Friday, December 28, 2007

Oil approaches US$100 again, but wait inflation will drop to 0.1% or some rubbish!

Oil, loonie climb higher

Oil prices crept higher on Friday amid U.S. supply concerns and world tensions following the assassination of Pakistani opposition leader Benazir Bhutto.

Posted by david20040_0 @ 05:23 PM (954 views)
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7 thoughts on “Oil approaches US$100 again, but wait inflation will drop to 0.1% or some rubbish!

  • David,
    you are right. The RPI has been running at +4% for a age now but Brown is under the illusion that the public sector will continue to “put up” with pay raises lower or equal to the CPI (2% ish). The public sector are rapidly wising up to the fact that their “real” income is simply NOT keeping up with “real” inflation and they are starting to feel it.
    The CPI is rapidly becoming a joke as it has little bearing on true inflation.

    I know my comment deviates from the real article but it relates to David’s blog headline.

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  • Didn’t someone post an article either earlier today or yesterday that reckoned oil would hit $150 per barrel in the non to distant future?

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  • enuii, there is an earlier post today but it has dropprd off the board – Market Oracle: Crude Oil Forecast 2008 to Hit $150 a Barrel with demand high, supply falling and the U.S. increasing it’s stock the price of oil is only expected to rise. Why is the U.S stockpiling oil when it is so expensive asks the author?”

    Perhaps George W knows somethig we dont?

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  • Jack, check this out from February last year:-

    http://www.guardian.co.uk/usa/story/0,,2010087,00.html

    ‘US preparations for an air strike against Iran are at an advanced stage, in spite of repeated public denials by the Bush administration, according to informed sources in Washington.

    The present military build-up in the Gulf would allow the US to mount an attack by the spring. But the sources said that if there was an attack, it was more likely next year, just before Mr Bush leaves office.’

    If such a plan were in the offing it would seem to tie in with the ‘prudent’ stockpiling of oil we are seeing now.

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  • @ Enuii,

    It was Sean Broderick (Market Oracle).
    http://www.marketoracle.co.uk/Article3198.html

    George Bush promised before Christmas to allieviate the tension in the Housing market – perhaps he wants to move the tension somewhere else ……..Like Iran…..?

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  • Surely the US would need our support in order to legitimise any such action. If that were true then we would also be stockpiling wouldn’t we? Then the French and Germans would realise what was going on as well followed by the rest of the world.
    I think that starting a potential third world war just to save the housing market is going a bit far, isn’t it?

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  • who stole my pension? says:

    Perhaps the US is going to let the dollar drop further and they are concerned that the middle east states will unpeg their currencies if they do so. So the US is buying oil before they drop the dollar thus making it even more expensive. What do you think?

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