High prices have yet to halt oil demand growth in the United States or in fast-growing China.
A war of words between Iran and the West over Tehran's resolve to continue its nuclear program has triggered concern that oil supplies from the world's fourth biggest exporter could be disrupted.
The Iranian president said on Friday that Iran should rely on domestically produced gasoline starting in September, a move that would make the country less vulnerable to sanctions.
It doesn't usually register with the average person, but gold and silver prices have been skyrocketing over the last 6 months or so as well. A pretty important harbinger of recession adn inflation to come.
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Obamanfreude - 1. taking pleasure from the misfortunes of an Obama supporter as he or she is adversely affected by the policies of their Dear Leader.
There are a lot of people who think that gold is way undervalued still even though its price has been rapidly run up. If you do a serch on historical gold vs oil prices, there is plenty of evidence and correlation that an ounce of gold has been worth 16-17 barrels of oil over the last 30 years. Right now its worth less than 10 barrels. I have a feeling that paper money is going to take a huge hit in the next couple of years.
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Obamanfreude - 1. taking pleasure from the misfortunes of an Obama supporter as he or she is adversely affected by the policies of their Dear Leader.
When GW took office aCanadian dollar was worth .63 US cents. Though the Canadian economy has been booming and the federal budget has had a surplus for years, our dollar is now worth 88 US cents and headed for par quickly. This I believe is mostle due to a devaluating US currency.
The Europeans don't seem to think gold is on a run, just the buck takin a dive.
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This I believe is mostle due to a devaluating US currency.
The Europeans don't seem to think gold is on a run, just the buck takin a dive.
They are and they are trying to position themselves so that the Euro becomes the standard currency for oil transactions. The US dollar is the worldwide accepted currency for oil transactions, if its replaced by the Euro, the dollar will plummet in value vs a barrel of oil. If this happens, a cascade of other events could occur- foreign debts will become unpayable, $100 won't buy you a loaf of bread, let alone a gallon of gasoline, and the US will be knocked from the top as a superpower. Hugo Chavez, one of the greatest enemies of the US is pushing very hard to get OPEC to adopt the Euro as its currency, Iraq had already switched to the Euro not long before we invaded them- that might be the hidden underlying cause or justification for our government to invade along with the illegitimacy of the UN.
The global socialists took us off the gold standard over a 1/2 century ago, we will probably pay the price for their deceit during our lifetimes.
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Obamanfreude - 1. taking pleasure from the misfortunes of an Obama supporter as he or she is adversely affected by the policies of their Dear Leader.
They are and they are trying to position themselves so that the Euro becomes the standard currency for oil transactions. The US dollar is the worldwide accepted currency for oil transactions, if its replaced by the Euro, the dollar will plummet in value vs a barrel of oil. If this happens, a cascade of other events could occur- foreign debts will become unpayable, $100 won't buy you a loaf of bread, let alone a gallon of gasoline, and the US will be knocked from the top as a superpower. Hugo Chavez, one of the greatest enemies of the US is pushing very hard to get OPEC to adopt the Euro as its currency, Iraq had already switched to the Euro not long before we invaded them- that might be the hidden underlying cause or justification for our government to invade along with the illegitimacy of the UN.
The global socialists took us off the gold standard over a 1/2 century ago, we will probably pay the price for their deceit during our lifetimes.
stop believing everything you read on the internet. any respectable economist will tell you that the above scenario will not happen. IT DOES NOT MATTER WHAT OIL IS PRICED IN. exchanging between dollars/euros is nearly costless and countries will continue to hold a diversified basket of currencies regardless. the dollar remains to be one of the strongest and most stable currencies and this is the reason many countries hold reserves of US dollars rather than say Brazilian reals.
the dollar remains to be one of the strongest and most stable currencies and this is the reason many countries hold reserves of US dollars rather than say Brazilian reals.
It is? Is that why it has been falling against just about every other major currency?
If you put $10,000 in your mattress 2 years ago or $10,000 in Euros or gold 2 years ago, which result will give you more buying power? You can talk about how stabilethe dollar is right up until the day you take a wheel barrow full of paper moneey to the grocery store to buy a loaf of bread.
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Obamanfreude - 1. taking pleasure from the misfortunes of an Obama supporter as he or she is adversely affected by the policies of their Dear Leader.
The US economy is one of the strongest and most stable in the world. Therefore the dollar is a SAFE investment and is extremely liquid, moreso than any other currency. That is why countries hold dollar reserves, not because they want to buy oil.
Oil Touches New Record Over $75
