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FatalWishes
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Oil surpasses $125 per barrel ahead of US driving
| Quote From Source: | Oil prices surpass $125 a barrel before US driving season as investors flee the dollar
Oil prices surged past $125 per barrel Friday on the eve of the U.S. driving season as a weakening U.S. dollar drove investors to snap up commodities.
Light, sweet crude for June delivery rose as high as $125.12 a barrel in electronic trading on the New York Mercantile Exchange at midday before falling back to $124.86 by early afternoon in Europe.
On Thursday, the contract rose to a record close of $123.69 a barrel.
| | Click source url to view entire story. |
Source Yahoo Biz
Source URL:
http://biz.yahoo.com/ap/080509/oil_prices.html
There is NO way In HELL gas will be under 4.00 a gallon come August. I'm thinking about $4.60 a gallon. That should put diesel close to $6.00 a gallon. If the truckers are already going broke that will finish them off. At 6mpg it will cost them 1 dollar a mile basically in fuel. There is no way they can continue to operate.
There is no way Oil should be this high. I blame the FED for this. Its investors leaving the dollar and running to oil that are inflating the prices and keeping them up. There is enough oil and enough fuel stored up right now to have oil at $60.00 a barrel.
And as less people drive because of soaring fuel costs the demand will continue to go down, and fuel storage will continue to go up. Eventually this bubble will have to pop in 2010 perhaps?? In the meantime...its going to be hell.
They should take the warning labels off of everything and let stupidity sort itself out.
Please check out our new website at www.globalwarmingisnotreal.com |
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MattN
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I completely agree. The difference between what it should be ($60) and what it is ($125) is almost entirely due to speculators and a falling dollar.
Fix the economy, and oil will be corrected. |
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ghoster
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The economy has been fixed but not the way you thought. This was baked in the cake months ago. Just more news on the boob tube, and we are not out of this by a long shot.
As democracy is perfected, the office of president represents, more and more closely, the inner soul of the people. On some great and glorious day the plain folks of the land will reach their heart's desire at last and the White House will be adorned by a downright moron."
- H.L. Mencken |
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posted on 5/9/2008 at 07:18
