Oil Price Watch

[unrepentantcowboy]

Yeah, lefties holler about big oil, when goddamned nationalized oil countries control over 80% of know reserves of oil in the world.

The largest private holder reserves in the world is Exxon. They come in 9th on the list.

I'm not trying to say that big oil companies are good, just that they ain't near as big or powerful as people think and they damn sure ain't in charge where oil prices are concerned.

We get nationalized oil and we'll get fucked even worse.

[doghouse reilly]

Oil broke $91. Heading into uncharted waters once again.

[doghouse reilly]

article at link below

http://www.bloomberg.com/apps/news?pid=20601087&sid=asRxaqSNoT4o&refer=home

[bkwillia]

http://www.upstreamonline.com/market_data/?id=markets_crude

Very thorough oil spot price page.  Says WTI is at $91.99.   This thing is in runaway mode.  Eventually we should see a bombshell from the financial sector related to trading losses.  There are going to be some people losing billions on the oil derivatives market.  Just think how many hedge funds must be holding out-of-the-money oil futures contracts that need filling.  They must buy now, or risk losing ever more as this march continues towards $100.  All those asshat talking heads will eat their hats.

[Bruce]

 Think about this. The timing is HORRIBLE. We are right at the edge of the winter fuel hikes. No telling where this thing is gonna go............. bruce

[DeathHand]

jumped to 92.00 but still not as much as it was in the 80's 101.$ adjusted with inflation !!!!!!

[Bionic_Oil_Gut]

jumped to 92.00 but still not as much as it was in the 80's 101.$ adjusted with inflation !!!!!!

Even with the inflationary adjustments there is still one very important factor that is rarely taken into consideration......wait for it...........................

)))))))))))))))))PERSONAL DEBT(((((((((((((((((((((

Now I am not a betting man, but if I were, and we did account for this factor I would dare say that oil in today’s real monetary terms would have to be hovering around $150 to $170 PB

Thoughts peakers?

[Chip Haynes]

I think waaaaay too many people do not pay cash for gas, and will simply "put it on the card" every time they fill up and hardly notice the price. They get that monthly credit card bill, write a check for the minimum payment, and off they go for another month. Where it's going to hit first, I think, is in the minimum wage service industry- the burger flippers and baggers. Once a gallon of gas equals an hour's work, these people are going to be seriously re-assessing their jobs.

What I'm waiting for right now is the price of gas to catch up with the price of oil.

[willow]

I think you are right, Chip. If a lot people weren't paying for gas with credit, they would already be feeling the pinch. Once they have to pay with cash AND the price goes up rapidly, they really won't be able to afford the drive to a low paying job. Then what??

[REDREAMER]

What I'm waiting for right now is the price of gas to catch up with the price of oil.

THE SHEEPLE MIGHT NOTICE THAT.......

[the_guy_with_the_gun]

Then I quit my job and find more productive things to do with a shotgun. 

[willow]

And you probably won't be alone!

[Chip Haynes]

Ok, I admit it: I do carry two credit cards in my wallet, but there are, quite literally, for emergency use only. We keep our card balances paid off as soon as we use them, but I know we are the weirdos on this bus. Most folks use credit cards for everything, and cash for nothing. As long as they make the minimum payments on each card each month, they think they're doing ok. No one ever stops to calculate how long it would take them to pay off those cards if they didn't add any more to the bill- but they DO add more to the bill- every day. They will never be paid off. I don't expect gas prices by themselves to be much of a wake up call for most people here in the US. It's going to take rationing- it's going to take NO gas- to get people to change the way they live their (quite literally) fuel-injected lives. And that change, however much it is needed, is not going to be pretty.

I'm just glad both the wife and I are just a wee bit Scottish, if you get my drift.

 

[REDREAMER]

LOL yeah i do .... me too.... and we don't use credit cards for petrol..... (sorry can't get used to calling it gas...)

my mum is actually fully scottish.... and it's true what they say.... i learned frugality from her....
I have noticed not many people actually use cash... that's different.

[1234]

jumped to 92.00 but still not as much as it was in the 80's 101.$ adjusted with inflation !!!!!!

Does anyone know the exact adjusted number, because I heard 91 dollars a couple months ago when oil was at a "comfortable" 70$.