Bending the Third Rail
Because We Should, We Can, We Do
Tuesday, November 07, 2006
Perfect Timing
Hope you all have enjoyed those "low" gas prices. My bet is that we're at the low for the next 12 monts:
Nov. 6 (Bloomberg) -- Crude oil rose above $60 a barrel in New York as OPEC officials said the group may reduce output at a meeting next month and after an attack on a production facility in Nigeria, Africa's largest oil producer.

The Organization of Petroleum Exporting Countries may restrain supplies further at the meeting, Saudi Arabia's oil minister, Ali al-Naimi, said. An Eni SpA flow station in the Niger Delta was ``unharmed'' after an attack, the company's Agip unit said today. The Movement for the Emancipation of the Niger Delta, or MEND, has threatened to attack oil facilities.

``OPEC is taking steps to keep prices from falling and there is a great deal of geopolitical risk out there,'' said Bill O'Grady, director of fundamental futures research at A.G. Edwards & Sons Inc. in St. Louis. ``These two factors will keep a floor on prices.''
For all their incompetence, it's amazing that Bush, and his supporters, have been so skillful at manipulating a market as large as the oil market.
Written at 10:05 AM by Greyhair.
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