MyFox
 

Corrina_Sullivan's Blog

by Corrina_Sullivan from Lake Mary, FL

Last Post 5 days, 3 hours Ago


Oil Update
Jun 27, 2008 | 2:14 PM
Category: News
Report This Post

NEW YORK (AP) -- Oil futures climbed to a new record near $143 a barrel Friday on expectations that the weakening dollar, a major factor in crude's stratospheric rise, will extend its decline and add to oil's appeal.

Retail gas prices inched lower overnight, but are likely to resume their own trek into record territory now that oil futures have broken out of the trading range where they had been for nearly 3 weeks.

Light, sweet crude for August delivery rose as high as $142.93 a barrel on the New York Mercantile Exchange before pulling back slightly to trade up $2.80 at $142.44.

On Thursday, the contract shot past $140 and rose more than $5 to a new settlement record.

Oil rose Thursday in part on comments by OPEC officials; the organization's president predicted prices will rise further, and a top Libyan oil official suggested his nation may cut production.

Meanwhile, traders were coming around to the belief that the dollar, whose long decline has contributed greatly to oil's dramatic advance this year, will continue to weaken. The market now expects that the Federal Reserve will be unlikely to raise interest rates until much later than many analysts have forecast; since higher rates tend to strengthen the dollar, traders are anticipating that it will continue to fall and, consequently, that investors will turn to commodities including oil as a hedge against inflation.

At the pump, meanwhile, gas prices slipped 0.1 cent overnight to a national average of $4.066 a gallon, according to a survey of stations by AAA, the Oil Price Information Service and Wright Express. Gas prices have fallen slightly from their June 16 record of $4.08 a gallon, but will likely resume their record breaking rise if oil futures keep trending higher.

Blog us with your thoughts.

Have a fabulous weekend,

Corrina
23 Comments |  Add a Comment

Member Comments Total Comments: 23
Page 1 of 1
toddt read my blog
Jun 27, 2008 | 2:35 PM

Okay these oil people are setting more records than Tiger Woods.....how is that possible?????
Vancouver read my blog
Jun 27, 2008 | 2:36 PM

Corrina,

Have a GREAT weekend yourself!
Am I the only one who gets butterflies in my stomach when talking about oil? I drive this economic car but I still get a pit in my stomach when I have to put 10 gallons in it. That is the tank size 10 gallons. 35 MPG. But I still can not stand paying $4.08. My Mother payed $60.00 just to fill up her 3000GT to half a tank. This is crazy we NEED to DRILL off the FLORIDA coast. Thank GOD I got rid of the BLAZER before the gas prices went up up and away. Although I did have run running people off the road!:)
DeborahLakeHelen read my blog view my photos
Jun 27, 2008 | 3:23 PM

Thanks for the good news! Wonder what will happen if the "Muther" of all hurricanes comes through, and we need to crank up our generators, to boot! Here, I'll bend over first, so you can kick me, now you bend over, and I'll kick YOU!
toddt read my blog
Jun 27, 2008 | 3:25 PM

We really need our cars to run off of beer or soda.....it will be cheaper!!
Mater01 read my blog view my photos
Jun 27, 2008 | 4:34 PM

It's the price of gas that is decreasing the value of the dollar...not the other way around! Even with the value of the dollar decreases, their major profits certainly doesn't! Even the economy took a drive once the increased prices of oil started! And the government keeps printing more money! What is it we are really missing here?
Vancouver read my blog
Jun 27, 2008 | 6:25 PM

Corrina,

I was just reading yesterdays blog and your comments are missing. What happened to your comments?
RNC08 read my blog view my photos
Jun 28, 2008 | 9:00 AM

Mater has it ! The US economy will continue to slip as long as gas is high so the dollar will continue to slip as well....to bad the government is only now starting to talk about the “enron loophole” ...so it will be some time after the election before anything is done about it, almost* like it was planed. LOL
Sageman read my blog
Jun 28, 2008 | 5:44 PM

I don't think we will see a reversal or halt to the gas prices till the final quarter of this year. I'm not surprised either way, although I think the declining dollar is a convenient point to make to again remove the attention from oil speculators and specific investing groups who have been behind the catastrophic rise in prices.
DEOP read my blog view my photos
Jun 29, 2008 | 8:24 AM

FROM:http://globalresearch.ca/index.php?context=va&aid=
9042
Through a convenient regulation exception granted by the Bush Administration in January 2006, the ICE Futures trading of US energy futures is not regulated by the Commodities Futures Trading Commission, even though the ICE Futures US oil contracts are traded in ICE affiliates in the USA.


