Oil at 98,19 and climbing faster. Updates if its going dangerously close to 100

Edit: steady around 98 for now...

I do think that we went to war with Iraq for the one of the biggest oil reserves in the world. On the other hand the $3. 50 a gallon for gas has alot to do with the weak US dollar!

Originally posted by jibeho
Nothing to worry about folks. We're finally getting a reality check with regards to gasoline pricing. Maybe this will just encourage people to think twice about each and every trip they take. I remember the first $3.00/gallon gas spike several years ago. People in my neck of the woods were snapping up Vespas left and right to use for their daily errands etc. Then the Smart Car debuted and on and on and on.... SUV sales dropped and now they are rising again only to drop off again as gas prices continue to rise.

Time to get smart and time to open up US oil exploration again!!

We actually fight wars for a political stronghold in the pecking order of the world. Look at Afghanistan. We are failing in the same theater of war that put a spanking on the Soviets for NINE years. They fought to support the then sitting Marxist govt. of the Democratic Republic of Afghanistan against the Mujahideen which were supported by the US the UK and other nations including Muslim nations. Now we are fighting the same people we once supported because we now deem them to be a threat to international stability.

Same game in Iraq. We supported them in their War with Iran and later came back to topple the regime. Conventional warfare will never prevail in these theaters of combat due to the heavy restrictions placed on us regarding the rules of engagement. Our enemies in Afghanistan are hiding across the border in Pakistan for a reason.

It's more of a giant game of chess than a battle for oil. Oil is merely a component that fuels the war machine. A lot cheaper to fight a war with plenty of fuel at your doorstep.

edit on 7-1-2011 by jibeho because: (no reason given)

we were higher in the "pecking order" before the wars. the wars destroyed usa's rep around the world, so you are wrong about that one.

Originally posted by dantanna
the rockefellers and rothschilds are all mixed up in the oil game. im sick of those creeps.

i did not know 80% of the gas prices in the UK are taxes! i had to stop selling items to the UK, because they have been charging my customers 50 bucks JUST to pick up the toy! i send it to the person in the uk, but the government steps in, when it sees an import, and 'sends' it without my permission, or the buyers, to some third party 'delivery service.'

this delivery service is charging people 50 dollars for the 'right' to go pick it up.

i hate the rothchilds.

thats a trip, dood. what a scam. that just aint right, man.

From late 1990s through early 2000s, Americans spent 20%, or 1/5th, of a minimum hour's wage on a gallon at the pump.

From early 2000s to mid 2000s oil had a 150% increase in price per gallon, while federal minimum wage remained the same.

In 2007, federal minimum wage is raised 40%, while oil steadily increases.

By 2009, a gallon at the pump is roughly 35% of a minimum wage's earnings.

Now 2011, the federal (states can go, and some are currently below this level) minimum wage is still $7.25/hr, where it was $5.15/hr from 97-07.

Oil has now reached $3.50, which is 48% of the federal minimum wage's earnings. That's a 28% increase.

Again, it was steady.

So while oil has climbed 350% in the last decade in America, the federal minimum wage increased significantly less (40%).

And what's more, this impacts all industries. Public transportation no exception.

Just heard on the nightly news of an increase in bus fares.

There's really so much impact, it's hard to understate, or even understand the extent of the values we set.

Could you please enlighten us? Before the liberation of Iraq, America was buying Iraq's oil at market prices. Now, there is not one single contract from American energy companies with Iraq, although they have offered us same.

Uncle Saddam draw a lot of fire, first figuratively, for selling oil too cheap, to replenish his finances, then literally.

USA is the problem to the world ,the western corps are a bunch of looters and plunderers ,and perps of genocide.

If americans do not stop their own govt ,then the wretched of the world shall support Russia , when Russia decides to initiate the nuclear purification of USA....

The choice is yours ... elect Ron paul and put an end to the destruction of nations by usa, for when Russia will destroy USA ,as it has been prophesied ,the world will support Russia and celebrate it , as Russia is the fist of the Great Archangel Michael, while american culture is satanic and Ahrimanic in nature.

