http://money.cnn.com/2006/07/27/news/companies/exxon/index.htm
Many oil companies like BP, Mobil, Petronas are making billions dollars extra due to oil hike, but who really benefits from it? We the consumers? :D

The US dollar.

The World bank controls gas prices, its a good tool for controlling inflation and economic dynamics, this especially in GOP(Government operated production) countries. About 70% of the world's oil companies are controlled and owned by the government. In the West most oil companies are privately owned but gas pricing always has to pass through the central banks and treasury before any definitive number is reached. Raise the price too high and the economy slows down, raise it to low and you are tinckering with variables of inflation; its sort of like interest rates. So who benefits from gas prices? In the long run its everybody, no one really benefits or looses alone in business.

The law of supply and demand appears to have caught up with oil prices. The rising inventory numbers are being reflected in lower crude oil prices.

http://i7.photobucket.com/albums/y277/camriley/politics/gaspoll.gif

Oil price has gone down, good news.

http://i7.photobucket.com/albums/y277/camriley/politics/gaspoll.gif
Oh the horror...bread and circuses.

The US dollar.
But pushes America's foreign oil bill sky high.

High oil prices benefit the oil moguls. Whether they are Saudi or Texan.

http://money.cnn.com/2006/07/27/news/companies/exxon/index.htm
Many oil companies like BP, Mobil, Petronas are making billions dollars extra due to oil hike, but who really benefits from it? We the consumers? :D

Maybe it will make Americans think twice about buying Hummers that they don't need?

But pushes America's foreign oil bill sky high.

The US pays for that foreign oil in dollars....a fiat currency.

Those dollars leave the country....they have no inherent worth....nothing more than bits of paper....which essentially means they can print it for free and fling as much of it as they like at foreign nations in return for oil.

The US pays for that foreign oil in dollars....a fiat currency.

Those dollars leave the country....they have no inherent worth....nothing more than bits of paper....which essentially means they can print it for free and fling as much of it as they like at foreign nations in return for oil.
Yeah but what happens when those foreign countries trade those dollars for other currency?

The US pays for that foreign oil in dollars....a fiat currency.

Those dollars leave the country....they have no inherent worth....nothing more than bits of paper....which essentially means they can print it for free and fling as much of it as they like at foreign nations in return for oil.

Until like Saddam and Ahmedinejad they decide they want Euros for their oil.

Then the Federal reserve is in deep shit.

Omigod there are WMDs in Iraq(Iran)!!!

Whatever happened to Irans' Oil Bourse?

Whatever happened to Irans' Oil Bourse?

What is that?

Yeah but what happens when those foreign countries trade those dollars for other currency?

Why would they need to do that?

What is that?
Irans proposed (now sunk?) oil exchange. They were going to trade oil for Euros?
http://www.worldpress.org/Mideast/2314.cfm

I've often heard of the IOB "myth":
http://www.globalresearch.ca/articles/CLA410A.html

Why would they need to do that?

Because they don't want to support the currency of a government they see as imperialist?

If Iran deals oil in Euros, China will follow suit, so will Venezuela, and this means everyone will dump their dollars on the market in exchange for Euros. The dollar will drop, hard.

Irans proposed (now sunk?) oil exchange. They were going to trade oil for Euros?
http://www.worldpress.org/Mideast/2314.cfm

Maybe it is not sunk.

Ahmadinejad was in Venezuela recently, to sign a joint contract.

I have a feeling he's collecting allies for the Oil-for-Euros.

And the American government knows it.

Because they don't want to support the currency of a government they see as imperialist?

If Iran deals oil in Euros, China will follow suit, so will Venezuela, and this means everyone will dump their dollars on the market in exchange for Euros. The dollar will drop, hard.

Well, nowadays, yes. People are abandoning the dollar. I believe nickolodeon meant it in a "testing out the model" type way.

Well, nowadays, yes. People are abandoning the dollar. I believe nickolodeon meant it in a "testing out the model" type way.

Yes and the Federal Reserve is arse deep in debt.

Why do you think the "War on terror" has now become the "War on Islamofascism"?

War costs money though.

War costs money though.

They just print it.

As long as the dollar is the international oil currency, the US can keep on doing that.

How long, I don't know.