Oil Price Watch

[MiccyNarc]

100.11. 

[Chip Haynes]

I'll see your $100.11 and raise you to $100.14 (as of a minute ago).

We'll have to watch and see if oil does it's usual slow after-lunch climb this afternoon, seeing as how it got through lunch over $100. We may see a record closing price.

Maybe even $101?

Stay tuned!

[suburban_junkscape]

Yea, I think oil might have closed above $100 yesterday. It then traded after market immediately below that level. Anyway it's all academic now:

``We should be looking at oil in the $120-to-$150 area by the end of the year without any major changes,'' said Peter Schiff, chief executive officer of Darien, Connecticut-based brokerage Euro Pacific Capital

That's keeping in line with the $200 oil Stephen Leeb and Matthew Simmons predict for 2010.

The real scary thing is we're seeing these oil prices amid projections of maybe 1.5% GDP growth in the U.S. in 2008. Of course, with these oil prices, maybe GDP can only manage anemic 1.5% growth at best.

[Saltypuppy]

Holy shit . . . I was watching the live streaming and just happened to be focused on the price when it when over $101 to like $101.27    or something like that!  We will see what "high" is reported today . . .   

[davzee101]

On CNBC (TV not internet) Oil is now 101.00 even.

[suburban_junkscape]

We've unofficially closed at $100.86 at noon PST. At the time of closure the Dow was up 130 points. Also the Fed came out forecasting slower growth and higher inflation. All three are bad news for stocks. Go figure.

[Saltypuppy]

I'm seeing $101 even as the closing price on the streaming chart . . . guess the experts will have to let us know. 

[cleiserle]

Last night on CNBC Fast Money, they had some commodity guru on who actually said..paraphrasing here....It's not that we are running out of oil necessarily, it's the fact we can't get it out of the ground fast enough, and at a resonable price..

So holy shit it's beginning to hit MSM....

We all knew this was gonna happen.........

[Bionic_Oil_Gut]

If oil has quadrupled in the past 8 years then hands up who believes it will do the same again? $400 per barrel may be the norm.

[Chesire]

If oil has quadrupled in the past 8 years then hands up who believes it will do the same again? $400 per barrel may be the norm.

Cool I can't wait to watch the asshats squeal about 12 dollar gas 

[StrangeFire]

I wouldn't be at all surprised at that, BOG. If the MSM is starting to talk about peak oil already, can doom be far behind?

[Bionic_Oil_Gut]

I hear you guys, Its gunna happen no doubt, i just hope i can get my shit together and set up right. No friggin use if I am starving with the rest of the pack with my finger pointing telling the weak "I told you so"

[fishsurfer]

If oil has quadrupled in the past 8 years then hands up who believes it will do the same again? $400 per barrel may be the norm.

I raise mine.  My only question is, is that growth going to be exponential? 

[suburban_junkscape]

Actually seeing the dollar sign followed by all of those digits made me feel scared.  Many of us have known about this thing for 5 years or more and to see it come to reality right on schedule is hard to describe. Even more disconcerting is how it no longer is much of a big news story. The 4x4's are still rolling by outside my window as I type.

[Coyflyte]

The 4x4's are still rolling by outside my window as I type.

Yea, tell me about it...

I bought my big 4X4 pre-PO awareness and have been trying to figure a way out of it without taking a royal ass-kicking.  I might have to just bite the bullet and get the thing traded before oil hits $125+ as it gets worth less each day.  Yes, I'm in denial as live in a rural area and actually need 4WD but what to buy and still be able to get around?  I've had to blow snow out of my driveway 5 of the last 7 days and have had to use 4WD at least 2 of those days. 

Sorry I got off-topic.  Winter is gonna suck post-PO. (It was -19 when I got up today and it was still -4 at noon.)

I wished there were some folks locally who'd participate in a oil price pool much like the sports office pools everyone seems to run.  First one to pick the new high and date gets the pot!

My prediction is that the new floor is $90, median price is $100, and upside resistance has moved from $100 to $110.  We'll pass $110 in 30 - 60 days depending on the severity of the rest of the winter.