[avacado]

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

[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.

[Red Badger]

We’re in a sheik-down.......

[11th Commandment]

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

[bjs1779]

Oil hits record of $107 a barrel

[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.

[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.

[MEGoody]

I'm sure we ship large quantities of food to OPEC nations. Every time they reduce production, we should reduce the amount of food we ship to them. Every time they raise prices, we should raise the price of the food we sell them.

If they balk, tell them we have to do these things in order to 'afford' their oil.

[Wiseghy]

These folks are risking a global recession. Also, the planet looks more stable than it has been in a long time, so this thing about geopolitical tensions just doesn’t wash.

We may, in fact. be reaching “peak-oil” at least over available, developed supply. They control the currently developed supply. They know that Democrats will never develop domestic sources, and will simply make noises about conservation, mercury filled light bulbs, ethanol, and more conservation.

Soon we will be like Europe and elsewhere world, and will be stumbling down dark stairwells and driving tiny cars and motorcycles while paying hyper-high rates.

[Man from Oz]

I found this cute little question in a page of the November, 2005 issue of Power Engineering entitled “What Oil Shortage?” and it is as follows:

What Oil Shortage?

A lot of folks can’t understand how we came to have an oil shortage in our country.

Well, there’s a very simple answer.

Nobody bothered to check the oil.

We just didn’t know we were getting low; and the reason for that is purely geographical.

Our oil is located in:

Alaska
California
Coastal Florida
Coastal Louisiana
Kansas
Oklahoma
Pennsylvania
and
Texas

Our dipsticks are located in Washington, D.C.

MFO

[Dane]

Yuh know, maybe Carter’s program of synfuels was a good thing, getting all of us from the al-queda sympathizing sheiks, but Reagan listened to his “true” conservative advisor, David Stockman, and the rest is the history that we are living in now.

[RightWhale]

OPEC President Chakib Khelil

His guess is as good any anybody's.

[Red in Blue PA]

Three words: Solar. Tax. Incentives.

[Gritty]

[count-your-change]

The continued expansion of the money supply doesn’t bode well for immediate future. As the fed funds rate has been cut again more inflation is on the way and oil prices will continue to bump up. All sorts of excuses will arrive with each oil price rise: it’s summer, the Arabs or this or that but in the end a massive wealth transfer is taking place and most of us are on the wrong side of the action.

[DustyMoment]

Oil Spike to Last Through 2008: OPEC President

And, we have Bush's strict energy policy to thank for the low gas . . . . . oh, wait!! My bad - Bush doesn't HAVE an energy policy and could care less that most of America is going broke driving to/from work so they can pay their taxes.

In previous administrations, oil from the SPR has been used to counter OPEC's influence on gas prices. I guess Bush never heard of the SPR.

[hosepipe]

Whats to stop the oil spike.. Oil companies make more money for doing NOTHING.. NO DRILLING NOTHING..