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NEWS: Wall Street Plunge Due to Oil Price Rise Concerns.

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posted on Apr, 17 2005 @ 04:46 AM
Wall Street plunged to new lows last week with rising oil prices a concern for the global economy. The risng oil costs dominated meetings of bankers and finance ministers which convened after the close of Wall Street on Friday and over the weekend. Meetings of G-7, the seven major industrialized countries and the policy committee within the International Monetary Fund of which 184 nations are active, predicted a slower pace but robust global economic growth due to the rise in oil prices and other market concerns.
Oil was expected to be a key subject of concern when the spring meetings end Sunday with a session of the steering committee of the World Bank, the IMF's sister institution and Washington neighbor.

Both the G-7 and the IMF group welcomed efforts by producing countries to increase production and said all nations should try to conserve energy.

U.N. Secretary-General Koffi Annan told global finance ministers at a private dinner that efforts to boost resources for the world's poorest countries will have a better chance of success if they are linked to reforms he is pushing at the United Nations.

The finance ministers said they agreed on canceling 100 percent of the debt for poor nations, but they did not resolve differences between competing plans from the United States, Britain and France.

Please visit the link provided for the complete story.

Wall Street suffered it's worse session in two years on Friday spurring fears of a slump in the economy which sent the Dow Jones Industrial Index to plunge 191 points.

It was the biggest market sell off since May 2003 and followed reports of manufacturing slumps along with the Oil import price rise.

The current sell off started on Wednesday and had shown no sign of slowing by the close of Wall Street on Friday afternoon.

Related News Links:
Yahoo news
The Age Australia

[edit on 17-4-2005 by Mayet]

posted on Apr, 17 2005 @ 05:30 AM
Got Peak Oil? The words "I told you so" will be on the lips of a lot of people right now.

posted on Apr, 17 2005 @ 07:16 AM
Following those links-
Fairfax News I hopped to
Mabo decision is a "wow."

Things like this are another unforseen occurrence in the new age of 'peak oil.'

From The Family (from Fairfax News) to changes in land title by judicial action the drive for more energy sources will change much of society.

good story

posted on Apr, 18 2005 @ 01:13 AM
Is this a joke? Really? Ive read the peak oil stuff and I dont buy it. Weve got plenty of oil for a long time to come. How does crude at or above a staggering 50dollars a barrell make a robust economy? How am I suppsed to buy goods when I spend so much at the pump? At the most gas shouldnt be more than 1.50 a gallon. Theres no excuse for it. The US has not built new refineries for years on purpose. Why? So they can have an excuse to charge more. Only the Pharma Corps rapes the American people harder than the oil corps. Foreign output has never been higher. We are swimming in oil.


The DOW is like it is because so many Americans are working for smaller corporations that are not listed on the indexs. The US economy is alot stronger than people think. Its just W and co. letting their super rich oil buddies have at it. By the time W leaves office gas will be 5 dollars a gallon in the US at the current rate. The new energy technologies are begining to come of age and will have replaced up to 50% of US petroleum usage within ten years. The oil corps know it and are getting as much as they can while they still can. Its a fake energy crisis. Just like the west coast electrical "shortages" a couple years ago when Enron was in full swing creating fake crisis in order to make billions.

posted on Apr, 18 2005 @ 01:18 AM
The only thing better than peak oil or an oil crisis/shortage is leading people to believe it exists in order to drive up prices.

Food for thought.

posted on Apr, 18 2005 @ 01:46 AM

Originally posted by subz
Got Peak Oil? The words "I told you so" will be on the lips of a lot of people right now.

more like "your fears drive prices up" wall street is about consumer confidence, not facts, people worry = prices go up = stocks go down, all this whether the fear is justified or not.

posted on Apr, 18 2005 @ 08:31 AM
i am trying to understand how closing above 10,000 is a "new low" but whatever.............

posted on Apr, 18 2005 @ 08:57 AM
Hmm, I wasn't aware that so many people thought that Peak Oil is a myth... Why are all of the oil companies merging? It ain't because alternative energy is gonna replace oil by 50% in 10 years.

posted on Apr, 18 2005 @ 09:07 AM
Companies merging is a big sign of monopoly in the making, and for higher oil prices believe me some people are reaping the benefits of us paying more at the gas pump.

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