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

[Stratosphere747]

The "bubble" was at $100, then $110, then $120 and so on. It's easy to say the "bubble" is going to burst when the parameters are always rising. If one likes to use a "bubble", then set a benchmark. I've continued to hear from many of the experts about this "bubble" bursting ever since we crossed $100, but to no fruition.

$150 is a benchmark within the industry. Cross it with conviction and we then could be looking at $175 by the end of the summer. I personally believe that once we hit $150 we will finally see some leveling out and find a range within $120-$140 until November.

"Peak oil" is beginning to spook a few folks because of global demand.

[cycloneye]

The only things that may disrupt the bubble and cause more rise in prices are any hurricane threats to the Gulf of Mexico and military action in the Middle East involving Iran.

[KWT]

I think any military acton with Iran would cause a massive surge upwards in oil prices globally given the whole middle east is a pretty major exporter of oil and any action would cause major problems for supply no doubt.

[abajan]

IMO the higher the oil prices, the better. That way we'll be forced to use non-polluting energy alternatives that have been staring us in the face for decades.

Every day a massive ball of energy rises in the east and sets in the west for all the world to see. Yet we fail to exploit it and instead try our level best to suck the last remaining drops of pollution producing gunk from the bowels of the earth.

I swear, this generation needs its head examined!

[feederband]

IMO the higher the oil prices, the better. That way we'll be forced to use non-polluting energy alternatives that have been staring us in the face for decades.

Every day a massive ball of energy rises in the east and sets in the west for all the world to see. Yet we fail to exploit it and instead try our level best to suck the last remaining drops of pollution producing gunk from the bowels of the earth.

I swear, this generation needs its head examined!

Oil prices are just destoying this county..If people not being able to buy gas or feed their family, and people are losing their jobs, houses and industries are folding is a good thing I wonder what a bad thing is...

Solar technology is still to expensive...Drill for oil is the quickest fix...While we are doing that we should find its right replacement and spend tons of money to get it right..

[Stephanie]

IMO the higher the oil prices, the better. That way we'll be forced to use non-polluting energy alternatives that have been staring us in the face for decades.

Every day a massive ball of energy rises in the east and sets in the west for all the world to see. Yet we fail to exploit it and instead try our level best to suck the last remaining drops of pollution producing gunk from the bowels of the earth.

I swear, this generation needs its head examined!

Oil prices are just destoying this county..If people not being able to buy gas or feed their family, and people are losing their jobs, houses and industries are folding is a good thing I wonder what a bad thing is...

Solar technology is still to expensive...Drill for oil is the quickest fix...While we are doing that we should find its right replacement and spend tons of money to get it right..

"Quickest fix". Yep, that's what we've ALWAYS been about.

Drilling for oil won't help us NOW. Solar energy is one replacement and while we're looking to spend "tons of money" on it to get it right, why not begin using "expensive" solar energy?

[Regit]

IMO the higher the oil prices, the better. That way we'll be forced to use non-polluting energy alternatives that have been staring us in the face for decades.

Every day a massive ball of energy rises in the east and sets in the west for all the world to see. Yet we fail to exploit it and instead try our level best to suck the last remaining drops of pollution producing gunk from the bowels of the earth.

I swear, this generation needs its head examined!

Oil prices are just destoying this county..If people not being able to buy gas or feed their family, and people are losing their jobs, houses and industries are folding is a good thing I wonder what a bad thing is...

Solar technology is still to expensive...Drill for oil is the quickest fix...While we are doing that we should find its right replacement and spend tons of money to get it right..

Drilling is not a quick fix at all. It takes a long time. And one thing hasn't been explained to me at all.

What motivation do oil companies have to keep the oil in the US at an artificially deflated price? If you were an oil company, wouldn't you put it on the world market at full price? Do people really support a law that will require companies to keep this oil in the US?

Regardless, the government isn't in a hurry to do anything fast, so don't expect big changes.

[Ed Mahmoud]

Oil discovered and produced near the US helps with the entire global supply, and just based on logistics, probably goes to US refineries, increasing gasoline supplies. It means less money going out to support less than friendly regimes around the world.

About not fixing the problem tomorrow, of course not. Neither will solar power be advanced enough to make a difference tomorrow. If we'd gone after the oil shales and other off limits US oil right after 9-11, it would be online now.

The solution is nuclear, and other technologies like wind turbines. Wind turbines are fairly capital intensive for the cash flow they generate, but have low expenses once on line. Texas now leads the nation in wind turbine technology.

But we'll need more of that, and nuclear, which also won't fix the problem today, if we are going towards electric cars and fuel cell vehicles.

[feederband]

IMO the higher the oil prices, the better. That way we'll be forced to use non-polluting energy alternatives that have been staring us in the face for decades.

Every day a massive ball of energy rises in the east and sets in the west for all the world to see. Yet we fail to exploit it and instead try our level best to suck the last remaining drops of pollution producing gunk from the bowels of the earth.

