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

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.



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.




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[edit on 17-4-2005 by Mayet]

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

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

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.

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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.

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.

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.

i am trying to understand how closing above 10,000 is a "new low" but whatever.............

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.

www.lifeaftertheoilcrash.com

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.