Oil hits 139.xx a barrel

[MOlivo]

Just coming in over CNN, oil hits 139xx a barrel...5 buck a gallon gas, here we come... :(

[chicom]

I have a bet with a buddy which I say oil will be $200 a barrel by the end of Dec 2009.

[shtfmilitia]

i say $150 sept 2008

No one is doing anything so they will continue to raise until someone does

[kowalski]

i say $150 sept 2008

Morgan Stanley said $150 by July 4. Part of the reson it went up again today. Soon we'll probably be hearing more $200 in 2009 predictions by analysts.

[Neckbone]

Thank gooness that Nancy Pelosi wants to sue OPEC! Just imagine, if the US screws its oil distributors some more we just might be able to pay even mo-oh oh oh ow shix! I think I just sprained my irony bone!

[Dentoro]

Thank gooness that Nancy Pelosi wants to sue OPEC! Just imagine, if the US screws its oil distributors some more we just might be able to pay even mo-oh oh oh ow shix! I think I just sprained my irony bone!

That's rich! I love it!

[07hemi4me]

Fed needs to raise the interest rates 3,4 or5%.

Currently our dollar is not worth crap and getting worse, that is the reason for allot of the price of oil.

[medicff0879]

Back down to $131 currently, I used to think that meant it was just temporary but after watching things go up $11 in one day while the market dumped 400 points I am no longer concerned with rather or not oil is going to go up. It is, and it will keep going up, the last time it made a huge jump to $136 and then dropped over the week almost $16 to $121, then in two days shot up to $140!!

[medicff0879]

Fed needs to raise the interest rates 3,4 or5%.

Currently our dollar is not worth crap and getting worse, that is the reason for allot of the price of oil.


Wouldnt we then be headed right back into a foreclosure crisis? If they start raising interest rates than perhaps the few that saw relief from the drop would pretty much be finished off? Correct me if I am wrong? The interest rates business is still something I am trying to learn about.

[kowalski]

The Fed put themselves in a bad position. At this point they can't lower rates becuase of inflation concerns and the dollar's crash and they can't raise them for fear of worsening a recession.

The Fed kept interest rates too low for too long after 9/11 which encouraged the housing bubble to keep expanding. Then after housing and the mortgage industry started to crasht they lowered them again. Then as bad economic news continued, they lowered them again. Real interest rates (interest rate minus inflation rate) are already negative for some. At any sign of strength in the economy the Fed should begin raising rates. That might help support the dollar, might impact oil prices, and reduce the threat of inflation.

Just my opinion. No need to be concerned about oil or housing. Obama has a plan and will fix everything :rolleyes:

[03Shadowbob]

It could easily be $200/barrel by Dec 08. If a hurricane hits mainland US or the rigs off the coast, maybe sooner.

[Legio]

OPEC sells oil for $136.00 a barrel.

OPEC nations buy U.S. grain at $7.00 a bushel.
Solution: Sell grain for $136.00 a bushel.
Can't buy it?
Tough!
Eat your oil (Ought 2 go well with a nice, thick, grilled filet of camel)!

[lynx_strife]

Just coming in over CNN, oil hits 139xx a barrel...5 buck a gallon gas, here we come... :(

Not to be rude but dont you think people driving crappy trucks/cars that get 12 - 15 MPG city is what may be causing oil to go up? How many people do you know with a big truck or something that gets crappy MPG? If you get something that use's less fuel or is more fuel effecitent. The demand goes down thus the price?

and again not to be rude.

[alpmco]

Not to be rude but dont you think people driving crappy trucks/cars that get 12 - 15 MPG city is what may be causing oil to go up? How many people do you know with a big truck or something that gets crappy MPG? If you get something that use's less fuel or is more fuel effecitent. The demand goes down thus the price?

and again not to be rude.
That's me! But why would I trade $100 or even $200 extra a month due to higher fuels costs for a $400 a month car payment? It is still cheaper to keep the paid off 10 year old gas guzzler (21mph Highway / 15 city) pickup truck than to buy a Camery that gets 30mpg. Besides, I can't haul stuff in a Camery.

[alpmco]

Oh yeah ... last week or week before "W" was in Saudi asking them to pump more oil. The Saudis pointed out there was more untapped oil in the USA than all the Middle East combined. They suggested we start going after out own oil!
I think it is about time the people of the USA stood up to the vocal wacko environmentalists and demanded our government start allowing more drilling, new refineries and new nuke plants. But then the environmentalist groups are BIG campaign contributors.

[motorhead]

i am seriously waiting for the gas riots to start. a while back there was a t.v. movie along these lines. crisis began with the distruction of oil facilities in new orleans. it isn't just opec, although they bear a lot of the blame, speculaton on oil has reached insane levels.

[ExOp:345]

I would like to place all blame on the Sierra Club! Stupid tree hugging hippies. Drilling in alaska wont magically kill every living elk on earth!

