"Price of oil up despite rise in inventory" by Associated Press | January 29, 2009
NEW YORK - Oil prices rose yesterday despite another government report showing that US crude stockpiles are growing as consumers and business slash spending on energy.
WTF? Supply is UP and demand is DOWN -- and yet, PRICES ROSE?
Traders on the New York Mercantile Exchange instead looked to Washington, where the House was expected to approve an $816 billion economic stimulus plan that could help jump-start the ailing economy. The House passed the bill after the markets closed....
?????
Gasoline prices, while rising slightly overnight, have plummeted since July.... The Energy Department yesterday provided fresh evidence that energy demand is waning because of the economic crisis. An inventory report showed US commercial crude oil inventories jumped 6.2 million barrels from the previous week, almost twice what was expected.
Crude inventories have grown by more than 20 million barrels in the last month. Gasoline production fell last week to an average of about 8.8 million barrels per day, down nearly 2 percent from the same period last year, according to the Energy Department report.
Oh, THERE YOU GO!! Just DROP the PRODUCTION of GAS and UP GO the PRICES!!! Can you say MANIPULATION, folks?
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Any coincidence that prices started rising RIGHT AFTER the HOLIDAY SEASON? I mean, come on; they WANTED you to go SHOPPING then!
