NEW YORK (Reuters) - Oil prices surged more than $1 on Wednesday as the re-election of President Bush countered the impact of a big increase in spare oil supplies ahead of winter.
Crude dealers said Bush's victory over Democrat Senator John Kerry could bolster U.S. fuel demand and underscore anxiety over the security of Middle East oil shipments.
If another Bush government moves on to Iran, then oil prices would go very high and really threaten China's economic development," said Andy Xie, Morgan Stanley's chief Asia economist.
"I believe the fluctuation in oil over the past few days has been tied to the election," said Wachovia market analyst Jason Schenker.
"Last night there was a spike after it appeared a Bush win would be imminent," he said.
"The Bush administration is much more focused on fossil fuels, a Kerry administration would be more focused on renewables."
Hmmm...wonder why?
Oil company share prices on the New York Stock Exchange were also stronger Wednesday, with ChevronTexaco up $1.17 to $53.27, ConocoPhillips p $1.97 to $85.40, ExxonMobil up 84 cents to $49.27.
[And of course the Saudis are rolling in it too.]
Sign of things to come:
In his "victory" speech Bush said " We'll reform our outdated tax code." {Translation: consumption tax]
"We'll strengthen the Social Security for the next generation." [Translation: Privatization]
All our worst nightmares are about to become true. Better start hiding your money under the mattress.
Posted by bushmeister0
at 10:09 PM EST
