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

[fasterdisaster]

our political leaders at all levels are guilty of poor planning.

Yes I hear there is a bill going though today that will not pass...It would open up parts of alaska for drilling...They said we need to concentrate on new tecnologies...Technologies I can not find at my gas station and wont for a long time...I'm all for the new technologies but they are forgetting that we still have to survive today...The money they make they could care less...By not passing this bill just lets a few oil fat cats and some country's that hate us just that much richer...

...

Thank goodness that bill won't pass, it needlessly destroys habitats and would result in long-term damage to the taiga ecosystem, all for maybe 1-2 more years of oil for this country alone. Passing that bill would be the last thing we need.

[cycloneye]

U.S. light crude oil for June delivery briefly hit a record trading high of $126.98 a barrel on the New York Mercantile Exchange on reports that Iran is planning to cut oil production.

But oil prices trimmed gains after the Senate voted for a temporary halt in filling the Strategic Petroleum Reserve, a move - opposed by President Bush - that advocates say could help temper gas prices.

Oil prices settled up $1.57 at $125.80 per barrel.

The national average price for a gallon of regular unleaded gas rose to a record $3.732 from $3.718 the previous day, according to AAA. It was the sixth record in a row.

Oil almost crossed to $127 before pulling back

[gtalum]

I'm stuck, no one drives this way so I can't carpool, there is no public transportation so I'm still stuck driving 118 miles roundtrip for both jobs..the second job is paying more and more for gas, sigh

Just out of curiosity, why couldn't you either find work closer to your home or move your home closer to your work?

[feederband]

our political leaders at all levels are guilty of poor planning.

Yes I hear there is a bill going though today that will not pass...It would open up parts of alaska for drilling...They said we need to concentrate on new tecnologies...Technologies I can not find at my gas station and wont for a long time...I'm all for the new technologies but they are forgetting that we still have to survive today...The money they make they could care less...By not passing this bill just lets a few oil fat cats and some country's that hate us just that much richer...

...

Thank goodness that bill won't pass, it needlessly destroys habitats and would result in long-term damage to the taiga ecosystem, all for maybe 1-2 more years of oil for this country alone. Passing that bill would be the last thing we need.

2000 Acers...Do you relize how many acers we wipe out a day just to build homes that not only damage but completly destory ecosystems...This would of done nothing but give us some more oil in the grand sceme of things...

[feederband]

I'm stuck, no one drives this way so I can't carpool, there is no public transportation so I'm still stuck driving 118 miles roundtrip for both jobs..the second job is paying more and more for gas, sigh

Just out of curiosity, why couldn't you either find work closer to your home or move your home closer to your work?

In todays economy that usally doesn't work...Just having a good job is a plus...

[gtalum]

In todays economy that usally doesn't work...Just having a good job is a plus...

Yeah, i realize it's tough to find a good replacement job, which is why I also asked why not move closer to work...

Alternatively, you could buy a motorcycle. 70+ mpg. I'm tempted to do that one myself.

[HollynLA]

I'm stuck, no one drives this way so I can't carpool, there is no public transportation so I'm still stuck driving 118 miles roundtrip for both jobs..the second job is paying more and more for gas, sigh

Just out of curiosity, why couldn't you either find work closer to your home or move your home closer to your work?

Easy to answer and I'm really shocked someone asked this to begin with. Usually, people work in or near larger cities. Housing is much more expensive in the urban areas so many families live further away for more affordable housing. The same house 20 miles outside of town can be 1/2 as much as the one in town. Honestly, it's cheaper to pay for the extra fuel than it is to live in a city. I live in a very rural area and I choose to live here so that my kids can play outside in green grass and not have to worry about being shot at while they ride their bikes. It's peaceful and quiet here and my house in the city would cost about 3x more than what I paid for it.

[dizzyfish]

I ditto that HollynLA. We moved from Tampa for a reason. Tired of the crowds but mostly tired of the crime and attitudes. We are getting too old to deal with all that mess.

Could I work closer to home? Sure. And take a $4 an hour paycut! I want to stay with the state retirement system. (I work in the school system)

On the other hand - the $4 an hour paycut may soon make up for the price of gas!

