Oil Price Watch

[suburban_junkscape]

As far as adjusting the price of oil for inflation, keep in mind that much or even most of the inflation is the effects of oil prices themselves on the economy.

[Bionic_Oil_Gut]

You don’t get it?  Close to 1 trillion dollars in credit card debt alone + all the rest of the shit, subprime lending, 40% drought, no taxation threshold on oil compared to other countries (eg, Us: 2nd lowest excise in the world only to Mexico) to buffer the rising price of crude. USA will be the 1st to have the legs cut from beneath the knees.

[fishsurfer]

Yeah baby, early monday trading showing 93$ oil.  Bring it on. 

http://www.reuters.com/article/businessNews/idUSSP21758220071029?feedType=RSS&feedName=businessNews&rpc=23&sp=true

excerpt:
 Oil prices extended gains to set a new all-time high on Monday, lifted by heightened tensions between Turkey and Kurdish rebels in northern Iraq, as well as a second wave of abductions in major oil producer Nigeria.

U.S. light crude for December delivery leapt more than half a dollar to a record $92.43 in early electronic trade, adding to Friday's $1.40 surge. It was trading up 52 cents at $92.38 a barrel by 0027 GMT.

London Brent crude rose 41 cents to $89.10. It hit an all-time high of $89.30 on Friday.

"There remain concerns that oil market conditions are tightening and geopolitical tensions are continuing to add a premium to oil prices," said David Moore, a commodities analyst at the Commonwealth Bank of Australia.

[Bruce]

The CBS evening news this Sunday had a warning from economist that next weeks oil futures is expected to drive up causing economic troubles nationally and indeed world wide. We might see a reduction in oil prices down the road (notice I said WE MIGHT) but it will never get back to the 60.00 per barrel some have previously stated. In fact I would really be suprised if we ever see the 70's again. Around here the pump price has risen 10-15 cents per gallon. Just wait another two to three weeks and see what happens. As you all know it takes a while for the oil bid price to actually make it's way to the pump................................................ Bruce

[fishsurfer]

The CBS evening news this Sunday had a warning from economist that next weeks oil futures is expected to drive up causing economic troubles nationally and indeed world wide. We might see a reduction in oil prices down the road (notice I said WE MIGHT) but it will never get back to the 60.00 per barrel some have previously stated. In fact I would really be suprised if we ever see the 70's again. Around here the pump price has risen 10-15 cents per gallon. Just wait another two to three weeks and see what happens. As you all know it takes a while for the oil bid price to actually make it's way to the pump................................................ Bruce

They also overestimated the summer season as well, so our current prices are still a part of that but of course that time has basically ended and companies are now looking to secure the next few months supply prices.  I think we'll most certainly hit 100$ by the end of December. 

[Bionic_Oil_Gut]

http://money.cnn.com/2007/10/26/news/economy/gas_oil/index.htm     Ohhhhhheeeee

[Satori]

According to Yahoo News,the Asian stock market is at an all time high,the dollar is trading at an all time low and oil is now over $93.00 a barrel. $100 dollar oil by the end of the week??

[suburban_junkscape]

We're going up $1 a day so I think we won't see $100 for another week or so. Plenty of time.

[Bionic_Oil_Gut]

The Green back just hit an all time low against the Euro, it’s getting it on all fronts. That’s why crude price is rising. US will be in full blown recession by June no doubt, even if they cut the rate up to .75 base points. It aint gunna help, just prolong a slow death.

Aussie dollar just hit a 92.40 against the green, 20+ year record.

[Chip Haynes]

Let's go with $95 by the end of the week. Sometimes the market (investors) get all panicky when they run the price up too fast and back off a bit. One hundred by the end of the year, certainly.

Think it will make a difference?

 

[Shelby]

Here's the Yahoo story:

http://biz.yahoo.com/rb/071029/markets_oil.html?.v=1

I have a question.  It says that Pemex has shut down its three main terminals due to COLD WEATHER in the Gulf.  WTF?  You miss out on $100 mil in revenue because of cold weather?  In October?

Is this real?

Rant:  Just like the new CIA logo and the FEMA press conference, one of two conclusions is obvious.  Either the people saying/doing this stuff are idiots or they think we are.

[45MPG]

I wonder if the refineries have shut down for bad weather in the past & nothing was ever mentioned in the news, or is this something new that they're doing.

[Chip Haynes]

"...Either the people saying/doing this stuff are idiots or they think we are..."

Abe Simpson said it best: "A little from Column A, a little from Column B."

At least the Mexicans are about the most honest, up-front oil producers on the planet. At least they tell us what they're doing.

[Scarab]

I have a question.  It says that Pemex has shut down its three main terminals due to COLD WEATHER in the Gulf.  WTF?  You miss out on $100 mil in revenue because of cold weather?  In October?

Is this real?

Very astute observation, Shelby. What it got down to 68 degrees F? What, PEMEX can't afford a few coats for the rig hands? Forgot to change to winter blend?... WTF is right.

[REDREAMER]

i am glad i still have money in australian dollars.........

yikes.