It's Not an Oil Crisis It's a Dollar Crisis

[sometimeman]

It's Not an Oil Crisis It's a Dollar Crisis

The reality is that after years of reckless consumption and dollar debasement, Americans are now being priced out of markets over which they formerly held unchallenged title. As more affluent foreigners consume more of the resources and products they previously supplied to us, Americans are being forced to cut back. The rising dollar-based price of gasoline is simply an illustration of this global trend.
Posted May 23, 2008 05:25 PM PST

safehaven.com/article-10328.htm

[shortcircuit]

OPEC: Blame Oil Prices On Speculators And A Weak US Dollar

Published on Thursday, May 22, 2008.





Source: Breitbart

OPEC chief Abdala El Badri on Thursday said members were unhappy with surging prices he blamed on speculators and a weak US dollar.
"We are not very happy with this increase in oil prices," said El-Badri during a visit to Ecuador.

"Volatility has nothing to do with the fundamentals. It has nothing to do with world demand," he said, stressing that a dropping dollar was driving prices higher.

"The price was at 130 dollars and today is at 135, so it's really a crazy market," he said.

El-Badri, OPEC's secretary general, is on a week-long working visit to the two OPEC member states in Latin America, Venezuela and Ecuador.

Tuesday he met with Venezuelan President Hugo Chavez in Caracas and with Minister of Energy and Petroleum/President of PDVSA, Rafael Ramirez.

In a statement released by the cartel on Wednesday, El-Badri said that OPEC remained committed "to working for the stability of the international oil market, noting that the current high oil prices are not influenced by market fundamentals, as the market is well-supplied.

"OPEC will continue to monitor global oil markets regularly and is ready to act if and when necessary to ensure market stability and adequate supplies," the statement added.

Crude oil prices rocketed to record highs above 135 dollars on Thursday, driven by growing concerns that energy supplies will fail to meet demand, analysts said.

Prices later pulled back to just below 133 dollars owing to profit-taking.

[sometimeman]

Oil's rise is mainly dollar's devaluation, OPEC chief says
Oil's rise is mainly dollar's devaluation, OPEC chief says...
Posted Jun 27, 2008 10:25 AM PST
Category: ECONOMY
www.gata.org/node/6391

[AskTheWiseOldMan]

The oil speculation is being driven by/ is contributing to currency devaluation. Much of the profit element from trading oil futures is because future dollars are expected to be worth less than current dollars.

If Congress doesn't move to put a stop to this THIS WEEK, we could lose America as we know it. Its not likely to happen because Congress is controlled by the Pelosi Democrat/Socialists and as we all know or should know by now, those kind of democrats like high taxes and big government and do not like freedom.

[sometimeman]

The America we know is gone WOM.
We spent too much time in prayer meeting when we should have taken action as David did when confronting Golaith!

There is a time to "step up"