OIL RECORD $10.00 RISE

HOARDING OF GOLD AND SILVER

DOCTOR DOCTORIAN FROM ANGEL OF GOD
then the angel said, Financial crisis will come to Asia. I will shake the world.

JAMES 5:1-3
1 Go to now, ye rich men, weep and howl for your miseries that shall come upon you.
2 Your riches are corrupted, and your garments are motheaten.
3 Your gold and silver is cankered; and the rust of them shall be a witness against you, and shall eat your flesh as it were fire. Ye have heaped treasure together for the last days.

REVELATION 18:10,17,19
10 Standing afar off for the fear of her torment, saying, Alas, alas that great city Babylon, that mighty city! for in one hour is thy judgment come.
17 For in one hour so great riches is come to nought. And every shipmaster, and all the company in ships, and sailors, and as many as trade by sea, stood afar off,
19 And they cast dust on their heads, and cried, weeping and wailing, saying, Alas, alas that great city, wherein were made rich all that had ships in the sea by reason of her costliness! for in one hour is she made desolate.

EZEKIEL 7:19
19 They shall cast their silver in the streets, and their gold shall be removed: their silver and their gold shall not be able to deliver them in the day of the wrath of the LORD: they shall not satisfy their souls, neither fill their bowels: because it is the stumblingblock of their iniquity.

REVELATION 13:16-18
16 And he(FALSE POPE) causeth all, both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads:(CHIP IMPLANT)
17 And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name.
18 Here is wisdom. Let him that hath understanding count the number of the beast: for it is the number of a man; and his number is Six hundred threescore and six.(6-6-6) A NUMBER SYSTEM

FAMINE

REVELATION 6:5-6
5 And when he had opened the third seal, I heard the third beast say, Come and see. And I beheld, and lo a black horse; and he that sat on him had a pair of balances in his hand.
6 And I heard a voice in the midst of the four beasts say, A measure of wheat for a penny, and three measures of barley for a penny; and see thou hurt not the oil and the wine.(A DAYS WAGES FOR A LOAF OF BREAD)

FULL COVERAGE OIL AND GAS
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THE MILLION DOLLAR QUESTION
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OIL PRICES EXPLODE
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Oil zooms nearly 9 percent higher to record $139 By Matthew Robinson JUNE 6,08

NEW YORK (Reuters) - Oil jumped nearly 9 percent to a record $139 a barrel on Friday, extending a two-day rally to more than $16 as the slumping U.S. dollar and mounting tensions between Israel and Iran attracted a stampede of buyers. Oil prices could top $150 by July 4, one of the busiest U.S. travel holidays, as strong demand in Asia triggers a slowdown in shipments of crude to the United States, investment bank Morgan Stanley said.We are calling for a short-term spike in oil prices, the bank said in a research note.U.S. crude settled up $10.75 at $138.54 a barrel before touching an all-time high of $139.12 in its biggest gain in dollar terms on record, adding to a rise of $5.49 on Thursday. London Brent crude settled $10.15 higher at $137.69, off the record $138.12 hit earlier.

It's eye-popping. It's absolutely stunning, said Chris Feltin, analyst at Tristone CapitaL Inc in Calgary.Oil has risen 44 percent this year, threatening economic growth in major consumer countries including the United States, whose economy already is hobbled by a housing crisis.Analysts have said the dramatic rally in oil prices is due to rising demand in China and other developing economies as well as an influx of cash from investors seeking a hedge against the weaker dollar and inflation.The greenback extended weakness against other currencies Friday on data showing the U.S. economy lost jobs for the fifth straight month and the unemployment rate shot up to its highest in more than three years.The drop in the dollar added to losses from Thursday when European Central Bank President Jean-Claude Trichet said a number of policymakers wanted higher interest rates, possibly as soon as next month.Obviously there's a lot of concern on the economic impacts of a weakening U.S. dollar. That seems to be driving some of the momentum here today, said Feltin.Further support came from remarks by Israel's transport minister that an attack on Iran's nuclear sites looked unavoidable. It was the most explicit threat yet against Tehran from Prime Minister Ehud Olmert's government.Worries of a potential disruption of the OPEC member's crude supply have helped support prices over the past year.We've had a huge historic rally on little fundamental input, other than the weakness of the dollar and the news this morning out of Israel that seems to have pushed some geopolitical risk premium back in the market, said Jim Ritterbusch, president of Ritterbusch & Associates in Galena, Illinois.

