Realistbear Posted February 21, 2011 Share Posted February 21, 2011 http://uk.finance.yahoo.com/news/Brent-rises-2-spreading-reuters_molt-2289314056.html?x=0 Brent rises more than $2 on spreading Libyan unrest Francis Kan, 8:30, Monday 21 February 2011 SINGAPORE (Reuters) - Brent crude rose more than $2 a barrel on Monday after a report that workers at an oilfield in OPEC-member Libya were on strike as violent unrest gripped the country. Concern of oil supply disruption has buoyed prices as protests spread across the oil-producing Middle East and North Africa. A strike had stopped output at Libya's Nafoora oilfield, Al Jazeera reported. Brent crude for April delivery rose $1.73 to $104.25 a barrel by 8:03 a.m. British time, after surging to as much $104.60, a 2-1/2 year high. On Friday, Brent settled at $102.52, its fourth-straight weekly rise. More fuel for the recession. Quote Link to comment Share on other sites More sharing options...
fluffy666 Posted February 21, 2011 Share Posted February 21, 2011 Yes, I'm sure that Big Oil is just filled with joy at the prospect of all the various bribes and sweetheart deals required to get the various oil service contracts in place getting written off due to a change in government. What Big Oil wants is: - First, a stable and moderate oil price, so they can plan their business easily, but not encourage oil alternatives. - Second, access to reserves. Ideally in 1st world countries where they can 'own' them to do as they please, but PSAs with stable oil-rich countries will do - Third, having the world's attention focused on something other then Big Oil, so they can carry on making vast amounts of money in peace. Price gyrations, revolution and media spotlight are not welcome. Quote Link to comment Share on other sites More sharing options...
OnlyMe Posted February 21, 2011 Share Posted February 21, 2011 Its alright we have spare capacity. Maybe we could gather this up and burn that instead. Knowing how these clowns think of the economy whats the betting that that spare capacity is a measure is at least in part a count of the empty business premises, hey guess what, that's not spare capacity that's shit-canned capacity that can offer no economic use at the UK's hyperinflated costs. http://www.actionforex.com/analysis/daily-forex-fundamentals/inflationary-pressure-to-ease-in-the-uk,-yet-remains-above-the-boe%27s-upper-limit-20100713117652/ Inflationary Pressure To Ease In The UK, Yet Remains Above The BoE's Upper Limit Daily Forex Fundamentals | Written by ecPulse.com | Jul 13 10 06:44 GMT With the mounting debt concerns surrounding the British economy, policy makers at the Bank of England are exerting efforts to ease the inflationary pressure that began since the beginning of this year when annual CPI breached the bank's targeted level by more than one percent. In April, prices climbed to 3.7%, the highest in 17 months, which prompted King to send a letter to the Chancellor of the Exchequer explaining that the rise was triggered by the surge in oil prices, the restoration of the VAT since January to 17.5% from 15%, and the ongoing depreciation to the royal pound since 2007. However, King expects that these factors, if not increased, would impact inflation for a year at maximum as it will diminish with time, especially as the substantial margin of spare capacity brings back prices to the target. Quote Link to comment Share on other sites More sharing options...
Pent Up Posted February 21, 2011 Share Posted February 21, 2011 But merv told me that commodity boom was temporary. I thought we would be back to $30 a barrel by the middle of this year and inflation would be below target! He promised! Quote Link to comment Share on other sites More sharing options...
OnlyMe Posted February 21, 2011 Share Posted February 21, 2011 But merv told me that commodity boom was temporary. I thought we would be back to $30 a barrel by the middle of this year and inflation would be below target! He promised! Read it again, he said that if inflation in these things didn't increase then inflation would go down again . Which in itself is nothing because all it means is that the figures would drop out of the 12 month rolling measure to make the figure look more appetising to the ship of fools to which these pronouncements are made. Quote Link to comment Share on other sites More sharing options...
fluffy666 Posted February 21, 2011 Share Posted February 21, 2011 But merv told me that commodity boom was temporary. I thought we would be back to $30 a barrel by the middle of this year and inflation would be below target! He promised! I think it's more a case of 'hiking interest rates will do very little about inflation in imported stuff, unless it raises Sterling to the point where the remaining exporters in the country finally roll over and expire'. I'm not sure that running the country for the benefit of those with large piles of cash is the best policy.. and neither is worrying about any inflation figure that is in single digits. What we need are different currencies for inside and outside the M25.. Quote Link to comment Share on other sites More sharing options...
General Congreve Posted February 21, 2011 Share Posted February 21, 2011 What we need are different currencies for inside and outside the M25.. How about one that has the same value wherever you are in the world and is never victim to the machinations of governments or central banks? Quote Link to comment Share on other sites More sharing options...
fluffy666 Posted February 21, 2011 Share Posted February 21, 2011 How about one that has the same value wherever you are in the world and is never victim to the machinations of governments or central banks? .. and did not result in needless deflation as a result of limited supply.. ? Quote Link to comment Share on other sites More sharing options...
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