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PoliGAF Interim Thread of USA General Elections (DAWN OF THE VEEP)

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S

Steve Youngblood

Member
siamesedreamer said:
Then what caused the fall in prices?
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http://www.msnbc.msn.com/id/12400801/

NEW YORK - Oil prices resumed their slide Wednesday after the government reported U.S. gasoline stocks rose more than expected as the weak economy eats into demand.

Light, sweet crude for September delivery was trading down $1.77 at $126.65 a barrel by early afternoon on the New York Mercantile Exchange. Earlier it swayed between modest gains and losses. The August contract expired Tuesday at $127.95.

September Brent crude fell $2.45 to $127.10 a barrel on the ICE Futures exchange in London.

The Energy Department's Energy Information Administration reported that crude inventories fell by 1.6 million barrels in the week ended July 18, slightly less than analysts surveyed by energy research firm Platts predicted.

Perhaps more significant was the 2.9 million barrel jump in gasoline stockpiles. Analysts had expected an increase of only half a million.

The report also provided further evidence that cash-strapped Americans are cutting back on fuel. Demand for gasoline over the four weeks ended July 18 was 2.4 percent lower than a year earlier, averaging more than 9.3 million barrels a day.

None of those figures gave traders, who have swung to selling mode in recent days, reason to turn sharply bullish just yet.

"The market appears heavily concentrated on demand numbers all of a sudden," said Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates. "These numbers continue to show big-time depreciation in gasoline demand."

Oil prices came under further pressure as the dollar strengthened against the euro, giving investors less reason to seek haven in commodities as a hedge against inflation and a weakening U.S. currency.

Meanwhile, concerns that Hurricane Dolly might affect U.S. oil and natural gas platforms in the Gulf of Mexico dwindled as it made landfall near South Padre Island in Texas as a Category 2 storm.

The Minerals Management Service reported that only about 4.7 percent of production — about 60,000 barrels a day — has been halted because of the storm.

Until recently, traders used almost any perceived threat to supply as a reason to push prices higher. No longer. Oil prices, which marched to a new high above $147 a barrel less than two weeks ago, have now fallen in six of the last seven sessions.

"The market's letting steam out," said Mark Pervan, a senior commodities strategist with ANZ Bank in Melbourne. "There's genuine reason to be taking profits in this market with the weak U.S. demand numbers."

Analysts said liquidity problems at oil and asphalt transportation and storage provider SemGroup LP may have helped trigger the recent sell-off. A number of the company's subsidiaries filed for reorganization under Chapter 11 bankruptcy rules in Delaware federal court Tuesday.

In the bankruptcy filing, the Tulsa, Oklahoma-based company described what it called a "severe liquidity crisis" caused by demands for massive amounts of more money from brokers to cover large bets it had amassed on futures and options. Those demands grew increasingly tough to meet as energy prices rose and Wall Street's credit problems mounted.

On July 16, a day after oil prices began to tumble, the company transferred its trading account and in the process recognized $2.4 billion in losses as it became clear it could not cover its trading positions. Co-founder and former President and CEO Thomas Kivisto owes about $290 million of that total.

"It turns out that the run-up in crude oil prices in June and early July had ... a lot to do with the squeeze on SemGroup's hedges," analyst and trader Stephen Schork said. "Now the only question is are there more 'SemGroups' lurking in the shadows?"

A threat by Nigeria's main militant group Wednesday to destroy major pipelines in the oil exporting country within 30 days did little to slow crude's decline. The group said in an e-mail statement it had not been part of an alleged $12 million payment to militants to protect pipelines.

In other Nymex trading, heating oil futures lost more than 6 cents to trade at $3.6127 a gallon, while gasoline futures shed over 7 cents to $3.0762 a gallon. Natural gas prices fell more than 7 cents to $9.992 per 1,000 cubic feet.
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S

siamesedreamer

Banned
There you go. I was gonna mention the fall of SemGroup.

Do I think Bush's rescinding of the ban caused the prices the fall? No...but its foolish to completely rule it out as playing some role - however small. Especially when realities are a small factor with investors. Perception is the driving force.
 
S

StoOgE

First tragedy, then farce.
siamesedreamer said:
There you go. I was gonna mention the fall of SemGroup.

Do I think Bush's rescinding of the ban caused the prices the fall? No...but its foolish to completely rule it out as playing some role - however small. Especially when realities are a small factor with investors. Perception is the driving force.
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Yes, but giving it complete credit?

Plus its not like investors are mom and pop, we are talking large institutional money managers, they arent going to "fall" for something meaningless.
 
S

Steve Youngblood

Member
siamesedreamer said:
There you go. I was gonna mention the fall of SemGroup.

