Tuesday, May 20, 2008

Another day

...another record-breaking trading price for oil.
"Just in time for the start of the summer driving season: Oil near $130 (U.S.) a barrel.

Crude prices spiked to a yet another trading high Tuesday as supply concerns mounted and traders poured in for a last-minute buying binge. At filling stations across the United States, the national average price for a gallon of regular gasoline approached $4, touching $3.80 for the first time.

The June contract for light, sweet crude traded as high as $129.60 on the New York Mercantile Exchange before settling at $129.07, up $2.02 from Monday's record high. The imminent expiration of that contract, which ended with the close of Tuesday's trading, created additional volatility in the market."

Recently, it's been predicted that oil will break $200-a-barrel by the end of the year -- now it's starting to look more like it could even happen by the end of the summer. Never mind "just in time for the summer driving season", how about "just in time for home heating season" -- summer driving is at least something we can live without.

Something wrong and rotten is going on. Here's a historical chart:

Given the outrageous piggery at the trough just in the last 6 years, it's not hard to see where all these featherbrained 9/11 conspiracy theories come from, is it?