Iran stops selling oil in dollars

[Gordo]

Re: Iran stops selling oil in dollars

Gordo -
I see you making several posts which seek to validate your short term investment hypothesis

Lukester,

You are right. I am trying to look at the glass as being half-full but there is certainly a strong possibility (probability?) that it is half-empty.

We'll see for sure in a couple of months (unless I bail out earlier.)

[Gordo]

Re: Iran stops selling oil in dollars

Lukester, Energy Secretary Bodman may help "break the back of this run-up in crude prices." I was very surprised when I saw today where Energy Secretary Bodman referred to "break(ing) the back" of high oil prices. I have never heard such strong language by an Energy secretary. I can imagine similar language from the Treasury Secretary in 1872? when the government "broke the back" of the gold market and Jay Gould's attempt to corner it. Bodman.....such measures would "break the back of this run-up in crude prices." See full article from Platts below. (I am going to quit posting on oil for a while because I may be "wearing out" the subject.) Current oil price not supported by fundamentals: Bodman

New York (Platts)--10Dec2007 US Energy Secretary Samuel Bodman Monday said he does not believe currentoil prices were supported solely by fundamental market factors. Bodman, in an interview with CNBC while attending the groundbreakingceremony for the expansion of the Motiva refinery in Port Arthur, Texas, wasasked whether he believed the NYMEX light, sweet crude contract price of about$87.50/barrel was supported by fundamentals. "I do not," replied Bodman. He cited such non-fundamental politicalconcerns as the tension surrounding relationships with Iran and Venezuela asaffecting price issues beyond supply and demand factors. But Bodman again said "insufficient inventories" in consuming countrieshas exacerbated such concerns. He also declined to include participation by speculators as being afactor in the recent price spikes. "Speculators don't really change prices.... They can change thevolatility... When we get additional supplies on the market, we will see areversal in this price trend; at least I hope so," Bodman said in response toa question from a CNBC reporter. Bodman also said there was little the US government could do directly tolower oil prices, saying this was "beyond the scope of what a government cando...What we can do is encourage both OPEC and non-OPEC suppliers to increase their crude production. He added that, should they do so, he couldforesee that such measures would "break the back of this run-up in crudeprices."

[Jay]

Re: Iran stops selling oil in dollars

I've enjoyed the gold rise tremendously and still think it has a ways to go on it's bouncy upward path. That being said, when you use up oil it is gone, but all the gold mined is still around unless it's in a chest at the bottom of the ocean.