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

[Cryomaniac]

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

Personally I believe it won't get much lower than $100. $95 at the lowest.

[gtalum]

I can't see why it would settle that high. There's nothing inherently different in the oil market today from back when oil was <$40 per barrel. Factor in a 50% drop in the dollar's value (which is actually bigger than the actual drop) and that puts you at $80 per barrel.

[Stephanie]

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.

I can't argue with that statement. You just hope that the fund managers handling your 401K are realizing it is a bubble and are investing your money with care.

Once this bubble bursts, another one will always take it's place.

[cycloneye]

Yes!! Oil has gone down more than $9 in 2 days.

The price of light sweet crude for August delivery tumbled $5.33 to settle at $136.04 a barrel on the New York Mercantile Exchange. It was the lowest level in nearly two weeks, and followed a drop of $3.92 Monday.

http://money.cnn.com/2008/07/08/markets ... 2008070815

[Cryomaniac]

Good news the past couple of days. But this isn't the first time oil has fallen sharply. I think the fall could continue, and I hope it does.

[dizzyfish]

Now, if the price at the pump follows - I will be a happy camper.

So to speak.

[cycloneye]

Now, if the price at the pump follows - I will be a happy camper.

So to speak.

Always the prices at the pump are retarded from what oil is doing.So dont expect that gas prices will go down rapidly.

[frankp]

We have not taken over Iraq either. We are not the government running that country.

No, but we established a government that is favorable towards the US in every possible way imagined. Isn't that similar or the same!!!

Wrong yet again Hurakan.. They established here own government. Take your "America is a big bad bully guy" glasses off for two minutes

The Iraq War did contribute to the high gas prices because it has been extremely costly and we borrowed the money from China to help finance it. This helped to weaken the dollar and a good percentage of the increase in oil prices is because of the weak dollar.

Not saying the War is right or wrong to avoid politics but it has certainly contributed to making gas (and other products) more expensive for all Americans.

[senorpepr]

Now, if the price at the pump follows - I will be a happy camper.

So to speak.

Always the prices at the pump are retarded from what oil is doing.So dont expect that gas prices will go down rapidly.

Something that has made me scratch my head: Here in Omaha, the gas prices spiked shortly after the big price jump in oil, around the beginning of June. Before my wife and I celebrated our anniversary, regular unleaded was running around $3.859 a gallon. Thereafter, it was $3.999. Since then, the price hasn't changed much. It was study at $3.999 for a couple of weeks. I noticed a jump in the price of oil, so I decided to fill up before gas goes up the next day (as it has the tendancy of doing). I was surprised--the next day, the price DROPPED to $3.979. About a week ago when oil jumped to ~$146/barrel, I did the same thing: I fueled that night expecting the price of gas to go up. The next day: the price DROPPED to $3.959.


...and it still amazes me that I complained about Nebraskan gas prices when I first got here in 2003. (Nebraska has higher gas taxes, making it relatively more expensive than neighboring states. When I got here in 2003, the price in Missouri--where I'm from--was around $1.20. In Nebraska, it was an "outragous" $1.35!)

[cycloneye]

Courtesy of Iran,here is the result:

NEW YORK (CNNMoney.com) -- The price of oil made a late rally Thursday and settled more than $5 a barrel higher as traders reacted to talk of further turbulence in Iran, which threatens the supply of Middle East oil.

Light, sweet crude settled $5.60 a higher to $141.65 a barrel. Prices had soared as high as $142.04 earlier in the day.

Oil Prices soar today

[HURAKAN]

Or at least that's the excuse today.

[feederband]

Or at least that's the excuse today.

If Iran was smart they would test missles everyday...The make
alot of money off high oil..

[Cryomaniac]

Well, overnight the price rose another $3 to about $145.

[Hurricanebob]

If only we could harvest the energy from a Hurricane! Hmmm wonder who will be the first to do that, Toyota or Honda... :o)
I'm just kidding for those car sensitive..

Things you can do to not spend so much on gas:

1. Plan trips, local errands, ie., stop by and pay a bill along the way to the baseball game.
2. Maintain your current vehicle, even if it is a gas hog...i.e., proper inflation on tires, etc.
3. Keep the jack rabbit off the line starts to a minimum and use cruise control
4. If equitable, get a more fuel efficient car...BUT, when you do look at cars, calculate the TOTAL cost of ownership vs your current vehicle. Total cost is gas, maint, payment, insurance, etc.
5. Take the bus!!! (ok i'm going overboard)

anyone else?

Bob :o)

[Cryomaniac]

Oil is now over 147 on kitco.com, $147.03

http://www.kitco.com/market/

[cycloneye]

Down from the $147 record but $147.27 is the new record high.

http://www.cnbc.com/id/25629793

[Stephanie]

If only we could harvest the energy from a Hurricane! Hmmm wonder who will be the first to do that, Toyota or Honda... :o)
I'm just kidding for those car sensitive..

Things you can do to not spend so much on gas:

1. Plan trips, local errands, ie., stop by and pay a bill along the way to the baseball game.
2. Maintain your current vehicle, even if it is a gas hog...i.e., proper inflation on tires, etc.
3. Keep the jack rabbit off the line starts to a minimum and use cruise control
4. If equitable, get a more fuel efficient car...BUT, when you do look at cars, calculate the TOTAL cost of ownership vs your current vehicle. Total cost is gas, maint, payment, insurance, etc.
5. Take the bus!!! (ok i'm going overboard)

There's more and more people that I know at work that are doing just that and the train. I'm just too far away and it's not cost effective for me at this time.

anyone else?

Bob :o)

[lurkey]

Oil Sinks to Near $138 on US Economic Worries

[feederband]

Also the Pres. In a dramatic move yesterday removed the executive-branch moratorium on offshore drilling. Now if congress will just follow it will go down even more..

[gtalum]

Also the Pres. In a dramatic move yesterday removed the executive-branch moratorium on offshore drilling. Now if congress will just follow it will go down even more..

I doubt that had anything to do with it. The speculators know there are still two layers of red tape to get through before we can even consider any drilling. The price actually climbed this morning early.

Bernanke's comments on the US economy had the biggest effect, I suspect.