Thanks, Zionists -- thanks a lot!!!
"Oil hits record on lower US supply" by Associated Press | July 3, 2008
NEW YORK - Oil prices shot to a record above $144 a barrel yesterday as the government reported a bigger-than-expected drop in US supplies and the threat of conflict with Iran weighed on traders' minds.
Retail gasoline prices climbed to a record of their own in the United States at a fraction over $4.09. However, the report offered a mixed picture of energy use by the world's thirstiest oil consumer. Gasoline supplies unexpectedly grew by a considerable amount, and demand continued to slide - suggesting that record fuel prices are prompting a real shift in Americans' driving habits.
Even so, gas prices continue to rise along with the soaring cost of oil. Prices at the pump jumped half a penny, according to AAA, the Oil Price Information Service, and Wright Express.
The inventory report was only one factor in yesterday's rally.
"It's a combination of things," Phil Flynn, analyst at Alaron Trading Corp. in Chicago, said of the run-up. "People are buying oil because they're worried about tight supplies, the weak dollar, war breaking out in Iran. It doesn't look like any of this stuff is going to settle down any time soon."
Ongoing rhetoric about possible attacks on Iran, the world's fourth-largest oil producer and OPEC's second-largest exporter, left the market jittery.
Yeah, some "friend" we got over their in the ME, huh?
Assholes!
Traders are worried Tehran could try to halt shipments and seize control of the strategically important Strait of Hormuz if attacked by Israel or the United States. About 40 percent of the world's tanker traffic passes through the Middle Eastern choke-point.
--MORE--"
Oh, then THAT WILL BE the WAR!!!
Israel will attack Iran, they will close the straights, and then the U.S. will BLAST THEM -- and WWIII will be upon us!!!!
Then the FED can TAKE OVER!
"the Federal Reserve needs sweeping new powers that would make it easier to get information on financial institutions - and to intervene if necessary."
Hey, it will be the HITLER economy, 'eh?
"Outdated banking rules need overhaul, Treasury boss says" by Associated Press | July 3, 2008
LONDON - The United States must build a tougher regulatory system that can allow financial institutions to fail without causing wider economic turbulence, US Treasury Secretary Henry Paulson said yesterday.
Both Britain and the United States must overhaul the outdated methods of their financial watchdogs to provide better advance warning of looming troubles in world markets, he said in remarks at a Chatham House think tank event at London's Royal Academy of Arts. Paulson also said the Federal Reserve needs sweeping new powers that would make it easier to get information on financial institutions - and to intervene if necessary.
"Government support should be an extraordinary event that requires the engagement of the executive branch," Paulson said. Paulson said that current problems were being exacerbated by the high cost of oil.
Nothing like stating the obvious, 'ey, Hank?
--MORE--"
By the way, WHERE did all that BAILOUT $$$ go?
"Pace of mortgage aid by lenders dropped in May" by Associated Press | July 3, 2008
WASHINGTON - The pace of the mortgage industry's efforts to assist troubled borrowers declined in May, as critics questioned lenders' progress in aiding US homeowners facing foreclosure.
Foreclosures, meanwhile, have continued to escalate. Nearly 3 million US homeowners are likely to default on their mortgages this year and about half will lose their homes.
--MORE--"
Also see: Climbing Crude and Demand Destruction
