Crude oil nearing $113 a barrel

Didn't buy mine to long before you either. Traded in my 2007 SRT8 for it. I saw all that stuff with Egypt going on in the news, and just had that gut feeling that it was now or never as far as getting a Prius before gas prices shot up.. After that all the other countries started rioting and such, and then Japan's disaster. Time will only tell what will happen next, but I am certaintly glad that I made the choice I did.

 

The price of oil WILL continue to rise... and those of us that think ahead, will be envied for our small fuel bills when they are compared to what our neighbors will be forced into paying to just get to work...

 

The wise one of the family remarked that a few months ago it would have been a good time to have gotten a Prius to replace our present 10 year old gas guzzler. That was an interesting remark since the gas guzzler is a 2001 Prius.

 

$113.21 was the highest it reached today.

$112.79 is what it closed at.

Unlike the price jump back in August 2008, this time it appears that going down anytime soon isn't realistic.

Go Prius!
.

 

we better all hope that someone gets control of this oil price situation soon before it destroys the economy again. we're in a fragile recovery, and i don't think we can handle this for very long.

also, people keep talking about 2008, but wasn't it 2007 that gas went over $4 a gal.? that is the summer i sold my truck because i took a new job out of town and knew i couldn't afford the gas in the truck.

 

From Bloomberg energy prices (sorry for the loss of formatting)

Nymex Crude Future 112.79
Dated Brent Spot 126.74
TI Cushing Spot 112.79

The middle item has been well above the other two for quite some time now.

 

Who is that someone? What could they do?

I would contend that this is both the "curse" and "advantage" of the free market. What solution is available that does not result in explicit government control of liquid fuels?

Finding a post gas solution is vastly more important than implementing some way of subsidizing low gas prices...and finding this solution is only going to happen with a permanent whack in the wallet. Bottom line is letting the free market work will have a much better long term answer than price controls that will eventually implode.

(NOTE-Free Market does not mean the government forgoing the needed regulations and safety/environment rules. Free Market means supply and demand working without government micro management.)

 

i'm all for finding renewable resources to power transportation, but this isn't going to happen overnight. we're on a slow pace. we have hybrids to use less, and electric vehicles that use coal, but that's where we are. we need to stop this flat stupid policy of a moratorium on new drilling. the reason why gas prices are high is because of demand, and we don't keep up on supply. i'm tired of being dependent on foreign oil.

 

Well lets not kid ourselves: the US has not had the oil reserves to sustain our demand for oil for a few decades now. Any moratorium of the suspension of offshore drilling here might have a slight temporary relief in oil prices (and I suspect it would only be a few cents since domestic reserves are not much of a contributing factor with world sources). I thought the previous spike in prices might have been more of a wake up call for the US to start conserving oil demand and get deeper into alternatives. About the only thing I remember is that SUV sales plummeted and people in their current gas guzzlers mearly complained about how big their bill was at the pump. I think the only way that we will seriously look into alternatives is when gas is equivalent in price to other fuels. We, as a country have been gifted with low gas prices for a very long time. My relatives in Europe pay about twice as much as I do in Atlanta. At least with the current spike, I'm not feeling as much of a pinch as some of my friends who are still in gas guzzlers (and now that I have a Prius, I tend to be the one that gets elected to drive).

[ame=http://en.wikipedia.org/wiki/Oil_reserves]Oil reserves - Wikipedia, the free encyclopedia[/ame]

 

I am too. The fork in the road here is one can either implore the government to do something or take action at the individual level. Getting a Prius is a great stopgap measure, but just that. Fortunately the EV market is emerging and the chances of the next vehicle being an EV are getting pretty good. Certainly not an option for most, but if reducing dependence on gas is a high priority, there are other options as well.

 

Living in Chicago, the price of Oil has skyrocketed to 4.15 average in the city. Bought my Prius when their was a rebate and special offer from dealer so I got my Prius for a very nice price.

Really nice to have a car where I don't feel like I have to cut back on driving
(FYI, I take public transportation during week and walk to and from station about 4 miles total). So it's not like I'm not doing my part.

 

Current known oil reserves in the US 21 Billion Barrels, Current US demand for oil 21 Million Barrels / Day.

Do the math, How long will our oil reserves last? What will the price of foreign oil be when we have used them all up?

 

Oops that is the catch right there

The EROEI is also much worse for that difficult to extract petroleum, especially for shale formations

But we've never let the facts stand in the way before, have we?

 

yea, gas bill is killing me. almost $80 a month. dont know what i am gonna do