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

[Cryomaniac]

The price of oil will come down a lot faster than it went up when the speculative bubble breaks. Prices dropping from an October price peak would arrive just in time for the cold weather.

It depends what happens re. Iran. If that particular lump of excrement hits the rotating airflow generator then all bets are off.

[Hybridstorm_November2001]

We have not taken over Iraq either. We are not the government running that country.

Should be. Everyone would be better off by now, oh well.

[gtalum]

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.

People have said that about every $10 multiple that the oil price breaks through. I wouldn't worry too much about it.

[AussieMark]

maybe it is in the process tho.

our Dollar has hit 93c to the US dollar.

the last time it was this strong was 1983.

[Nimbus]

The Federal reserve lowered interest rates a quarter point again today. Oil shot up $4 a barrel as you would expect.
Guess they are going to let inflation rip this time around.

[LSU2001]

Remember Greenspan is no longer running the show....
also remember that as the dollar falls the price of oil is rising.
and OPEC is publicly talking about getting away from the dollar peg to oil
This may all add up to a perfect economic storm that the US economy will be hard pressed to weather.

LINKS:
http://www.iht.com/articles/2007/10/31/business/oil.php
http://tinyurl.com/326hkp

[Nimbus]

My main concern was the heating season up north.
Currently looks like the greedy speculators get richer and the poor people up north freeze?
Maybe they could get some relief by spr ing if our government is smart enough.

[Stephanie]

Regular gasoline here is $2.60 per gallon. It's gone up at least 15 cents in the last two weeks.

The Philadelphia Inquirer had an article about consumer confidence being low. This isn't going to help, no matter how low the interest rates go. People have lost equity in their homes so they will more than likely stay put. The gasoline prices will be hitting them in the pocket immediately and Christmas shopping season is just around the corner. The retail stores are already running sales because no one was ready to buy winter clothing with the temperatures still hovering at around 80 degrees up until a week ago. This is also "layoff season" for many seasonal companies and for many that need to tighten up their bottom line.

Actually, I am surprised that gas prices haven't spiked more due to the price of crude oil. It spiked at just about everything else, including refinery shutdowns and when gas first topped $60.00 per barrel.

[Cryomaniac]

It takes a while for oil prices to affect gasoline prices. Unless the oil price drops dramatically in the next day or two the gasoline price will spike in about 1-2 weeks.

[HURAKAN]

Regular gasoline here is $2.60 per gallon.

In my neighborhood must gas stations are already between $2.95 - $2.99. By the way, these were the prices yesterday, I have not left my house today to see how they're doing.

[Hybridstorm_November2001]

Remember Greenspan is no longer running the show....
also remember that as the dollar falls the price of oil is rising.
and OPEC is publicly talking about getting away from the dollar peg to oil
This may all add up to a perfect economic storm that the US economy will be hard pressed to weather.

LINKS:
http://www.iht.com/articles/2007/10/31/business/oil.php
http://tinyurl.com/326hkp

Yeah I heard that they've been strongly considering the Euro for some time now: and this at least in part has historically (last seven years) been proposed by more radical nations to punish the US for it’s unwavering support of Israel. Up until recently though the moderates have held the upper hand with the argument that the US dollar was stronger than the Euro, and thus used more often as a universal unit of currency. That however has recently ceased being the fact, and thus you can now get more bang for your barrel using Euros, which are also increasingly (due to the same factors) attractive and on the way to eventually eclipsing the dollar as a universal.

[gtalum]

Don't forget that shortly before the Iraq invasion, Iraq switched their oil sales to Euros. Iran, Venezuela, and a few other nations also started moving towards selling their oil in Euros. Some speculate this is the true reason behind the invasion, to prevent other nations from making the switch.

[DanKellFla]

I suspect that I will see many SUVs for sale soon enough.

[arkess7]

Well gas here is 2.99 a gallon right now. I wonder how much more its gona go.. Its went up 20 cents in a week!

[JonathanBelles]

Not much price change here. 2.89 here, but been there for a while or a little lower, maybe 2.84 a week or two ago .

[arkess7]

OMG!!!!!!!!!! Gas is up to 3.15 a gallon here!!!!!!!

[Squarethecircle]

We're cheap out here, around two dollars seventy, but I remember back when gas prices were under 2 dollars. That time's not coming back for a while.

[Cryomaniac]

Gas in my home town is now £1.01 per liter, which is about £4.06 per gallon. At current exchange rates, thats nearly $8 / Gallon.

Oh, and the oil price is currently $95.71 per kitco.com

[Nimbus]

Gasoline finally topped $3 a gallon in Tampa bay Florida. That suddenly made it newsworthy for the local media.
People are doing things like stopping to shop on the way home from work to save gas but are not car pooling or taking public transit in droves yet. It would take $5 a gallon to get people to change their driving habits in a major way. The reduction of disposable income is hurting the world economy, but I'm sure that was expected by the global planners. What's next probably depends on the currency indicators that the global planners are monitoring.

[cycloneye]

Today the Barrel of oil has been around the $96-$97 range in the oil market.That means,the prices at the pump will soar more than what they had in the past weeks.Here in Puerto Rico it is at around 2.95 a gallon.