In January 2006, per the Energy Information Administration (eia.doe.gov), the average of the weekly reports on gas prices was $2.32


FROM:http://www.newenglishreview.org/custpage.cfm/frm/2
0911/sec_id/20911
The Oil bubble is largely the product of uncontrolled speculation by hedge funds, US pension funds and oil patch principals like T. Boone Pickens in the oil commodity futures and derivative markets. It has been fostered by two exemptions granted by the chief regulator of the US commodity markets, the Commodity Futures Trading Commission created by the Commodity Exchange Act of 1974 (CEA). The first exemption was, ironically, that granted to Enron in 2000 that enabled Over The Counter (OTC) energy derivatives trading. The second occurred in 2006 when, according to Business Week, the CFTC allowed ”unlimited speculation through a swaps loophole that exempted Wall Street investment banks like Goldman Sachs and Merrill Lynch from reporting requirements and limits on trading positions that are required of other investors to the oil derivative traders on Wall Street vis a vis the ‘swaps’ exemption.” According to the Treasury Department, the top five Investment banks who dominate swap dealing in oil futures include: Bank of
DEOP read my blog view my photos
Jun 29, 2008 | 8:25 AM

cont - According to the Treasury Department, the top five Investment banks who dominate swap dealing in oil futures include: Bank of America, Citigroup, JPMorgan Chase, HSBC America Holdings and Wachovia.
Witness this comment from the Engdahl report about how trading on the London-based ICE compounded the Enron loophole:
In January 2006, the Bush Administration’s CFTC permitted the Intercontinental Exchange (ICE), the leading operator of electronic energy exchanges, to use its trading terminals in the United States for the trading of US crude oil futures on the ICE futures exchange in London – called “ICE Futures.”
Persons within the United States seeking to trade key US energy commodities – US crude oil, gasoline, and heating oil futures – are able to avoid all US market oversight or reporting requirements by routing their trades through the ICE Futures exchange in London instead of the NYMEX in New York.
Is that not elegant? The US Government energy futures regulator, CFTC opened the way to the present unregulated and highly opaque oil futures speculation. It may just be coincidence that the present CEO of NYMEX, James Newsome, who also sits on the Dubai Exchange, is a former chairman of the US CFTC. In Washington doors revolve quite smoothly between private and public posts.
In January 2006 when the CFTC allowed the ICE Futures the gaping exception, oil prices were trading in the range of $59-60 a barrel. Today some two years later we see prices tapping $120 and trend upwards
RNC08 read my blog view my photos
Jun 29, 2008 | 9:46 AM

Thanks for doing the leg work on this one DEO ...I hope others will read it and start to understand what is really going on. And of greater importance who all is involved ! You post has a pretty good list of names , to Bad the only one that average people will Recognize is “Bush” ...while currently ICE money is funding (10 to 1) all democratic hopefuls in this election year...SACHS/Blomberg are both major contributors to Obama and Clinton (gee I wonder if he is going to burn the hand that FEEDS him) and the current speaker of the house is a majority share holder / Board member of Bank of America...
RNC08 read my blog view my photos
Jun 29, 2008 | 9:47 AM

The point is that in 2000 no one objected to granting the “enron exception” and in 2006 no one saw the danger* of adding US oil to an already “world market”
* it is not all together true that no warnings where issued but that is a story of day late and a dollar short for the party that still wanted to return to the subject after the “New congress” and those who elected them had already turned their attention back to American Idol....
DEOP read my blog view my photos
Jun 29, 2008 | 11:24 AM

Both sides of the aisle are responsible, but "the buck stops here" should work equally for both parties.

Could you supply a link to the "while currently ICE money is funding (10 to 1) all democratic hopefuls in this election year" statement.

BTW, among the top contributors to McCain are:
Merrill Lynch,Citigroup Inc,AT&T Inc,Morgan Stanley,Goldman Sachs,JPMorgan Chase & Co,Credit Suisse Group,UBS AG,Lehman Brothers,
Bank of New York Mellon,IDT Corp,Bear Stearns, Wachovia Corp,PricewaterhouseCoopers,Bank of America,Univision Communications
RNC08 read my blog view my photos
Jun 29, 2008 | 11:47 AM

History on “the loophole”


The "loophole" refers to 7 U.S.C. §2(h)(3) and (g) of the Commodity Futures Modernization Act of 2000 or CFMA (Public Law 106–554, §1(a)(5) [H.R. 5660], December 21, 2000, 114 Stat. 2763, 2763A–365, 7 U.S.C. § 1).
The legislation was signed by President Bill Clinton in December 2000 to allow for the creation, for U.S. exchanges, of a new kind of derivative security, the single-stock future.
The "Enron loophole" effectively banned the prohibition on single-stock futures and narrow-based indices that had been in effect since 1982 with the Shad-Johnson Accord, a jurisdictional pact between John S.R. Shad, then chairman of the U.S. Securities and Exchange Commission and Phil Johnson, then chairman of the Commodity Futures Trading Commission.
RNC08 read my blog view my photos
Jun 29, 2008 | 11:47 AM