Do I think Bush's rescinding of the ban caused the prices the fall? No...but its foolish to completely rule it out as playing some role - however small. Especially when realities are a small factor with investors. Perception is the driving force.
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It's extremely disingenuous to suggest that Bush has made even a slight impact on oil prices. First of all, it was just a symbolic move, as the ban is still in place. Second of all, speculators have to know that even if Congress lifted the ban, we're years away from seeing a single drop of oil that resulted from this hitting the market. Maybe Congress lifting the ban could have some psychological impacts (I'm skeptical of even that in the immediate sense), but not Bush simply lifting the Executive ban on it.
 
T

Tamanon

Banned
10 AM EST/7 PDT.

And for the record you can't make this up. Same day McCain announces the oil rig off Louisiana coast visit/speech.....

http://www.foxnews.com/story/0,2933,389307,00.html

NEW ORLEANS — The Coast Guard closed 29 miles of the Mississippi River at New Orleans after a 600-foot tanker and a barge loaded with fuel oil collided Wednesday, breaking the barge in half.

Nobody was injured, but more than 419,000 gallons of heavy, almost tar-like fuel oil spilled from the barge, forming a slick 12 miles long, said Lt. Cdr. Cheri Ben-Iesau, a Coast Guard spokeswoman.

The barge "was T-boned and split in half," she said.

The double-hulled tanker Tintomara was loaded with about 4.2 million gallons of biodiesel and nearly 1.3 million gallons of styrene, but was not leaking, said Michael Wilson, president of ship management company Laurin Maritime (America) Inc. in Houston.
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And nevermind, shockingly they cancelled the oil rig trip because of weather:p
 
F

Fragamemnon

Member
It's completely disingenuous to suggest that Bush's actions last week have had anything to do with the falling oil prices, which have fallen due to a combination of profit-taking and reports of reduced demand by US consumers and increased reserves from producers.

Bush's removal of the offshore ban was, as every media outlet mentioned, pointless without Congress removing their ban as well, which everyone knew would not ever come to a vote, much less actually happen.
 
L

LazerShark

Banned
Deus Ex Machina said:
326873638.jpg
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Someone put Force lightning on that NOW
 
T

Tamanon

Banned
http://www.politico.com/blogs/bensmith/0708/Merkel_open_to_Obama_backrub.html#comments

Asked at a news conference on Wednesday what she thought of Obama, Merkel responded: "I would say that he is well-equipped -- physically, mentally and politically...."

[snip]
Bush was famously caught on camera at a G8 meeting in 2006 giving Merkel a quick backrub and the chancellor was asked on Wednesday whether she expected more massages from Bush's successor -- whether it's McCain or Obama.

"That's not really up to me," she joked. "But I wouldn't resist."
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AW HAW HAW!
 
G

GhaleonEB

Member
mckmas8808 said:
Who is that lady? Why is she important?
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Clicking on links: a good idea.

German Chancellor Angela Merkel is an admirer of U.S. presidential candidate Barack Obama -- even though she has not yet met him in person.
 
M

maximum360

Member
Novak is just having a bad week. First he was being punked by the GOP regarding McCain's VP pick. He said he didn't notice he hit someone while driving. A bystander (the witness is the former law review editor) reported that the pedestrian after hit was rolling off Novak's windshield as Novak sped away. :lol
 
W

worldrunover

Member
GhaleonEB said:
Clicking on links: a good idea.

German Chancellor Angela Merkel is an admirer of U.S. presidential candidate Barack Obama -- even though she has not yet met him in person.
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I bet he gives crappy shoulder rubs, though.
 
M

maximum360

Member
Anbar Shiek Cited By McCain Was Assassinated Last Year: http://www.huffingtonpost.com/2008/07/23/anbar-shiek-cited-by-mcca_n_114581.html

Anbar Shiek Cited By McCain Was Assassinated Last Year



The major Sunni sheik who John McCain said was protected by the surge and subsequently helped lead the Anbar Awakening, was actually assassinated by an al-Qaeda led group in midst of the surge.

On Tuesday evening, McCain falsely claimed that the downturn in violence in Iraq's Anbar province was a result of the surge, when in fact the surge began months afterward. Moreover, he said, if it weren't for the work of U.S. forces, the major Sunni figure leading that awakening wouldn't have had the protection he needed.

"Colonel MacFarland was contacted by one of the major Sunni sheiks," said the Senator. "Because of the surge we were able to go out and protect that sheik and others. And it began the Anbar awakening."

Sadly, such wasn't the case. In September 2007, Abdul Sattar Abu Risha, the sheik widely credited with persuading Sunni leaders to turn against al Qaeda in Iraq, died in a bomb attack in Anbar. His work, prior to then, was held as a major effort in transforming the province from one of Iraq's deadliest areas into one of its safest.

