CRUDE OIL FUTURES RISE TO RECORD $128 A BARREL IN NEW YORK
20 May 2008, 06:26 PM
#3
Scooby Regular
Join Date: May 2008
Location: Most Banned Shire
Posts: 65
Likes: 0
Received 0 Likes
on
0 Posts
Not sure where/how this will end ..... will the West just go in and take over the Oil fields and start pumping what is required hence dropping the price?
Maybe we will all stop driving as much and have clear roads?
It's frightening .... but I lived through the quadruple price rises of the early 70's .... nowt changed really.
Maybe we will all stop driving as much and have clear roads?
It's frightening .... but I lived through the quadruple price rises of the early 70's .... nowt changed really.
20 May 2008, 08:14 PM
#5
Scooby Regular
Join Date: Sep 2003
Location: Scoobynet
Posts: 5,387
Likes: 0
Received 0 Likes
on
0 Posts
$128/barrel is not the future figure - hit yet another record high of over $129/barrel today!
BBC NEWS | Business | Supply fears push oil beyond $129
Diesel is already almost £6/gallon and looks set for £8-9/gallon before the end of the year
BBC NEWS | Business | Supply fears push oil beyond $129
Diesel is already almost £6/gallon and looks set for £8-9/gallon before the end of the year
20 May 2008, 09:00 PM
#6
Ah, bring it on, don't care anymore, sick of hearing about it. OPEC and the speculators will kill the Golden Goose, this will force alternatives to be developed quicker, in the meantime, push bikes and walking.
To be honest, less driving on quieter road sounds ok.
To be honest, less driving on quieter road sounds ok.
Trending Topics
20 May 2008, 09:39 PM
#8
Scooby Regular
**** i just bought my new wheels aswell..well i ever get too use them..the Goverment and such people,are taking the fun out of everything in this country..we wont be allowed outside our homes soon.Only to go to work,so they can take the money off us..sorry to sound soooo Depressing,but it really is starting to be a p1ss take living here.. 
21 May 2008, 07:39 PM
#9
Scooby Regular
Join Date: Aug 2003
Location: Epsom
Posts: 5,832
Likes: 0
Received 0 Likes
on
0 Posts
22 May 2008, 09:42 AM
#10
Scooby Regular
Join Date: Apr 2007
Posts: 2,108
Likes: 0
Received 0 Likes
on
0 Posts
22 May 2008, 09:45 AM
#11
Scooby Regular
Join Date: Dec 2006
Location: S.E London
Posts: 13,654
Likes: 0
Received 0 Likes
on
0 Posts
Just listening to it on the news and they say the climb will continue until the mega consumers say no more..... Hmmm
As long as they can recover the monies from somewhere, what do they care.
22 May 2008, 10:04 AM
#16
Scooby Regular
Join Date: Apr 2007
Posts: 2,108
Likes: 0
Received 0 Likes
on
0 Posts
Don't forget though, $'s are worth **** all at the moment. So why's our pump prices going up?
22 May 2008, 10:09 AM
#17
Scooby Regular
Join Date: Dec 2006
Location: S.E London
Posts: 13,654
Likes: 0
Received 0 Likes
on
0 Posts
And Flash is "getting on with the job" of taking more money from our pockets.
Remember a 10p rise at the pump is 1.7p VAT extra per litre, without them having to put a penny more "tax" on it.
I think
Dollar not as weak as I was expecting tbh. Still hovering just under $2-£1
Last edited by Snazy; 22 May 2008 at 10:11 AM.
22 May 2008, 10:20 AM
#18
Scooby Regular
Join Date: Sep 2006
Location: Worthing..
Posts: 7,575
Likes: 0
Received 0 Likes
on
0 Posts
22 May 2008, 10:28 PM
#20
Scooby Regular
iTrader: (1)
Join Date: Dec 2006
Location: .........
Posts: 5,968
Likes: 0
Received 0 Likes
on
0 Posts
Hit 135 bucks on Skynews news at 10pm.
Even though the dollar is worth nothing and so on, should be interesting to see how things will move over the next week or so.......
Even though the dollar is worth nothing and so on, should be interesting to see how things will move over the next week or so.......
22 May 2008, 10:35 PM
#21
Scooby Regular
iTrader: (1)
Join Date: Dec 2006
Location: .........
Posts: 5,968
Likes: 0
Received 0 Likes
on
0 Posts
At the end of the day there are a few things that have to be seen:
-The dollar has hit rock bottom
-In reality we should be paying little more than we did a year ago.
-The Governments make money off this one way or another, they never lose (well not yet).
