Saturday, August 9, 2008
What now gas prices?
Peace bid as Ossetia crisis rages
"A delegation including envoys from the US, EU and OSCE is heading to Georgia as its conflict with Russia over the breakaway South Ossetia region deepens." Will this increase pressure on the hard pressed family finances and mortgage payments?
Posted by renting2 @ 07:29 PM (1010 views)
7 thoughts on “What now gas prices?”
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Eternal Sceptic says:
If this contretemps escalates the price of gas will be relegated to an irrelevance.
plato says:
Was talking to a Greek post graduate in Cyprus about 3 months ago and mentioned the likelyhood of an attack on Iran in the near future. He told me I should be looking further West for the likelyhood of war and named Ossetia as the place as there are vital energy concerns the USA is trying to control. Didn’t give it a lot of thought till Friday.
Shows how well inormed others are outside the UK. Let’s see how the markets respond now.
rotten tomato says:
Here in Italy our main state tv channel’s newsline was that Russia attacked Georgia, while it was actually the other way round, with Georgia the culprit. Question is, I do not repute the Georgian president to be an outright idiot, so what guarantees did the West (US and UK) provide in order to spur him into that senseless act? Also consider how odd it is that such a war is sparked at the very moment of crisis in the West’s financial institutions. Yesterday as the war got a lot more serious, all Western stock exchanges were registering major pluses, while Russia’s a net negative.
Reminds me a lot of the desperation of the Argentine generals in the Falklands attacks, in 1981, used as a means to postpone the outcome of their growing unpopularity, and eventual ouster by the masses. Today the West holds the role of the then generalissimos, so to speak.
It is insteresting that Western media had no camera crews/journalists in South Ossetia, the only two countries who had any crews being Ukraine and Russia, and yet, the line that the Russians are the aggressors is widely spouted. Revolting.
I am quite sure we will see gas prices increase substantially in the near future. I reccommend to all to watch the English language channel “Russia Today” (satellite) to at least get a Russian perspective on things, and not be force fed the news through the standard Western media channels, at lease see both sides, and then make up your own mind.
Kruador says:
I point you again to Michael Masters’ testimony to the US Senate on Index Speculation: http://hsgac.senate.gov/public/_files/052008Masters.pdf, and also his later testimony at http://energycommerce.house.gov/cmte_mtgs/110-oi-hrg.062308.Masters-testimony.pdf. Happily it looks like the index speculators are starting to get out – witness oil price drops of 4% yesterday alone – so things are starting to get back to normal.
See also https://www.theice.com/marketdata/ukNaturalGasView/ukNatGasIndexView.jsp for what the UK natural gas price has *actually* done: fallen 5.5% in the last week, down 21.3% from peak.
Unfortunately because the majority of participants in these markets are speculators, their buy and sell orders will vary for psychological reasons more than for any actual problem producing gas and oil.
fubar says:
Yes. That couldn’t possibly be true could it. This is like going back to the cold war again.
plato says:
rotten tomato @ 3
I too was watching one version on UK tv and another on Greek tv. Needless to say this spurred me to make the comment above. and draw some comments.
The timing is a real work of devious art and stands out a mile.
layers says:
This could be a ploy to keep Russia busy whilst Iran’s attacked (or likely a US vessel is ‘sunk’ to get public opinion on-side), and China are busy with the Olympics. Operation Brimstone (joint us-uk-france-israel) has recently concluded.