Topic: Oil hits record 66 a barrel!

[Jack Morris]

http://biz.yahoo.com/ap/050812/oil_prices.html?.v=12

Can I get a 70? 

It could happen folks, and not too many days from now.

[_Rondo_GE The OutLaw]

Clsoing in on $3.00 a gallon her in San Diego.  Already a few stations with over 3.



How much can we take?  And why is it happening?  Why do we keep hearing that we don't have enough refineries? 

Sounds like a crock of sh*t.  Suddenly we don't have enough refineries ???  Where did the one's we have three years ago go?  Did we have an influx of 40 million illegals?

what?

I dont know why i bother listening to the news...

[_Rondo_GE The OutLaw]

Start washing your hand George, it didn't work...

[Sethan]

I figure we're due for a price correction on oil here pretty soon, that will take it down to around $55/barrel (we may hit $70 first).

I don't imagine it will stay there long before going back up.

US energy needs continue to increase, China's energy needs are soaring, and various third world nations are beginning to industrialize.

Soon, demand will outstrip maximum production - and when that happens, things will get ugly.

The day demand is 1 barrel more than production, oil will go >$100, and keep going until they stop trading, if they don't stop it before then.

[Dracho]

Most of the experts are now saying that it's no longer production that's driving prices, it's purely speculators.  Watch oil hit $75 a barrel and watch governments intervene to stop the speculation.

[Jack Morris]

It is partly due to speculation, but as Seth pointed out, the world's energy levels are SOARING as we are putting too many people on the planet to support that kind of dpendence on a commodity that is non-renewable.

Unless we have another MAJOR world war, this problem can and will get worse. Baby boomers are retiring, their kids are driving NEW vehicles on average (I was lucky to drive the 2 yr old third family vehicle, but that was a rarity here in Austin in 86, most kids in school had to buy their own or share one with other siblings if they even had that resource in their family), American population is booming due to foreigners coming in (our birth rates have DECLINED, not INCREASED), we are the world's largest energy consumer, but China is not far behind from surpassing us, and their population FAR surpasses ours, and let's not forget India.

And as Pun pointed out, there are about 20 million illegals already in the U.S., and most of them drive cars now, so BOOM, needs increase!

[Jack Morris]

I meant to add there is also a change of attitude in driving habits in the past decade. I can remember I was allowed to drive to Austin from Round Rock (16 miles each way) for SCHOOL AND WORK, I got weekends free to play, but my parents watched my miles. I used to get my arse chewed out for putting more than 1k a month on that car! Now it is NOTHING for people to put 1k in miles driven in 3 weeks or less!

[toasty0]

Oh c'mon, you cry babies, you can handle at least 4.50 a gallon and you know it.

Oil prices should be around the 72 to 80 dollar a barrel mark and it will be by next summer.