According to some $800 per barrel oil is possible

skipster · 05-22-2008, 01:13 PM

$800 oil would be GREAT, because it would drive industry toward alternative fuels. I don't think it will happen soon, but the price increases we're seeing certainly are sparking increased research.

spartansd · 05-22-2008, 01:19 PM

I think a lot of the price increase is due to speculators.

I have heard a 20-30% increase from speculators.

Cyclone85 · 05-22-2008, 01:31 PM

I've heard similar figures. Something sinister is happening as oil has increased 1,200% since 1999, whereas the world economy is less than 30% larger. U.S. oil consumption is down so demand from the largest user in the world is not driving the price. We know all of the reasons and there is plenty of blame to go around including but not limited to U.S. policy. But speculators, traders, and hedgers purchasing oil contracts to hedge inflation are also part of the problem.

Originally Posted by spartansd

I think a lot of the price increase is due to speculators.

I have heard a 20-30% increase from speculators.

ISU2008 · 05-22-2008, 02:09 PM

Originally Posted by Cyclone85

I live in a well-to-do neighborhood, and at least 3 of my neighbors are leaving their Tahoes and Silverados in the garage M-F and will only use them for the occasional Menards rock haul on the weekend.

Nothing wrong with not driving those unless they are needed. Your neighbors are lucky they have other options to drive. When you think about people who put all their money in a F-250 or a Suburban and only have that one vehicle, sucks for them.

Cyclone85 · 05-22-2008, 03:20 PM

Yep -- if your only vehicle is an F250, sucks to be them. My brother has a Suburban and a Camry -- guess which one they take to work? That Suburban gets a gut-wrenching city mileage...I can't even type the number it is so low!

Originally Posted by ISU2008

Nothing wrong with not driving those unless they are needed. Your neighbors are lucky they have other options to drive. When you think about people who put all their money in a F-250 or a Suburban and only have that one vehicle, sucks for them.

According to some $800 per barrel oil is possible

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