A “bill” was drafted and adopted by the senate know as the :

Feinstein-Levin-Snowe Legislation to Increase Transparency in Energy Markets, Close the “Enron Loophole
But has never seen the light of day on its own...instead it was added to a 308 billion dollar expansion of the “farm bill” proposed in 06 ...it was vetoed by GWB but that is politics at their finest in that it has not been brought back up again in the past 2 years ! Everyone say it with me “Thank You Nancy Pelosi” !
RNC08 read my blog view my photos
Jun 29, 2008 | 11:50 AM

Hang on the “link” is on my other computer (ever try to find stuff without your set of links)...I notice that Sach/bloomberg are not contributing to McCain ? Any reason for that LOL
And yes Obama did bring up the “Enron loophole bill” 7 days ago ...but why did it slip his mind until now?
RNC08 read my blog view my photos
Jun 29, 2008 | 11:54 AM

...not a great link but : http://dealbook.blogs.nytimes.com/2006/03/17/on-politic
s-hedge-fund-managers-tip-their-hands/
DEOP read my blog view my photos
Jun 29, 2008 | 12:27 PM

So the loophole was in existance for the entire 1st 6 years of the Bush administration with a Republican Congress.
Everyone say it with me "Thank you Republican President working side by side along with the Republican Congress for not eliminating the loophole".

Whenever you have that link to back up your "while currently ICE money is funding (10 to 1) all democratic hopefuls in this election year" statement, I'd sure appreciate it.
RNC08 read my blog view my photos
Jun 29, 2008 | 12:30 PM

I can't support the 10 to 1 comment today it was based on a break down of the top 40 contributors and all the story's and links only list the break down of the top 10 that breaks down to 75% for Democrats...
I do agree with “the buck stops here” coming to mind...but will add that at this very moment Nancy Pelosi has put off any discussion of this subject until after the election (using her personal power as speaker) ...perhaps I was giving to much credit to readers in other posts when i was tong in cheek about this subject...I just assumed that after all the ENRON controversy a few years ago and the fighting over the farm bill in 06 that everyone was up to speed on this subject and just being stubborn about who they are blaming for everything...
RNC08 read my blog view my photos
Jun 29, 2008 | 12:35 PM

Show me one democrat that has protested the loophole? I stand corrected you don't have to be ignorant or stubborn you can be BOTH at the same time ! But it is time to write a full post on 2002 -06 democrat filibusters that tabled without vote the “enron loophole bill”
O now I get it the Loophole is “sacred” to democrats because Bill Clinton signed...LOL
DEOP read my blog view my photos
Jun 29, 2008 | 2:35 PM

OK, so you can't back up your 10 to 1 claim.

And although a Republican President with the benefit of a Republican Congress didn't do anything for 6 years to get rid of the loophole, because the Democratic Congress has not elimininated the loophole (never mind the bush veto) in 1 1/2 years, it's all because Clinton signed it into law. Talk about LOL.

So why didn't the Republicans do something about it then, when they had the advantage of controlling the Whitehouse & the Congress at the same time?
Vancouver read my blog
Jun 29, 2008 | 8:10 PM

The information is all fine and good. But what do we do about the gas prices? This just tells us who is at fault. It does not how ever tell how "WE" can get "THEM" to lower the price of oil. I would also like to propose an idea what would happen if the American people had a say in whether OPEC should raise and lower the coast of oil?
cbal read my blog
Jun 30, 2008 | 12:29 AM

WE ALL TO BAND TOGETHER AND TAKE A STAND!!! STAY HOME FOR ONE DAY...DON'T BUY ANYTHING....THAT WILL HURT THE BIG SHOTS IN THEIR POCKET FOR ONCE!!!! LETS DO IT!!!
Page 1 of 1


Write your comment below:




Corrina_Sullivan

Corrina Sullivan joined FOX 35 as primary anchor in January of 2007. Corrina co-anchors FOX 35 News at 6 & 10. Not an anchor glued to the desk, she enjoys working in the field providing dynamic, in-depth reports. Corrina hails from Baltimore, Maryland. It was there she quickly acquired a love for the water and boating. She and her husband met and married in St. Louis, but now consider Orlando home and look forward to making an impact on the community together.

Member Since: 2/19/2007


 

RSS: XMLWhat is RSS?