[bigboydan]

I heard it just reach a record high of $129 a barrel today.

[Kellen]

I think after Summer, we will start to see some decline in prices.

[Stacocakes]

As long as people are willing to pay the prices they will see no need to drop them

[MonkeyF0cker]

As soon as the dollar rebounds. That would seem to mean - no time soon. Thanks to an insane administration that created an inexcusable record budget deficit, along with a deteriorating housing market and job conditions, it looks bleek at best. Why a few billion dollars wasn't used to fund alternative fuel technology research, instead of a misguided and mismanaged war on "terror", is well beyond any semblance of logic...

[compaqDikk]

JJ's statemet " i hope gas goes to $10 a gallon; i have crude futures"

[Quebb Diesel]

i miss when gas was less than a dollar a gallon...

[compaqDikk]

i miss when gas was less than a dollar a gallon...

you were -7 years old you banged up myspacer

[jackpot269]

I don't think so, the Middle Easterners for the most part and to a large degree South Americans(in the oil trade) now see how high our tolerance is for a resource that we've came so dependent on its really sad for people who have to drive long distantness in this country to work in large part because of the wonderful leaders that we've had the last 100 or more years that had no for sight what so every about mass transit one area our friends across the big pond has done a better job than we have and every political party has a share of the blame !!!!!!!!!!!!!!!

[RageWizard]

As a study, I checked out what the possiblities of a solar array on top of my house could do for me. I found out that I could get a solar set up that would produce more electric than I am using now and would be able to charge an electric car that would enable me to make my 50 mile round trip to work easier, even in the winter here in PA. Of course it cost 50 grand. This sounds like a shit load until you factor in the 30 year warrenty and the rising cost of ALL energy. I can finance such a thing on a home mortgage (even now), but I think it would be cool if the government gave incentives for people like me who are thinking about doing this move. Another way to think of it is that you are really fixing you cost of energy over the next 30 years with an solar panel array. One problem is the availablity of electric cars just isn't that great.

[Quebb Diesel]

you were -7 years old you banged up myspacer

im a facebooker...and so what i was -7 years old...i still miss it!

[BrentCrude]

As soon as the dollar rebounds. That would seem to mean - no time soon. Thanks to an insane administration that created an inexcusable record budget deficit, along with a deteriorating housing market and job conditions, it looks bleek at best. Why a few billion dollars wasn't used to fund alternative fuel technology research, instead of a misguided and mismanaged war on "terror", is well beyond any semblance of logic...

It doesn't look like Teddy K will be filling up the SS Oldsmobile anymore,that will save on gas consumption.

[MonkeyF0cker]

As a study, I checked out what the possiblities of a solar array on top of my house could do for me. I found out that I could get a solar set up that would produce more electric than I am using now and would be able to charge an electric car that would enable me to make my 50 mile round trip to work easier, even in the winter here in PA. Of course it cost 50 grand. This sounds like a shit load until you factor in the 30 year warrenty and the rising cost of ALL energy. I can finance such a thing on a home mortgage (even now), but I think it would be cool if the government gave incentives for people like me who are thinking about doing this move. Another way to think of it is that you are really fixing you cost of energy over the next 30 years with an solar panel array. One problem is the availablity of electric cars just isn't that great.

I agree wholeheartedly. I've been looking into this myself and am actually appalled that there is no such effort to aid such endeavors. I have actually considered creating my very own non-profit organization to push those types of efforts. I would love to see it create a trend...

[daggerkobe]

only way is to reduce use

such as buying hybrids fuel cell and natural gas

OPEC keeps making excuses like china using more but then why are they decreasing production? because they want to artifially keep the prices up


btw gas was 89 cents in California in 2000

miss the days when the president wasn't in bed with oil companies

[ms61853]

i miss when gas was less than a dollar a gallon...

you were -7 years old you banged up myspacer

In December 2001, I was paying $0.99 a gallon in Tampa.

[swede96]

What is everybody paying for a gallon of gas? I'm lucky to find anywhere around $3.80.

[pico]

i think farmers get cheaper fuels. there might be a blackmarket for people driving to farms.

[ritehook]

only way is to reduce use

such as buying hybrids fuel cell and natural gas

OPEC keeps making excuses like china using more but then why are they decreasing production? because they want to artifially keep the prices up


btw gas was 89 cents in California in 2000

miss the days when the president wasn't in bed with oil companies

I don't recalll gas ata any station in Calif in 2000, or even '95, being under a dollar a gallon. No way. You have to go back to the '80s to get that, maybe early '80s.

The death of the dollar has the most to do with the surging prices. And that is keyed back to the 3 trillion war we got into to benefit another country. (No, not Iraq. Most there hate our guts.)