I swear, this generation needs its head examined!

Oil prices are just destoying this county..If people not being able to buy gas or feed their family, and people are losing their jobs, houses and industries are folding is a good thing I wonder what a bad thing is...

Solar technology is still to expensive...Drill for oil is the quickest fix...While we are doing that we should find its right replacement and spend tons of money to get it right..

"Quickest fix". Yep, that's what we've ALWAYS been about.

Drilling for oil won't help us NOW. Solar energy is one replacement and while we're looking to spend "tons of money" on it to get it right, why not begin using "expensive" solar energy?

Because everone is broke NOW....

Oil will not help us now...But it is the quickest thing and this is what we use now.

No one but the rich can use Solar right now..

Is everyone but me willing to let the American Way just go down ... We are headed for ,and real quck I might add for a complete disaster and nobody wants to do anything...

[feederband]

Regardless, the government isn't in a hurry to do anything fast, so don't expect big changes.

Nobody is....Lets just let the whole country burn down and start over...Thats what is going to happen anyway..

[southerngale]

Hey, guys. When you see obvious political posts, please use the report post feature. Even if you didn't start the political discussion, it's still not ok to engage in it.

And thanks to those of you who already do.

[gtalum]

I think your doom and gloom is a bit premature feederband. Things are tough for a lot of people, but at worst this is looking like a repeat of the 1981-1982 recession, and we came out of that one okay.

[feederband]

I think your doom and gloom is a bit premature feederband. Things are tough for a lot of people, but at worst this is looking like a repeat of the 1981-1982 recession, and we came out of that one okay.

If we do nothing like we are now it is very gloom and doom...In the last 3 months I no 4 people that lost their jobs do to low sales...And they are in retail and food...Industries that for one depend on trucks to get the product in and two people with a little extra money to buy there products...This one feels way different than 81-82.. And this from the people that had to deal with it...I was only 11..

I dont see how this thread could political...No side is duing anything and it is affecting all of us..

[LAwxrgal]

There's really no such thing as a 'quick fix..' This problem took a long time to develop... and as such needs a long-term solution.

Heaven help us if a storm hits the Gulf Coast oil-producing region this year... we might see $200 for a barrel of oil and $10/gallon gas.

[gtalum]

The part I find most amusing, in a sense, is that once oil does crash, people's retirement accounts are going to go in the toilet because fund managers have been going very heavy on energy the last few years. Then people will be complaining that oil is too cheap.

[feederband]

The part I find most amusing, in a sense, is that once oil does crash, people's retirement accounts are going to go in the toilet because fund managers have been going very heavy on energy the last few years. Then people will be complaining that oil is too cheap.

True on people losing their butts..But what will cheap oil be? $100.00?

[gtalum]

I'm guessing below $80. We won't hit below $50 oil again unless and until the feds drop their weak-dollar strategy.

[george_r_1961]

The part I find most amusing, in a sense, is that once oil does crash, people's retirement accounts are going to go in the toilet because fund managers have been going very heavy on energy the last few years. Then people will be complaining that oil is too cheap.

I have never invested in energy because I believed in the Great Bubble. IF oil does crash, and notice I say IF not WHEN, anyone not quick enough to sell their shares is gonna be in a world of hurt.

The market remains volatile with speculators looking for any excuse to keep the oil prices high.

[cycloneye]

Well guys,today a relief from continuing rise in prices as Oil tumbled over $4.It closed at $141.37.

http://money.cnn.com/2008/07/07/markets ... 2008070715

[gtalum]

I have never invested in energy because I believed in the Great Bubble. IF oil does crash, and notice I say IF not WHEN, anyone not quick enough to sell their shares is gonna be in a world of hurt.

The market remains volatile with speculators looking for any excuse to keep the oil prices high.

Mark my words: it is a bubble. Bubble behavior is hard to predict though. The fact that the "experts" are pushing oil stocks really makes me think the end is in sight. They're trying to drive up prices before they get out just ahead of the pop.

One big reason everyone's speculating so aggressively in oil right now is the fact that there's nowhere else to go with cash to invest for the "get rich quick" schemers. Real estate's in the toilet globally, the stock markets are all way down and they'd been flat for a while before that. When money all pours into one thing, like oil (and real estate before that, and tech stocks before that), there's a massive bubble and it will pop violently as soon as demand starts to fall off due to the prices. Every time, all the "experts" say "this time it's different!", but it's always the same story. It doesn't pay to get freaked out about these bubbles, and it's not going to be the end of life as we know it. Remember, just two years ago everyone was lamenting the fact that real estate was so expensive that nobody could afford to buy a home. Further, as I've noted elsewhere in this thread, Americans spend less of their income on energy today than they did in 1982, so these prices are not unprecedented nor will they kill our economy even if they do lead to pain in the short term.