BULLISH BANKS

Morgan Stanley forecast the diversion of Middle East oil shipments away from the United States to Asian markets could push U.S. crude to $150 a barrel by the U.S. July 4th holiday.Middle East oil exports are stable, but Asia is taking an unprecedented share, Morgan Stanley said in a report, adding U.S. inventories have dropped by 35 million barrels since March.Robust Asian non-OECD demand growth, coupled with a stagnant global oil supply backdrop, appears to be pricing out Atlantic basin consumers while at the same time driving Atlantic inventories to critically low levels.

The report added to a string of upward price forecast revisions by analysts, with Goldman Sachs in May predicting prices could tip $200a barrel within the next two years. A six-year rally in oil has sent prices up six-fold as demand from emerging economies such as China and India strain supplies. High prices have started to eat away at global growth however, with some consumers such as the United States and the United Kingdom showing signs of lowering consumption. Some Asian governments -- including India -- have decided to cut fuel subsidies, stirring concern rising prices could cut further into demand. The International Energy Agency (IEA), an adviser to 27 industrialized countries, said it may cut its 2008 demand growth projection further after having already more than halved it to 1.03 million barrels per day (bpd). (Additional reporting by Gene Ramos and Robert Gibbons in New York; Alex Lawler and Santosh Menon in London; Maryelle Demongeot in Singapore; Editing by David Gregorio)

Oil's biggest day yet drags down stocks By ADAM SCHRECK, AP Business Writer JUNE 6,08

NEW YORK - Oil prices made their biggest single-day leap ever Friday, dragging the Dow Jones industrials down nearly 400 points and raising the once-unthinkable prospect of $150 oil and more record gas prices by the Fourth of July. The meteoric rise of nearly $11 for the day piled atop an increase of almost $5.50 the day before, taking oil futures more than 13 percent higher in just two days, easily a record on the New York Mercantile Exchange.And those weren't the only stunning numbers of the day: The government also reported the nation's unemployment rate zoomed to 5.5 percent in May, a monthly rise of half a percentage point, the biggest in 22years.Oil settled at $138.54, a rise of more than 8 percent. The surged came after Morgan Stanley analyst Ole Slorer predicted strong demand in Asia and tight supplies in the Western Hemisphere could drive prices to $150 by Independence Day, when millions of Americans take to the roads.That means no end in sight for spiraling gas prices, already above $4 per gallon in much of the country.Even longtime market observers were shocked by the magnitude and speed of oil's rally.

We're into unchartered territory, and somewhat off the map as far as historical precedents are concerned, said Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates in Galena, Ill.Besides the jump in the unemployment rate, the Labor Department said employers had cut 49,000 jobs in May, the fifth straight month of nationwide losses. Job losses for the year reached 324,000.The White House said President Bush was considering further plans to help energize the economy, already teetering on the edge of recession and crippled by a tumbling housing market and other factors.On Wall Street, the Dow plunged 394.64 points, more than 3 percent, to close at 12,209.81, the biggest drop in more than 15 months in both percentage and points terms.Wall Street had managed to shrug off oil's advance on Thursday but succumbed to extreme anxiety Friday.The stock market's great concern of late has been whether consumers would curb their spending on non-essentials as they were forced to pay more for gas and other staples.The previously unthinkable idea of $150 oil, and gasoline that will keep climbing above $4, made it clear to investors that consumers would be forced to be even more conservative than they have been in recent months.Before Thursday, oil had receded nearly $13 a barrel from its highs, a respite from its nearly record-every-day march. But the end of the week sent it right back up again.The burst in oil prices also raised the prospect of accelerating inflation by adding to already strained transportation costs — which will send prices higher throughout the economy.

