'Oil will hit well over US$100 and stay high'

Gleaner Company Ltd. ^ | July 10th, 2006 | Reuters

[BlackVeil]

$100 is rather high, I don't think it will go that far - but I think it will at least stay around current prices.

My view is that oil is not going back to where it was pre-2003, no matter what happens internationally.

[hunter112]

Me, too. I'm glad I live only five miles from where I work.

[durasell]

It's gonna get ugly out there. The long term eventual impact will be to decrease the price of homes in the exurbs, take a chunk out of consumer spending, and push a bunch of folks over the financial edge.

[Smokin' Joe]

The democrats need oil to be high to have any chance of winning at anything.

All their solutions to high oil prices involve additional taxes, which will inevitably be passed on to the consumer, and which will ultimately make things much worse... I would sincerely hope people are smarter than that.

[Neoliberalnot]

No question on the oil issue being used by politicians, especially the left-wing crooks, but, the book I read was written by a geologist. Hubbard's peak, as I recall, was first predicted in the 50s by an oil-field engineer, before the left-wingers decided to use it against the U.S. I don't question there are new oil reserves, but the days of geysers of oil spewing into the air are over. Heavy use of coal and nuclear energy are in our future. Energy trusts are a nice way to ride the wave of higher prices and offset the increase at the pump.

[Eagles Talon IV]

And they have made billions. More power to them. However the laws of supply and demand will never change and there is a point at which the demand for oil that is caused by surging economies will diminish as the coast of that which fuels their economy becomes something, due to its expense, that starves it. I believe that point is well before the $100.00 bbl mark. Oil is a far less important part of manufacturers profit equation then it used to be in the 70's, 80's and into the early 1990's. The pain is caused at the pump and since the consumer (spending) is about 2/3 of the economy it is the soaring gas prices that MAY cause the consumer to reign in his spending. That is what will bring the economy down and with it oil prices. The question is where is that tipping point?