Repeat after me, $100/barrel, $100/barrel, $100/barrel...

Interesting to see that the price is so high... i just filled up on Monday at an astonishingly low $2.62/gallon!

 

<div class='quotetop'>QUOTE(burritos @ Sep 19 2007, 11:26 AM) [snapback]514801[/snapback]</div>

From the AP today:

The drop was 3.8 million barrels, instead of 1.5. Goldman-Sachs raised the end-of-year oil price target from $72/barrel to $85, with a "high risk of a spike above $90". So far gas inventories are okay, so consumers won't feel the pinch for awhile. My stocks are doing okay today, so no need to worry, right?

Yes, the CPI has always excluded "volatile food and energy" costs. I guess the idea is, eventually the long-term trends from these areas would show up in the "core" areas. Unless the cost is just eaten by consumers, in which case they have less to spend on core areas and economic growth is diminished. I'm not an economist either, as you may be able to tell.

 

Re: Repeat after me, $100/barrel, $100/barrel, $100/barrel...

You can set the price for anything you want as long as you control the inventories, that way you control the ending price as well...effectively "stretching out" the price at that level. OPEC has taught our oil companies well. You will see NO relief as long as there are two "oil men" in office. Remember, the same people that brought about the so-called energy crisis in California, were the same people that set up the current energy policy. Panic pricing was the norm then, and it is now as well, but now it's being done on a more global scale. OF COURSE the inventories dropped, it's now worth more, right?

Welcome to $100/Barrel oil, and if the Credit crunch don't get us...certainly the price of energy will. There's only so much money out there, and when your mortgage company and your gas station doubles their costs, something has to suffer. I have heard several versions of what may happen this year, and I really don't like the ending to any of them. Hopefully our Prius will help. It has already!

 

Re: Repeat after me, $100/barrel, $100/barrel, $100/barrel...

It's quite obvious you aren't an economist... or a history buff... or pretty much any sort of scholar.

You're just a rabid Bush hater.

 

Re: Repeat after me, $100/barrel, $100/barrel, $100/barrel...

I'm confused. accordind to Rupert Murdoch, oil is $20.00 a barrel:

 

Re: Repeat after me, $100/barrel, $100/barrel, $100/barrel...

Jan 2007, oil price at $50.00/Barrel, end of 2007 oil price at 99.62/barrel. By end of 2008, we will have to pay over $4.00 a gallon of gasoline.

 

Re: Repeat after me, $100/barrel, $100/barrel, $100/barrel...

Yes, because a statement about the doubling of the price of oil over the past year MUST be directed at Bush.

 

Re: Repeat after me, $100/barrel, $100/barrel, $100/barrel...

Both parties (and / or family members) are hip deep, investing in the oil industry, so why would they care?

 

Re: Repeat after me, $100/barrel, $100/barrel, $100/barrel...

It's kinda intresting to read what people were saying about $100/barrel oil 2 years ago on this forum... It has come true nontheless.

http://priuschat.com/forums/showthread.php?t=14627

 

Re: Repeat after me, $100/barrel, $100/barrel, $100/barrel...

As a Prius owner, I must say I'm having quite an attack of smugness right now.

To paraphrase the words of our great and glorious leader, G.W. Bush (soon to be known as the new millenium's Herbert Hoover), "Bring [it] on!".

 

Re: Repeat after me, $100/barrel, $100/barrel, $100/barrel...

Wow! Thanks for that Stev0.

Like any good propagandist, he wouldn't have said it if he didn't want YOU to believe it.

Something tells me this was not part of HIS investment strategy.

 

Re: Repeat after me, $100/barrel, $100/barrel, $100/barrel...

There's reason to be concerned, but I don't think OPEC plus Russia, Norway, Mexico, Canada and independent oil companies (Exxon, BP, Total...) can control the market like Enron could control California's electrical supply. The price is high because the cheap oil is gone. Now we're going deep undersea or in the arctic, etc.

I don't think it'll be as bad as all that. We're still paying less of our annual paycheck, on average, on gas than we did back in the 70's and 80's. I'm still glad to have the Prius of course, and this isn't the end of the climb by any means, but it will take years to really get expensive before efficiency, alternative fuels and EVs (or a sustained recession) take away the demand.

I remember last spring when gas went well above $3/gallon here and people actually congratulated me for having the foresight to buy a Prius. I didn't say anything then, but I didn't buy the Prius because I thought gas would be $3/gallon, I bought it because I expect gas to go over $5/gallon, quite possibly more, in the lifetime of the vehicle. That and I've always been concerned about efficiency and pollution.

 

Re: Repeat after me, $100/barrel, $100/barrel, $100/barrel...

 

Re: Repeat after me, $100/barrel, $100/barrel, $100/barrel...

Yeah, Hoover gets a bad rap over The Great Depression. The person who really caused it was his predecessor, Calvin Coolidge, but Hoover gets the blame since it began early in his term.

It will be interesting to see if the same thing happens to whomever gets elected in November, whether they're assigned the blame for any catastrophic economic woes (as Hoover was) or it will be more accurately charged to The Chimp's eight year reign of blundering.

 

Re: Repeat after me, $100/barrel, $100/barrel, $100/barrel...

Anyone see Leno last night? good joke on this...

Pres. Bush's reaction to being asked about $100 per barrel oil, " it won't affect many Americans, since most folks buy oil in those little cans...."

 

Re: Repeat after me, $100/barrel, $100/barrel, $100/barrel...

I think Mr Murdoch (I have to call him Mr, he was my dad's boss when one of the only papers Mr Murdoch owned was the Adelaide paper, "The News" my dad bought shares and made a lot of money from Mr Murdoch's enterprises) was saying that a possible outcome from the Iraq war would be $20 a barrel oil. I feel he may have missed the mark.

I predict oil will drop to about $87 per barrel before it goes back past $100 again. Don't know why I say that but lets see what happens. Oh and I bet oil companies wont lower the price at the pump much as it drops but they will bump it up when oil goes back up.

 

Re: Repeat after me, $100/barrel, $100/barrel, $100/barrel...

saw a news report that some analysts are predicting $4 a gallon by mid Feb...

oh well, guess i've have to charge up my $20 every 1000 miles driven Zenn....

 

Re: Repeat after me, $100/barrel, $100/barrel, $100/barrel...

Hi All,

I heard on the news that $108 would match the peak that occured during the oil crunch in the late 70's and 80's, adjusted for inflation. And that the pump price peak then, again adjusted for inflation was $6/gallon they said.

That seems to say that we are getting gasoline at a temporary bargain. Which would imply that if $100/ barrel stays stable that the costs will ripple down to the gas pump. Who knows, but $4 to $5 / ga might be what happens this summer.