Rising demand worldwide. Yes, after we moved offshore and "fueled" the economies of India, China, etc. Awoke the sleeping giants and now they are devouring us.

Those giants awoke because of the utter failure of American "democracy." The country is not owned by the people, but lock stock and barrel (!!!) by the major corporations.

And by one particular pressure group, with a major say in one part of the world. A lot of the price rises can be attributed to our enslavement to that entity.

Prices will come down, eventually, but not likely to anything under $3.00 a gallon again.

[jjgold]

Not going down much until we take over the oil fields in the mideast

[flyingillini]

There is no need for it to go down. It will only go up.

[bigboydan]

I thought $129 a barrel was nuts, but they are projecting it to hit $150.

Crude Oil Forecast 2008 to Hit $150 a Barrel

The White House Is Stockpiling Oil! The Question Is, "Why?"

Since August, the Bush administration has been adding 50,000 barrels a day to the Strategic Petroleum Reserve — the nation's emergency oil stockpile — with plans to kick up the pace to 70,000 barrels a day by the end of January.

That U.S. oil tank of last resort now contains 695 million barrels of oil — enough to keep the American economy running for just 56 days if imports were suddenly cut off.

The federal government has been aggressively buying up the world's supply of light sweet crude at a time when crude is selling for over $90 per barrel.

And this binge buying has added as much as 10% to the price of crude, an oil consultant told a Senate panel recently. What's more, in the recent energy bill passed by Congress, President Bush asked — and received — authorization to DOUBLE the size of the Strategic Petroleum Reserve.

My question — what does the Bush administration know that would make them so eager to add to the Strategic Petroleum Reserve when prices are so high? What are they afraid of?

Maybe this chart holds a clue ...

The chart comes from OPEC's December Monthly Oil Market Report . As you can see, crude oil prices dropped in both September 2005 and 2006 (the green and pink lines) along with seasonal demand. But this year that's not happening. As the red circle clearly shows, demand is so strong this year that prices are gushing higher, not lower.

In other words, America is so hooked on oil that higher prices aren't weaning us off our addiction. And this comes at a time when U.S. crude inventories are near their lowest levels in years.

That Means We're More Vulnerable Than Ever to an Interruption of that Oil Supply!

Here are some facts that will keep you awake at night ...

* America is the world's largest consumer of oil, guzzling more than 7.5 billion barrels per year. We import more than half the oil we use, and that amount is rising.
* More than 81% of the world's discovered and useable oil reserves come from just 10 countries. And 30% of the world's oil is in three of those countries — Iraq, Kuwait and Saudi Arabia.
* The world consumes an astonishing 173 billion barrels of oil every 2.4 years. At the same time, we find enough new oil to supply just 3% of that.

So, just to keep prices stable over the next decade, we're going to have to find a couple more fields the size of Ghawar — the biggest oil field in Saudi Arabia ... and the world.

Here Are Three Forces That Will Squeeze Oil Prices Even Higher

Most people know a terrorist attack, a war in the Persian Gulf, or a natural disaster would cause oil prices to rise.

But there are other fundamental forces that will drive the price of oil higher relentlessly, even without a headline-grabbing catastrophe. Let's look at three of them ...

Force #1: A Thirsty World. Despite economic storm clouds on the horizon in the U.S., the global economy is growing at about 4.5% per year. From Brazil to Singapore, business is booming and incomes are rising.

The world's population is trading bicycles for cars, and global oil demand can't keep up. With 14,000 more cars on the road each day, China's oil demand alone is expected to rise at least 5% this year, according to the IEA.

As a result, the International Energy Agency (IEA) projects in its Medium Term Oil Market Report that global oil demand will grow 2.2% a year, on average. By 2012, demand should reach 95.8 million barrels per day (bpd) vs. 85.7 million bpd this year.

At the same time, spare capacity — almost all of which is in Saudi Arabia — is going to vanish like a mirage in the desert.

Even worse, the IEA expects supply increases from non-OPEC oil producers and biofuel producers to start dwindling around 2009.

All that boils down to an ugly picture from the IEA: The world's oil demand growth is going to start outpacing supply growth by 2010!

Force #2: Slipping on the Oil Field Treadmill. The IEA has more gloomy news for us: We're getting between 3% and 4% LESS out of existing oilfields every year. Mature producing areas and many recent deepwater projects are declining at even sharper rates — 15% to 20% annually!

All told, the oil industry needs to add three million bpd of new supply each year just to offset declines in existing fields.

But the oil majors are having trouble finding oil. For example, last year was the first time — EVER — that Exxon didn't replace its reserves through its own drilling, according to Oppenheimer research.

Force #3: Oil Exporting Nations Need More of Their Own Product. The economies of many big oil-exporting countries are growing so fast that their domestic need for energy is sucking up their exports. Experts say the sharp growth, if it continues, means several of the world's most important suppliers may need to start importing oil within a decade.

