Oil's Rapid Rise Stirs Talk of $200 a Barrel This Year »
Posted By TechnologyExpert 12 months ago in Business & FinanceOil's historic ascent from $100 to nearly $150 a barrel in just six months is lending weight to a far grimmer prediction: Crude could reach $200 a barrel by the end of the year.
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TechnologyExpert
I am Editor-in-Chief at Alice Hill's RealTechNews (http://www.realtechnews.com). I also have my own blog (Tech-Ex) at http://TechnologyExpert.Blogspot.com. Finally ...
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Luis-CiferComment removed: User banned.3 Replies
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buckncindykill12 months ago
DRILL!!! Or at least make overtures that it's time to drill American oil.
In the environmentalists' contemptuous sophistry, their spokesmen sneer that opening the gates to domestic and offshore drilling would not yield results for 10 years. That excuse for inaction is insultingly deceptive. While it will take years to see our domestic supply of petroleum begin to take up the slack, the very declaration that the floodgates will be opened and America is on the way to independence from foreign oil will strike fear into the hearts of OPEC and the speculators who have driven the price of oil skyward.
Their reaction would be instantaneous; they would increase production to the fullest extent possible, motivated by the knowledge that their stranglehold on supply faces its eventual demise, and gas prices at the pump would fall.
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Xaos12 months ago
I am all for more drilling. The fact that drilling for oil is not a priority here in the U.S. is one of the big reasons that I have doubted the validity of this 'Oil Supply Crunch'. If there were a genuine supply crunch then we would be drilling everywhere we could and ignoring the environmentalist. If it were a real supply crunch then securing new oil and developing alternate energy sources should be a matter of national security. If that was the case then the environmentalist would have no choice than to keep quiet. Kinda weird how these environmental groups have the resources to tell some of the worlds most wealthy companies where they can and cannot drill for oil.
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buckncindykill12 months ago
Your last sentence speaks volumes to our current oil problem. We need a 360 approach: drill at home, nuclear, wind, solar, hydrogen, et al. Even cheeseburgers if we have to.
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Xaos12 months ago
Actually we need to fix our Commodities Market, overhaul the Commodity Futures Modernization Act of 2000. Lets finally lay to rest this part of Enrons legacy.
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buckncindykill12 months ago
Light, sweet crude for August delivery fell $4.84, or about 3.3%, to $140.45 in morning trading on the New York Mercantile Exchange. Earlier, the contract sank as low as $140.12, or $5.17 below Thursday's settlement price. In London, August Brent crude fell $1.97 to $142.44 a barrel on the ICE Futures exchange.
Keep your fingers crossed!
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jmopinion11 months, 4 weeks ago
Probably will not last. I wonder what the the excuse today will be for oil going up.
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buckncindykill12 months ago
Light, sweet crude for August delivery fell $4.84, or about 3.3%, to $140.45 in morning trading on the New York Mercantile Exchange. Earlier, the contract sank as low as $140.12, or $5.17 below Thursday's settlement price. In London, August Brent crude fell $1.97 to $142.44 a barrel on the ICE Futures exchange.
Keep your fingers crossed..............
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Teech11 months, 3 weeks ago
Oooops. Somebody uncrossed their fingers. Oil jumped $11 in the past two days. Those who bought at $140.12 made a killing!
Who would have ever thought? My oh my.
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Tcaros12 months ago
It's the wall streeters, speculators, and world bankers. There's no shortage of oil, just some rats in the government making a fortune on the way out.
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gbilly08Comment removed: User banned.22 Replies
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nikkibabe12 months ago
The President of Iran said last month that there is no shortage of oil and as a matter of fact, there is plenty of oil in the market.
It is the speculators and traders who are driving up the prices.
What is the problem in big oil companies getting in to direct contract with OPEC to deliver oil. Why we need the middlemen?
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jimdoze12 months ago
"Why we need the middlemen?"
Are you suggesting that OPEC vertically integrate by taking over the shippers, refiners and distributors?
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Cityslicker12 months ago
Maybe the S and L have made back their loses , SEC is getting ready to cut some loopholes , and maybe Congress will revamp the Commodity Trading Market practices .
Hopefully the current trend will continue , $8 dollar drop in 2 days .
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