Wednesday, May 21, 2008

$135.00 Barrel

My prediction and I hope I am wrong today is that oil will climb over $135.00 barrel and and wholesale gasoline prices will climb over 3.45 gal.

HR 6074 passes house.

Texas Oil Analyst Says OPEC Vote Flawed 5/20/2008 Newsroom

Today's 324-84 vote by Congress to allow a lawsuit against OPEC, the Organization of Petroleum Exporting Countries, sets up the ability for U.S. Antitrust-style court action to be taken. "It will work against, rather than for the interest of oil consumers.
It's a wrong move," says Bob Tippee, Editor of Oil & Gas Journal. "I think it's more of the silly policy-making we see in Washington D.C. these days." The bill means OPEC oil producers, including Venezuela, Iran and Saudi Arabia would be
subject to the same antitrust laws U.S. companies follow. "It shows a gross misunderstanding of the oil market and OPEC's role in it. It sets up a false
dragon display," Tippee argues. "The supposition is that OPEC is producing far less than it could be producing, and that is blatantly false." The bill's
sponsor, Congressman Steve Kagen (D-Wisconsin), tells Reuters, and Yahoo news, it "guarantees oil prices will reflect supply and demand
economic rules, instead of wildly speculative and perhaps illegal activities."
The U.S. Senate would still have to approve the measure. Link

How many from the Wisconsin House delegation voted against this bill? My take was 0. Even the republicans voted for this? Come On!

We shall see later this afternoon what the price of oil and gas will be.


steveegg said...

I missed the intraday trading, but you got pretty close. Oil closed at $133.17/bbl and NY RBOB closed at $3.3965/gallon.

Brilliance, sheer unadulterated BRILLIANCE!

Paul Socha said...

Thanks Steve for the comment, I called it a little high because I was ticked at Kagen and the rest of representatives from Wisconsin who voted for HR 6074. We just love Steve Kagen for taking care of us. Where are the conservitives to stop this madness.
Have a GREAT Holiday, Paul