oil up to 76 bucks now

http://money.cnn.com/2007/07/20/mark...reut/index.htm

 

10 year monthly chart comparing gold versus XOI (oil & gas index)



---AutoMerged DoublePost---

NYMEX Light Sweet Crude Oil e-mini contract

15 minute delayed price of a barrel of oil

 

I got to admit its really getting hard up here with the price jumping through the roof again... It now $3.509 for a gallon of diesel...

I'm working on ways of reducing the cost of operation of my truck...

 

$83.69 per barrel of light sweet crude (bummer!!!)



this seems really bad for the US and most likely it is....
except if you are in one of the top 10 oil and gas producing states or countries....
these high oil prices could make canada an even bigger world leader.

http://en.wikipedia.org/wiki/Oil_reserves

http://en.wikipedia.org/wiki/List_of...#North_America

http://www.flyingj.com/fuel/gasoline_CF.cfm?state=OK

http://www.nymex.com/disclaimer.aspx

 

.....

 

it will hit 100 per barrel so get used to it

we (USA) dont seam to mind the prices too much cuz we use more oil every day....as long as we keep the demand up the price will continue to climb.

when our usage creates a shortage the price WILL hit 100

createing a shortage to cause a demand is also a manipulative practice that seams to be taking place

someday we will all look back and remember when we could drive where we wanted when we wanted how we wanted in whatever vehicle we wanted .........I think I will be pushin up daisies by then

we are our own worst enemy

 

One thing that hurts us is that if the supply of gas is low they will then take diesel fuel and turn it in to gas. By doing this it keeps the supply of diesel fuel low and diesel prices high.

 

Oil smashes $86 for the first time


Crude prices reach record high on worries about declining oil inventories, OPEC says production by non-member countries may fall; Turkey-Iraq tension.
October 15 2007: 8:27 PM EDT


NEW YORK (AP) -- Oil prices surged higher than $86 a barrel Monday for the first time after OPEC said crude production by non-member countries is likely falling even as global demand for oil is rising.

The price for light sweet crude settled at a record $86.13 a barrel, up $2.44 from Friday's $83.69.

Prices were also supported by concerns Turkish forces will pursue Kurdish rebels into Iraq, disrupting oil supplies, and by technical buying by investment funds.

Monday's intra-day high was $86.20 a barrel, breaking Friday's peak of $84.05.

Despite the Organization of Petroleum Exporting Countries' decision last month to boost its production by 500,000 barrels per day beginning next month, the rest of the world will likely produce 110,000 fewer barrels of oil per day than expected in the fourth quarter, OPEC said in a report.

At the same time, fourth quarter demand for crude oil will grow by 100,000 barrels a day over last year, OPEC said.

The estimates add to sentiment that crude supplies are tight. Last week, the Energy Department reported that domestic crude inventories fell during the week ended Oct. 5 when they had been expected to rise. And the International Energy Agency concluded that oil inventories held by the world's largest industrialized countries have fallen below a five-year average.

"The fact that U.S. crude inventories fell yet again ... reinforced the market's underlying concern that demand has yet to slow down sufficiently to allow stocks to build, while supply is also perceived to be struggling to catch up," wrote Edward Meir, an analyst at MF Global UK Ltd., in a research note.


I myself look for a downturn on oil on around Nov1-15 ............I think it will get down to 72 again then when the cold sets in a barrel may hit a hundred..................I am guessing Febuary some time.........JMHO

 

You also got to take into fact that the American dollar is lossing value too so it take more dollars to buy this crude for us...

There is a lot of factors that control the price of crude... I just lightly touch on one of them...

 

check this out I found this mornin


Despite the gains, Nymex oil is still below inflation-adjusted highs hit in early 1980. Depending on the adjustment, a $38 barrel of oil in 1980 would be worth $96 to $101 or more today.