Barrel of Oil closes at 125.96, UP 2.67 per barrel. ALL TIME HIGH!
 

WOW. Just Wow!

YOU LIE. This guy is the expert

By Steve Hargreaves, CNNMoney.com staff writer
August 7 2007: 1:17 PM EDT

NEW YORK (CNNMoney.com) -- Despite oil's record high last week, forget about crude going to $100 a barrel.


http://money.cnn.com/2007/08/07/news..._oil/index.htm

Sorry just watched it on the financial report on CBS Evening News. If they misreported it, they can post the retraction.

:thumbsup

"Meanwhile, rising crude oil prices remained a source of worry for investors, as they had much of the week and in recent months. Oil futures rose above $126 a barrel for the first time, further stoking Wall Street's concerns about inflation that could curtail consumer spending. Light, sweet crude rose as high as $126.20 on the New York Mercantile Exchange before settling at a record $125.96. For the week, oil jumped nearly $10."

Source

http://biz.yahoo.com/ap/080509/wall_street.html

Stocks decline as AIG reveals need for cash, oil surges
Friday May 9, 5:48 pm ET
By Tim Paradis, AP Business Writer

I think CNN got it wrong.

I'd be willing to bet that the cost of a barrel goes to 150.00 barrel by July.

That would push the price of a gallon of gas near 5.00.

CNN http://money.cnn.com/2008/05/09/mark...ords/index.htm

damn i am in the wrong business...hopefully i have oil in my backyard, time to start diggin

push it back a few months and you might win that bet.. most insiders and i dont mean the dumbass press, say oil will hit $150 by middle of fall at the latest.. gas to $5.00 by end of year..

what sucks is that opec said last night that they have a 3 mill bpd excess, so its the speculators and the weak dollar that are driving up the prices..

a lot of experts are scratching their heads because the current situation of oil prices defies all economic models of supply and demand...

Some gems of wisdom from some dude

Why $120 oil is good

The problem, he says, is new discoveries of crude in non-OPEC areas like the United States, the North Sea, and Russia have not kept pace with the oil being removed from those places. OPEC, which holds two thirds of the world's crude oil reserves, has seen no drop in global demand despite $120 oil and has little incentive to increase output.

It's this supply problem that prompted analysts at Goldman Sachs to reaffirm their prediction of a so-called "super spike" in oil prices - which could usher in $200-a-barrel crude in the next 6 to 24 months.

"I've long said maybe the best thing that could happen to this country is to have $6 gasoline," he said

http://money.cnn.com/2008/05/07/news...ion=2008050812

7 to 10 dollars a gallon by winter in the US. As long as our dollar keeps falling the price will keep going up. Inflation in the US is said to be only 2.something. But in reality it is 5 or more times higher than that. Immigration both legal and illegal and cheap goods from china and the like have been hiding the true inflation.

:(:(:(:(

I am buying electric car.

gas will never ever again go under 3.50 a gallon. ever.

Well I will say that anything under $2.50 will never happen again. Didn't seem that long ago that I was paying $1 a gallon. Of course this all means food will go up in price even more. I swear I'm planting my own garden.

yep. our dependency on oil has finally fucked us beyond returning to where people can live comfortably. salaries are not going up one iota, but the cost of living is rising out of the stratosphere. salaries that i've seen are actually being lessened because companies can't afford to pay people what they are worth in their positions in many cases because of current economic conditions.

it is not just our dependency on oil that has fucked us. It is our dependency on debt both personally and in the government. We are looking at the symptoms and not the disease.

7 bucks a gallon kiss half of all sign ups good bye. lol

maybe sign ups will INCREASE because people can't afford to go anywhere and stay at home

It's crazy..it goes up almost 3 cents a day here..fuck me

The banks fed the debt fire. My wifes sister just got out of high school got a part time job making 6 bucks a hour. She gets in the mail one of those your preapproved for a master card. She fills it out honestly sends it in,I tell her if they even give you a card maybe $500 max. She gets a master card with a 10,000 dollar credit line.Thats fucking criminal.

hell I can't even get one of those.

agreed. But your wifes sister did not need to take that debt, both are just as criminal. The fed printing the money and people are so willing to take more than they can afford or need has gotten us here. The fed will print more money, the dollar will keep falling, the price of gas will keep going up, more people will take more debt to pay to heat their homes and the dollar will drop again and so on. And the fed will say that inflation is 2.something%

She paid it off so she did no crime nice try but you know what I mean giving a 18 yr old making 6 bucks a hr a 10 grand line of credit. The banks are run by adults.

From your lips to gods ears. :)

to take it is the crime if she pays it off or not. But I am glad she did pay it off. Yes I get your point and agree with it 100%

Well, I am not the norm. I have ZERO debt. I learned early that debt is trouble. I have rent, utilities, and my cell phone. FUCK DEBT! I have liquid income. I will never buy anything in this economy. If it gets much worse I am moving to a country where the economy is better.

I owe shit here!

I predict $6.00 by July and $8 by December. Its already $4.18 for regular here in Solana Beach California today

That's my thinking. Historically, entertainment has always thrived during hard economic times.

Hey, a 3 day trial to a porn site or a gallon of gas. Which would you rather have?

