Posted on 06/26/2008 4:53:20 PM PDT by 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.
(Excerpt) Read more at money.cnn.com ...
You’re right, my bad. I was thinking in terms of US, I misread. But yes, China and India are the new boom areas, many more haves there (Brazil, too, has been having some successes). I guess those hoping for a distribution of wealth, by which they meant Americans distributing their wealth, have gotten their wish.
It’s very simple — you have to think like an immigrant. Work hard (very hard), don’t take anything for granted, don’t let any opportunity slip past you. Sacrifice for the next generation.
For every one of those, I can show probably 5 that come here, bringing their corruption, and bad attitudes with them. Most don't even bother to become Americans, hang onto their cultures, and stay within their own communities.
Even many with that have been successful, that have their own businesses, only hire their own and isolate themselves. That why you have a fragmented American society today. You've got Korea communities, Vietnamese communities, Muslim communities, and the list goes on and on and it's been this way for many years now.
I can show you entire cities where you have to actually look hard to see store signs in English.
Fragmented does not begin to describe what is occurring in America today.
Immigrant patterns are different because it's now possible to easily talk with the “old country,” fly to the old country and more or less stay in constant touch with those in the old country. This didn't exist a hundred years ago. Crap, I remember when a phone call from California to New York was a big deal...Long distance!
We're also seeing immigrants move freely and unapologetically back “home.” A few years ago it Irish guys moving back, now it's Poles leaving.
Immigrant patterns are different
No doubt about it.
I agree also. I hope the ‘undecided voters’ wake up and see how bad OsamaBama would be.
If he gets in just watch. China will make moves, Israel will probably be hit before it hits back, as we will be hit within our own shores should we intervene in any of these conflicts. Israel is such a tiny nation.
On the other hand, if during a conflict Iran nukes our carrier tasks force in or near the Hormuz straits we would be hard pressed into making that a justification to retaliate in kind.
It is what it is. We live in a mobile world. People will go where there are jobs — or the chance of jobs.
So you are suggesting that in the utopia of the past, when immigrants came here, they instantly learned english (if they didn't speak it, and they very quickly integrated into mainstream society?
I don't think it was so rosy. It takes time for a new segment of the population to find it's own version of "American".
Do you really claim that the America of your grandfather had the same culture as the America of the Original Americans (the pioneers)?
This is a dynamic country, ever changing to suit the current population influxes. If you want cultural stability, move to a homogeneous country with an actual long and seamless history of continuous lineage and culture. (good luck!!!!!!!)
Good point.
I heard that it's about 34% here.
At $7-9 a gallon we’ll be seeing truckers striking, gas stealing and violence. It will start in the cities even though the country folk will be taking a harder hit.
More than some people think. The average price of oil paid by the refinery in April was $105.57/barrel.
In March, the Average futures price for April Delivery Oil contract was $105.42/barrel.
Refiner Acquisition Cost of Crude Oil
http://tonto.eia.doe.gov/dnav/pet/pet_pri_rac2_dcu_nus_m.htm
NYMEX Futures Prices
http://tonto.eia.doe.gov/dnav/pet/pet_pri_fut_s1_m.htm
What’s wrong with telling the oil companies that they can’t import any more oil than they produce?
Many oil companies, like ExxonMobil, actually buy more Crude Oil than they produce.
Since we keep much of our most promising area off limits for them to produce, it seems we have other problems to fix first, like opening up more of our country for production.
Why will us country folks take a harder hit?
The folks who are really screwed are the exurbanites who decided to buy a house 35 miles from work because they wanted the high class lifestyle that they couldn't afford if they lived within 10 miles of work.
Some people expect to be handed their dream. Others expect to work for their dream.
For some being a have means they can eat. For others being a have means they can buy a new car every year.
Being a have IS relative, unlike some other things.
And then there are those of us that bought a house within 3 miles of work and first had work move 12 miles, then a 30 miles, away.
Bummer.
But, adaptation is a wonderful thing, and with a motorcycle it's fun too!
True enough. I meant ‘haves’ in terms of having basics, affording to eat, affording rent anywhere in commuting distance to where one works, working a livable wage. Things that were once veritable givens if one was willing to work. I imagine some do consider themselves have nots because they still have the same car 3 years later, or have cancelled vacations. It does reflect a growing trend either way.
Those things are still veritable givens if one is willing to work.
Admittedly, you may have to make some changes.
The cable TV and high speed internet access may have to go, you may have to sell the house and buy, or rent, closer to your job, , give up the land line and three mobile phones and go with JUST the land line or JUST one mobile phone, etc.
We haven't gone into a "Great Depression", at least not yet.
When I see welfare mothers without mobile phones, cars, and big screen TVs I'll start to worry a little.
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