oil is up and we're screwed

[jeepers]

http://www.bloomberg.com/apps/news?pid=20601102&sid=aHfKgCEmwne8&refer=uk

I guess the guys in OPEC didn't like the idea of oil going to to 80$/barrel or less so they're going to cut production.

[diesel game]

Yeah, I always have to tell my buddies that hate the oil companies for our gas prices that the oil companies do not set the price of oil. 

[06Hemiman]

On the bright side my land is getting rented for a premium these days by guys wanting to grow more and more corn   I hate that we're all so dependent on foreign oil though, we should be getting way better mileage.

[gman]

I've read that gas is going to go down like 50 cents because our economy is in the crapper.

[raman noodles]

I've read that gas is going to go down like 50 cents because our economy is in the crapper.

That assumed that oil production would remain the same.  If the shieks don't want oil to go down they'll keep production low to create an artificial scarcity.  I'm still hopeful though.

[06Hemiman]

I've read that gas is going to go down like 50 cents because our economy is in the crapper.

That assumed that oil production would remain the same.  If the shieks don't want oil to go down they'll keep production low to create an artificial scarcity.  I'm still hopeful though.

That's their deathbed then.  They're already pricing themselves out of a market.  We're going to reduce the amount of oil used in our cars a lot in the next 15 years.

[raman noodles]

My conspiracy theory is that we're not drilling anwr because it's got tons of oil still easy to get and we can still get it from the ME.  Lets face it, our economy is absorbing all the extra cost, do I like it, no.  I think we're slowly headed for some serious issues if oil stays high and we don't resolve the credit bubble.  But we'll also be the last ones on the block with easy to get oil.

[hemibob]

We're not that screwed, most analysts say that market conditions justify 70$/barrel right now.  It's a huge bubble right now and eventually it'll burst and we'll get it back to sane proportions.

[flint]

We're not that screwed, most analysts say that market conditions justify 70$/barrel right now.  It's a huge bubble right now and eventually it'll burst and we'll get it back to sane proportions.

Bubbles for commodities that people actually need/use can last a very long time though. 

[raman noodles]

We're not that screwed, most analysts say that market conditions justify 70$/barrel right now.  It's a huge bubble right now and eventually it'll burst and we'll get it back to sane proportions.

Bubbles for commodities that people actually need/use can last a very long time though. 

Yes, but so far with 100$ oil gas is just over 3.20/gallon.  I don't know how that works since gas was 3.00/gallon when oil was 70$, gas should be more like 4.50/gallon but it's not.  I think the big oil guys know that if it gets much higher everyone and their brother and their brothers dog will get a moped and use a lot less oil.  We just need to weather this storm and we'll be fine.

[moparman]

We're not that screwed, most analysts say that market conditions justify 70$/barrel right now.  It's a huge bubble right now and eventually it'll burst and we'll get it back to sane proportions.

Bubbles for commodities that people actually need/use can last a very long time though. 

It'll come back down either through innovation or (more likely) global recession.  It would be great to see the automakers make a car that runs on electricity and fusion become a viable source of energy for our houses.  But that probably won't happen, we'll see more and more few people getting rich, riot in the streets, gas at the pumps will be $7+/gallon and the every day people will start to get fed up with the government and how it's treating the average joe.  Then we'll see a recession that hits the entire world since all the worlds economy is tied to the US.  Yes, we'll see the days of $20/barrel oil again - because no one is using it.

[markedman]

We're not that screwed, most analysts say that market conditions justify 70$/barrel right now.  It's a huge bubble right now and eventually it'll burst and we'll get it back to sane proportions.

Bubbles for commodities that people actually need/use can last a very long time though. 

It'll come back down either through innovation or (more likely) global recession.  It would be great to see the automakers make a car that runs on electricity and fusion become a viable source of energy for our houses.  But that probably won't happen, we'll see more and more few people getting rich, riot in the streets, gas at the pumps will be $7+/gallon and the every day people will start to get fed up with the government and how it's treating the average joe.  Then we'll see a recession that hits the entire world since all the worlds economy is tied to the US.  Yes, we'll see the days of $20/barrel oil again - because no one is using it.

So either way it'll be cheap again right?  That's what yer saying, some day gas will be under 2.00/gallon again.

[hemiram]

I'm getting pretty tired of all this commodities crazyness.  The thing is, our own fed is pushing it, the weak dollar is driving the commodities market.  By trying avoid recession the fed puts us all in our own little recession. 

[man o jeep]

I see breakthroughs every day in the energy sector.  Just yesterday some guys figured out how to turn radiation into electricity, now that's cool.  We have plenty of radioactive waste we could use for this so lets get on it.  I've been reading about this stuff for tens of years now and none of it has ever panned out.  Well our country is going down the sh*tter unless one of these things does pan out soon.

[MegaTruck]

It seems to be doing back down again thankfully.  Hopefully the trends in the US are for using less gas over time, keeping the price of oil down and gas down.  I'm getting hit pretty hard too, this beast only nets me 15ish on the highway.  I'd be in about the same boat though with a Cummins since diesel is over a dollar more expensive in my parts of the country.  I hate filling her up but I love driving this truck