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$100 Barrel Oil-- $5.00 Gallon Gas ????

A

Anonymous

Guest
Oil Hits New Record, Nears $88
MoneyNews
Tuesday, Oct. 16, 2007

NEW YORK -- Oil futures rallied to new records Tuesday on concerns about disruptions in Middle Eastern crude supplies and a growing view that domestic supplies aren't sufficient to meet fourth-quarter demand.
Oil prices spiked overnight to a new record high near $88 a barrel on rumors that Turkey was about to enter Iraq in search of Kurdish rebels.

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Despite the forecasts, some think investors are willing to send prices even higher.

"It still doesn't act like a market that has placed a high," Ritterbusch said.


http://moneynews.newsmax.com/money/archives/articles/2007/10/16/102940.cfm?s=al&promo_code=3B7A-1
 

Silver

Well-known member
Oldtimer said:
Oil Hits New Record, Nears $88
MoneyNews
Tuesday, Oct. 16, 2007

NEW YORK -- Oil futures rallied to new records Tuesday on concerns about disruptions in Middle Eastern crude supplies and a growing view that domestic supplies aren't sufficient to meet fourth-quarter demand.
Oil prices spiked overnight to a new record high near $88 a barrel on rumors that Turkey was about to enter Iraq in search of Kurdish rebels.

---------------------------

Despite the forecasts, some think investors are willing to send prices even higher.

"It still doesn't act like a market that has placed a high," Ritterbusch said.


http://moneynews.newsmax.com/money/archives/articles/2007/10/16/102940.cfm?s=al&promo_code=3B7A-1

The sad part of it is, when the traders start predicitng something they make it come true. Just like when you hear them say "looks like we might see $.90 calves this fall" time and again thats exactly what happens.
 

Mort

Active member
I had off road diesel delivered today, 3.11/gal, he said it will be four dollars by thanksgiving and five will not be far behind. :mad:
 
A

Anonymous

Guest
Mort said:
I had off road diesel delivered today, 3.11/gal, he said it will be four dollars by thanksgiving and five will not be far behind. :mad:

Yep-- which raises the cost of everything I buy that has to be trucked in- which is almost everything-- and lowers the price of all produce (cattle/wheat) I have to have trucked out :( And our government keeps telling us that we have no inflation (2% according to them) and the economy is doing great.... :( :mad: :mad:
 

Mort

Active member
The government in calculating the inflation rate does not include food or fuel in those calculations, personally I think they will tell us whatever they feel like telling us. Reality has nothing to do with it.
 

young gun

Well-known member
what do you think will happen when the opec countries decide to stop using us currency for trading oil. it looks like thay are going to start using the euro. will that bring the value of the us dollar down more than it already is. if that happens the world will not use the us currency for trade it will switch over to the euro, and even further damaging the value of the us dollar. in turn putting the us economy into a tailspin that would be very difficult to pull out of. this is a war of a different measure, this is a war on the us economy. wouldn't you think that is what iran is trying to do bankrupt the united states. with world trade it doesn't matter who has the biggest guns all that matters is who controls the money.
 

Cowpuncher

Well-known member
Anyone paying any attention to China?

The world is approaching peak oil production capacity with thousand of older oil fields declining and relatively few new fields coming on line.

At the same time, China is using much more oil than in the past - they are up to around 7,000,000 barrels per day - about 2 or 3 times what they used 10 years ago.

Get used to high prices and start thinking about alternatives. If we got 80% of our electricity from nuclear (like France) and had some decent electric automobiles, we could work around the other needs such as transportation and farming with biodiesel and ethanol.

When oil was discovered in Saudi Arabia, the world had a lot of oil. The Arabs were happy to get 10 cents per barrel - now it is almost $100.

Complaining isn't going to make any more oil. Eventually, democrats will allow drilling in the NWP in Alsaka, but it won't make much difference.

The only thing that is going to curb petroleum demand is high prices. And it is not going to be fun.
 
A

Anonymous

Guest
jigs said:
the economy IS great....if you own an oil well!

Yep-- and you know that is what p*ss's me off most about GW-- that he will stand up there day after day and lie to folks-- and tell them how great the economy is- that inflation is only 2%--and that there is no problems...Just the fact that he thinks the American people are that dumb to believe him is insulting :roll: :(

But in his little world of the oilman, Wally Worlds, and the Chinese sweatshop operators it probably isn't-- maybe he's just too dumb to know whats actually happening in the real world--but I'm afraid the Republican party is about to get a real awakening because of his ignorance....And the result may not help the energy problem a bit...
 

Mort

Active member
The politicians have no answers on anything, the energy crisis, immigration, or has anyone paid any college tuition lately, try over seven thousand a quarter to a state university, not private, and thats not including books and room and board. That is also out of control and not one politician is saying anything about slowing that up. They are not going to fix anything they are just going to stand there and tell us how good everything is. Remember them on election day.
 

efb

Well-known member
Those OPEC nations and oil Co's ( Mobil- EXXOn, etc) must be making huge amounts of money. I heard a presentation last week that scared me. China and India together are now consuming as much oil as US. And they are just getting started. Our concern down the road a couple years may not be price, but can we even get it. Everything we do today consumes energy. Clothers dryers for example. How many people hang their wash out to dry anymore ? I don't walk anywhere anymore. I step on the atv and go. It saves me a lot of time and is cheaper than the pick up, but we are the first generation to have them. We are going to have to start reducing our energy requirements and have to develop other sources of energy now. Texas A&M is presenting a program " Burning Sunshine" (bio fuels). We have been burning fossel fuels, sunshine from millions of years ago. We need to move that up to burning bio fuels from today's sunshine. Should be an opportunity in there for agriculture. It's going to take some research, time and money, but if we keep depending on fossel fuels I am afraid we are in big trouble, soon.
 

Mort

Active member
Hydrogen, I think is the answer, there's water everywhere, but suppling it to the consumer will require a new supply system to come into place and the oil companies and auto makers will fight it tooth and nail. The politicans are in the pockets of whoever has the most money, right now thats big oil, I don't see much happening anytime soon.
 
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