Light, sweet crude for July delivery officially finished the day at $138.54, up $10.75 on the Nymex. But after the settlement, the contract jumped as high as $139.12. Prices hit a previous record of $135.09 a barrel on May 22, and settled Thursday at $127.79.Traders also zeroed in on remarks by an Israeli Cabinet minister who was quoted as saying his country will attack Iran if it doesn't abandon its nuclear program. Transportation Minister Shaul Mofaz added that Iranian President Mahmoud Ahmadinejad will disappear before Israel does, the Yediot Ahronot daily reported.Iran is the second-biggest oil producer in the Organization of Petroleum Exporting Countries, and traders worry that any conflict with Israel could disrupt global supplies. A further weakening of the dollar also helped send oil prices higher by enticing overseas buyers armed with stronger currencies and others looking for a hedge against the greenback. But it also represented a stampede by bullish traders and optimistic computer models betting that prices still have further to rise. The bulls ... refuse to go away, said Stephen Schork, an analyst and trader in Villanova, Pa. Meanwhile, U.S. gas prices at the pump continued to hover just shy of an average $4 a gallon, easing only 0.3 cent from Thursday's record. Drivers are now paying an average of $3.99 for a gallon of regular gas nationwide, according to AAA and the Oil Price Information Service; in many parts of the country, consumers are already paying well over $4. Retail diesel slipped a penny overnight to $4.76. Pump prices are bound to rise even further if oil sustains its advance. James Cordier, president of Tampa, Fla.-based trading firm Liberty Trading Group, predicted prices could rise to $4.25 as early as the end of the month. Unfortunately, drivers cutting back isn't going to lower the price of gasoline anytime soon, he said.

The dramatic reversal in what had been a weakening oil market began Thursday after ECB President Jean-Claude Trichet suggested the bank could raise interest rates and the euro climbed against the dollar. When interest rates rise in Europe, or fall in the U.S., the dollar tends to weaken against the euro. Many traders buy commodities such as oil as a hedge against inflation when the dollar is falling, and a weaker dollar makes oil cheaper for investors dealing in other currencies. Analysts believe the dollar's protracted decline has been a major reason why oil prices have nearly doubled in the past year. The euro strengthened further against the greenback Friday. A Labor Department report showing the U.S. unemployment rate jumped half a percentage point to 5.5 percent last month — its biggest monthly increase since 1986 — could drag the dollar even lower in the days ahead. Unemployment jumping as it did today will be in the market for a long time and will continue to pressure the U.S. dollar, Cordier said. The influx of so much fresh money into the energy markets has caught the attention of federal watchdogs. The U.S. Commodity Futures Trading Commission recently said it was six months into a probe of U.S. oil markets focused on possible price manipulation. Asked about Friday's surge, CFTC spokesman R. David Gary said: People are aware of what's happening and are monitoring the markets closely, but beyond that there is no comment.

In other Nymex trading, heating oil futures jumped 29.32 cents to settle at $3.974 a gallon, while gasoline prices rose 21.35 cents to settle at $3.548 a gallon. Natural gas futures rose 17.4 cents to settle at $12.693 per 1,000 cubic feet. In London, July Brent crude shot up $10.15 to settle at $137.69 a barrel on the ICE Futures exchange.AP Business Writer Matthew Perrone in Washington contributed reporting.

BIGGEST OIL RALLY IN HISTORY
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STOCKS BATTERED BY OILS RECORD
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Stocks fall sharply on surge in oil, jobs data By TIM PARADIS, AP Business Writer JUNE 6,08

NEW YORK - Wall Street tumbled Friday, taking the Dow Jones industrials down nearly 400 points, on a pair of alarming economic developments: oil prices that shot up by more than $11 a barrel and approached $140 for the first time, and the biggest gain in the government's unemployment reading in more than 20 years. The jump in oil to a price that might have seemed unfathomable only a few months ago appeared to wipe out investors' recent optimism over the prospects for a strengthening of the economy. Oil jumped following a Morgan Stanley analyst's forecast of $150 oil by July 4, and in response to a drop in the dollar and fresh tensions in the Middle East.The surge in oil seemed the guarantee that gasoline prices that are on the verge of a national average of $4 a gallon will only continue to climb, putting additional pressure on consumers who have been forced to forgo discretionary purchases in order to pay for gas and other basics. Moreover, consumers who can't find work or who are worried about losing a job will be even more hesitant to spend on extras.Wall Street has been worried of late that a pullback in consumer spending will deal a blow to the economy, as Americans' expenditures account for more than two-thirds of U.S. economic activity. So Friday's surge in oil convinced many investors to pull money out of stocks that suddenly seemed too risky.

