Crude oil closes above $103 a barrel, driven by US winter demand, supply concerns

  • Article by: The Associated Press , Associated Press
  • Updated: February 19, 2014 - 3:45 PM

The price of oil rose 1 percent to close above $103 a barrel Wednesday, driven by severe winter weather in the U.S. and supply concerns.

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joericeFeb. 19, 14 2:54 PM

That is such a crock.... The reason oil is 103 dollars a barrel is the gambling attic speculaters who are constantly looking for any and every reason to artificially raise "concerns", and thus, create artificial demands, which in turn force the 275 million americans not in the oil speculation business to pay triple what they should in gas... before the year 2000 when spineless corrupt politicians passed the Federal Commodities Modernization act to allow unregulated speculation you would never, read a post like this saying oil prices surge overnight because of "cold weather concerns" on supply....The reason is these speculaters would have to take real shipments if their speculations were wrong...The commodities markets were trading real oil, not paper contracts on what they think the future price would be:::::-and guess what????? The actual price of oil (1.25/gallon) was reflected in the true supply and demand...Instead, we allow a few gambling attics on wallstreet to get filthy rich with free money from the fed to dictate the price of a commodity which virtually controls the stability of the economy, while the middle class gets sucked dry of the marginal disposable income they have left..If the the true supply and demand price is 3.25, thats fine... Its competition driven capitalism at work..unfortunately, no one in the media will expose this truth.. If the media made known the PRIMARY reason were paying were 3.25 a galllon(i.e. speculation) for gas and not 1.25, the people would revolt and demand change... But as usual, the media refuses to confront it, politicians get paid off by wallstreet, and nothing changes....

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