Oil futures soar on price forecast

[Ryan]

The declining dolar is the #1 reason oil prices have gone up. every 1% the dollar loses, the price of 1 BBL of oil raises $4.00

This is fantastic for me I run the US divison of an International Independent Oil Company.

[clm]

Ryan wrote:

The declining dolar is the #1 reason oil prices have gone up. every 1% the dollar loses, the price of 1 BBL of oil raises $4.00

The declining dollar is one reason. Part of the reason for the fall of the dollar is all the red ink we are amassing along with all the bad paper we sold around the world in our mortgage meltdown. Not only is our economy not the mainstay that it once was, but it has also caused the commodity market to explode.

The biggest reason, by far, is that very few people control most of the oil. Led by Opec, they have artificially driven up prices by limiting supply. There is no shortage of oil. There are 50 years of proven oil reserves and much more unexplored oil around the world. It is just a monopoly that our own government is contributing to by not opening our own spigot and by continuing to add to the strategic oil reserve even when prices spiral out of control.

As a result our own economy suffers which is contributing to the weakness of the dollar.

We have been played for years. Nothing would make me happier than America coming together to develop cheap, clean energy sources that makes oil obsolete. All the greedy price controllers could then watch as their precious black gold becomes nothing but useless muck under their feet.