[lbo-talk] Oil touches $57 per barrel, many OPEC members at or above capacity

[Jordan Hayes]

I've wondered for a while if this isn't some sort of back-room deal.
"Letting" oil get this high really helps Russia, right?  And it would be
helping Iraq if the US could get it's act together.  And of course there
have been rumors for a while that Saudi Arabia was in trouble
cash-flow-wise, so that should help some (despite the more level headed
around who are right to be a little scared of it).  But who is it really
killing?  Dinosaur airlines, who deserve to die anyway, for one.  And
some people in the US (though really, even $3/gallon isn't enough to
stop the SUV crowd) are affected.  It does make opening up exploration
in Alaska look better to some fence-sitters.  And it does provide the
push that people have talked about for years about developing the more
expensive bit of oil that's out there but as of yet untapped.  It seems
pretty clear that this is also being helped along by the big specc
funds: if you aren't long oil and looking for more leverage, you aren't
making money this year yet :-)

But maybe I just haven't had my coffee yet.