Zeev's Turnips Talk Politics (ZTTP)

[seabass]

>>>And you believe them?<<<


Isn't a better question....."are they completely off base?" The out of control budget deficit and the collapsing dollar has nothing to do with it and the CIC bears no responsibility?


The dollar is in a clear free-fall, down versus every major and emerging-market currency,'' Jan Loeys, head of global- market strategy at JPMorgan Chase & Co. in London, wrote in a note to clients.

http://www.bloomberg.com/apps/news?pid=20601087&sid=atz8jGDhfJ64&refer=home


..analysts noted that oil inventories are at historic highs. Meanwhile, demand for gasoline is falling, and several forecasters have cut their oil demand growth predictions for this year.

http://www.foxbusiness.com/article/oil-prices-jump-101-barrel-opec-news_506601_44.html


Interest rate cuts tend to weaken the dollar, and crude futures offer a hedge against a falling dollar. Also, oil futures bought and sold in dollars are more attractive to foreign investors when the greenback is falling.

"I really think that this is oil being viewed as ... a financial instrument," said Phil Flynn, an analyst at Alaron Trading Corp. in Chicago.

"(Fundamentals) have no relationship to price right now," Flynn said. If prices were responding to supply and demand, fundamentals, they would be falling, he said. Several recent forecasters have lowered oil demand growth predictions for this year due to the slowing economy, and domestic oil inventories have been growing.

http://abcnews.go.com/Business/Economy/story?id=4361309


What's YOUR point? That OPEC should stop picking on Bush and start pumping more oil?