[angelwing]

I'm stuck, no one drives this way so I can't carpool, there is no public transportation so I'm still stuck driving 118 miles roundtrip for both jobs..the second job is paying more and more for gas, sigh

Just out of curiosity, why couldn't you either find work closer to your home or move your home closer to your work?

I don't mind answering, a lot of people have different circumstances, the following is mine.

I'm currently working both jobs to save for a home; I have to stay at the day job (I've been there 6 years, the job prior to that I was at 18 years and was downsized, the night job I've been at for 2 years). I just paid off close to 10K on my credit report so I can raise my FICO. Once I get the home with a decent mortgage I can quit the day job (also paying a $250K hospital bill for the hubby)so I can't do anything right now, I'm technically screwed

[gtalum]

I understand that people have different circumstances, but often there is another way that gets overlooked for whatever reason. If there's not in your case, then there's not. I'm very sorry about the big hospital bill.

I will say that I think living far outside of a city to be overrated, but that's just my opinion. I'd choose a smaller home closer to work over a larger home farther away every time.

On a side note, have you looked into getting an FHA loan for a home? FHA loans don't take your FICO score into consideration, you just have to meet the appropriate debt-to-income ratio numbers. I know this only because our credit scores fell just slightly below the new "ideal" minimum for traditional non-FHA lending so we saved 1/8% by locking in with FHA instead for our new home. You also only need a 3% down payment.

[Ed Mahmoud]

The "one or two years" of oil from ANWR is technically true, but purposely misleading. The oil wouldn't replace all the US production for two years, but would essentially replace Saudi Arabia's share of the US oil supply for 15 or 20 years. 15 or 20 years of no supporting the Saudi royal family, some of whom still likely support al Qaeda, and which prostelysizes the most militant form of Islam, Wahabbism, in once moderate US mosques, and in prisons. 15 to 20 years of working on alternate energy sources, and improved efficiency vehicles.


BTW, the oil companies have gotten very good at developing large areas of oil from very small locations with very small footprints.

Try reading up on BP's Wytch Farm, developed in a very environmentally sensitive area in England, with a very small foot-print, mostly with 1970s and 1980s technology.


Just an example.

[Ed Mahmoud]

BTW, Houston has light rail, only problem, it runs from where people work and play, downtown and the Astro's baseball stadium, 'Minute Maid Field', to another place where people work and play, by the Medical Center and where the Texans play, Reliant Stadium. Only missing ingredient, it doesn't run where people live.


I tried the commuter bus, back in 2001 and 2002, when it was $7 roundtrip for an hour trip to work and a two hour trip back, because the only route that ran near my office also ran up US 59, and then ran up surface streets through downtown Houston, and decided it wasn't worth it.

Not sure why they don't run commuter rail or light rail along the BNSF tracks that run along the Hardy Tollway. If they did, I'd love to do mass transit.


I'm sure bus fare has gone up in the past 5 years. I am paying about $7 a day now on gas. Not sure how to quantify the extra costs of wear and tear on the vehicle (could use the IRS mileage allowance, I suppose), but to listen to the radio, not have to stand sometimes, not wait in the rain at an unsheltered bus stop, and have a shorter commute, I'll take the 2 gallon a day hit driving.

[gtalum]

The "one or two years" of oil from ANWR is technically true, but purposely misleading. The oil wouldn't replace all the US production for two years, but would essentially replace Saudi Arabia's share of the US oil supply for 15 or 20 years. 15 or 20 years of no supporting the Saudi royal family, some of whom still likely support al Qaeda, and which prostelysizes the most militant form of Islam, Wahabbism, in once moderate US mosques, and in prisons. 15 to 20 years of working on alternate energy sources, and improved efficiency vehicles.

No offense, but this ignores the reality of the world commodities market. Since demand is generally increasing, if we don't buy Saudi oil someone else will at the same or higher price.

[Ed Mahmoud]

The "one or two years" of oil from ANWR is technically true, but purposely misleading. The oil wouldn't replace all the US production for two years, but would essentially replace Saudi Arabia's share of the US oil supply for 15 or 20 years. 15 or 20 years of no supporting the Saudi royal family, some of whom still likely support al Qaeda, and which prostelysizes the most militant form of Islam, Wahabbism, in once moderate US mosques, and in prisons. 15 to 20 years of working on alternate energy sources, and improved efficiency vehicles.

