Oil Spike to Last Through 2008: OPEC President

Yahoo News ^ | 03/10/08 | William Mclean

[avacado]

OPEC President: "[Now that we have seen the Democrats' energy plan], Oil Spike to Last Through 2008..."

[mysterio]

It will last as long as oil based fuels are a monopoly.

[jpl]

This sounds to me like a very thinly veiled threat to use oil prices to try and influence our politics.

If a democrat wins the White House and the price of oil drops way down, then we'll know beyond any shadow of a doubt that we were being ripped off over politics and that it had nothing to do with supply and demand.

[Vaquero]

You need to wait to find that out....I am ready to accept the fact now.

[Red Badger]

We’re in a sheik-down.......

[avacado]

monopoly?

[11th Commandment]

NOT ONE POLITICAIN IN WASHINGTON is calling for more drilling. Start Drilling Now. Massive tax breaks to to drill now.

[Moonman62]

It will last as long as W is in office.

[mysterio]

Oil based fuels are 90 plus percent of the market. They are burned to transport everything.

So even if you're not buying oil based fuels for your car, you're buying oil based fuels in the goods that were transported.

Hope that the market produces an alternative before our entire economy is screwed.

[bjs1779]

Oil hits record of $107 a barrel

[NRG1973]

I thought that the liberals said that oil prices only go DOWN during an election year.

[cameraeye]

When Bush just found out that we will pay $4 bucks a gallon by June, I knew than that the arabs are trying to force our election to obama. If he wins the shieks will be amazed when it is not the arabs that get empowered, it will be the blacks of this country who will.

[AZLiberty]

It's commodity speculation. According to an NPR commentary the other day, even CALPERS (the California state pension plan) is investing big in oil futures, betting that the price will go up. Until the U.S. gets a handle on inflation, speculation in oil, gold, and other commodities will continue.

The NPR commentary suggested that the bubble could break at any time, driving the price as low as $30. Or it might not, leaving a possibility of $150 oil. Apparently the world is awash in physical petroleum -- oil stocks are plentiful. The only shortage is in "virtual oil", as speculators continue to bid the price up.

[quant5]

Well, I am not much of an Arab oil fan but this guy is right. Bad politics and arrogant, self-serving pricks running (ruining) our economy has caused this financial meltdown. We were likely due for a free market correction, but the financial market has been manipulated to the point that is beyond control of any individual or group to fix quickly. My own numbers show recession Q1 & Q2 of 2008 and slipping back into recession Q2 & Q3 of 2009. I assume we’ll see a modest recovery in 2010 but any other major blow to our economy we’ll see a collpase of the entire financial house of cards and short depression.

[pallis]

Let the terrorists have the Arab oil.

[Lou L]

The world economy could get some help with the arrival of a new U.S. president, and possibly a new economic policy

I don't see how they could possibly predict how oil prices or economies could be different or improved directly as a result of a new U.S. president. Hell, for all they know, a Democratic victory could spell the end of the U.S. as an economic power.

[Froufrou]

Sure, it’s a shell game. If we were to get organized and stage a stand-off, we could derail the train. It’s worth a try. But we’d need a Super-FReeper to organize it...

[avacado]

Okay, I now see what you are saying. Thanks.

[50sDad]

Good!

I am old enough to remember the farce "oil embargo" of the 70's. It lasted until it looked like America would be forced into actuall drilling our own and exploring for real altrnatives.

We are already paying for Dubi to have the tallest buildings in the world. It is time the oil price hurts us into action...provided that is what happens.