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

[Cryomaniac]

I cant wait for the day that this thread is no longer watched..

Unfortunately, you may be waiting a long time if this sort of thing continues.

[Dionne]

Gasoline is poised to cross the $4/gallon threshold here in Mississippi. Currently at 3.97.

[feederband]

I cant wait for the day that this thread is no longer watched..

Unfortunately, you may be waiting a long time if this sort of thing continues.

Yeah I decide not to holod my breath on this one...

[cycloneye]

Another record high for oil prices was set this afternoon as oil rose over $144 for the first time.

Oil closes at $143.57 but rose over $144 after trading hours

[Chacor]

The price of oil has continued its surge upwards - hitting a new high of $145 a barrel in trading in Singapore.

London Brent crude rose by 74 cents to $145.00 in early Asian trade. Light sweet crude rose 81 cents to $144.38.

The rises follow earlier highs recorded in London and New York after the US government announced its oil stockpiles fell more than expected last week.

http://news.bbc.co.uk/2/hi/business/7486764.stm

[Chacor]

Link updated:

The price of oil has continued to climb - with Brent crude rising above $146 a barrel for the first time.

Brent crude rose by $2.08 to $146.34 a barrel in London. US light, sweet crude rose by more than $1 to $145.22.

Oil prices have risen significantly since the US government announced on Wednesday that its crude stockpiles had fallen by more than expected last week. A spokesperson for the motoring organisation the AA called the rate of increases "eye watering".

[feederband]

Something is about to break...Cant continue this...

[Cryomaniac]

Something is about to break...Cant continue this...

You would hope so.

[HURAKAN]

Next excuse:

"Depression forms in the far eastern Atlantic affecting the routes of the delivery of the crude oil."

I don't know how much we will be able to handle if this continues.

[george_r_1961]

Something is about to break...Cant continue this...

Sure can.

I think we all need to forget about the "bubble" theory. There is no bubble, no limit as to how high speculators can push prices. More disheartening is the fact that all the tough talk about reigning in speculation and the "concern" shown by OPEC over the high prices meant nothing.

I mean as far as OPEC goes, why in the hell would they be in a hurry to sell their oil for less?

[gtalum]

I think we all need to forget about the "bubble" theory. There is no bubble...

That's what people say about every bubble. Ultimately, though, it will pop. It's just a matter of when.

[george_r_1961]

I think we all need to forget about the "bubble" theory. There is no bubble...

That's what people say about every bubble. Ultimately, though, it will pop. It's just a matter of when.

Gonna have to respectfully disagree with you on that one. The price may eventually level off but I just cant see it falling.

[Derek Ortt]

and nobody in 1999 thought the NASDAQ would be more than 60% lower 9 years later

[feederband]

I wasn't thinking of bubble....I'm talking about America as a whole...The machine is about to break.

[gtalum]

Gonna have to respectfully disagree with you on that one. The price may eventually level off but I just cant see it falling.

History supports my assertion. I have little doubt the future will as well. Our current prices are no higher now, when adjusted for inflation, than they were in the early 1980's. In fact, as a percentage of income, Americans spend less on energy today than they did then. The situation is not unprecedented, nor is it hopeless.

[fwbbreeze]

I agree with gtalum on this one. The cap will break, always has. What threshold will the breaking point be...well that is the million dollar question!!

[vbhoutex]

Gonna have to respectfully disagree with you on that one. The price may eventually level off but I just cant see it falling.

History supports my assertion. I have little doubt the future will as well. Our current prices are no higher now, when adjusted for inflation, than they were in the early 1980's. In fact, as a percentage of income, Americans spend less on energy today than they did then. The situation is not unprecedented, nor is it hopeless.

I think what you said above(bolded) says what george is saying. I do expect oil prices to level, and hopefully sooner than later. But if what you say is true then I see no reason that they will go down anytime soon if at all. Admittedly a lot of this is being fueled by speculators but I also think that we are finally seeing the result of many years of below normal prices compared to the rest of the world ie adjustment to come in line with everyone else.

[Nimbus]

The European Central Bank raised their interest rates to 4.25 percent this afternoon. Since the US Federal Reserve has kept our discount rate at 2 percent, traders will be buying euros and that will probably lower the value of the US dollar next week.

[gtalum]

But if what you say is true then I see no reason that they will go down anytime soon if at all.

Why not? Historically, prices always drop after such a run-up. We were paying the same price in 1981 as we're paying now (in inflation-adjusted dollars) but in the late 1990's we were paying well under $1 per gallon for gasoline (I saw as low as $0.69 per gallon at the BP on North Avenue at I-75 in Atlanta in 1999). Oil, like all commodities, is cyclical. It's just on an upswing right now, due primarily to rampant speculation and the decline of the dollar.

If it weren't for a certain expensive debacle, the oil price increase so far would be only roughly half what it's been.

The Federal Reserve Board could help some as Nimbus hinted by raising interest rates aggressively, but it would be at the expense of a more severe economic recession in the near term.

[KWT]

The economic situation may recover with time but to try and get oil back down to where it once was just isn't going to happen I don't think anyway, sure we may well see some drops relative to what we have at the peak at some point hopefully in the near future but I just can't see it falling to pre-$100 anytime soon if at all.