$150 a barrel will equate to an average of $4.50 per gallon for regular unleaded.

The problem is it may blow through $150. Trying to pick a top in this market is tough.

While Opec "says" they have excess capacity, they never deliver on it.. last time the Saudis said they had extra capacity and no one wanted to buy it, it was acutally heavy/sour oil as opposed to light/sweet... Opec said they were going to increase production over the next few months (or maybe it was in the fall, can't remember)... BUT at the same time production from some areas are going to be under maintenance and so there won't be any extra oil... Once of the reasons the speculators are going nuts is because they believe Opec is playing a shell game and actually doesn't have any surplus capacity of light/sweet which is what most everyone wants... Those same speculators think $200 oil is a very definate possibilty.

Welcome too the 2 tier society. Greenspan wanted to get rid of the middle class, looks like it may just happen..

It's going thru the roof here too!!

Hey homie...doesn't it kinda make you get all reminescent on doing a tour of duty at Homestead AFB, FL?

I still gotta dig up the pictures of my pimp blue 70' Monte Carlo that got fragged by Hurricane Andrew....I miss those crushed blue velvet seats...p i m p t a s t i c


w0rd
uP

-TJ

Consider Vancity...they are only slowing in appearance...their and the EU economies are doing ok...slowing because of us a bit...they'll be fine in the long run.

- TJ

sucks ass i was shorting oil today


LOL

1 US gallon = 3.78541178 litres

The Brits currently pay about £1.16 ($2.26) per litre, so $8.54 per gallon:mad:

So don't complain too much!

All time high?
Uhmm... with the exception of a few days here and there, I think oil has been hitting all new highs every day for a few years now.

oil price hike is really a pain in the ass

I am a Brit and im not complaining just stating a fact. Plus you need to remember that in the UK salaries are higher so $10.00 a gallon to them is just like $4.00 a gallon here in the USA :thumbsup:thumbsup

I wonder what the people that bought this are thinking now:

2005 Mercedes-Benz G500
MPG (city): 11
MPG (highway): 13
Cost to Drive 25 Miles: $7.52
Fuel to Drive 25 Miles: 2.08 gal
Cost of a Fill-up: $82.52
:1orglaugh:1orglaugh

http://www.3tmotorsport.com/web2003/images/G500.jpg

http://www.fueleconomy.gov/FEG/noframes/21439.shtml

Apples and oranges. Americans have to drive further. We don't have much public transportation. NONE in my area.

Also you are doing the math wrong. A person in the UK is paying 4.39 Euros per gallon of gas. A person in the US is paying about $4 for a gallon of gas. If the UK person was making 40,000 euros and the US person was making $40,000 when the dollar and euro were worth the same the UK person is now making the equivalent of $64,000 a year. So the difference isn't nearly as bad as you are making it out to be.

Also there is the cost of transporting goods. It doesn't take much to transport food from one end of the UK to the other as compared to transporting goods from one end of the US to the other. Hell it's only 2081 miles to go from Lisbon to Helsinki. Oslo to Athens is only 1620 miles. Seattle to Miami 2719 miles, NY to LA 2444 miles.

If you'd be willing to bet - then bet...go long on some oil futures...put your money where your mouth is :winkwink:

just to clarify...Not saying you're wrong...just saying that you can bet on it if you wanted to

Same here man, zero debt living is fine with me right now. :thumbsup

supply and demand

oil is a limited product and will only ever increase in price

UK doesn't have the euro you cock and the math is correct!

http://www.petrolprices.com/
Average: 110.8p per LITRE

1 US gallon = 3.78541178 litres

110.8 x 3.78541178 = 419.423625224

4.19 Sterling = $8.17 converted at http://www.xe.net/

do you think that in UK to work someones wage out they look at what they make in the US and change the symbol to our currency?!

US average wage 2006: $38,651
UK average wage 2007: £23,244

if the dollar wasn't at an all time low theres realy not much in it


People in uk drive small 30mpg 4 bangers and TDI's where people in USA drive 10mpg F150's and whine about gas prices!!!

ya right.

Oil is stable in relation to gold price. Supply and demand has little to do with the price of oil. It is the falling dollar that has oil so high. If the dollar was stable a gallon of gas should be around $1.50 to $2ish. Gas price is the best indicator for the true inflation rate. That is why the fed does not use gas price in calculating inflation so they can hide the cold reality. :2 cents:

I would love to see that.




Yes. All time high. Highest price that a barrel has ever been in history. It hasn't been hitting highs every day. Do you follow this?

:)

I like being wrong. Matter of fact, I wish I was wrong on this.

:1orglaugh


:winkwink:

Gas is now $4.09 in Miami.

That is where the real problem starts unless you are earning something else other than the USD. You then have to worry about how the USD holds up against the new currency in the country you reside, and all over the world it is losing. It's getting a LOT more expensive for expats to earn USD and live abroad.

Of course the price of oil and food is rising on a global scale so you're going to feel the pinch regardless of where you are. However, you would feel it even worse when you move out of the USA because the dollar is so weak now. Though, if you earn in a strong currency, don't sweat it and MOVE TODAY!!!


Quoted for truth.