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

[gtalum]

$140 by Friday, anyone?

[feederband]

Why wait that long..

[feederband]

stocks are tanking also...

[feederband]

http://money.cnn.com/2008/05/21/news/ec ... tm?cnn=yes

"The place to start the free market is in our own country," said one executive. [The drilling ban] sets the stage for OPEC to do what we are doing in our own country, and that is effectively limiting supplies"

[Stratosphere747]

One of the problems with the media and public in general is solely equating the supply/demand of the US with the significant rise in oil over the last few months. There is a true disconnect that is taking shape and it's no longer about our economy being the driving force, or supply/demand in this case.

[cycloneye]

Wow Wow,Wow!Over $5 today up to $134 just now as I am typing this.

[HURAKAN]

I think I am living the happiest day of my life because if I get angry, I will die of a massive heart attack and a stroke at the same time.

[cycloneye]

After hours trading was when Oil spiked to over $134.

Oil hits new record: U.S. light crude oil for July delivery set a closing record of $133.17 in New York Mercantile Exchange trading, up more than $4 a barrel - and then proceeded to march to another record intraday high of $134.10 in electronic trading after the settlement.

Oil prices spiked after the weekly inventories report showed a surprise drop in crude and gasoline supplies and a weaker-than-expected buildup in distillates, used in heating oil.

Oil has been climbing lately amid ongoing supply concerns and the weakness in the dollar, which makes dollar-traded commodities such as oil less expensive.

[dizzyfish]

$140 by Friday, anyone?

You may be right with that. Anyone for $5/gal by July? or August?

[Cryomaniac]

$140 by Friday, anyone?

When a guy who has been predicting a crash to $80 dollars says this, I worry

That lol is a nervous giggle.

[gtalum]

When a guy who has been predicting a crash to $80 dollars says this, I worry

That lol is a nervous giggle.

Heh. I've given up on that for now. It'll probably get back there eventually, but not for a while.

[Nimbus]

Lets see, we have 727 million Barrels of oil in the US strategic petroleum reserves.

Now if we started selling some of that reserve for $150 a barrel, then chased the price down till it reached $100 a barrel I bet we could end up buying it back at below $80.

In 1991 the US released 30 million barrels from the reserve and oil prices dropped 30 percent in two weeks.

[gtalum]

In 1991 the US released 30 million barrels from the reserve and oil prices dropped 30 percent in two weeks.

There were other factors in play there, though. The tensions in the Middle East were loosening after the Gulf War, for one thing. The opposite is happening right now.

[Matt-hurricanewatcher]

On google it now says $135 dollars plus. My god, we need to switch to nuclear for our city's, and also to handle the new "power" cell hybrid cars, that we will be needing very soon.

Nuclear now,,,,

I bet tomarrow gas stations all over Portland, will rise above $4 dollars for the cheap stuff.

[cycloneye]

It keeps going and going and going up,up,up.

May 22 (Bloomberg) -- Crude oil rose to a record above $135 a barrel in New York on concern that supplies are inadequate after U.S. stockpiles unexpectedly dropped last week.

U.S. crude inventories fell 5.32 million barrels to 320.4 million barrels last week, the biggest drop in four months, the Energy Department said yesterday. Gasoline supplies plunged by 755,000 barrels when analysts expected an increase.

``The price was roaring before the inventory report and was going up regardless, but that gave it the extra push,'' said Rowan Menzies, head of research at Commodity Warrants Australia Ltd. in Sydney. ``I'm beginning to think that this is a serious macro event, with oil at these levels, and it's going to have some serious consequences.''

Crude oil for July delivery rose as much as $1.87, or 1.4 percent, to $135.04 a barrel in after-hours electronic trading on the New York Mercantile Exchange. It was at $134.85 a barrel at 9:30 a.m. Singapore time.


Oil keeps rising,now over $135

[Dionne]

Overnight crude went to 135.09.........right now it's at 131.56. It's been steady dropping over the last hour. Crude futures are down 6.00 on NYMEX. It's going to be an interesting afternoon.

[Cyclone1]

It... dropped?

By 3 and a half dollars?

When was the last time that happened?

*knocks on wood*

[Dionne]

And still dropping.....130.84 right now with futures down 7.50.

[angelwing]

And still dropping.....$130.61..shhhh, don't wake up the baby

[gtalum]

It... dropped?

By 3 and a half dollars?

When was the last time that happened?

It dropped more than 10% a few weeks ago, from 120 back to well under $110.