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Oil futures soar on price forecast

NEW YORK: Oil futures blasted to a record near $123 a barrel Tuesday, gaining momentum as investors bought on a forecast of much higher prices and on any news hinting at supply shortages.

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Yahweh on Rye
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#2
Wednesday May 7
 
What "something" should be done, and what are all the ramifications of "doing something"?
Old Man Grump
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#3
Wednesday May 7
 
Bush_A$$ & Cheney_DICK & their BIG OIL friends must be clapping their hands and singing in the streets. Oil is over $120 a barrel.

January 2009 can't come too soon !!!
Use Common Sense
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#4
Wednesday May 7
 
One reason that prices is so high is because the media keep reporting that it could go higher and so people fear the reports. If the media would shut up about it people would calm down and not panic. When they started reporting $4.00 gasoline by summer you started to see the gougers race to that number. The media needs to stop helping the gougers and try and calm people down.
Jonn Q Public
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#5
Wednesday May 7
 
SDespot wrote:
How about doing something about it before it gets that high? We have the power to explore alternate options.
No green options. Can't touch the oil under our feet, could be a moose would have to move a mile to survive. Let peoople pay $4.00/gal. as long as somebody's study {public funding} says the air is cleaner. Never mind the story today about the volcano spewing ash into the stratosphere. Pelosi better start the paperwork to do a study to see if congress can ban volcanos.
Yahweh on Rye
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#6
Wednesday May 7
 
Use Common Sense wrote:
One reason that prices is so high is because the media keep reporting that it could go higher and so people fear the reports. If the media would shut up about it people would calm down and not panic. When they started reporting $4.00 gasoline by summer you started to see the gougers race to that number. The media needs to stop helping the gougers and try and calm people down.
Who are the gougers racing to that number?

Can you explain more about your theory?
yep
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#7
Wednesday May 7
 
Oil Reserve!!!! Use it now, funnel Iraqi oil throught it!!!
Use Common Sense
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#8
Wednesday May 7
 
Yahweh on Rye...
"Who are the gougers racing to that number?"

Station owners. Owners raise prices to predict the next purchase price for fuel, they raise prices, people see gas go up, the media reports prices are rising and the owners raise prices again. The price of oil is actually raising because of fear.
a voice
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#9
Wednesday May 7
 
Let the scam continue to change transportation and electric costs.
We elected the schemers !
brickyak
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#11
Wednesday May 7
 
Use Common Sense wrote:
One reason that prices is so high is because the media keep reporting that it could go higher and so people fear the reports. If the media would shut up about it people would calm down and not panic. When they started reporting $4.00 gasoline by summer you started to see the gougers race to that number. The media needs to stop helping the gougers and try and calm people down.
This is BY FAR the dumbest post I have EVER seen. If the media actually had something to do with prices don't you think they would be writing about the price going down? LMAO they have to buy gas too. Thanks for the laugh, I can always use a good chuckle.
Use Common Sense
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#13
Wednesday May 7
 
Well they're now reporting $200 a barrel, good luck with your laugh.
ixlnxs
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#14
Wednesday May 7
 
shud up and take it like good little consumers......

who's you oil supplier, thats right whoooooo's your oil supplier
TFC
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#15
Wednesday May 7
 
It can all be summed up in 2 words: We're F*cked!!
Use Common Sense
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#16
Wednesday May 7
 
3 words
We're being f*cked!!
SDespot
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#17
Wednesday May 7
 
Use Common Sense wrote:
One reason that prices is so high is because the media keep reporting that it could go higher and so people fear the reports. If the media would shut up about it people would calm down and not panic. When they started reporting $4.00 gasoline by summer you started to see the gougers race to that number. The media needs to stop helping the gougers and try and calm people down.
Well, I hate to admit it, but I actually have to agree with you on this one.
Yahweh on Rye
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#18
Wednesday May 7
 
Use Common Sense wrote:
Yahweh on Rye...
"Who are the gougers racing to that number?"
Station owners. Owners raise prices to predict the next purchase price for fuel, they raise prices, people see gas go up, the media reports prices are rising and the owners raise prices again. The price of oil is actually raising because of fear.
So oil = gas?

The retail station owners are driving the price of oil?

1. Media reports gasoline price rise
2. Station owners jack up retail gasoline prices
3. The price of the raw material required to make gasoline at the wholesale level rises
4. Maniacal laughter ensues from station owners rolling in dough?

Neat.
City Worker
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#19
Wednesday May 7
 
Use Common Sense wrote:
One reason that prices is so high is because the media keep reporting that it could go higher and so people fear the reports. If the media would shut up about it people would calm down and not panic. When they started reporting $4.00 gasoline by summer you started to see the gougers race to that number. The media needs to stop helping the gougers and try and calm people down.
That has to be at least 50% of the problem...people who turn wild predictions into self-fulfilling prophecies. Maybe some articles re getting prices down would work a lot better than these panic pieces the media keeps running.
City Worker
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#20
Wednesday May 7
 
brickyak wrote:
<quoted text>
This is BY FAR the dumbest post I have EVER seen. If the media actually had something to do with prices don't you think they would be writing about the price going down? LMAO they have to buy gas too. Thanks for the laugh, I can always use a good chuckle.
No--it's one of the most ACCURATE posts so far. The media doesn't care about the prices. The more outlandish anything is---crime, politics, prices, whatever---the more papers they sell or ratings they get.
City Worker
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#21
Wednesday May 7
 
Yahweh on Rye wrote:
What "something" should be done, and what are all the ramifications of "doing something"?
The something is (1)more drilling in areas like ANWR and similar places (2)build new refineries
Yahweh on Rye
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#22
Wednesday May 7
 
City Worker wrote:
That has to be at least 50% of the problem...people who turn wild predictions into self-fulfilling prophecies. Maybe some articles re getting prices down would work a lot better than these panic pieces the media keeps running.
Because, of course, commodities traders listen to CNN instead of industry analysts.
Use Common Sense
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#23
Wednesday May 7
 
Yahweh on Rye...
"So oil = gas?"

The reports of high oil prices = high gas prices... once again it's the fear "thing". The station owners need to stay ahead of the gas prices that's why they continually raise them. You weren't an "A" student right?
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