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

[KWT]

I really hope that oil pices will stabalise because petrol prices here in the UK seem to be going up and up with every passing day. Sure we are taxed on petrol more then most countries but we can't escape the fact that oil prices are rising and any cut in taxes in the UK probably will only give a short term relief.

[Stephanie]

I really hope that oil pices will stabalise because petrol prices here in the UK seem to be going up and up with every passing day. Sure we are taxed on petrol more then most countries but we can't escape the fact that oil prices are rising and any cut in taxes in the UK probably will only give a short term relief.

It's hurting everyone around the world.

[KWT]

Yep it sure is and sadly unless production can keep rising prices are only going to keep increasing over time, it probably will not be linear but eventually will trend upwards...I think we are going to have to get used to these prices sadly.

[george_r_1961]

Finally some people in goverment our saying lets drill for more oil...I wont name names but one is running for pres...While the other maybe Gov. of FL...

I know its not a cure all..But its part of a puzzel that no one was willing to build...Maybe it will get the speculators thinking in another direction...

The oil won't be available for a few years and it'll just keep us from pursuing other options. We've been too darn lazy and/or greedy for too long. Our lives will still be revolving around and driven by oil.

Exactly. And this "new" oil, once its available, wont be cheap.

I think many of us, including me, would like to wake up one morning and find this nightmare over with. And im afraid its only beginning.

[feederband]

Finally some people in goverment our saying lets drill for more oil...I wont name names but one is running for pres...While the other maybe Gov. of FL...

I know its not a cure all..But its part of a puzzel that no one was willing to build...Maybe it will get the speculators thinking in another direction...

The oil won't be available for a few years and it'll just keep us from pursuing other options. We've been too darn lazy and/or greedy for too long. Our lives will still be revolving around and driven by oil.

The point is the speculators...Nobody is doing anything so they are just controlling the oil prices..They aren't going to keep dumping money in if the U.S. is going to open up more drilling...That will cut the prices back on oil...We have come this far because of oil...We will run out one day but not today...Drill it all and spend moneys on the the next alternative...

[KWT]

Sure you can drill more and more oil but it will only run out faster if you do that, effectivly your also shortening the time we have to find different methods to fuel things.

[Skyhawk]

Increasing production so that there is more spare production capacity will greatly reduce the risk premium built into the price of oil thereby reducing prices without significantly increasing the rate of consumption.

We have a petroleum based transportation system because it is cheaper and more convenient than the alternatives. Long range private transportation requires a liquid fuel. You can't recharge an electric car in any where close to the time it takes to fill a fuel tank. When the economics are right alternatives to conventional petroleum (shale "oil", tar sands, coal to liquids) will be developed. Unless, of course, the US government stands in the way. I doubt that China will be hindered by such constraints.

Drill here! Drill now! Pay less!

[brunota2003]

Not to mention, electric cars don't really "save" the environment.

Where does the power come from, when you plug it in? From a power plant

Where do most power plants get their power from? Coal.

[cycloneye]

Oil Prices Rise to over $136



The yoyo continues as the up and downs in oil prices continues.Today the oil market closed at $136.33 a barrel on supply concerns.

[gtalum]

Not to mention, electric cars don't really "save" the environment.

Where does the power come from, when you plug it in? From a power plant

Where do most power plants get their power from? Coal.

True, but if we were smart we'd be building nuclear plants to create the electricity used for electric cars.

[wbug1]

Exactly. And this "new" oil, once its available, wont be cheap.

Yup. We've got a serious fuel problem in addition to the climate change problem. I've read that producing oil from algae may be possible but the surface area required to produce enough will have to very large.

[Stephanie]

I saw a story on the news last night about how an electric company was using the methane gas produced by garbage dumps. The amount that they were using at the time was enough to provide electricity to 24,000 homes and they are looking to use more in the future.

[Ed Mahmoud]

New York Congressman calls for nationalizing the refineries


Centralized planning and control of the economy worked so well in the USSR, we should try it here in the US.

Rep. Maurice Hinchey (D-NY), member of the House Appropriations Committee and one of the most-ardent opponents of off-shore drilling

We (the government) should own the refineries. Then we can control how much gets out into the market.

[Skyhawk]

I was going to post this earlier, but it does seem to cross into politics.

[vbhoutex]

I was going to post this earlier, but it does seem to cross into politics.

Actually it doesn't get into politics. It is reporting what a certain congressman said. That being said, it is a very fine line between the the two, which we try our best to follow.

[cycloneye]

Oil Prices Tumble to below $132



The yoyo continues as today Oil tumbled over $4.00 to settle at $131.93.Yesterday it rose over $2.Todays main cause for the plundge was China decision to rise gas prices in their country before the oylimpics.

[gtalum]

I'm surprised it went down in light of the problems Shell is having in Nigeria today.

[Stephanie]

Regular is now at $3.87 here. It's gone down from $3.95 last week!

I hope I didn't just jinx it....

[brunota2003]

Gas prices haven't gone anywhere here, except up a couple weeks ago. $3.97 - $3.99

[angelwing]

Cheapest I saw in NJ today was $3.89, Philly by me is down to $4.11 (the robber is keeping his price of $4.25!)