Oil is now over 130 dollars a bbl. It went up today after dropping slightly below 130. Today it is something like 135 I think. That means prices have to go up again tomorrow or Sunday. The Shearson Leaman Amex folks are programming oil to cost $150 or more within 30 days. I think my vehicles resale value just went up again!
These are the same people who have invested a lot of money in oil futures--according to the Senate Committee hearings I heard today. They are betting the price will be $150. Not so fast.
5-stars on this thread? eewwww-kaaayyy it sucks to see the dollar drop like it is, local businesses are hurting, it blows.
In my non-expert opinion, this oil price is not sustainable. Consumption is already down worldwide, production will increase over time because with such high prices there is a lot of incentive for producers to increase production. Prices are high now because of speculation in the futures market (a classic bubble scenario) and fear over Israel's threat to strike Iran over their nuke program. The bubble will burst unless things destabilize significantly in the middle east. For the sake of our economy, I hope prices come down. But if they don't, my Prius will cushion the blow a bit - as long as we don't all lose our jobs from the economic impact.
regardless of economic times, we've all had to plug along and make all the ends meet. good luck and may we all make it in tough times like this. kinda burnnnnnnnns me that the feds keep saying that we're NOT in a recession, i know many good people that are deciding whether to skip lunch or dinner. it's bad out there, but for some, it's good. being a real estate broker, i see many people that took advantage of the 100% financing, ready and very willing to walk away from their homes right now. also, when the prediction of $5/gal gas thread came out here on PC, i predicted that it would happen on our independence day, sad to say, i might be right. this is not good. on the bright side of this gloomy forecast, i've driven for over a week now, which would have cost me over $200 in fuel expenses in my previous vehicle, and i filled up at half a tank at a cost of $20.30..................at the cost of $4.49/gal. while times are definitely tough out there, i wanna say..................... THANK god for our prius's and god bless the USA!!
Cost me $41 to fill the Prius. I used to complain when it took $40 to fill my 3/4 ton work truck! The following is a great idea, some of us have been advocated a similar idea for decades,,, RealClearPolitics - Articles - At $4, Everybody Gets Rational Don't think it will happen though! Icarus
They won't go down that far. And they'll go back up again. It will be a rollercoaster of up, down a little, up more, down a little, but oil will never be "cheap" again.
