"Is the bailout going to stabilize and calm the waters, or will it not?" -- Jim Burkhard, a managing director at Cambridge Energy Research Associates, a market analysis firm.
"Oil closes up $16.37 a barrel, a record rise" by Erin Ailworth, Globe Staff | September 23, 2008
Oil prices spiked more than $25 a barrel during midday trading yesterday before receding to close up $16.37, the biggest one-day increase since oil began trading on the New York Mercantile Exchange in 1984.
Analysts blamed anxiety over the government's $700 billion bailout plan for financial firms, a weak dollar, and the final day of trading for October oil contracts.
"We're in uncharted territory right now," said Jim Burkhard, a managing director at Cambridge Energy Research Associates, a market analysis firm. "Is the bailout going to stabilize and calm the waters, or will it not?"
That's the question right now facing all markets."n What do you mean it WON'T WORK?!!!!!
The New York exchange temporarily halted electronic crude oil trading after prices breached the $10 daily trading limit. Trading resumed seconds later after the daily limit was increased.
(Blog author just shaking his head at the scale of government and business lies; yup, a line in the sand for oil, huh?)
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