Be warned USA, the choice is yours,stop imperialism or face destruction in the hands of Archangel Michael's Vessel Rossiya

I'm sorry OP but your ignorance is just too funny, I just had to LOL right in your face about complaining about $3.50 per gallon....... give me a break. Go put your head back in the sand and just stay off the internet... you might hurt yourself. Before you start crying and complaining and screaming outrage... why don't you do a little research and and spend 10 minutes to figure out where the most expensive rates are at the pump across the globe and you'll see that you've had it VERY well all these years and your crying is unjust and is the reason why more and the more of the world just want to see the United States Government along with the lard covered populace just get whiped off the face of the Earth.

Originally posted by smthngmssnghr
From late 1990s through early 2000s, Americans spent 20%, or 1/5th, of a minimum hour's wage on a gallon at the pump.

From early 2000s to mid 2000s oil had a 150% increase in price per gallon, while federal minimum wage remained the same.

In 2007, federal minimum wage is raised 40%, while oil steadily increases.

By 2009, a gallon at the pump is roughly 35% of a minimum wage's earnings.

Now 2011, the federal (states can go, and some are currently below this level) minimum wage is still $7.25/hr, where it was $5.15/hr from 97-07.

Oil has now reached $3.50, which is 48% of the federal minimum wage's earnings. That's a 28% increase.

Again, it was steady.

So while oil has climbed 350% in the last decade in America, the federal minimum wage increased significantly less (40%).

One thing is that most people just don't understand, since 2007-08ish the price of gasoline at the pump hasn't really gone up. Granted there is a lot of corruption in the price of oil due to greed and speculation; But the vast majority of the increase is due to the Stimulus and the federal reserves unilateral quantitative easing that probably isn't even legal in the first place.

Obama and the left couldn't get Cap N trade in through the legislative process so they are trying to achieve the same goals via a different method: Inflation. The reason why is because both the Democratic and Republican Parties have been hijacked by Euro-centrist's. People complain about an Israeli conspiracy(which is a clever distraction created by the Euro-centrist's) when the Fed is really sand-bagging the American economy to help out the European economy.

Originally posted by Nastradamus
I'm sorry OP but your ignorance is just too funny, I just had to LOL right in your face about complaining about $3.50 per gallon....... give me a break. Go put your head back in the sand and just stay off the internet... you might hurt yourself. Before you start crying and complaining and screaming outrage... why don't you do a little research and and spend 10 minutes to figure out where the most expensive rates are at the pump across the globe and you'll see that you've had it VERY well all these years and your crying is unjust and is the reason why more and the more of the world just want to see the United States Government along with the lard covered populace just get whiped off the face of the Earth.

The only one displaying ignorance here is you oh Lord of the ignorant people! The US pay's the most at the pump when compared to Canada or the EU. It is just that our taxes are way lower. If we had the same tax levels the price of gas would be more expensive then in Canada or the EU.


Your the reason why I hate Europe and can't wait till the USA goes to war against the EU(the war is close, when people begin to figure out most of the 14 trillion debt was to bail out the EU, anti EU politicians will be elected into office that will begin the slippery slope to war with the UK and EU). Only war I could probably fight in, that my conscience would allow me to fight to the fullness of my capabilities.

Originally posted by Nastradamus
your crying is unjust and is the reason why more and the more of the world just want to see the United States Government along with the lard covered populace just get whiped off the face of the Earth.

Why don't you try it then? Scared? Doesn't seem like you know how much the U.S. is supporting the EU, financially and militarily.

Originally posted by ConspiracyNut23
Saddam was planning to sell oil in Euros. The plans were scrapped soon after Hussein was disposed of.

Actually they were not just plans, Iraq had already switched to Euro as a foreign currency reserve. Although its oil continued to be priced in US$ (because Iraq was part of OPEC), it could only be purchased for Euros.

The first action of the occupational government was to switch Iraq's trading currency back to the US$.

That doesn't alter the fact that most Americans believed the invasion was about getting Iraqi oil to US and making it cheap for the Americans. That they have been disappointed would have been a cause for satisfaction had the prices been somewhere in the range of US$ 10 per gallon. Hopefully it will get there soon.