Oil hits $140 for the first time (Fill-up tonight before it hits the pumps tomorrow)

CNN Money ^ | 6/26/2008 | Kenneth Musante,

[tobyhill]

NEW YORK (CNNMoney.com) -- Oil reached $140 a barrel for the first time ever Thursday following reports that Libya may cut production and an OPEC official said crude could hit $170 a barrel this summer.

Meanwhile, the dollar's decline against the euro added further upward price pressure.

"I think this is just a combination of all those" factors, said Mark Waggoner, president of Excel Futures in California.

Light, sweet crude for August delivery ended the trading day at a record settlement of $139.64 a barrel, up $5.09, on the New York Mercantile Exchange - the third-largest single-day jump on a dollar basis in trading history. The previous settlement mark of $138.54 was set June 6, when oil prices jumped a record of $10.75 a barrel.

Just before the close, oil spiked to an intraday record of $140.39 a barrel. The previous trading high of $139.89 was set June 16.

[Coldwater Creek]

In the 1920’s, my grandfather owned a oil lease at Burkburnett, Texas. He told me that gas was so high in those days, that he walked to work, because shoe leather was cheaper than fuel.

[aristotleman]

More than 50% is taxes. They believe that the more you tax it, the more they control demand, people choose smaller cars, public transportation, live closer to work, bike to the store etc......oh!....and the commie government makes billions.
For our own good.

[redhead]

"I paid $4.05 today, down from the local high of $4.19 about three weeks ago."

I put in 14 gallons today to the tune of $4.67 each... :o(

[xDGx]

This could be worse than Y2K :(

[Thebaddog]

It won’t go down until after the election. This is war on many fronts.

[aristotleman]

I’m starting to regret choosing to live far away from work.

The U.S economy could collapse in a massive way if gas hits $9 (realistic at this point either because of the market or a socialist government)

Are you all going to move away from the suburbs?

Or stop buying non-seasonal produce and imported goods?

Sounds like habits are about to change.

That’s ok though.

What made the ‘greatest generation’ so great, was it’s misfortune:

They went through a depression, and it gave them values.

The better your standard of living, the more things you take for granted.
Then you get flaccid and your society rots.

[ChinaThreat]

I agree. If there is an equivalent of Nero, this Congress is it. They fiddle while America burns.

[Eye of Unk]

Any bets on what dollar level it will take to get the crazies all worked up and they start torching the stations?

[RC2]

Some questions: How much do the oil companies pay for the oil? Not what the futures are running up to. In these times and the way our people are hurting, the speculators should be cut off for 5 years. What’s wrong with telling the oil companies that they can’t import any more oil than they produce? Or they have to produce 30% more than they import.

It cost the Arabs about $2 a barrel to produce oil. Tell them if they don’t cut the price of oil, we will no longer supply them with our technology or weapons.

[uncbob]

About a year ago Steve Forbes predicted oil at $45

Wonder what happened

[blam]

"I put in 14 gallons today to the tune of $4.67 each... :o( "

I was in a pay line today at the service station and a young (20's) Black guy ahead of me said, "Give me $4.00 of gasoline." I watched him go back to his car where three other Black guys were waiting, lol. (It's hard on everybody)

[blam]

"Any bets on what dollar level it will take to get the crazies all worked up and they start torching the stations?"

$7.00-$9.00 a gallon?

[Spktyr]

Got it covered. Weird checkerred paint pattern courtesy of prior owner, replacing with original scheme part by part.

55mpg *and* the speed to see off most Ferraris and all current production Vettes, anyone?

[Spktyr]

Forgot to mention: My insurance is $76.

Per year.

[durasell]

What made the ‘greatest generation’ so great, was it’s misfortune:

They went through a depression, and it gave them values.

---

Oddly, they weren’t able to pass those values on to their children.

[aristotleman]

Sad.

I think they didn’t realize that it was hardship that shaped their values and somehow decided that providing abundant material goods to their children would help them through life.

An error in judgment.

[valkyry1]

//This is war on many fronts//

I agree. And I suspect that their friends are not paying what we pay for oil.

[Thebaddog]

I agree with you, but it doesn’t matter, IMHO. It’s what we do to win this fall for us all, not for anyone in particular, again, IMHO.

[dragnet2]

What made the ‘greatest generation’ so great, was it’s misfortune:

Yeah, and right after the depression, they bought new homes for 2500 bucks, and remember my Dad saying, gimme a bucks worth of regular...They had a secure economy, most held the same jobs for 25 years, and heath benefits were considered no big deal or luxury...Most Moms NEVER had to work and could actually stay home and raise a family. Most Moms working now are doing so just to pay the heavy tax burden.

What the total cost of my parents first NEW home was... Are just about what people today are paying MONTHLY.

Misfortune my butt. Back then and right after the depression the U.S. was the land of opportunity, and affording things like basic health insurance, gas and a mortgages was not a daily punitive experience. It was actually a country that spoke one language and was united for the most part.

I'd trade the 40s, 50s and 60s to this any day.

[Publius]

In the period from 1929 to 1947, the average piece of real estate in this country lost 96% of its 1929 value. That's how big the bubble was in the Twenties.

When the war ended, veterans coming home were able to buy in at the bottom.