$105 oil

[Lazarus]

Originally Posted by Arminius

My predictions are always wrong, so I'll go along with you.

However, a couple of American and Europeans oil investors are predicting oil will go to $70-90 later this year (when? I do not know) before going to record highs, never to return for 20 years (no predictions were made after that).

Probably around election time

[tasdrouille]

It's getting ridiculous. Oil hit a new record this morning and they said it was attributed to speculation due to some tanker being hijacked near Japan.

I'm seriously thinking about manipulating prices by sinking a lifeboat with a barrel in it and spreading the news...

[AndrewJ]

Originally Posted by tasdrouille

It's getting ridiculous. Oil hit a new record this morning and they said it was attributed to speculation due to some tanker being hijacked near Japan.

I'm seriously thinking about manipulating prices by sinking a lifeboat with a barrel in it and spreading the news...

Or hold a barrel of oil hostage


But yeah, the wild excuses for oil prices are getting downright funny. It seems that people will go to extreme lengths to exclude the possibility that we've passed the peak in world oil production.

[Peakster]

Here in Regina, we just reached our record high from last year today. And it's only April! A litre of regular unleaded now sells for $1.279 ($4.86 a gallon).

And I haven't filled a gas tank since February

[igo]

Oh, I guess oil hit a new record of over $119. I almost missed this one. US average gas price is up to $3.538 average according to gasbuddy.com

I wonder what tomorrow will bring.

http://ca.reuters.com/article/busine...D3274320080422

Blah, Blah: supply worries/ weakening dollar

[Arminius]

Depressing. In the meantime China has joined with Cuba to drill for oil off the coast of the Keys, but we can't do it because the government has tied our hands. Same thing near Alaska. Of course, we can't do it because of environmental concerns. I guess we'll just have to trust China. Happy Earth Day!

[Otto]

Originally Posted by Arminius

Depressing. In the meantime China has joined with Cuba to drill for oil off the coast of the Keys, but we can't do it because the government has tied our hands. Same thing near Alaska. Of course, we can't do it because of environmental concerns. I guess we'll just have to trust China. Happy Earth Day!

Yep. Mega oil available for drilling in Cuban waters, but it will be China getting it, no us. RIP Monroe Doctrine, thanks to Bush and the Cuba lobby.

[LostCause]

Long-term destruction to fuel a short-term addiction? I'll gladly let China bear that moral dilemma.

I salute high gas prices. I say higher, higher, HIGHER...until the nation cracks. Addiction sucks, but the only reason many stave off addiction is because it becomes too expensive/consuming.

It's a tough situation...I want to break my addiction, but I'm fearful of the alternative. Change, however valid and needed, is often painful. In response, I say suck it up and do what's right. Destroying one of the world's last wildernesses to prolong a bad lifestyle is not right. Big/Middle Eastern Oil is not the issue, we are.

Happy Earth Day

- LostCause

[Arminius]

Originally Posted by LostCause

Long-term destruction to fuel a short-term addiction? I'll gladly let China bear that moral dilemma.

I salute high gas prices. I say higher, higher, HIGHER...until the nation cracks. Addiction sucks, but the only reason many stave off addiction is because it becomes too expensive/consuming.

It's a tough situation...I want to break my addiction, but I'm fearful of the alternative. Change, however valid and needed, is often painful. In response, I say suck it up and do what's right. Destroying one of the world's last wildernesses to prolong a bad lifestyle is not right. Big/Middle Eastern Oil is not the issue, we are.

Happy Earth Day

- LostCause

I agree with most of what you say; however, the moral dilemma is more complex than that, as far as I'm concerned. Most of my family lives and does business in Asia, and half of them are Asians, so I speak with the the particular type of prejudice a person with some experience can have when I say that I'd rather have the money in the hands of the USA than China. This is because the welfare of the world is better off in the hands of the USA. Money will determine who has the most influence, and China isn't building up its military arsenal to fend off any of the puny countries that are within 10,000 miles of it, nor are they known for their compassion for their own people. They are concerned that a particular country with a huge amount of power is a someone they will have to reckon with in the future, because that particular country wants freedom and stability for all the countries in that region. China doesn't.

Additionally, In the end, demand in China or the US is not affected by who gets the oil. If the China gets 10 billion barrels of oil, it will buy that much less, and there will be that much more on the market. The same goes if the US gets the oil. However, the profits will go to the country that recovers the oil.

Keep your friends close, and your enemies closer.

[Chris D.]

heard on the news a barrel went for 121..

[Arminius]

Originally Posted by Chris D.

heard on the news a barrel went for 121..

[Chris D.]

Just in time for the next holiday.. $4.00 is happening for sure..
Drive accordingly!

[LostCause]

Where's igo?

Oil just hit a new record: $120.36

- LostCause

[igo]

Originally Posted by LostCause

Where's igo?

I am just wait for the price to rise some more. Yesterday was a new record and today was another record high.

2 record highs in a row means higher gas prices on the way.

$122.73 during trading
$121.86 right now

I got a good article today. Oil hits record $122 on $200 oil prediction

[igo]

Guess what? Oil is up again. Now up near $124.

[Otto]

We the consumers are being screwed here. Used to be, supply and demand set the price. Now, big speculators such as hedge funds with megabucks can corner and stampede or starve the market. Same story with food and other commodities, and people are getting hurt. Look at Haiti and Cairo food riots.

This sets the stage for price spikes and collapses. If the smartass speculators start to fear staying too late at the party, they'll dump futures and the price will plummet. Some economists think that ~60% of current prices are the result of such speculation, rather than supply/demand per se.

A price collapse is not too good, either, since it would kill the incentive and progress on developing alternate technologies, which we need.

[Peakster]

It's here. $5 gas! The common price of fuel in my city is now $1.319 a litre (or $5.01 a gallon).

Let's say an average car 'out there' gets 25-mpg overall. That means every mile driven now costs 20 cents. Oh what fun

[LostCause]

According to most articles I've read, oil is looking like it is entering another price rally. If you don't fill your tank often, doing so in the next week might save a buck or two.

What $/bbl do you guys think will correspond with a nationwide gasoline price of $4/gal? Right now gas is ~$3.60/gal @ $124/bbl.

$145/bbl, $150/bbl, $155/bbl?

- LostCause

[Chris D.]

I talked to a friend thats a trucker and theres going to be a major country
wide strike where they lock down the freeways in protest of gas prices..

donno if its word, but keep it in mind..

[dremd]

well it could be because i am adjusted to $4.0x fuel, but i believe that oil companies/ refiners are keeping the price at the pump down and that $124 oil should equal $4.00 gasoline. that said, i don't know how much longer they are willing to hold the price down, or if they will push it farther down for upcoming election, or what. i still say that gasoline is to cheap, and will continue as such as long as the vast majority of large (tahoe or bigger) suv's have a single person in them.