Oil Surges Above $140 to Record as Libya Warns of Output Cut

June 26 (Bloomberg) -- Crude oil jumped above $140 a barrel to a record as Libya threatened to cut output, OPEC's president said prices may reach $170 by the summer and the dollar weakened.

Libya may curb output because of a U.S. law that allows terror victims to seize assets of foreign governments as compensation. OPEC President Chakib Khelil said oil may surge on a European interest rate rise, France 24 reported. Oil, gold and copper climbed today as the dollar dropped because the Federal Reserve gave no signal of higher interest rates yesterday.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aaRbgtzwZjpg&refer=home

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Chakib Khelil, Algeria's oil minister and the president of the Organization of Petroleum Exporting Countries, said in an interview on France 24 television that a conflict involving Iran might push oil prices over $200 and as high as $400.
http://www.bloomberg.com/apps/news?pid=20601082&sid=a3xp1IJKa8DY&refer=c...

If gas prices hit $8/gallon, we'll all be riding bicycles or taking the bus.

Expect people to take to the streets and let the protests begin.

Thinking back to the gas rationing in the 70's, we still have not learned the lessons and are doomed to repeat the past with a lot more pain this time.

Yes, if gasoline gets that high, there will be some crazy stuff going on. Very scary to think about. The country will literally come to a screeching halt. It will be time for pitchforks and torches no matter what your political leanings.

But neglects to mention the other speculators concerns, Nigeria oil lines, etc.

Fear sells, munitions and weapons to the combatants and countries that we have supported and continue to support. We supported Iran and now the leadership wants regime change, again.

"Expressing the sense of Congress regarding the threat posed to international peace, stability in the Middle East, and the vital national security interests of the United States by Iran's... (Introduced in House)

HCON 362 IH

110th CONGRESS

2d Session

H. CON. RES. 362

Expressing the sense of Congress regarding the threat posed to international peace, stability in the Middle East, and the vital national security interests of the United States by Iran's pursuit of nuclear weapons and regional hegemony, and for other purposes.

"IN THE HOUSE OF REPRESENTATIVES

May 22, 2008

Mr. ACKERMAN (for himself and Mr. PENCE) submitted the following concurrent resolution; which was referred to the Committee on Foreign Affairs

CONCURRENT RESOLUTION

Expressing the sense of Congress regarding the threat posed to international peace, stability in the Middle East, and the vital national security interests of the United States by Iran's pursuit of nuclear weapons and regional hegemony, and for other purposes.

Whereas Iran is a party to the Treaty on the Non-Proliferation of Nuclear Weapons (NPT), has foresworn the acquisition of nuclear weapons by ratification of the NPT, and is legally bound to declare and place all its nuclear activity under constant monitoring by the International Atomic Energy Agency (IAEA);

Whereas for nearly 20 years, in clear contravention of its explicit obligations under the NPT, Iran operated a covert nuclear program until it was revealed by an Iranian opposition group in 2002;

Whereas the IAEA has confirmed such illicit covert nuclear activities as the importation of uranium hexafluoride, construction of a uranium enrichment facility, experimentation with plutonium, importation of centrifuge technology, construction of centrifuges, and importation of designs to convert highly enriched uranium gas into metal and shape it into the core of a nuclear weapon; "

http://thomas.loc.gov/cgi-bin/query/z?c110:H.CON.RES.362:

Hold on folks. He only has a few more months to squeeze all of our cash from us. Record prices for all commodities. Record forclosures. Record deficiets. Largest drops in the stockmarket in decades. Record profits for his oil industry pals and family.

Good job Brownie........ i mean Bush. Your economic polices are destroying us. You are truely one of the worst presidents in history.

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