Oil Prices Fall Sharply After Transfer of Political Power in Iraq

[CShine]

The price of oil fell sharply on Monday, as traders viewed the transfer of political power in Iraq as a step that could help reduce attacks against the country's oil infrastructure. Some additional pressure was taken out of the market late last week after the resolution of a labor dispute in Norway, the world's third-largest oil exporter.

"You have a lot of good news out there," said Phil Flynn, an analyst at Alaron Trading Corp. in Chicago.

Light crude for August delivery traded at $36.12 per barrel in early trading on the New York Mercantile Exchange, down $1.43.

"I think the traders are really taking the news (of the power transfer in Iraq) as 'Boy, this may have some of the opposition in Iraq think twice before they start attacking oil pipelines,'" Flynn said. "Now instead of attacking the U.S. coalition, they're attacking the Iraq government."

http://ap.tbo.com/ap/breaking/MGBQSKDR0WD.html

[jackstraw45]

1. Election coming.....Saudi's promised.

Saudis pledged oil price cut before US vote-report
Reuters, 04.18.04, 4:33 PM ET

WASHINGTON (Reuters) - Saudi Arabia's ambassador to the United States, Prince Bandar bin Sultan, promised President Bush the Saudis would cut oil prices before November to ensure the U.S. economy is strong on election day, journalist Bob Woodward said in a television interview Sunday.

(cut)

http://www.forbes.com/home/newswire/2004/04/18/rtr1335645.html

[The Backlash Cometh]

2. No, it's what the oil companies have been saying all along.

The increased oil prices were due to Bush's political policies.

[Tight_rope]

13. What are friends for... pumping more oil...cutting oil prices...geezz

I'm so glad that our pResident has friends in high places.

[jobycom]

3. heheheh. Sigh. Need any further proof of what caused high prices

in the first place?

Articially inflate prices, keep them high, then drop them just in time to create a cause and effect illusion to benefit Bush. Bush did this in California with Enron in 2000, too.

It not only boosts Bush's image, it boosts oil profits, and it makes us happy when we are paying $.50 too much a gallon because we are no longer paying $.75 a gallon.

Anyone who thinks we have already won this election severely underestimates the other guys. They are brilliant at market manipulation, and cheating. This election has not even begun, yet.

[Capt_Nemo]

4. Ain't wishfull thinking grand?

"I think the traders are really taking the news (of the power transfer in Iraq) as 'Boy, this may have some of the opposition in Iraq think twice before they start attacking oil pipelines,'" Flynn said. "Now instead of attacking the U.S. coalition, they're attacking the Iraq government."
:eyes:

These morons are in for a big surprise...

[Barrett808]

5. The traders are delusional...

...if they think the insurgency will "think twice" about attacking oil infrastructure.

[PROGRESSIVE1]

6. Yes!!! They have attacked oil lines in the past and will do so again.

[Name removed]

7. Deleted message

Message removed by moderator. Click here to review the message board rules.

[gbwarming]

8. Yes!!! The traders are delusional.

Nobody said attacks on oil lines are good.

[htuttle]

10. Now I'M confused

Who said anything about the attacks being 'good'?

[The_Casual_Observer]

15. NOBODY said it was good

Except you. And you said it because you are a disruptor. Get lost freep.

[Just Me]

16. Well, of course you are confused. You haven't a clue what is happening.

Poor thing.

Some day soon, you will grasp that, rather than a world that benefits the many over the few,...you live in a world (with an elitist administration's leadership) that benefits the very few on the backs of the rest of humanity.

Where do you stand? Do you condemn the majority of humanity in order to enrich a few exploitive, greedy lot of power-mongers? Or, do you wish to empower humanity?

Basic stuff.

[Kimber Scott]

9. Let's not start cheerleading a rebellion.

We want the Iraqi people to live in peace, don't we? We want our sons and daughters to come home safe, happy, healthy and whole, don't we? We want our gas prices to go down, don't we?

Let's hope things go right in Iraq and let's get these bastards out of the White House so they can't start anymore wars.

[rman]

11. that makes sense: Iraqi oil was under US control, still is

-

[gasperc]

12. oh yeah, a real Iraqi government, with 135,000 of our troops there

with targets on their backs, smooth

[Eurobabe]

14. so question we now need to ask is

why the F*CK were they so high in the first place?

[Just Me]

17. The answer is simple: profits mean more than "the people". n/t