No offense, but this ignores the reality of the world commodities market. Since demand is generally increasing, if we don't buy Saudi oil someone else will at the same or higher price.

Well, in a sense, duh. Actually, a lot of new Alaskan oil might wind up shipped to Japan, but that would still help the US trade deficit. But it would cut down somewhat on US imports from Saudi Arabia, and it would ease price pressure (supply and demand), which would reduce the money flowing into Saudi Arabia, Iran, and the newest supporter of terrorism, Venezuela.

Or, in another way of describing it, if one adds almost the equivalent of Texas' production to the world supply for fifteen years or more, prices go down for everyone, or at least go up more slowly, no matter where each physical barrel of oil winds up.

[Dionne]

There is much more crude under ANWR than one or two years. Estimates vary, but most agree the numbers surpass the Prudhoe discovery. It would be 2 years before any crude flowed fron ANWR. We don't even know the fingerprint of the crude under ANWR, therefore we don't know where it would have to be refined. If it ends up being a nice light sweet crude like the Saudis have then we could refine all of it. If it ends up similar to Prudhoe crude, then it would go to various refineries around the world. Besides, if and when we drill in ANWR.....who owns the crude? Will it be like the Alaska pipeline with a consortium of 7 companies of which BP owns 51%?

[Hybridstorm_November2001]

The "one or two years" of oil from ANWR is technically true, but purposely misleading. The oil wouldn't replace all the US production for two years, but would essentially replace Saudi Arabia's share of the US oil supply for 15 or 20 years. 15 or 20 years of no supporting the Saudi royal family, some of whom still likely support al Qaeda, and which prostelysizes the most militant form of Islam, Wahabbism, in once moderate US mosques, and in prisons. 15 to 20 years of working on alternate energy sources, and improved efficiency vehicles.

No offense, but this ignores the reality of the world commodities market. Since demand is generally increasing, if we don't buy Saudi oil someone else will at the same or higher price.

Indeed demand in both China and India (each with a population of roughly 1 billion) is growing VERY fast. I'm certain they'll buy Saudi, and other, oil even if Western countries like the USA ceased doing so.

[feederband]

Meanwhile in my hood the price is $3.73...And everything I buy is going up....Except for my $4 wal-mart drugs..

[Derek Ortt]

our political leaders at all levels are guilty of poor planning.

Yes I hear there is a bill going though today that will not pass...It would open up parts of alaska for drilling...They said we need to concentrate on new tecnologies...Technologies I can not find at my gas station and wont for a long time...I'm all for the new technologies but they are forgetting that we still have to survive today...The money they make they could care less...By not passing this bill just lets a few oil fat cats and some country's that hate us just that much richer...

...

Thank goodness that bill won't pass, it needlessly destroys habitats and would result in long-term damage to the taiga ecosystem, all for maybe 1-2 more years of oil for this country alone. Passing that bill would be the last thing we need.

WHO CARES!!! Our national security is far more important than a bunch of plant life

[HURAKAN]

WHO CARES!!! Our national security is far more important than a bunch of plant life

Sorry, but for a scientist, your response says a lot. We're partially in this kind of trouble because previous generations didn't care about the plant life. Nature must be protected because we depend on it.

[Ed Mahmoud]

The "one or two years" of oil from ANWR is technically true, but purposely misleading. The oil wouldn't replace all the US production for two years, but would essentially replace Saudi Arabia's share of the US oil supply for 15 or 20 years. 15 or 20 years of no supporting the Saudi royal family, some of whom still likely support al Qaeda, and which prostelysizes the most militant form of Islam, Wahabbism, in once moderate US mosques, and in prisons. 15 to 20 years of working on alternate energy sources, and improved efficiency vehicles.

No offense, but this ignores the reality of the world commodities market. Since demand is generally increasing, if we don't buy Saudi oil someone else will at the same or higher price.

Indeed demand in both China and India (each with a population of roughly 1 billion) is growing VERY fast. I'm certain they'll buy Saudi, and other, oil even if Western countries like the USA ceased doing so.

Any additional supply, assuming demand isn't artificially affected, lowers the price, which reduces the cash inflow into terror states like Iran, Venezuela and Saudi Arabia.

Any additional US supply strengthens the US balance of trade, by reducing how much money goes out to buy foreign oil from whatever source.