Each of the last two times the Fed cut the reserve interest rate, the $$/barrell went up $5. The price of oil has stayed static the last 40 years as indexed to gold. The problem we have is too many dollars going out of the country and the folks who have them can't find anything we make they want. They buy T bills, and when the return on T bills sink they sell dollars, problem will accelerate until we: A) Stop importing more than we export B) Become enery self sufficient In 1970 oil was $3.50 per barrel, gold was $38/oz, now oil is $95 per barrel and gold is $830/oz; this would sorta indicate oil is at $12-15 premium. A lot of the Mexican oil is shut in due to a tropical storm.
The Federal Gov't is walking a tight rope, between interest rate, economic activity, and keeping the offshore investor satisfied.
Question of the day, which foreign nation holds more than 25% of the US national debt?
2nd question of the day, why is everyone so interested in getting to the moon? (Read LAST MAN ON THE MOON).
Why is the French economy largely unaffected by the runup in oil?
Lastly, what will the US economic impact be if oil was priced in EUROS?
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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