Oil hits record near $127 as Iran mulls output cut

[seemslikeadream]

http://www.guardian.co.uk/business/feedarticle/7515157


Reuters, Tuesday May 13 2008 (Updates prices, adds comments from Yellen on interest rates in graph 15)
By Matthew Robinson
NEW YORK, May 13 (Reuters) - Oil surged to a record peak near $127 on Tuesday after OPEC producer Iran said it was studying a plan to cut output despite signs record-high prices are hurting consumer nations.
U.S. crude settled up $1.57 to $125.80 a barrel, after striking a record $126.98 earlier. London Brent crude rose $1.19 to $124.10 a barrel.
President Mahmoud Ahmadinejad said a proposal to reduce Iran's crude output was being reviewed by experts, the semi-official Fars News Agency reported.
"There has been such a proposal and it is under expert review," Fars quoted Ahmadinejad as saying when asked about the possibility of the world's No. 4 producer reducing output.

http://www.nytimes.com/2008/05/14/world/middleeast/14briefs-IRANACCUSEDO_BRF.html?_r=1&ref=world&oref=slogin
Saudi Arabia: Iran Accused of Backing Hezbollah

By THE ASSOCIATED PRESS
Published: May 14, 2008
The Saudi government accused Iran of backing what it called a coup d’état by Hezbollah fighters in Lebanon. Prince Saud al-Faisal, the Saudi foreign minister, said at a news conference that Iran’s relations with Arab countries would be affected by its support for Hezbollah. President Mahmoud Ahmadinejad of Iran responded that his country was the only one not interfering in Lebanon’s internal affairs.


http://ap.google.com/article/ALeqM5jFpISWALewF8B22VURVsDdhjyMugD90KQ3H80

Victims say Swiss bank funded Iran terror
12 hours ago

NEW YORK (AP) — American victims of terrorist attacks in Israel have filed a lawsuit seeking more than $500 million from UBS AG, saying the Swiss bank made it possible for Iran to fund the terrorists.

The lawsuit says the Zurich-based bank provided dollars to Iran in violation of trade sanctions and Iran funneled the money to terrorist groups.

"UBS knew full well that the cash dollars it was providing to a state sponsor of terrorism such as Iran would be used to cause and facilitate terrorist attacks by Iranian-sponsored terrorist organizations," the plaintiffs say.

Their lawyer, Nitsana Darshan-Leitner, said in a phone interview from Tel Aviv that the bank is liable "as much as Iran or the terrorists" for the damage caused.

UBS rejects the allegations, saying they were without merit.


http://www.news.com.au/heraldsun/story/0,21985,23696719-5005961,00.html

PRIME Minister Kevin Rudd says his Government is taking legal advice on whether it will take Iran's President to the International Court of Justice for inciting violence against Israel.

Mr Rudd today said Iranian President Mahmoud Ahmadinejad had made repeated anti-Semitic statements that must be condemned by the international community.

"The Iranian President's repeated extraordinary statements which are anti-Semitic and expressing a determination to eliminate the modern state of Israel from the map are appalling by any standards of current international relations," Mr Rudd said on Sky News.

"They are an incitement of international violence and what we have said in the past is that we will take legal advice, which the attorney-general is currently doing, on whether there is a profitable way forward here through the appropriate international legal mechanisms and we'll study that advice carefully."

He said the comments were dangerous for international relations.

[cliss]

1. $ 127.00 ?

Buckle your seat belts it's going to be a rough ride.

U.S. Economy = increasingly fragile.
As the price of oil spirals up, up up, something strange happens to our economy. It becomes very fragile, very weak.

As gas approaches $4.00 / gallon, there is a tremendous amount of transfer going on. It's a transfer of wealth from oil-consuming nations, to oil-producing nations. They get richer, we get poorer.

The next time you're out on the freeway, take a look at all those semi trucks and delivery trucks. One by one, they will start to disappear they will not be able to cover the higher gas cost.