It was in a September 2006 interview with UPI, when U.S. Army Col. Sean MacFarland first spoke about Sattar's efforts. "Some of the sheikhs have begun to step forward and some of the insurgent groups began to fight against al Qaeda," he said. His reference was Sattar, according to a Reuters article published upon the sheik's death.
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McCain is a gold mine. :lol
 
S

Steve Youngblood

Member
worldrunover said:
If he wins this election I think it's safe to say the people of this country deserve what comes their way.
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Perhaps. Personally, I'm more inclined to hold partisan politics and the media that reinforces the practice accountable.
 
R

reilo

learning some important life lessons from magical Negroes
quadriplegicjon said:
what did he do?
Click to expand...

Obama said:
“Just this past week, we passed out of the U.S. Senate Banking Committee, which is my committee, a bill to call for divestment from Iran...”
Click to expand...

He's not on the banking committee.
 
S

Steve Youngblood

Member
reilo said:
He's not on the banking committee.
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Pfffttt... typical Obama nonsense. Even though this is clearly a misstatement, let's just go ahead and add it into the long line of flip-flops. Clearly, he's just pandering for votes in this intentional lie about his credentials, as actually being on the Banking Committee would have provided quite a boost with voters.

My friends, that's not change you can believe in.
 
G

GenericPseudonym

Banned
Actually the reason oil is falling is due to the SEC threatening to start investigating rumour making and other under-the-table deals on Wall Street.

The hedge funds are the big money behind the speculators and once the SEC and Congress begin to make noises about arresting some of the people behind them, most cash in rather than risk investigation.
 
R

reilo

learning some important life lessons from magical Negroes
In regards to oil dropping a whopping 13 cents in two weeks... are we supposed to be happy about this?

Talk to me when it drops $1.50 per gallon. It's still over 4 fucking dollars, so this is NOTHING to be happy about, until it drops back down to acceptable levels.
 
S

Steve Youngblood

Member
reilo said:
In regards to oil dropping a whopping 13 cents in two weeks... are we supposed to be happy about this?

Talk to me when it drops $1.50 per gallon. It's still over 4 fucking dollars, so this is NOTHING to be happy about, until it drops back down to acceptable levels.
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Well, maybe it's not cause for jubilation, but it's still a small victory. With doom and gloom speculation about prices going nowhere but up, even price stabilization is mildly reassuring.
 
F

Frank the Great

Banned
I can't wait to see who McCain's running mate is. Given the abysmal way his campaign has been going, and assuming that it will continue to redefine horrible politicking and demonstrate the best way to lose elections...he will probably pick Guiliani :lol
 
T

Tamanon

Banned
Frank the Great said:
I can't wait to see who McCain's running mate is. Given the abysmal way his campaign has been going, and assuming that it will continue to redefine horrible politicking and demonstrate the best way to lose elections...he will probably pick Guiliani :lol
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Pro choice and only appeals to the same groups McCain does really. So it'd be a real stupid pick.
 
P

polyh3dron

Banned
Frank the Great said:
I can't wait to see who McCain's running mate is. Given the abysmal way his campaign has been going, and assuming that it will continue to redefine horrible politicking and demonstrate the best way to lose elections...he will probably pick Guiliani :lol
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Then not only will we hear about the surge being a success in every sentence but they'll find a way to link it to 9/11.
 
W

worldrunover

Member
Tamanon said:
If only we had surged 9/11.

And now we see what Obama's ad people were saving up for. $5 million ad buy for the Olympics.
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I think McCain should re-run the Bush ad talking about how Iraq and Afghanistan were part of the Olympics now that they were free. That was a classic.
 
W

worldrunover

Member
Army changes policy on NFL draft pick Campbell: No football for you.

DETROIT -- Caleb Campbell will not get a chance to play for the Detroit Lions because of a change in military policy.

Campbell was a seventh-round draft pick for the Lions in April. At the time, Army policy would have allowed the West Point graduate to serve as a recruiter if he made the team.

But a subsequent Department of Defense policy has superseded the 2005 Army policy.

In a letter to Lions president Matt Millen dated Wednesday, U.S. Army Lt. Col. Jonathan P. Liba wrote that Campbell has been ordered to give up professional football for "full-time traditional military duties."

Liba wrote that 2nd Lt. Campbell may ask to be released from his active duty obligations in May 2010.

Liba said Campbell was allowed to enter the draft "in good faith."
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G

GhaleonEB

Member
Obama just bought national networkTV time (and cable) during the Olympics.

Obama, who was outspent by McCain on television last month, appears to have placed one of the most expensive buys in American political history.

AdAge reports:

Sen. Barack Obama's campaign will be among the TV sponsors of NBC Universal's Olympics coverage. In the first significant network-TV buy of any presidential candidate in at least 16 years, the Obama campaign has taken a $5 million package of Olympics spots that includes network TV as well as cable ads.
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The buy, AdAge editor Ken Wheaton emails, makes Obama the first candidate since Bob Dole in 1996 to go with national broadcast advertising.
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http://www.politico.com/blogs/bensmith/0708/An_Olympic_buy.html?showall
 
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