Oil tops $60 a barrel; Congress member pressures Obama on economy

Oil prices hit a six-month high today while briefly crossing the $60 a barrel mark.(1)

Stories vary on U.$. storage. One source says 1 billion barrels are in storage,(1) another 321 million.(2)Bloomberg has tended to run articles showing Russians moving in to fill the U.$. markets at cheap rates. Goldman Sachs and Shell see no increase in oil prices for 12 to 18 months.(3)

Meanwhile, Republican Pete Sessions — the National Republican Congressional Committee Chair says that Obama is intentionally trying to ruin the economy to destroy capitalism.(4) His remarks amount to pressure not to screw up.

1. http://www.businessweek.com/blogs/russia_oil_politics/archives/2009/05/why_are_oil_pri.html?chan=top+news_top+news+index+-+temp_news+%2B+analysis
2. http://www.marketwatch.com/story/oil-storage-business-thriving-as-players-sock-away-crude
3. http://www.nakedcapitalism.com/2009/05/goldman-global-oil-storage-capacity.html
4. http://www.politico.com/news/stories/0509/22398.html


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