Gasoline Futures Advance With Crude Oil on Syria Supply Concern

[Purveyor]

Source: Bloomberg

By Barbara Powell - Aug 27, 2013

Gasoline rose along with crude as U.S. Secretary of State John Kerry said Syria will be held accountable for using chemical weapons, raising concern that a widespread military conflict will erupt, curbing oil output.

The motor fuel gained as much as 2.3 percent and West Texas Intermediate crude climbed as much as 3 percent. U.S. Defense Secretary Chuck Hagel said U.S. forces are ready to go if a strike is ordered. Syrian ally Iran’s Foreign Ministry warned that a U.S. attack on Syria would drag the whole region into conflict.

“The entire complex is finding a bid on rising political risk and the increased likelihood of a military strike on Syria,” said Amrita Sen, chief oil market strategist at Energy Aspects Ltd., a research company in London. “All these countries are taking sides.”

--CLIP
Military Action

“Traders are concerned that what looks like imminent military action in Syria could further destabilize the region,” said Andrew Lebow, a senior vice president at Jefferies Bache LLC in New York. “It’s a region that’s been on tenterhooks for weeks now with concern there could be potential for some dislocation of supply.”

Read more: http://www.bloomberg.com/news/2013-08-27/gasoline-futures-advance-with-crude-oil-on-syria-supply-concern.html

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Great excuse to push gasoline prices up for the upcoming holiday weekend...

[Arctic Dave]

1. Yep, everyone is a winnah!!!

That is if you are the 1%.

Now is the time to buy stock!!! Woohoo! It's going to rain money!

[HereSince1628]

2. Just in time for the holiday weekend...imagine THAT! Koch's win again

[fasttense]

3. Time to reap some profits off of the fear and rumor of wars.

Go capitalism!

[Andy823]

9. Exactly!

Yesterday I read an article, can't remember where that asked "why oil prices had not gone up over Syria". The article stated that things were not the same as back when Bush was president and prices jumped at just a suggestion of conflict in the Middle East, yet today the greedy have decided to push the prices as high as they can, and then in a few weeks they will "sell" and make huge profits. Greed is the deciding factor in the price of oil and gas at the pump, those who say otherwise are not living in reality!

[Snake Plissken]

4. When is the last time there was agasoline shortage because of a war in the Middle East?

If I remember correctly it was right around ... never.

Yet anytime there is a rumor of a conflict in the Middle East, yet every time there is a rumor of a conflict in the Middle East price gouging on gasoline becomes mandatory.

[wild bird]

5. 1973 Oil Embargo against the US

for our support of Israel during the Yom Kippur war.

http://en.wikipedia.org/wiki/1973_oil_crisis

[Snake Plissken]

7. That gasoline shortage was due to a boycott, not a war

[wild bird]

8. The boycott was because of the war and our support of Israel.

[Snake Plissken]

11. The war did not cause a shortage, the shortage was created by a boycott

which was interned to stop support for Israel

[wild bird]

13. The war, and our support of Israel,

caused an artificial shortage in the US, so, indirectly, the war did cause an oil shortage for us.

[Snake Plissken]

16. That war could have gone on from 1973 to 2013 and it wouldn't have caused a shortage

It was an organized boycott which caused the shortage.

OPEC could do the same thing again if the wanted to regardless of peace or war in the Middle East.

[wild bird]

18. I think we're on the same page here,

it was an artificial shortage caused by our support of Israel during the Yom Kippur war, so, indirectly, the war did cause a shortage because of the boycott.

[iamthebandfanman]

6. They dont need excuses..

as anyone could tell from the fluctuating prices over the last 6 years.

they just do it whenever they feel like and for whatever small reason they can come up with.

[dipsydoodle]

10. Good

Last edited Tue Aug 27, 2013, 03:25 PM - Edit history (1)

Wouldn't bother me none if it goes though $400 a barrel.

edit to soften. Don't change the fact if you're concerned about price don't mess with the supply.

[Snake Plissken]

12. Me too , we need another Wall St. Bubble to bail out

The poor billionaires haven't got a trillion dollar bailout in a few years, they've feeling neglected

[wild bird]

14. So you're ok with the economic destruction of the world's economies?

Including your own country's economy?

You're ok with the anarchy it would cause worldwide? You don't think this would lead to a wider war?

Did you think this through before commenting?

[ForgoTheConsequence]

17. Cool.

And the 1% will reap the benefits while people like me who need to drive 400 miles a week for my job wont be able to buy groceries. How progressive of you.

[thatgemguy]

19. Thousands of people who heat with oil will freeze.

Have you thought of them before asking for that wish. Hard enough now with heating oil pushing $4 a gallon now.

[safeinOhio]

15. Fill up today

gas will go up about 50 cents/gallon by friday.