel to settle at $138.54 US on the New York Mercantile Exchange. Light sweet crude for July delivery traded as high as $139.12 US earlier in the day. That easily topped the previous all-time high of $135.09 US a barrel set on May 22¹.

Last night we were out shopping, and noticed that the price at the pump here had gone up to $1.39.9 a liter, which if you convert to US Gallons, that would be about $5.40 in Canadian Funds.  Now if you listen to the reasons for this panic rise in Oil, you have to shake your head.

First off, you have the EU Central Bank President saying he might have to raise the Prime Rate to combat inflation, which sent the market nuts. Then you have some idiot in the Israeli Government saying that they would attack Iran. Course no one bothered to include that such an attack would be on the basis of warding off an attack from Iran or in attempting to prevent Iran from making a Nuclear Weapon operational.

Transportation Minister Shaul Mofaz also said Iranian President Mahmoud Ahmadinejad “will disappear before Israel does,” the Yediot Ahronot daily reported. Ahmadinejad has called repeatedly for Israel’s destruction².

It is the statement by the Transport Minister and contender for Prime Minister that has the idiots in the Stock Markets running around like their heads are about to be chopped off. To begin with, this guy is lagging way behind in the polls to replace Olmert, should Olmert be forced out of office. Yet the Market seems to put credence behind such remarks, which only shows how STUPID these people are.

AND YOU & I ARE THE ONES WHO SUFFER.

I think really, that it is time for Government to get it’s collective acts together, and REGULATE THIS INDUSTRY before it drives us all into the Poor House. This insane rise in prices only adds to the cost of living, it makes everyday items more expensive, but it sure doesn’t lessen the Corporate Profits of the Oil Industry. Now I don’t know about you folks, but I am writing to the Government and my Opposition Parties, because isn’t enough, enough?

I mean come on, we are being RIPPED OFF, because some twat thinks Israel is going to launch an attack on Iran tomorrow. Truck Drivers, Air Transport, Rail Transport is being squeezed with higher fuel cost, and while the USA may be a big importer, CANADA PRODUCES OIL. So what if the oil from the Middle East gets cut off, WE HAVE ENOUGH FOR OUR NEEDS. Yet here we are, paying OUTRAGEOUS PRICES, because Uncle Sam may not have enough?

The World Economy is being put at risk, because of the PANIC of a few STOCK TRADERS. Now I don’t know, but I think it is time WE TOOK BACK OUR ECONOMY and told these GREED MERCHANTS TO STUFF IT. Look at the mess they have created in the Finance Market, in the rise of Foreclosures, and now it is the Energy Market.

ENOUGH!  WRITE YOUR ELECTED OFFICIALS & BITCH LIKE HELL

Ian @ June 6, 2008