Oil hits a new record high!

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.

reply to post by BlueTriangle

---

Well if you have not noticed the Dollar dropping like a rock..

Along with American and subsequently world markets..

I simply stopped going to office, and moved all my stuff to my house. Makes no sense to drive anywhere anymore unless it's to get food or maybe every so often to go out and have a good time. But to drive 20 miles to an office everyday? fogetaboutit!

reply to post by Zepherian

---

I actually saw today on CNN several small companies coming out with marketable electric cars at the end of 08 and into 2010 .. I am definently buying one! Only problem is you can't drive more then 130miles without stopping for a 4hr re-charge lol....

One of the cars has a 300 mile per gallon hybrid though

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]

reply to post by BlueTriangle

---

No offense, because this is an important topic. However, is someone going to start a new thread on this topic EVERY time oil reaches a new high? You can be awaiting my NEW tomorrow when oil, AGAIN, reaches a new high (kidding of course). Should these not all be combined into one thread for ease?

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.

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.