-The oil companies obviously dont lose money
Is this a hyped up frenzy for a bit of profiiteering? Who knows!
Are we past "peak oil"? That is the real question we should be asking!
Try asking the Saudis that question, and you will get some interesting answers!
-The dollar has hit rock bottom
-In reality we should be paying little more than we did a year ago.
-The Governments make money off this one way or another, they never lose (well not yet).
-The oil companies obviously dont lose money
Is this a hyped up frenzy for a bit of profiiteering? Who knows!
Are we past "peak oil"? That is the real question we should be asking!
Try asking the Saudis that question, and you will get some interesting answers!
22 May 2008, 10:41 PM
#22
Scooby Regular
Join Date: Aug 2003
Location: Epsom
Posts: 5,832
Likes: 0
Received 0 Likes
on
0 Posts
Interesting article in the Times by Anatole Kaletsky. Its all a bubble he reckons...
They're wrong about oil, by George | Anatole Kaletsky - Times Online
They're wrong about oil, by George | Anatole Kaletsky - Times Online
22 May 2008, 10:49 PM
#23
Scooby Regular
iTrader: (1)
Join Date: Dec 2006
Location: .........
Posts: 5,968
Likes: 0
Received 0 Likes
on
0 Posts
Interesting:
"All these fundamental points are perfectly valid, but they tell us nothing about whether the oil price will soon jump to $200, stay at $130 or fall back to $60 next month."
"The people who tell you that commodity prices today are driven by “economic fundamentals” are the same ones who said that house prices in Britain were rising because of land shortages. The amazing thing is that just months after losing hundreds of billions in the housing and mortgage bubbles, investors and governments around the world have reverted to the discredited fallacy that financial markets always reflect economic reality, instead of the boom-bust cycles and misconceptions that George Soros's book vividly describes."
We will have to wait and see!
"All these fundamental points are perfectly valid, but they tell us nothing about whether the oil price will soon jump to $200, stay at $130 or fall back to $60 next month."
"The people who tell you that commodity prices today are driven by “economic fundamentals” are the same ones who said that house prices in Britain were rising because of land shortages. The amazing thing is that just months after losing hundreds of billions in the housing and mortgage bubbles, investors and governments around the world have reverted to the discredited fallacy that financial markets always reflect economic reality, instead of the boom-bust cycles and misconceptions that George Soros's book vividly describes."
We will have to wait and see!
23 May 2008, 12:04 AM
#24
Scooby Regular
Join Date: Dec 2002
Location: Couch Spud
Posts: 9,277
Likes: 0
Received 0 Likes
on
0 Posts
My Dad said tonight that if people keep speculating that oil will hit $200 then the folks who set the prices will make sure it hits $200 
He only said that because I keep telling him it is going up, and right after I said it tonight, a newsflash came up saying it was now $135
He only said that because I keep telling him it is going up, and right after I said it tonight, a newsflash came up saying it was now $135
23 May 2008, 10:18 AM
#26
Scooby Regular
Join Date: Aug 2003
Location: Epsom
Posts: 5,832
Likes: 0
Received 0 Likes
on
0 Posts
Another story telling how its a bubble and fundamentals should start to force the price downwards
Oil's perfect storm may blow over - Telegraph
Oil's perfect storm may blow over - Telegraph
23 May 2008, 11:03 AM
#27
Scooby Regular
iTrader: (1)
Join Date: Jul 2004
Location: There on the stair
Posts: 10,208
Likes: 0
Received 0 Likes
on
0 Posts
I've just a read an article that states it's commodity brokers speculating that is driving prices up. It's dry read but very interesting - you can see that investment is driving prices up purely to make more money... there is no increased demand, no shortage (and that includes Oil) yet the prices still rise...
Given that, you have to look elsewhere to see what is causing the price rise.
Given that, you have to look elsewhere to see what is causing the price rise.
23 May 2008, 11:13 AM
#28
Scooby Regular
Join Date: Aug 2000
Location: God's promised land
Posts: 80,907
Likes: 0
Received 0 Likes
on
0 Posts
Haven't you just answered that yourself by citing speculation? That's the primary cause right now. Some very influential individuals in the oil industry have predicted oil to reach $200 per barrel at some point this year, and it can become a self-fulfilling prophecy, people jumping on the bandwagon afraid of missing out. Fundamentals suggest that the fair price of a barrel of oil is about $75 per barrel, but like all things, including pictures of fat women from job centres, if somebody is prepared to pay way above the odds, that's what the price is. For the time being at least.
