Saudis Won’t Increase Oil Output, Gold Back Above $900

May 16th, 2008

I wasn’t even going to mention this Bush-asking-the-Saudis-for-a-Biscuit bullshit, but $900 on gold is an important technical milestone.

As oil surges to a new record, here are a couple of things to keep in mind:

Engdahl: Perhaps 60% of Today’s Oil Price is Pure Speculation

Business Week: There Is no Gas Shortage

Also: Crude Oil Pricing Impact by Currency Fluctuations

Enjoy the rest of the show.

Via: Telegraph:

The price of oil has soared to another new record, hitting $127 a barrel, as President George W. Bush visits Saudi Arabia for the second time in four months to plead with the oil-rich kingdom to increase production.

President Bush, who is meeting with Saudi Arabia’s King Abdullah during a flying one-day visit, wants the Saudi’s to turn on the oil tap in to help the ailing US economy, where consumers and companies alike are being hampered by the surge in crude.
Oil: crude has hit a record $127 a barrel as President Bush visits Saudi Arabia

In New York, light sweet crude oil for June delivery touched a new record of $127.82 a barrel in early trading, before settling to trade up $3.27 at $127.39. Across the Atlantic in London, Brent crude was $3.29 higher at $125.92 a barrel.

President Bush is visiting King Abdullah because Saudi Arabia boasts the world’s largest supply of oil, making the kingdom a leading member of the OPEC cartel.

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