Oil Price Jumps Record Single Day Ever

AS I said, "Do not get complacent with the lower gas prices."

Hey folks,

This is why I say you really need to check in here at the OPNTalk Blog every day . At a lot of times, you see it here first. Whenever you do see it here, you can take it to the bank. Or put in under your mattress. {Smile} But you can count on it being FACT, TRUTH, and REALITY.

I warned you back on Wednesday, September 10, 2008 this.

I also warned you to not get complacent with the lower gas prices. These are temporary and at the whim of foreign governments that do not like us to begin with. As a matter of fact, I even told you that they would probably go down a bit until AFTER the election. This is with the hope that you elect someone like Obama to the White House. They are counting on it. An anti-drilling, Envionut hugging, Lib, that will do ANYTHING he can to ensure that we do NOT drill here and drill now. That we do NOT use our own resources in which case, we remain beholden to foreign Dictators.

Then on Sunday September 14, 2008, I did a whole three part series on the Energy Debate. I said this.

Happy Sunday to you. We are going to have to spend some time on this one. Once again the Energy Debate is heating up in the House. Once again, the Democrats would rather play political games, blame Republicans, and do nothing, while we are about to see yet another jump in Gas prices. Which I warned you about by the way. So we are going to spend some time in this debate. In this part, part one, we are going hear from the Democrats. Part two, we are going to look at this new proposal the gang of ten, now 16, have come up with. Actually there may be up to 21 names on it. Then in part three, we are going to deal with reality.

I was one of the first people to tell you that this was a BAD Bill. That this was nothing more than show. It prohibits drilling where 80 percent of the oil IS. Prohibits Anwar, States from getting royalties, and places oppressive taxes on the companies that would be attempting to drill what is left. No new refineries. No Nuclear power. NOTHING.

Now Congress is going on Vacation AGAIN. They THINK they can now say that they are working on it, and it is those evil Republicans standing in the way, when the reality of the situation is that the BILL is a scam. A charade. A stall tactic. They are just trying to get the election over, then they feel they can do whatever they want because you will not have ANY recourse.

But here is the problem. Those that control the price, now KNOW they do not have to wait until the election. With this phony Energy Bill, the fact they are leaving town AGAIN without REALLY doing anything, and the election is just days away, they can feel free to rise the price again.

The price of a barrel of oil jumped to a record one day gain, so high, so fast, that they actually had to take a break. Yup. They had to take a five minute trading break. Then when they started again, it KEPT going UP.

According to our friends at the Sun Sentinel - Oil prices make biggest single-day price jump ever on bailout unease, contract expiration

NEW YORK (AP) _ Oil prices briefly spiked more than $25 a barrel Monday, shattering the record for the biggest one-day gain as unease about the government's $700 billion bailout plan pummeled the dollar and spurred investors to buy safe-haven assets. An expiring crude contract added fuel to the frenzied rally.

Light, sweet crude for October delivery jumped as much as $25.45 to $130 a barrel on the New York Mercantile Exchange before falling back to settle at $120.92, up $16.37. The contract expired at the end of the day, adding to the volatility as traders rushed to cover positions; the October price began accelerating sharply in the last hour of regular trading, a common occurrence when a contract is about to go off the board.

Still, the rally, which shattered crude's previous one-day price jump of $10.75, set June 6, showed the intensity of emotion in the market. The Nymex temporarily halted electronic crude oil trading after prices breached the $10 daily trading limit. Trading resumed seconds later after the daily limit was increased.

It is NOT about Fannie and Freddie. It really isn't. It IS all about Pelosi. It IS all about the Democrats standing in the way of us drilling here, drilling now, and PERMINITLY bringing the price DOWN.

This was such a jump, some are even going to start investigating it. According to this piece.

The severity of the price move shocked veteran market participants and prompted the U.S. Commodity Futures Trading Commission to launch an investigation into whether illegal manipulation was to blame.

Acting CFTC Chairman Walter Lukken said the agency's surveillance and enforcement staff was analyzing the price spike "to ensure that no one is taking advantage of the current stresses facing our financial marketplace for their own manipulative gain."

Phil Flynn, analyst and oil trader with Alaron Trading Corp. in Chicago, said the late-session surge in oil appeared to be the result of a large investment fund scrambling to cover their short positions, or bets that prices would fall.

So who? Who is part of that investment fund? Who has the connections? Who got richer? This is why I kept waring you not to get complacent.

Crude has gained about $30 in a dramatic four-day rally that has at least temporarily halted oil's steep two-month slide below $100. At this rate, crude is within striking distance of its all-time record of $147.27, reached in July.

Some want to say this is just the market. Some say it's the Housing and Banking crisis. Some say,,,,, I do not CARE anymore the why. What I care about is the WHAT. The WHAT is that you will be paying $4.00 a gallon again. The WHAT is that the truth is SIMPLE. More supply, less demand. Lower prices.

Pelosi, and the rest of the Democratic Leadership standing in the way of this need to be thrown out of office. They need to allow the VOTE. They need to allow us to DRILL HERE! They NEED to not even bother coming back from Vacation if all they are going to do is screw us.

YOU have the power to stop this insanity. YOU have the power to throw these completely power hungry, arrogant, useless twits out of office. YOU have the power to make this happen. These imbeciles can not run this country. It is NOW up to YOU to do it. They think that they can do whatever they want. It's up to you to show them they are wrong.
Peter

Sources:
OPNTalk-Let Your Voice Be Heard
OPNTalk - Energy Debate Continues Part One
Sun Sentinel - Oil prices make biggest single-day price jump ever on bailout unease, contract expiration