With No Competition, OPEC Gets Cocky

While the American Press concentrate on Sarah Palin, The WORLD gets it.

Hey folks,

Did you know what the top news is all over the World? It AIN'T Sarah Palin. It isn't a vain attempt to link the unlinkable. It isn't calling this attack in Arizona a product of vitriolic Political Debate. What is it? It is what will effect EVERYONE. It's the Price of Oil.

According to Reuters - Oil off on U.S. data but OPEC eyed as $100 in sight

Reuters - (Reuters) - Oil slipped on Thursday as markets weighed disappointing U.S. jobless claims data and the prospect OPEC would raise output should prices break above $100 a barrel for an extended period.

A delegate from a Gulf OPEC member state said OPEC will only hold an emergency meeting if oil bursts into triple digits and stays there, although the group's Gulf members could informally add supply if needed.

Brent crude rallied to near $99 a barrel earlier this week, raising concerns it could break past $100, driving up fuel costs and threatening the fragile economic recovery.

Why? The price of Oil goes up, so does the price of EVERYTHING else. Those hit the hardest? The Poor, Middle Class, and those on Fixed Incomes. Such as those on Unemployment.

U.S. weekly initial unemployment benefit claims showed their biggest increase in six months, suggesting that, even with recent signs of economic improvement, the labor market paints a gloomy picture for demand.

The data helped drag down stock markets, even as Federal Reserve Chairman Ben Bernanke said he was hopeful about the recent improvement in the outlook, saying he now expects the economy to expand between 3 percent and 4 percent this year.

In London, ICE Brent crude for February settled down 6 cents at $98.06 a barrel, off the day's high at $98.67. U.S. February crude ended down 46 cents at $91.40, falling as Wall Street weakened on the jobs report, after hitting a session high of $92.37.

In late post-settlement trade, Brent crude rose 36 cents to $98.48 a barrel while U.S. crude dropped $1.00 to $90.86.

The spread between the two grades widening as much as $7.66, the widest premium the London grade has held to U.S. oil since February 2009. That premium widened this week amid concerns about supplies of crude tied to Brent, the benchmark for European, Middle East, and African crudes.

Trading was volatile, after settlements hit 27-month highs on both sides of the Atlantic on Wednesday, ahead of the expiry of February Brent expiring and the release of a plethora of U.S. economic indicators scheduled on Friday.

"The (energy) complex succumbed to some weakness in equities today and a related unfavorable jobless figure while shrugging off the support of another strong pop in the euro," said Jim Ritterbusch, president at Ritterbusch & Associates, in Galena, Illinois.

So where are all those people that were protesting the High Gas Prices HERE during Bush and Cheney? Why are the Democrats not calling for Obama to do something? Where is the logic in all this? Where is the US Media?

EYES ON OPEC

A delegate from a Gulf OPEC member state said OPEC will only hold an emergency meeting if oil climbs above $100 and stays there, although the group's Gulf members could informally add supply if needed.

"OPEC will only have an extraordinary meeting if oil prices exceed $100 and stay there. We don't want the market to panic," the delegate told Reuters.

The prospect of oil breaking $100 a barrel, last touched in October 2008 after Lehman Brothers collapsed, has raised alarm bells about the impact of fuel costs on the economic recovery.

Top exporter Saudi Arabia has said it favors an oil price between $70 to $80 a barrel, but Libya's top oil official on Thursday said oil prices at $100 a barrel would not harm the world economy and there is no need for OPEC to hold an emergency meeting or add supplies.

You got it. What I keep telling you. Without competition, without the US, who DOES possess more Oil and Natural gas then the ENTIRE Middle East Combine, using it's own VAST Resources, adding to the Supply end, people like Libya's Top Oil Official gets Cocky. What are YOU going to do about it? You still have to heat your home. Right? You still have to buy gas to get around. Right? You will pay it.

ECONOMIC DATA

Economic reports showed the U.S. trade gap narrowed in November and producer prices rose more than expected in December.

U.S. Federal Reserve Chairman Ben Bernanke said the nation's economy should grow around 3 percent to 4 percent this year, a healthier clip than 2010, but not enough to bring down unemployment as much as policymakers would like.

Supply concerns from earlier in the week eased as Alaskan oil production began to rise as the state's crude pipeline resumed oil flows at 400,000 bpd, about two-thirds normal levels, after it was shut due to a leak on Saturday.

The line will shut again for 36 hours over the weekend so a bypass can be constructed to allow flows to increase to normal levels.

(Additional reporting by Robert Gibbons in New York; Claire Milhence, Dmitry Zhdannikov and Alex Lawler in London; editing by Matthew Robinson and David Gregorio)

I'm not sure where these numbers come from. Like most out of this Administration, they are, uh, wishful thinking? To be revised later? Maybe? But what I do know, is that it doesn't have to be this way. It is, on purpose, per the decisions and actions being taken by this Administration.

Here is the only thing I could find in the US Media is this. According to MSNBC - OPEC ministers say world can handle $100 oil Other exporters indicate that cartel may not increase crude production By Shaimaa Fayed and Amena Bakr

CAIRO — The global economy can withstand an oil price of $100 a barrel, Kuwait's oil minister said on Saturday, as other exporters indicated OPEC may decide against increasing output through 2011 as the market was well supplied.

Analysts have said oil producing countries are likely to raise output after crude rallied more than 30 percent from a low in May because they fear prices could damage economic growth in fuel importing countries.

It goes on to repeat mostly the same thing. They are blaming OPEC. I really can't blame OPEC. No competition, they can let the Price go to whatever they want. Like I said, what are you going to do about it? Pay it. That's what you are going to do. Unless of course you are Obama or those in Congress, you pay for them too.

No folks, the rest of the World gets it. They are following what is important. The American MMD {Mass Media Drones}? Well, they are following their marching orders from the White House, and their Liberal Leadership. Attack Sarah Palin. That's why it's up to people like ME, to tell you the truth. To talk about what is important, and tell you what's coming. That is why they want to shut us down. But things like this? It WILL effect us all.
Peter

Sources:
Reuters - Oil off on U.S. data but OPEC eyed as $100 in sight
MSNBC - OPEC ministers say world can handle $100 oil