Oil price over $147 for the first time-now above $80

[feederband]

The noose around my neck is getting tighter each post, sigh (and I have to get a full tank tomorrow)

When you start to pump the gas trip over the hose and sue them...

[HURAKAN]

$3.89 is the lowest near my house.

[DanKellFla]

That's it! I will only keep 10 gallons on hand this year. If needed, I will wake up at 4AM and get gas before a storm. Well, actually, I will probably be up anyways.

[cycloneye]

VIENNA, Austria (AP) -- Oil prices surged to a new trading record above $129 a barrel Tuesday amid continuing concern about global supply.

U.S. light crude for June delivery reached $129.31 a barrel in electronic trading, surpassing the previous intraday mark of $127.82 hit Friday as it smashed through the $128 barrier in a matter of minutes. At 9:22 a.m. ET, the contract was up $1.95 at $129.

Oil Gets to New Record High,+$129




Holy smokes!.

[angelwing]

The noose around my neck is getting tighter each post, sigh (and I have to get a full tank tomorrow)

When you start to pump the gas trip over the hose and sue them...

I woulda if I coulda this AM but they pumped it for me...at $3.89!

[feederband]

The noose around my neck is getting tighter each post, sigh (and I have to get a full tank tomorrow)

When you start to pump the gas trip over the hose and sue them...

I woulda if I coulda this AM but they pumped it for me...at $3.89!

Then you should of faked a heart attack...

[cycloneye]

AP
Oil crosses $129 for first time, heads for $130
Tuesday May 20, 11:09 am ET
By Adam Schreck, AP Business Writer
Crude oil futures pass $129 a barrel for the first time, likely headed past $130


NEW YORK (AP) -- Oil prices spiked to a new trading high Tuesday, sweeping toward $130 a barrel as supply concerns intensified the momentum buying that has lifted crude deeper into record territory. http://biz.yahoo.com/ap/080520/oil_prices.html?.v=8



$130 before todays market closes?

Its astonishing what is going on in the oil market.

[Cryomaniac]

Agreed. It will almost certainly reach $130 today or tomorrow. The only question is, how long to $140?

[cycloneye]

Oil Closes at $129.07



Not quite to $130 but it got very close in intraday trade.

[george_r_1961]

Agreed. It will almost certainly reach $130 today or tomorrow. The only question is, how long to $140?

Possibly within a week would be my guess.

[Cryomaniac]

Oil Closes at $129.07



Not quite to $130 but it got very close in intraday trade.

Yeah, I think there is a bit of resistance to it passing $130.

[george_r_1961]

Oil Closes at $129.07



Not quite to $130 but it got very close in intraday trade.

Yeah, I think there is a bit of resistance to it passing $130.

I dont think so. As long as the speculators keep pushing the futures up the price will continue to rise. Also OPEC has declined to increase production. Not sure if it would matter if they did since this isnt a supply issue; there is plenty of oil.

[Stephanie]

To me, commodities trading is no more than legalized gambling. The price of gasoline has nothing to do with supply and everything to do with the dollar and further speculation of oil.

I just hope that this bubble bursts quicker than the tech bubble or the housing bubble.

[gtalum]

To me, commodities trading is no more than legalized gambling.

That's precisely what it is, just like stock trading.

I just hope that this bubble bursts quicker than the tech bubble or the housing bubble.

It's going up a whole lot faster, I suspect it'll crash faster, too. I only hope that when it does crash we don't stop seeking energy alternatives this time, though.

[vbhoutex]

To me, commodities trading is no more than legalized gambling.

That's precisely what it is, just like stock trading.

I just hope that this bubble bursts quicker than the tech bubble or the housing bubble.

It's going up a whole lot faster, I suspect it'll crash faster, too. I only hope that when it does crash we don't stop seeking energy alternatives this time, though.

It is imperative that this doesn't happen!! We must develop alternative and clean sources of energy for both vehicles and "normal" consumption.

[cycloneye]

Agreed. It will almost certainly reach $130 today or tomorrow. The only question is, how long to $140?

It passed the $130 line early this morning.

The spot price of Nymex West Texas Intermediate hit a record $130.30 a barrel on Wednesday. On Tuesday investors had rushed to buy oil futures contracts as far forward as December 2016, pushing their prices as high as $139.50 a barrel, up more than $9.50 on the day.

http://www.ft.com/cms/s/0/c2955660-2696 ... ck_check=1

[Cryomaniac]

Oil has passed $131 / Barrel.

kitco.com

[Dionne]

It's even higher now, up 3.08 just today.....over $132. What if the oil speculation bubble doesn't burst? Locally we're at $3.80 gallon. Just for the heck of it I went into the grocery store to see how it was affecting food prices. I'm certainly glad we doubled the size of our garden this year. This is getting serious.

[HURAKAN]

Oil hits surges toward $133 as supply worries grow

Reuters, Wednesday May 21 2008
By Richard Valdmanis

NEW YORK, May 21 (Reuters) - Oil prices surged more than $3 to a record near $133 a barrel on Wednesday after a U.S. government report showed a surprise drop in crude stockpiles, reinvigorating fears of a worsening supply crunch.
The gains bring oil up more than 30 percent so far this year in a rally that has raised alarm bells in consumer countries like the United States, already hard hit by a housing slump and credit crisis.
"The market is in a very bullish mood and these statistics will do nothing to change that," said Tom Bentz, analyst at BNP Paribas Commodity Futures Inc.
U.S. crude gained $3.52 to $132.50 a barrel by 1755 GMT after hitting a fresh peak of $132.70. London Brent rose $4.34 to $132.18.
The surge came after the U.S. Energy Information Administration showed crude stockpiles in the world's biggest energy consumer fell 5.4 million barrels last week, countering expectations for a build.
"This report gives the market every reason to rally," said Rob Kurzatkowski, analyst at optionsXpress in Chicago.
The fall in weekly inventories is matched by concerns supply problems will continue for years as production continues to fall short of growth in demand. Oil for delivery in 2016 rose above $142 a barrel on Wednesday -- making it the highest contract on the futures curve.
U.S. Energy Secretary Sam Bodman said on Wednesday that there was nothing the government could do to ease the pain of soaring fuel prices for consumers and added that a rise in speculative investment in commodities was not behind the rally.
"We have flat (oil) production ... and increasing demand," Bodman told reporters. "I don't think anything can be done near term," he said.
Crude prices have risen sixfold since 2002 amid rising demand from China and other developing countries.
WEAK DOLLAR
Investors have also been drawn into the market by a weak U.S. currency, which has made commodities relatively cheap for holders of other currencies. The dollar slid to a one-month low against the euro on Wednesday on expectations of higher euro zone interest rates.
U.S. investor Warren Buffett, the world's richest person, said on Wednesday he expects the U.S. dollar to continue to fall as the policies needed to correct the greenback's slide had yet to be implemented.
The Organization of the Petroleum Exporting Countries (OPEC) has blamed oil's rally on speculation and the weak U.S. dollar and has repeatedly rebuffed calls from consumer nations for more supply.
OPEC's biggest producer, Saudi Arabia, said last week it has raised production by 300,000 barrels, but only to offset production problems from other members of the cartel. (Additional reporting by Barbara Lewis and Alex Lawler in London; Editing by Christian Wiessner)

[feederband]

133.61