Crude oil saw a huge rebound during the week after falling amid a drop in demand for gasoline. The biggest gains came Friday, with light, sweet crude setting a high of $139.12 in after-hours trading on the New York Mercantile Exchange. Oil settled at $138.54, a gain of $10.75 for the regular session; that was the biggest one-day advance for oil in the history of the Nymex.The spike in energy prices came as the Labor Department said the nation's unemployment rate jumped to 5.5 percent in May from 5.0 percent in April. It was the biggest monthly increase since February 1986 and the rise leaves unemployment at it highest level since October 2004. Wall Street had predicted an uptick to 5.1 percent.The number of U.S. jobs shrank by a smaller-than-expected 49,000, but that development offered Wall Street little solace as May marked the fifth straight month of jobs losses.But the sudden spurt in oil appeared to weigh most heavily on Wall Street. The increase, fueled in part by a weak dollar, also came after an Israeli Cabinet minister hoping to replace Prime Minister Ehud Olmert was quoted as saying Israel would attack Iran if it doesn't abandon its nuclear program.I think the biggest concern right now is oil and it's potential for a stagflationary environment, said Bill Knapp, investment strategist for MainStay Investments, a division of New York Life Investment Management. Stagflation occurs when stalling growth accompanies rising prices.The headwinds facing the economy sent the Dow Jones industrial average down 394.64, or 3.13 percent, to 12,209.81; it was down by as much as 412 points at its low of the session. The decline was the worst percentage and point drop since Feb. 27, 2007, when the blue chips dropped 416.02 points, or 3.29 percent, amid concerns about souring debt and an economic slowdown.Broader stock indicators also fell sharply Friday. The Standard & Poor's 500 index lost 43.37, or 3.09 percent, to 1,360.68, and the Nasdaq composite index fell 75.38, or 2.96 percent, to 2,474.56. The day's declines were the steepest percentage losses for the S&P 500 and the Nasdaq since Feb. 5 this year.

The Dow Jones Wilshire 5000 Composite Index, an index that measures a wide swath of the U.S market, fell 2.9 percent Friday, a paper loss for the day of about $500 billion.Investors' nervousness was clear. The Chicago Board Options Exchange's volatility index, known as the VIX, and often referred to as the fear index, jumped 26.5 percent Friday.Friday's pullback came a day after the Dow jumped nearly 214 points, its largest daily point gain since April 18 and a reaction to better-than-expected sales from retailers and a dip in weekly jobless claims. The welcome economic news helped investors shrug off a more than $5-a-barrel jump in oil prices. But the advance in oil Friday made it clear to Wall Street that ascendent energy prices posed a serious threat to consumer spending and the economy.Friday's session capped an erratic week for the markets. Stocks fell Monday and Tuesday before moving sideways Wednesday and surging Thursday. The back-and-forth moves left the Dow down 3.39 percent for the week, the S&P 500 off 2.83 percent and the Nasdaq with a loss of 1.91 percent.Bond prices jumped Friday after the weak jobs data sent investors scurrying for safety. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.91 percent in late trading from 4.04 percent late Wednesday.The dollar declined against other major currencies — a move that makes each barrel of oil more expensive. Gold prices jumped.

Knapp remains skeptical of the reasons behind the run-up in oil.

The supply demand dynamics just don't warrant where we are today. It's becoming incredibly hackneyed to say it's all coming from demand in China, he said. I think the consensus is that something is going to come along to deflate this commodity bubble and put the stock market back on track.

And the worries about employment and oil may be intertwined. Ethan Harris, Lehman Brothers' chief U.S. economist, contends that the jobs report helped drive oil prices higher. He said traders are worried that the increase in unemployment would leave the Federal Reserve unwilling to raise interest rates. A notion of a Fed with few options combined with comments from the European Central Bank this week on the possibility of rate hikes have hurt the dollar.