[mr slow]

I ride my motorcycle and my motorhome now just sits. my other truck is a v-six Chevy Blazer. All the stores are right by me so the wife rides her bike to the stores. When I shop now it mostly online. We all will be soon walking everywhere which is a good thing. I Hope gas climbs to 10.00 a gallon. Maybe then people will stop driving. I hope they gas ration and your only allow 1 tank full of gas per week. Companies should make 10 hour days and have a 4 day work week. People should car pool or find a job closer to there homes. Drilling is not the answer to our problem.

[Neckbone]

I wish we'd tap into as much oil as we can. We have oil in USA. The world runs on oil. It powers vehicles for personal transportation and for merchandise transportation. Plastics are made from it. Nearly everything we use is plastic. Refridgerated trucks, trains, planes, boats, etc require a crapload of fuel. Do you like fresh meat, produce and dairy products? If so, you need oil. That is until you invent a new paradigm. We have oil. Why do we beg the Saudis for it? We do so because in the past Saudi oil used to be cheap and plentiful. Saudis have no minimum wage for its workers. Saudis have no labor union requirements. Saudis have no OSHA requirements. If you only have to pay your employees nickles per day your product is very inexpensive. Before the huge price increase we obtained oil from the middle east because: 1) it was less expensive than (plentiful) USA oil, and 2) USA did not want the Soviet Union to be the biggest buyer of the inexpensive Saudi oil. The price is now more expensive for Saudi oil than for American oil. If those Saudi clowns are going to keep up this game, we can play hardball with them. This isn't the first time those rascals have done this. Remember the 1970s? Supply was cut by OPEC when we supported Israel. I say let them price themselves out of the market. Remember, America's business is business. USA does not tolerate you screwing it out of money. You can kill as many of us as you want but when you start screwing with Uncle's dough that's when you get slapped. Remember how Al Capone went down? Tax evasion. Rest easy with the oil. It will probably get worse but there is a tipping point. Learn from history. When we invaded Iraq in 2003, Italy stood with us because as Berlusconi put it, "when it's over do you really want to be one of those who didn't stand with USA?"

[mitunnelrat]

That's me! But why would I trade $100 or even $200 extra a month due to higher fuels costs for a $400 a month car payment? It is still cheaper to keep the paid off 10 year old gas guzzler (21mph Highway / 15 city) pickup truck than to buy a Camery that gets 30mpg. Besides, I can't haul stuff in a Camery.


I'm with you on that one bro. I have a 94 Ford Bronco that sucks gas up like mad, but I won't trade it for anything. I will however be buying a used compact - outright - for daily summer driving after I move.

[medicff0879]

I ride my motorcycle and my motorhome now just sits. my other truck is a v-six Chevy Blazer. All the stores are right by me so the wife rides her bike to the stores. When I shop now it mostly online. We all will be soon walking everywhere which is a good thing. I Hope gas climbs to 10.00 a gallon. Maybe then people will stop driving. I hope they gas ration and your only allow 1 tank full of gas per week. Companies should make 10 hour days and have a 4 day work week. People should car pool or find a job closer to there homes. Drilling is not the answer to our problem.

Well thats just great, and the first time you splatter yourself all over the side of the road (or someones car) and be lucky enough to survive you will just have to pay off medical bills for the rest of your life!! Sounds like a great solution to me, I have my motorcycle license and rode one for three years but Ill be damned if I go out and hop on one to ride around DFW in traffic!!

Soooo, with that note, since you hope gas climbs so high and no one is allowed to travel for work, school (to increase their education level) than at the same time why dont you come up with a solution for a way to put a community college and university within 10 miles of every house so we can sing koombyya and ride bikes to school together. Then find a way to get affordable food to every mom/pop store (again within 10miles or less) of every home in America that way we can all further our education level past that of a moron like you and at the same time not starve to death!!

OOOo wait, bet you didnt think of any of this, according to you we should all be huddled up in apts. in the city and walk to work in the govt. factories right down the street where we can utilize the 5th grade education level we received before we dropped out of school to work instead. Great IDEA you have indeed, I say we just charge DA folks like you the $15+ a gallon, raise your motorcycle insurance rates (and medical insurance) to a level that you cant afford to pay so that the rest of us wont have to support your sorry ass once you are paralyzed from the motorcycle wreck since that seems to be your only solution to the problem. Just my opinion on your solution.

OR, we could invest in bullet train technologies so we wouldnt have to utilize inefficient air traffic for short trips of say 300 miles or less. Then, we could begin drilling into our own resources in order to sustain our economy and not leave it full of uneducated factory workers and idiots that think we should just give up everything and walk everywhere. This will in turn allow more time to set deadlines for the auto/energy sector to show progress towards the use of alternative fuels and increased full economy standards that are accomplishable. This is more reasonable than just saying "suck it up, you can walk 30 miles to school or be a moron and work in one of our great slave labor factories conviently located just 2 blocks from your apt."