U.S. Crude Hits New Record-($ 45-50/Barrel Here we come baby ! ! !)

Reuters ^ | Sunday May 16, 10:14 pm ET | n/a

[Jorge]

I have to tank up tomorrow and am not looking forward to seeing the bill.

Same here. My gas bill for driving back and forth to work and running the usual errands on the weekend has risen from around $5 to $8/week.
It's killing me.

[Joe Hadenuf]

If you all would just pressure your Congress a**holes to VOTE to drill on ANWAR, the CA. Coast, the Louisiana Gulf etc.

LOL! We've been trying to pressure Congress and the rest of the elite in DC for *years* to stop this endless million man conga-line of people entering our country illegally, as they force us to pay for them.

Good luck pal...

[Flavius]

pandemonium

[Born Conservative]

I'm not good at economics; can you explain why you think the oil market will "crash under it's own weight"? (I sure hope your theory comes true)

[Big Horn]

I am with you and will include medical bills. What are naxos c.d.'s?

[yonif]

It won't matter if the prices rise. The demand for it is inelastic, so there will always be someone there to buy it.

[Big Horn]

I am with you and will include medical bills. What are naxos c.d.'s?

[GailA]

Be sure to complain about the enviro whackos driving up the price and not letting us drill in our own back yard. Wal-Mart gas can be gotten for 3 cents less per gal if you get one of their shopping cards. I bought a $20 one today, filled hubby's car that way.

[Flavius]

One part is that as long as the prices climb, Russian and other hard to get oil deposits become profitable, hence
Saudi Loose cash... they dont like to loose cash ...
So they lover it down... to prevent other clowns from getting in...

We however we pay.. apart from that I dont know of other reasons for Oil Glut Crash...

I should have bought Oil stocks as soon as W got in... But nooo I had to into biotech geesh

[Jorge]

For perspective, I was in a restaurant the other night and was paying $4 for 12-oz beers. The total bill came to $120. Just today, I went to a clothing store and laid out $200 for trousers, shoes and shirts. Then I went to the supermarket and spent almost another $200 just getting food for the next week.
Again, not that I like paying $2 a gallon for gasoline, but it's hardly going to make much of a dent in my overall budget.

Well if the above is typical of your spending habits I would say your budget allows you more wiggle room than mine does :)

[Flavius]

thats absolutely right

[Flavius]

thats absolutely right

[inflation]

While it may not be hurting people very much at the gas tank right now, it is hurting the railroad, air and truck transport industries. That will make the cost of most goods rise and that isn't a good thing.

[RFEngineer]

I posted this on another, less active thread:



I have a couple of question for folks on this thread:

* Is there a threshold price for gasoline that makes this the presidential campaign a "one issue" election?

* What is it?

My supposition is that somewhere in the vicinity of 3 bucks a gallon, people will start asking "which candidate will reduce the price of gas?" I expect the answer that the electorate will want to hear is the "quick fix" answer. Therefore I think the issue would favor Kerry.

Just wondering what folks think.......

[Joe Hadenuf]

For perspective, I was in a restaurant the other night and was paying $4 for 12-oz beers. The total bill came to $120. Just today, I went to a clothing store and laid out $200 for trousers, shoes and shirts. Then I went to the supermarket and spent almost another $200 just getting food for the next week.

LOL, you obviously have money to blow.....

[Flavius]

no dude thats not my budget... wish it was but no

most of my excess cash finds its way into speculative stocks... cause well i have a gambling problem... but thats another story...

but gas i have to buy gas

[inflation]

Why doesn't someone run some ads explaining this to the American people?

[Flavius]

you mean in between fear factor

twin rich sisters

nascars going around in circle

wrestling

iraqi twister

michal jackson toby trials...

ahh wont happen... but good idea

[DHerion]

I understand we are still purchasing oil for our strategic reserve. Buying oil at $40 per barrel is absurd. We should only buy when it drops below $25 and sell when its over $35. 500,000 barrels per day release from out reserves could stabilize prices and raise 600 million dollars a month. With that additional revenue we could also cut the federal tax on gasoline by 5 or 10 cents per gallon for the summer driving season.

[Jorge]

While it may not be hurting people very much at the gas tank right now, it is hurting the railroad, air and truck transport industries. That will make the cost of most goods rise and that isn't a good thing.

Shop a Walmart. Maybe we can pressure China to make their slave laborers produce more for less to offset the higher energy costs.

Otherwise the cost of transporting their goods to the US might make them somewhat less competitive to Made in America products.