Oil breaks all-time record: Hit $104/barrel

Oil breaks all-time record: Hit $104/barrel

money.cnn.com

NEW YORK (CNNMoney.com) -- Oil reached a historic high near $104 a barrel Monday, surpassing the inflation-adjusted level of the 1980s, as a weakening dollar made crude futures attractive to foreign investors.

U.S. crude for April delivery hit $103.95 a barrel in early trading before easing to trade at $103.45 on the New York Mercantile Exchange, still up $1.61 on the session.

Crude has now passed what many analysts consider to be the previous record high - $103.76 when adjusted for inflation, set in early 1980 - following the Iranian Revolution. The record high is a bit fungible however - ranging from about $93 to over $103 - depending on the contract sited and the inflation calculation used.

(visit the link for the full news article)

Well now that Oil has broken through this threshold of 104 where will it stop and what forces will be able to slow down the march to $150-200 dollars a barrel against the falling dollar.

The Bush Administration has said that we are not in a recession but one can't help but view the fact that most people are going to be reducing their spending and travel plans as the spring and summer months approach.

money.cnn.com
(visit the link for the full news article)

There was an article last week (from the 27th of Feb.) that said we set a new record high at $102.08.

New records every other day it seems.

Originally posted by Double Eights
There was an article last week (from the 27th of Feb.) that said we set a new record high at $102.08.

New records every other day it seems.

Indeed, however the $104 mark breaks the record as adjusted for inflation from the 70's and 80's.... and I'm sure it will continue to go up from here at this point.

[edit on 3-3-2008 by realmatrix]

Originally posted by realmatrix


Well now that Oil has broken through this threshold of 104 where will it stop and what forces will be able to slow down the march to $150-200 dollars a barrel ...

Once Again,
let us review the leaked minutes of the 2007 Bilderberger meeting -----

the 'unauthorized' reported concensus was that... in 2008 the price of oil would be allowed to reach the $105-$150 per bbl price.


?? why are youse so surprised , befuddled, amazed... ???

Originally posted by St Udio

Originally posted by realmatrix


Well now that Oil has broken through this threshold of 104 where will it stop and what forces will be able to slow down the march to $150-200 dollars a barrel ...

Once Again,
let us review the leaked minutes of the 2007 Bilderberger meeting -----

the 'unauthorized' reported concensus was that... in 2008 the price of oil would be allowed to reach the $105-$150 per bbl price.


?? why are youse so surprised , befuddled, amazed... ???

Sorry, I missed that portion of the meeting...but thanks for the update!

reply to post by realmatrix

Man, it's all over Prision Planet. Haven't you heard?

During 2006 meeting, Bilderbergers have confirmed that their short range price estimate for oil for the 2007-08 continues to hover around US$105-150/barrel.

www.prisonplanet.com...

To be fair I'm getting the same reading off of theoildrum.com but they have a slightly more conservative approach. Still they think by 2011 it could be hitting $200 a barrel. Scary stuff.

[edit on 3-3-2008 by dbates]