The weaker dollar is pushing up oil prices because oil is denominated in dollars and oil sellers want to be compensated for the weaker dollar, Harris said, adding that he thinks the market's moves have been overdone. While I'm skeptical of the whole thing in terms of whether it makes sense logically, this is the way the market behaves. It's like a Pavlovian response. If the Fed looks soft, oil prices go up, he said. Declining issues outnumbered advancers by more than 4 to 1 on the New York Stock Exchange, where consolidated volume came 4.69 billion shares, compared with 4.18 billion traded Thursday. The Russell 2000 index of smaller companies fell 22.90, or 3.00 percent, to 740.37. Wall Street's pullback weighed on Europe. Britain's FTSE 100 ended down 1.48 percent, Germany's DAX index fell 1.99 percent, and France's CAC-40 lost 2.28 percent on the day. Japan's Nikkei stock average closed up 1.03 percent; trading there ended before the release of the U.S. jobs report. The Dow Jones industrial average ended the week down 428.51, or 3.39 percent, at 12,209.81. The Standard & Poor's 500 index finished down 39.70, or 2.83 percent, at 1,360.68. The Nasdaq composite index ended the week down 48.10, or 1.91 percent, at 2,474.56. The Russell 2000 index finished the week down 7.91, or 1.06 percent, at 740.37. The Dow Jones Wilshire 5000 Composite Index — a free-float weighted index that measures 5,000 U.S. based companies — ended Friday at 13,924.63, down 336.13 points, or 2.36 percent, for the week. A year ago, the index was at 15,343.15.
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BUSH ADDRESSES ECONOMIC CONCERNS
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NORTH SEA OILS LONG FUTURE
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Bush weighs new measures to help stimulate economy JUNE 6,08

WASHINGTON - President Bush is considering new measures to help stimulate the battered economy, the White House said Friday as unemployment and oil prices soared and Wall Street sank. White House counselor Ed Gillespie said Bush's advisers are constantly looking at options for new economic proposals.There's a short window for the president here when it comes to new policy. We understand that, Gillespie said. So I guess what I'm saying is, don't rule it out.Gillespie spoke before a Bush speech on the economy, timed around the ceremonial swearing-in of the president's new housing secretary, Steven Preston. In his remarks, Bush stuck to promoting his existing economic policies.The government's $168 billion stimulus package, passed in February, began getting tax rebate checks to people last month and helped to energize shoppers. We're beginning to see signs that the stimulus may be working, Bush said at the Department of Housing and Urban Development.But analysts believe consumers still are anxious, and a weakening job market could make people feel less inclined to spend. This, and talk that the economy already has fallen into its first recession since 2001, has led to questions about whether a second stimulus might be warranted.The first one provided rebate checks for individuals and extra tax breaks for businesses. The White House has insisted it needed to wait to see the full effects of the existing stimulus before discussing any new steps.The president did not unveil any new proposals during his speech, nor even hint whether he believes any are necessary.Instead, he called on the Democratic-controlled Congress to pass long-sought existing priorities of his, such as making tax cuts passed during his presidency permanent and allowing expanded oil exploration in the United States.

Unfortunately, these policies are being blocked by the Democratic Congress, he said. I call on the congressional leaders to put partisanship aside and work with me to enact these important issues for the American people.Earlier Friday, a government report showed that the nation's unemployment rate jumped to 5.5 percent last month, the biggest monthly rise since 1986 and another sign of a deeply troubled economy. Dwindling job opportunities are combined with continuing hardship in the housing, credit and financial sectors.Bush noted that a surge of young new entrants to the job market contributed to the worse-than-expected numbers. But, he said, it's clearly a sign that is consistent with slow economic growth.This is a time of turbulence in the housing market and slow growth for our overall economy, the president said.It was a day of turmoil on Wall Street, as well. The Dow Jones industrials fell nearly 400 points after oil prices shot up by more than $11 a barrel and neared $140 a barrel. — and wiped out investors' recent optimism about the economy in the process.White House press secretary Dana Perino said Bush was very concerned about high energy prices and the need to increase domestic oil exploration and production. She said there was no imminent announcement of any new economic stimulus.Gillespie said Bush would continue urging Congress to pass policies dealing with tax relief, gas prices and housing and that the administration is always considering policy options.Preston, formerly the head of the Small Business Administration, is to be Bush's point man on the slumping housing market and subprime lending crisis. He is likely to be the administration's lead negotiator as Congress and the White House work on legislation to allow the Federal Housing Administration to insure up to $300 billion in refinanced mortgages, including many in which the mortgages exceed the value of their homes.