I've been more and more disgusted all day as I watched the price of oil and gas steadily climb. As I type this, oil is sitting at $139.99 a barrel, while RBOB gasoline sits at $3.5261 per gallon. Is this ever going to end?

What do you think? Will the government step in and put a stop to this lunacy or will we be seeing oil at $150 a barrel in a few weeks?

OPEC came out and said it would hit $170 within two months.

The Dow has dropped nearly 350 points (-3%)

The last dance of a dieing technology. Expect high oil prices for about a decade as people transition to electric and/or hydrogen.

I'm sure that much of this has to do with the fact that the Saudis arrested a bunch of "terrorist" who were planning an attack on their pipeline. Needless to say this sent a scare through the market and gave speculators a reason to push up futures.....Just my initial thoughts.

I think that we will be above 200 by labor day!!!

Realmatrix

[edit on 26-6-2008 by realmatrix]

Indeed. I aim to make the transition asap too. My guess is I will endup with something like a plug in hybrid or pure electric running mostly off solar panels. Btw, I just paid 42 euros for ~35 litres of gasoline.

Take my money while you can barons, but there will be nothing but bankruptcy for the oil industry in the near future. Karma's a bitch.

There is a lot of alternative tech out there, and I expect things to get even more excited as the IP based tecnological embargo starts to be broken. I suspect the whole environmental crysis was funded so that we would get reamed for high oil, but it might just work against the elitists that made it up. I suspect when this long term strategy was concocted they did not factor in the rapid development of the information age and the internet.

Originally posted by realmatrix
I'm sure that much of this has to do with the fact that the Saudis arrested a bunch of "terrorist" who were planning an attack on their pipeline. Needless to say this sent a scare through the market and gave speculators a reason to push up futures.....Just my initial thoughts.

Let's face reality here. The speculators don't need a reason to push the prices up, it happens regardless of what's in the news. It's a great big bubble waiting to be popped and I hope that some government official has the guts sometime soon to stand up for what's right and pops the bubble. I'll tell you one thing, if one party or the other does the right thing and beats down the speculators...they'll win the election in november.

I agree somewhat, the whole futures market seems like a massive scam to me, and all it seems to do is short change producers and make life more expensive, while a bunch of mathmatical sauvants in stock markets become paper millionaires by screwing everyone over. It makes no sense.