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Politics : GOPwinger Lies/Distortions/Omissions/Perversions of Truth -- Ignore unavailable to you. Want to Upgrade?

To: Rainy_Day_Woman who wrote (19103)	8/16/2004 12:28:19 PM
From: Skywatcher	Read Replies (2) \| Respond to of 173976

the beginning of the Shiite uprising that will lead to more bloodshed and real attacking of BIG oil wells in that region.... CC

To: Rainy_Day_Woman who wrote (19103)	8/16/2004 5:13:54 PM
From: geode00	Respond to of 173976

Oil prices appear to be controlled by the traders. Similar to the stock market, RISK is not appreciated by these guys. There have been multiple attacks on oil facilities some of which completely shut down production for days at a time. The miles and miles of pipeline running through Iraq cannot be guarded. Therefore, as long as there is this kind of violence and chaos in Iraq, there will be risk punctuated short term by an explosion or two, or three.... Even if an event doesn't cause any harm to oil production or delivery, it's the concept of RISK that causes a rise in the spot oil market and creates that rise of prices on the margin. Besides, there was a fire in a refinery stateside last week and the oil companies ALWAYS blame lack of refinery capacity for increased prices (and profits) at the pump. Costs aren't rising as fast as prices because the big oil companies are making tons of increased profit. It's a bit THEFT, thanks to Bush, from the American taxpayer. Bush "taxbreaks" for the middleclass are completely eaten up by increased "taxes" from rising energy costs, the AMT and local "taxes" in the form of fees and expenses.