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Author Topic: Oil hits above $129  (Read 2804 times)

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Offline Airwolf

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Oil hits above $129
« on: May 20, 2008, 04:10:06 PM »
http://biz.yahoo.com/ap/080520/oil_prices.html?.v=8


AP
Oil settles above $129 for first time
Tuesday May 20, 4:56 pm ET
By Adam Schreck, AP Business Writer 
Crude oil futures pass $129 a barrel for the first time, prices at the pump hit $3.80


NEW YORK (AP) -- Just in time for the start of the summer driving season: Oil near $130 a barrel and gas getting closer to an average of $4 a gallon.
Crude prices spiked to yet another trading high Tuesday as supply concerns mounted. At filling stations across the country, the national average price for a gallon of regular gasoline touched $3.80 for the first time, having followed oil's spectacular rise.

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Offline DixieBelle

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Re: Oil hits above $129
« Reply #1 on: May 20, 2008, 04:24:09 PM »
damn. just damn!
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Offline Willow

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Re: Oil hits above $129
« Reply #2 on: May 20, 2008, 04:31:23 PM »
I think I mentioned already that the US should charge as much for food shipped to the OPEC nations as they charge us for oil. Prices might drop rapidly!
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Offline JohnnyReb

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Re: Oil hits above $129
« Reply #3 on: May 20, 2008, 04:44:18 PM »
Quote from: Willow on May 20, 2008, 04:31:23 PM
I think I mentioned already that the US should charge as much for food shipped to the OPEC nations as they charge us for oil. Prices might drop rapidly!

Unfortunately, the Arabs buy their food from the Joooooos.
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Offline Lauri

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Re: Oil hits above $129
« Reply #4 on: May 21, 2008, 01:15:02 PM »
i just heard the president of Shell telling Congress that over 62% of America's land is not available to drill for oil exploration.

he states that for the past 30 years, the environmentals in Congress have stopped exploration at every turn.

i wish i could watch it to see how fumed the Congress is going to be.. Liberals, you have been told its your fault by the very people you are scapegoating.
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Offline Airwolf

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Re: Oil hits above $129
« Reply #5 on: May 21, 2008, 02:37:48 PM »
Not only that Lauri but the production rate in this country since 1985 has been cut in half. I don't know who is at fault but it needs to be fixed. Today they said the price for a barrel of oil is now at 132.41 dollars.
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"Someday, when all your civilization and science are likewise swept away, your kind will pray for a man with a sword."-- Conan the Barbarian

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Offline DixieBelle

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Re: Oil hits above $129
« Reply #6 on: May 21, 2008, 02:46:32 PM »
let's hope the American public starts seeing Congress for the fools they are. And I hope they aren't shocked by the dismal approval rating!
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I can see November 2 from my house!!!

Spread my work ethic, not my wealth.

Forget change, bring back common sense.
-------------------------------------------------

No, my friends, there’s only one really progressive idea. And that is the idea of legally limiting the power of the government. That one genuinely liberal, genuinely progressive idea — the Why in 1776, the How in 1787 — is what needs to be conserved. We need to conserve that fundamentally liberal idea. That is why we are conservatives. --Bill Whittle

Offline Airwolf

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Re: Oil hits above $129
« Reply #7 on: May 21, 2008, 03:16:17 PM »
Drudge reports that oil is now at $133/Barrel

http://www.breitbart.com/article.php?id=D90Q6S300&show_article=1
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MOLON LABE

"Someday, when all your civilization and science are likewise swept away, your kind will pray for a man with a sword."-- Conan the Barbarian

Clint Eastwood - Because God wanted Chuck Norris to have nightmares.

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"He's my hero, you don't put away your heros, you honor them!"

Offline lars1701c

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Re: Oil hits above $129
« Reply #8 on: May 21, 2008, 03:41:48 PM »
While Drilling might lower the price, I just read its these damn speculators saying that maybe in 5 years we might peak on oil so its ok to jack the price up way past what "supply and demand" dectates? someone has to rein in these speculators.
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Offline Airwolf

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Re: Oil hits above $129
« Reply #9 on: May 21, 2008, 04:34:30 PM »
So squeezing us into anarchy is the answer? Next to lawyers we should probably start rounding up the speculators for being frackin assholes.
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MOLON LABE

"Someday, when all your civilization and science are likewise swept away, your kind will pray for a man with a sword."-- Conan the Barbarian

Clint Eastwood - Because God wanted Chuck Norris to have nightmares.

"I am not a Number,I am a free man"

"He's my hero, you don't put away your heros, you honor them!"

Offline Tess Anderson

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Re: Oil hits above $129
« Reply #10 on: May 21, 2008, 08:41:49 PM »
$133/barrell? (gasp)

At first, i thougt this guys was nuts:
Quote
“[T]he prices that we’re paying at the pump today are, I think, going to be ‘the good old days,’ because others who watch this very closely forecast that we’re going to be hitting $12 and $15 per gallon,” Hirsch said. “And then, after that, when oil – world oil production goes into decline, we’re going to talk about rationing. In other words, not only are we going to be paying high prices and have considerable economic problems, but in addition to that, we’re not going to be able to get the fuel when we want it.”

http://www.businessandmedia.org/articles/2008/20080521145247.aspx

Okay, I still think he's nuts, but this could happen.
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Offline Chris_

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Re: Oil hits above $129
« Reply #11 on: May 21, 2008, 08:50:58 PM »
I'm wondering how much of this is the value of the oil (marketed and sold in US dollars) and how much of it is the value of the dollar itself.  The dollar has been dropping while the price of oil rises.  The Euro trades at about 1.80 per USD.  For them, a barrel sells at about 72 euros.  If the value of the dollar had remained steady over the last 3-4 years, would we still be paying 60-70 dollars for our oil?
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