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

[feederband]

$3.09 here..........

[Squarethecircle]

We're up a good 30 cents from my last post... That was kind of fast.

[Cryomaniac]

We're up a good 30 cents from my last post... That was kind of fast.

30c in a day? Damn, I thought the 3p in a week we had here was mad.

[Dionne]

As I watch the prices continue to rise.......and I remember when we couldn't get any....Katrina. Right now I'm driving slower....big savings....no myth. I anticipate crude to stabilize just over $100 as the U.S. economy enters into recession. Which is happening. Look for big movement into alternative fuels. Might be a good winter to sell wood stoves/installations.

[Stephanie]

$2.74 for regular now.

I AM seriously considering a hybrid this time around.

[HURAKAN]

$3.09 here..........

Here too crazy

Some places yo can still get it @ $3.05 (305 is our area code!)

[HollynLA]

I paid $2.89 today.

[Cryomaniac]

http://news.bbc.co.uk/1/hi/business/7082847.stm

A litre of unleaded gas now costs an average of £1. That's £4 / Gallon

[JonathanBelles]

$100/barrel today? I wont be surprised.

[Dionne]

On St Kitts in the West Indies.....gasoline is $5 US or $15 EC per gallon. Milk is $3.50 US for a quart......when you can find it.

[Nimbus]

A litre of unleaded gas now costs an average of £1. That's £4 / Gallon

To be fair the average commute is shorter over in the UK. Most people can get along nicely with a 1 liter diesel powered vehicle or the bus. Across the pond in the USA the car manufacturers sold a lot of less fuel efficient cars when oil prices were down. I can't believe america is going to make the change to greener transportation any time soon. The consensus is that we just need to wait for oil prices to break again. This appears to just be a short term supply/demand situation that will resolve itself. According to this report peak oil production is still 20 years away.

http://www.arabnews.com/?page=7&section ... =11&y=2007

On the other hand leaving the US vulnerable to future oil price hikes is not real bright either. Every time we have an oil squeeze like this the car manufacturers lose big money. The transportation industry including airlines and trucking take a hit and the economy either goes into recession or inflation goes out of control. Retooling for a more efficient and less vulnerable America would create a lot of jobs and might not be as negative an experience as most people think.

[P.K.]

http://news.bbc.co.uk/1/hi/business/7082847.stm

Which translates to US$9.54 at the current exchange rate for those in here wondering.

[Cryomaniac]

$100/barrel today? I wont be surprised.

Maybe not today, possibly by the end of the week though.

[LSU2001]

According to several reports including the one in the link below, oil prices are not going to fall anytime soon. I really believe that we may be headed for some very hard times ahead. Remember, we don't have to run out or oil just run out of AFFORDABLE oil. Economic slowdown to me is certain. It will take a ton of demand destruction to force the price of an increasingly scarce resource to go down. If you factor in any type of new mideast violence or conflict then prices near $100.00 per barrel will seem cheap.
just my 2 cents,
Tim

Links: http://tinyurl.com/3a9uod
http://tinyurl.com/349od4

BTW diesel for my pickup truck was $3.21 this morning. Last week I paid $2.79 per gallon.

[HURAKAN]

I put gas on my car this morning @ $3.12, and now it's one cent more in the gas station.

[Cryomaniac]

The oil price has dropped a little tonight, but it's still $95.88 per kitco.com. I can't see it falling below $95 anytime soon. In my opinion the Iran situation, and what happens with it during the next week, is crucial as to whether we have $110 / barrell oil, or
$95 / barrell oil. That could be a big difference in gas prices.

[gtalum]

The biggest factor by far, despite what certain groups tell us, is the plummeting dollar. Look at how much the dollar has depreciated over the last few months, and then look at how much oil has appreciated. It's about the same. Thanks a lot Ben Bernanke... His attempted bailout (via reduced interest rates) of the irresponsible lenders and borrowers is causing this.

[Hybridstorm_November2001]

And part of the reason this entire cycle of US dollar devaluation and economic decline (with one feeding off the other, in an unending loop of negative reinforcement) started in the first place, was because the government chose to print dollars to pay for the Iraq war without the assets to back them; rather than say borrowing the money from other countries, or raising taxes to do so. A very clever decision I must say.

[arkess7]

3.18 here now.....crept up 3 cents in 3 days......and steadily creeping up

I have a 05 Mustang 6 banger......THANK GOD I didnt buy a GT at the time.....but I have been driving slower too and have noticed my gas lasts longer......and my car sucks gas bad anyways I could imagine if I had a GT!!!!!!!

[Nimbus]

Over in China there are 22 million of these one bangers.
Its not too tough to keep up with the Changs just yet BUT...



Chinese exports are skyrocketing so people over there are beginning to get enough money to buy fuel consuming vehicles.
If China develops and builds more roads that support high speed transportation their oil consumption is going to explode.
The Chinese government could build paved bicycle paths instead of roads but eventually the Chinese population is going to get jealous of the west.