Oil hits record $122 on $200 oil prediction, supply fears

Oil futures blasted to a record of $122 a barrel Tuesday, gaining momentum as investors bought on a forecast of much higher prices and on any news hinting at supply shortages.

[MistRIder]

Anyone Know the real Truth to this fiascal..??not guessing not this is what Ithink......or this is what should be done...THE Real Truth?????

[turdface]

I heard somebody had a tire blowout in Nigeria. Possible delays forseen.

[Tetra]

The real truth is called GREED. When something has value, companies invest in it, which causes the prices to go up. Anyone who heats their home and drives a car is lining investment companies' pockets. Prices go up on rumors, tighter supplies and demand.

[TDJensen]

I don't know if anyone else has noticed, but there is one small silver lining to all this hardship and rising costs......it is the many truckloads of yard junk, old cars, metal, etc., that are now being hauled away for recycle and a few extra bucks to boot. It isn't much reward for the hard work that goes into cleaning up this type of mess but it sure does help clean-up things and help somewhat to decrease our dependency.

But relating to the subject, you can bet that the higher costs paid for oil in June will be slammed into our wallet in days.....not waiting until June. I still can't figure out how this isn't illegal. We pay higher prices for petroleum products based on what it sells for today even if it was purchased months ago at a lower rate.

[Baruch HaShem]

Every body hold on, at least the working blue collar stiffs, and the average working class because somehow we must make ends meet.
We must as a country become united in the common cause to find and to use alternative fuel, we need to get away from our high demand and dependency of foreign oil.
We need wind, and solar energy, also more nuclear energy plants, just look at France. We cannot continue to use over 60% of the worlds energy when we are less then 40% of the worlds population. We need to look within our-self for the answers, maybe we need to reconsider our views on natural resources and allow some new exploration in Alaska. I just don't know, except we need to conserve more and the government needs to become a leader in this movement, not a contributor.
God Bless America.

[Baruch HaShem]

I forgot to add, just look at all the plastic that is manufactured today, and guess what is a very important ingredient in plastic, yup, oil. Even many or all of our cars have plastic, could it be that maybe if we return to glass containers and paper it might help. Its at least recyclable, and renewable, we can grow trees, and we surely have plenty of sand for glass. Just maybe some of the old traditional ways could save us from our self?
God Bless America.

[Sam]

Alternative energy for vehicles has been around for longer than I can remember. It's not being utilized because there is still money to be made on oil. All it would take is somebody with the guts to just plain implement it and you would see oil prices plunging. Ain't gonna happen in our life time, no matter how much they keep saying we're runnin out of oil.

[turdface]

I watched Glen Beck on CNN or HN whatever station he is on and he is a refreshing breath of fresh air. Basically, stop putting oil in the reserves and release 50 to 60 million barrels starting now, start drilling in the off shore oil fields currently off limits for enviromental reasons now, start up Anwar (2000 acre usage out of 20,000,000)now, it'll be ready to pump in 2-3 years, work on using more coal (est at over 100 year supply) and implementing/enhancing the coal to liquid energy technology, build several more refineries, Enhance neculear energy usage. In other words start using what is readily available to us without relying on importing and work up an alternative energy policy (solar, organic, bio, wind)that would be available in 10-20 years.

[Tetra]

I don't consider myself a tree hugger, or a green fanatic. I too like the way people are cleaning their yards. I've been recycling and not using things that are not biodegradable since the late 60's. Back then the hippie movement was looked down on, not only for the drug use, but because we chose to read Mother Earth and live as far off the grid as possible. Now that the hippies are all grown-up, we're proud to have changed the laws and made "going green" cool.

[danasue]

I'm ready to hunker down in the shanty for a few months!

[NoEndToIt]

My oh my this is out of control and this country has a do nothing President sitting there.

Sure his buddies are getting richer by the minute.

Lets see no jobs, no gas....maybe this is the end of our lifestyles?

Gets depressing to think that a small group of people are holding up drilling in areas that are no mans land.

But then again, look at how much of American oil goes to Japan? And the oil out of the Gulf of Mexico does not come into this country.

So what is the deal that oil from this country goes out, and Saudi oil comes in?

Dont' understand that situation.

Hopefully someone can explain?

[mama knows]

Hmmm. My husband is going on nights soon... maybe it's time to go down to one vehicle for a while. I'm tired of being Ben Dover at the gas pump. (thanks, Hurley for the correct spelling) I think with me staying home most of the time we could get by with one car. Not going to be much choice I think.

[mama knows]

And I'm also wondering how much food prices will go up-you know they pass allllll that gas cost on...

[novacane]

prices will continue to climb until we squash demand. Global demand is still rising and supply is limited at 85-87 mbpd. We are not replacing the oil we are using. All the major oil wells we discovered are over 30 years old.

[Whuteva]

NoEndToIt wrote:

My oh my this is out of control and this country has a do nothing President sitting there.
Sure his buddies are getting richer by the minute.
Lets see no jobs, no gas....maybe this is the end of our lifestyles?
Gets depressing to think that a small group of people are holding up drilling in areas that are no mans land.
But then again, look at how much of American oil goes to Japan? And the oil out of the Gulf of Mexico does not come into this country.
So what is the deal that oil from this country goes out, and Saudi oil comes in?
Dont' understand that situation.
Hopefully someone can explain?

Small percentage are holding up drilling in areas that are no-mans land?

I assume that you are talking about ANWR and its not no mans land. Its a National Wild Refuge, meaning its OUR land, the taxpayers land and the taxpayers oppose drilling there 55-45%.

Not a small number, in fact its a majority.

[Jim]

GREAT JOB YOU ARE DOING HERE BUSH!!!!!

If he has his way we will have people starving in the streets before he leaves office. Even his Illegal Aliens are going home.

[Randy Whitten]

Whuteva wrote:

<quoted text>
Small percentage are holding up drilling in areas that are no-mans land?
I assume that you are talking about ANWR and its not no mans land. Its a National Wild Refuge, meaning its OUR land, the taxpayers land and the taxpayers oppose drilling there 55-45%.
Not a small number, in fact its a majority.

At some point we will have to eat those animals that reside there just to survive. We are all going to be homeless and broke! Our Goverment employs the well to do and us little people, well?
Who knows what will happen???

[Jim]

This is to keep the country going instead of raising taxes. By devaluing the dollar it does not look like a tax increase but it is.

MistRIder wrote:

Anyone Know the real Truth to this fiascal..??not guessing not this is what Ithink......or this is what should be done...THE Real Truth?????

[Jamie]

There is not enough oil there to make a difference, besides the oil companies will never pass the savings on to us. They know now that we WILL pay these high prices.

Whuteva wrote:

<quoted text>
Small percentage are holding up drilling in areas that are no-mans land?
I assume that you are talking about ANWR and its not no mans land. Its a National Wild Refuge, meaning its OUR land, the taxpayers land and the taxpayers oppose drilling there 55-45%.
Not a small number, in fact its a majority.

[old_timer]

Ok here it is the truth.
A lot of folks can't understand how we came
to have an oil shortage here in our country.
~~~
Well, there's a very simple answer.
~~~
Nobody bothered to check the oil.
~~~
We just didn't know we were getting low.
~~~
The reason for that is purely geographical.
~~~
Our OIL is located in
~~~
ALASKA
~~~
California
~~~
Coastal Florida
~~~
Coastal Louisiana
~~~
Wyoming
~~~
Utah
~~~

Kansas
~~~

Oklahoma
~~~
Pennsylvania
and
Texas
~~~
Our
DIPSTICKS
are located in
Washington, DC!!!
Any Questions???
NO? Didn't think So.