$142 per barrel and climbing
 

...which it will continue to do unless or until the futures bubble bursts or Congress reenacts commodity trading regulations. Of course there will always be a slow climb because of supply and demand.

Lol, do you really think that trading regulations will do anything to change the situation?

The world is running out of oil. As simple as that.

Good I am glad the price of oil and gas are rising, poor people do not deserve to drive. Let those fat rednecks bike their asses to work.

Yes...of course it will...at least according to the experts. They say that because of the deregulation of commodities trading back in 2000 it is speculators in the futures market that has the price of oil up between $50-$80 more per barrel than it should be. They can put up 5% cash with a 95% margin call with no guaranteed reserves required and are not required to take delivery of a single drop of oil. It is basically a house of cards/scam. Deregulation was pushed through be the infamous Ken Lay...the former CEO of Enron...who died before he had to go to prison...and is now known as the Eron loop hole.

Congress has recently been investigating...to make a decision if reregulation of commodities trading needs to happen.

Alaska has enough oil that can supply America for the next 200 years. Watch this clip THE ENERGY NON-CRISIS when you guys have some spare time. It is very interesting.

Everytime you watch the news some ass-hole from Goldman Sachs or whatever is predicting that oil will hit $150. The other day someone from OPEC said $200. OF COURSE that makes investors flock to oil. Combine that with the normal text book move of investing in commodities like oil to hedge against inflation and you have the outrageous oil prices you have right now. It's an upward spiral.

The people who control that market are loving this so they're going to ride it as long as they can.

Those high oil predictions sound like bad news to us but they're a siren song for investors. Imagine if they were talking about a stock. Say every few days some expert was all over the news saying Google stock will hit $900 or $1000, everybody would be buying google stock like crazy making the price go up day after day.

Supplies are very stable right now. This has nothing to do with supply and demand.

The World is far from running out of oil at this point in time, really.

Yes...those that are dealing in oil futures are making money hand over fist and with no required reserve...and up to a 95% margin call...they have little at risk. Great scheme created by Ken Lay and is why Enron collapsed...while those at the top made hundreds of millions. I was highly pissed off when the SOB had a heart attack before he had to report to prison.

actually thats not correct there is maybe 3 yrs worth of oil and since there isnt a government owned oil company it goes on the free market and you would still pay gorilla prices. The Enron Loop pole has to be closed, who wrote the loop pole Phil Gramm who works on McCain's campaign imagine that.

There is no bubble. Price is what buyers are willing to pay (with the blessing of the US Federal Reserve).

Darn those mean old speculators!

Curse this global free market system!

Why oh why must those meany speculators abuse the miracle of deregulation?

I predict $170 for August/Sept $200 if there is a large storm, a Nigerian kidnapping or a fly falls dead on a refinery:)

yea we are running out of AIR

gotta love it when us pornographers morph into geologists lol

It's less about us running out of oil, more about increased demand from Chindia and no corresponding increase in supply.:2 cents:

I know enough (nothing) to know that there isn't one thing that's causing these prices. It's a whole whack of things coming together at the same time.

- US Dollar value
- Speculation
- Worldwide demand
- Fear
- Corporate interests
- Government interests
- Iraq war
- Instability
- Possible war with Iran on the horizon (notice how quickly bush moved to erase sanctions against North Korea yesterday, and moved to get them off the terrorist country list? Kinda strange, no?)
- Gloomy economy, US recession, home foreclosures, banks hurting
- Rich getting richer
- Peak oil possibility
- Global warming / Natural disasters increasing
- Etc.
- Etc.

Changing one thing isn't going to provide a miracle.

China is currently putting an additional 25,000 automobiles per day on the road and climbing. Their pollution problem is already severe in the cities.

According to many experts reregulating the commodities market will reduce the price of oil by $50-$80 per barrel. US experts believe that the real value per barrel should be between $40-$60 per barrel and OPEC believes it should be around $80 per barrel. The difference is primarily due to speculators...at least according to testimony before a congressional hearing.

This photograph was taken in China.

http://www.flatrock.org.nz/topics/mo...aff8ic_jam.jpg

You, and the rest of those who say "good, hopefully it'll keep people from driving", do realize pretty much everything you subsist on is delivered via a vehicle running on petroleum products, right? Are you also happy to be paying increased costs for consumables you need?

Soon it'll be $284 and you'll find this cheap.

damn I shouldha bought some barrells last year and stashed them in the garden I'd be $$$'s in