OPEC member Indonesia has already started importing more oil than it exports ...

Mexico could be doing the same within five years ...

And domestic consumption in Kuwait, Saudi Arabia and Iran is soaring!

According to a report from CIBC World Markets, Russia, Mexico, and OPEC members will cut crude exports by as much as 2.5 million barrels a day by the end of the decade. That is MORE than the current spare capacity in the oil markets.

When OPEC recently opted to freeze output levels it argued that the global market for crude oil was "well-supplied."

But maybe the real reason was that OPEC just didn't have much more to sell.

My Forecast: We Could See Oil Hit $150 a Barrel in 2008

The Energy Information Administration recently told the U.S. Senate that crude should average $85 per barrel in 2008 as fundamentals tighten ...

Goldman Sachs said it could hit $105 ...

But I'm setting my sights a little higher: I think we could see prices spike to $150 a barrel next year!

That kind of a jump might not stick around very long. But as I just showed you, all the fundamentals are in place for oil to hit — and maintain — triple-digit prices next year.

In fact, I believe the only thing that could derail higher prices is a stiff recession in the U.S. And central banks around the world are working hard to prevent that.

Our own Federal Reserve is throwing everything but the kitchen sink at the markets, and the Bank of England and European Central Banks are doing the same.

How You Can Play The 2008 Oil Boom

The oil majors are boosting their exploration spending to an estimated $370 billion next year. That means some undervalued oil exploration and production companies are on the launch pad.

That's precisely why I'll be recommending some of them to my Red-Hot Resources subscribers very soon.

Of course, small-cap, early-stage companies carry both higher risk as well as higher reward.

If you prefer more diversified investments, you can always buy the Energy Select SPDR (XLE) or one of the other energy sector ETFs that are stuffed with larger-cap oil & gas companies.

But whatever you do, get ready to watch oil prices in 2008. I think it's going to be a heck of a show.

Good luck and good trades,

[topgame85]

Probably because they plan on invading Iran and if they do bye bye oil

[Mr KLC]

If our government would just get their heads out of their asses and start with the process of drilling our own resources here and building new refineries, prices would go down. The other countries have us under a barrel (no pun intended) now because the majority of our oil comes from other countries. It would take us several years to get to tap into our oil, but just the threat that we were going to do that would make OPEC countries back off. This would be a short term solution until alternative energy was created nationwide.

[purecarnagge]

rage- you can set it up to use that electricity it generates to pay most of your utility bills as well. When I build my home I'm debating having it be passive solar. But not my very first home, my dream home.

[bigboydan]

Probably because they plan on invading Iran and if they do bye bye oil

I guess that means we better get a Democrat in the White House soon, because then the war might actually stop and the prices will drastically go down.

[daggerkobe]

A Democrat would never have invaded Iraq in the first place.

Anyone who believes Bush had no hand in the skyrocketing of gas prices is crazy.

Back in 2001, he got it all started by filling the Stragetic Petroleum Reserve to full capacity by buying up all the oil from private refinaries. This act alone pushed the prices to over $50 for barrel of oil. Then invading Iraq for no reason crippled our economy and sent the oil prices in to the stratosphere.

Bush is the WORST president in US history...... 18% approval rating says it all.

[tblues2005]

daggerkobe,

You are so right the Worst President ever is the truth here. I hope that in November that we will remember these high prices that were paying and vote a Democrat in so he can clean up this terrible mess that we are currently in right now. It isn't going to happen overnight but you will see a difference once he is in long enough.

[daggerkobe]

My next car will be this: http://automobiles.honda.com/fcx-clarity/

[TexansFan]

You people better hope a hurricane doesn't hit the Gulf Coast here around Tx or Louisiana. If it does prices are going to really skyrocket.

[bigboydan]

How high will barrels of oil get this week or will it go down?

[Bet Shooter]

rage- you can set it up to use that electricity it generates to pay most of your utility bills as well. When I build my home I'm debating having it be passive solar. But not my very first home, my dream home.

I built a passive solar house in 1989, and it is the best money I have ever spent. It is 70 in my house in the middle of winter if the sun is out. Great concept....

Dan....It will ease after the Holiday traffic goes back to work on Tuesday, But the overall trend is up. Most of this price run-up is the same for all commodities. The speculators are buying anything that is available to invest in. The bond market, Stocks, Real Estate and our dollar are all in the shitter. The only thing the investor has that is trending upward is all commodities across the board.

You want to get these prices down? It's drastic, but if the goverment walked into the exchange on Tuesday and announced that; the only people that could bid on any oil contracts are those that will take delivery of the product, we would be back to 1990 prices in a few short days! Alot of rich people would be VERY mad.....but you would get gas at under $2 again.