Oil Closes at $100 per barrel...It's a new record! (1 Viewer)

[DadsDream]

CBS NEWS
Oil Closes Above $100 For First Time
Price Jumps On A Texas Refinery Outage And Possible OPEC Production Cut
NEW YORK, Feb. 19, 2008

AP) Oil futures shot higher Tuesday, closing above $100 for the first time as investors bet that crude prices will keep climbing despite evidence of plentiful supplies and falling demand. At the pump, gas prices rose further above $3 a gallon.

There was no single driver behind oil's sharp price jump; investors seized on an explosion at a 67,000 barrel per day refinery in Texas, the falling dollar, the possibility that OPEC may cut production next month, the threat of new violence in Nigeria and continuing tensions between the U.S. and Venezuela.

READ MORE
http://www.cbsnews.com/stories/2008/02/19/business/main3849543.shtml

 

[primadox]

More lame excuses to raise prices...sure glad I filled up the other day.

 

[saintfan]

Last week the price of gas at Walmart in Algiers was 2.77.9. Today it is 2.99.9. That's a 22 cent jump is just one week.

 

[DadsDream]

To think we had a thread not long ago that went on for many pages when it hit a mere $88 a barrel. Pffft!

 

[Thorin]

To think we had a thread not long ago that went on for many pages when it hit a mere $88 a barrel. Pffft!

The sky's the limit!

 

[Saint_Kyle]

Awesome, I JUST got a car that I can finally drive in about 7-8 months, so by then I figure to need 2 jobs for gas money.

 

[RebSaint]

 

[bop]

I sure do wish we would start taking advantage of all this oil we are sitting on top of in Iraq. Because, you know, we only started a war there because we are so greedy for oil and all.

 

[bclemms]

I sure do wish we would start taking advantage of all this oil we are sitting on top of in Iraq. Because, you know, we only started a war there because we are so greedy for oil and all.

That is the great part, we are. People think we aren't really tapping into it but the political turmoil and speculation is causing the price of oil to skyrocket while demand is increasing at a much slower pace than the price is increasing. Back home in the states people are still buying it and taking it out on people by giving SUV drivers mean looks. Wow, this couldn't be going any better.


Thanks for financing it America,

Exxon, Chevron, Shell, BP and even the little guys.

PS: Get a free fill up with your first purchase on our new super bling bling gas card.

 

[CitySaint]

They are taking advantage of it, but its more like a big club and we ain't in it.

 

[RebSaint]

I sure do wish we would start taking advantage of all this oil we are sitting on top of in Iraq. Because, you know, we only started a war there because we are so greedy for oil and all.

Already in the works. The major American companies are lining up.

http://www.rigzone.com/news/article.asp?a_id=56496

The only problem now of course is what will happen once large oil companies start pumping the oil. What happens when if the peace ends? The U.S. military pretty much has to go back in to get the oil back online. More $$$ and lives because Iraq now is a major oil producer which the U.S. depends more on.

 

[CitySaint]

Is the oil hike due to Castro... I mean Chavez and his threat to halt production or whatever?

 

[dajmno]

My car is sitting at home in the driveway in New Orleans, brah. I own an unlimited MetroCard. I couldn't tell you what a gallon of gas cost these days now, but I do miss my car sometimes.

 

[RebSaint]

According to this investment analyst, oil could hit $125/barrel this year.

http://seekingalpha.com/article/649...in-oil-and-alternative-energy?source=wildcard

 

[DadsDream]

$2.97 at the Chevron around the corner and the Shell across the street.

I filled up at Sam's last week for $2.72.