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

[Scorpion]

I was looking back through posts and it's really funny to see us complaining about oil hitting $55 just 3 years ago. Amazing how things change.

[Miss Mary]

Wasn't sure where to put this article, but it seems to fit here. We could also start a new topic, with gas continuing to rise, many changes are taking place or about to change. Anyway, one local company has decided to go to a 4 day week, 10 hour a day. The company's employees came up with the idea.

Read on:

http://www.wcpo.com/news/local/story.as ... fc050da651

[brunota2003]

92 dollars+ now. I wonder how much more it can go up. I heard a few years ago, that if it hits over 100 dollars, then our economy will slow down big time, maybe even start to fall apart. I don't know how much truth there is with it.

Posted Saturday, October 27, 2007.

If only, if only oil prices were that low. HEY, I can dream, can't I?

Also, gas here jumped today. $3.87 at the station by my house, and $3.96 at a nearby Shell. $4+ by this weekend?

[feederband]

$3.91 in my hood........

[feederband]

oil goes down $5.00 gas goes up a nickel...

[gtalum]

oil goes down $5.00 gas goes up a nickel...

That's because gas hasn't caught up with oil yet.

[Ed Mahmoud]

92 dollars+ now. I wonder how much more it can go up. I heard a few years ago, that if it hits over 100 dollars, then our economy will slow down big time, maybe even start to fall apart. I don't know how much truth there is with it.

Posted Saturday, October 27, 2007.

If only, if only oil prices were that low. HEY, I can dream, can't I?

Also, gas here jumped today. $3.87 at the station by my house, and $3.96 at a nearby Shell. $4+ by this weekend?

I think our economy is starting to slow down. I work for an oil company, and the owners are happy, and salaries industry wide have drifted up some, but not at anywhere near the pace of oil prices.


BTW, oil companies don't set the price, the market (and speculators) do, and in the long run, there is usually a correction, and the further price goes beyond what supply and demand would dictate in one direction, the further it'll swing back the other way, and as someone laid off in 1998 when oil was $10 a barrel, a slow fall down to the $80 to $100 range wouldn't hurt my feelings at all.


The ethanol mandates don't help prices for gasoline at all, and really are hurting meat, grain and dairy prices, but that is a different industry (Big Agra), and for some reason people don't loathe Archer-Daniels-Midland and ConAgra like they do Exxon and Chevron.

[feederband]

oil goes down $5.00 gas goes up a nickel...

That's because gas hasn't caught up with oil yet.

Shhhhhhhh!!!!.....If it was to catch up the oil company's would all make $100 billion a quarter each...And then we will burn them down and lynch the CEO'S for the crime of making too much money...

[HURAKAN]

I just pumped gas at $3.95.

[gtalum]

Shhhhhhhh!!!!.....If it was to catch up the oil company's would all make $100 billion a quarter each...And then we will burn them down and lynch the CEO'S for the crime of making too much money...

Only those of us who haven't bought energy stocks to hedge against energy prices.

Seriously, oil has increased by 600% since 1998. In the same time frame, gasoline has only increased by about 300%. Sooner or later it will equalize. Oil company profits are large in absolute terms, but small in marginal terms. Why should they make less?

[Ed Mahmoud]

I suspect Brad Pitt makes about as much money as any executive at Exxon-Mobil, and probably doesn't work as hard.



(JB had a mini-rant about oil companies and movie stars. But no global warming. But, at least this time there was a discussion of all the big alphabet things and weather (AO, NAO, ENSO, et al), and implications for Carolinas during hurricane season based on a cool Spring in the Ohio Valley). I agree with the rants about 80% of the time, but sometimes it is all rants and not much weather.

[feederband]

Shhhhhhhh!!!!.....If it was to catch up the oil company's would all make $100 billion a quarter each...And then we will burn them down and lynch the CEO'S for the crime of making too much money...

Only those of us who haven't bought energy stocks to hedge against energy prices.

Seriously, oil has increased by 600% since 1998. In the same time frame, gasoline has only increased by about 300%. Sooner or later it will equalize. Oil company profits are large in absolute terms, but small in marginal terms. Why should they make less?

They make a product and make money on it.....Thats how it should work...Now what happens when the product you make cost so much that it is affecting everything in a very negative way...What if anything can be done?

[cycloneye]

Some good news as at least today,Oil did not break a record high.

Commodity prices rise: Oil and gold prices advanced, while gas hit a 16th straight record high.

U.S. light crude oil for July delivery rose $1.38 to settle at $132.19 a barrel on the New York Mercantile Exchange. Oil hit an electronic trading record of $135.09 a barrel on Thursday.

Oil has been spiking over the last few weeks on a mix of global supply concerns and the impact of the weak dollar, which makes dollar-traded commodities like oil less expensive for international investors to buy.

The national average price for a gallon of regular unleaded gas rose to a record $3.875 from the previous day's record high of $3.831 per gallon, AAA reported.

[kevin]

The price of oil is changing everything. People aren't getting plastic bags at the store I work in now, and universally its to limit wasteful consumption of petroleum. Eventually I imagine the price of oil will cause movements of people back into the cities and the development of interesting infrastructure. The United States will weather the change but it will be hard since our country is so farflung. To our favor we have the most fundamentally sound economy in the world. That might not mean much if the worst case predictions concerning oil turn out to be true, however.

[MGC]

I've lived through this before. America will survive this run up in gasoline prices just like we did back in the early 70's. There will be some inflation just like last time. I suspect we will likely complain and do nothing just like last time. We Americans are lazy and we must have our big cars. I just purchased a Toyota RAV4, love it. Most of the current run up is caused by speculation and not demand increases IMO. Just like every speculative market (real estate) it will crash eventually and fuel prices will be determined by supply and demand forces......MGC

[gtalum]

I just purchased a Toyota RAV4, love it.

It's a great vehicle, isn't it? Decent gas mileage, and the perfect compromise between car and SUV. I love my 2006 V6.

[coriolis]

The weather is now warm enough for me to start biking to work. As long as it's above 50 degrees in the morning and less than a 30% chance of rain, I'll do it. Otherwise, I ride the bus.

[Dionne]

We spent 4 days on Mud Island (Memphis). We took the train. $120 round trip for two. Cheaper than gas and no driving.

[Ed Mahmoud]

Oil prices down slightly as high prices finally curtail demand for gasoline.

[gtalum]

Reduced demand, finally. I was wondering what it was going to take. That's the only way to force prices down: cut demand.