If I hear "the Euro-peons have been paying well over this amount for over 40 years" again, I'm going to ... well I'm just going to!
$62.90.
This time it REALLY is Bush's Fault.
My wallet can not take any more of this.
$63.50 now
Crude-Oil Prices Hit Record $63 a BarrelBUDAPEST, Hungary(AP) Crude-oil prices rallied to a new high above $63 a barrel on Monday, reflecting market fears over the U.S. embassy closure in Saudi Arabia due to security threats and concerns that shutdowns of U.S. oil refineries would reduce supply.
Light, sweet crude for September delivery rose to a high of $63.80 a barrel on the New York Mercantile Exchange before falling back a bit to $63.50, up $1.19.
Prices had settled at $62.31 a barrel on Friday, a record close for crude since Nymex trading began in 1983.
"The market clearly has the jitters," said Deborah White, energy analyst at SG Securities in Paris.
Gasoline gained 3 cents to $1.8620 a gallon while heating oil rose 3 cents to $1.7630 a gallon.
Next, oil up to $70 per bbl on fears that armpit hair on Palestinians may contain toxic bio-agents that will cause a global problem with Pali BO.
I'm counting the days when this absurd oil bubble pops. Anyone remember the Pacific Rim bubble ala George Soros, or the shorting of the British pound ala George Soros, or the foiled attempt to short the US dollar by Berkshire Hathaway and George Soros and the... ?
If I hear "the Euro-peons have been paying well over this amount for over 40 years" again, I'm going to ... well I'm just going to!
why don't you tell us how this is really legitimate, that its not fear and speculation driven, that the price move today is really driven by some supply/demand shift that happened - today - to cause it. how speculation and "fear" really can't drive the oil market because its too big.
I need a good laugh.
I heard the world will end with nuclear blast in the next week or two. Do I hear $10 million a barrel?
More interesting analysis here:
Robert Baer, writing in Newsweek:
Ten days ago, in Damascus, I sat down with a Syrian official I've known for years and asked the question on everyone's mind. What's with the jihadists crossing Syria's border into Iraq? There is no way anyone can control a long border like that, he said, sounding the official line. Then he dropped a bombshell. Of 1,200 suspected suicide bombers arrested by Syrian authorities since the beginning of the war in 2003, 85 percent have been Saudis.
Eighty-five percent? This can't be good. Saudi Arabia sits on 25 percent of the world's proven oil reserves. It is the only producer with enough spare capacity to stabilize oil markets during crises. So what if these jihadists crossing from Syria into Iraq decide, sooner or later, to take their war back home, perhaps by attacking the kingdom's oil infrastructure in the same way the Iraqi resistance is doing in Iraq? That's a scenario that keeps Washington awake at night....
http://msnbc.msn.com/id/8853607/site/newsweek/
If you can't beat 'em, join 'em! Buy oil company stock.
Regardless the various reasons for the prices, demand pressure, oil refineries problems or political hiccups. The fact remains that we are in the worse energy crisis since the 70s. We could have been the instigators of change, but now change might be forced upon us. We held onto the combustion engine, and not invest big into what comes next. If we had, I know it would be ready by now. However, we choose the expedient path, and now the chickens come home to roost.
hmmmm....seems about average considering what we're getting (or able to get) on MPGs.
close to paying the same price per gallon that we were 25 years ago. (maybe slightly higher).