Posted June 3, 200817 yr Oil surges $11 to record $138 Crude skyrockets on a sliding dollar, geopolitics and a Wall Street report predicting $150-a-barrel oil. NEW YORK (CNNMoney.com) -- Oil prices shot up nearly $11 a barrel and settled Friday at a record $138.54 on geopolitical jitters, a dollar decline and a forecast that oil would hit $150 by July 4. Friday's spike in the July contract for light crude on the New York Mercantile Exchange marks the largest singe-day increase in oil prices on record. The contract hit an intraday record of $139.12, breaking the previous trading record of $135.09. "The bulls are running rampant and the bears have panicked," said oil industry analyst Stephen Schork, editor of the Schork Report. "It's pure hysteria, absolute panic," he added. The rally highlighted concerns that retail gas prices, which have surged near a nationwide average of $4 a gallon, will continue to crimp consumer spending and fuel inflation. Stocks fell more than 400 points Friday due to the rally in crude prices and a report from the Labor Department that showed the unemployment rate rose to 5.5% in May from 5% in April, the biggest monthly jump in more than two decades. The economy lost 49,000 jobs, marking the fifth straight month of job losses. Meanwhile, the dollar continued its slide versus the euro on the weak jobs report and comments Thursday that the European Central Bank could potentially raise interest rates. The dollar also tanked versus the yen. Concerns about instability in the Middle East flared after hawkish comments from Israeli Deputy Prime Minister, Shaul Mofaz, about possible attacks on Iran. Also contributing to the surge: Morgan Stanley (MS, Fortune 500) analyst Ole Slorer released a report saying that he expected a "short-term spike in oil prices," as high as $150 a barrel by July 4. Softening dollar The dollar began its slide Thursday after European Central Bank president Jean-Claude Trichet said the bank might raise interest rates, which would strengthening the value of the euro. If the euro gains, oil becomes cheaper, European investors buy more oil, raising the price of oil in U.S. dollars, according to Phil Flynn, senior market analyst at Alaron Trading. The "European Central Bank pulled the rug out from under us," said Flynn. Trichet's comments came the day after Federal Reserve Chairman Ben Bernanke said he wanted to try to support the dollar to bring energy prices into check. "The two central banks are out of step with each other," he said. Global demand, especially for gas and distillates in emerging markets, supported the record build in crude prices. However, the governments of a number of countries, such as India and Malaysia, have started lifting their government fuel subsidies, prompting gas prices to rise in those nations.
June 3, 200817 yr It is true that there is enough oil to fuel the world.. you want to look to the people panic buying and the media frenzy when people ney-say about how much oil there is, that its gonna go up etc,
June 3, 200817 yr its gonna go up oh god no I better go buy tons more right now the apocalypse is nearing
June 3, 200817 yr oh god no I better go buy tons more right now the apocalypse is nearing People are taking this way too seriously alot of us should've expected it to get this. It was going to happen all along it is just a matter of when. It's the way OPEC is and will always be. I say we should start producing our own oil problem is we probably couldn't produce enough for the entire country. All of us wanted these big gas guzzling trucks. I will say that i have felt the gas impact but i expected it. All i had to do is just increase my gas budget. So that movie or game that i wanted for that week will just have to wait till next week. I fill up every two weeks and get about 150-170 mi to a half of tank on my F-150 also this tank is huge it takes almost 15 gallons to fill from half. As long as i don't let get below half a tank then i won't pay insanely high. On average i spend about $50 on gas every two weeks. I say that is pretty good for a truck. Just be smart when you go to fill your gas don't fill on a hot day during the day as gas will expand and vaporize some. Cut down on unecessary trips. If it's not too hot don't use the AC. Change your air filter when needed. Make sure you change your oil every 3,000mi. Make sure your tires are at their correct pressure. Do the speed limit don't accelrate really fast. Also keep your injectors clean use an injector cleaner every oil change a small 3-4 dollars that will save hundreds in the long run. It's simple to use just add it to the gas tank when you fill up. Make sure your exhaust system is in good condition no holes in the pipes or muffler. Take care of any Emissions problems "idiot light". Believe or not people around here actually will do that. Also look into gettin a locking fuel cap for those who don't have a new vehicle with an anti syphoning screen. These little things will keep your gas mileage or even increase it.
June 3, 200817 yr oh god no I better go buy tons more right now the apocalypse is nearing The media epitimised in one line lol
June 3, 200817 yr As long as i don't let get below half a tank then i won't pay insanely high. On average i spend about $50 on gas every two weeks. I say that is pretty good for a truck. No your doing it wrong ding fill from empty to half a tank it takes less energy to move less weight dont make your car weigh more than you have too The media epitimised in one line lol I knew I had a talent for show biz :thumbsup: "this just in KFA pwns you now back to your regular sceduled programming"
June 4, 200817 yr Even the null ones in maths will include/understand the limpidity of this demonstration. IT IS NECESSARY TO DRAW from THEM the CONCLUSIONS WHICH IMPOSE !!! in 2000: $1 = 1,20 €, 1 barrel of petrol in dollars = $60, Is 1 barrel of petrol in euros = 72,00 €, Price of the liter of gas oil to the european pump => 0,82 € in 2008: $1 = 0,64 €, 1 barrel of petrol in dollars = $110, Is 1 barrel of petrol in euros = 70,40 €, Price of the liter of gas oil to the european pump => 1,28 € instead of 0,80 € (because our government cannot lose money but us yes!). This Saturday 31-05-2008 at 12:00 pm, gas at the pump cost 1,50 € = $1.20 a liter! Egidio.
June 5, 200817 yr No your doing it wrong ding fill from empty to half a tank it takes less energy to move less weight dont make your car weigh more than you have too :thumbsup: -Ya know...I just pulled out the old engine and but in a small fusion reactor...works wonders.
June 5, 200817 yr I went to the coast, and in one town the price of gas was $3.80 per lb.; every other town around it was up to at least $4.20. I got back home and gas prices were up to $4.30. It was weird
June 5, 200817 yr I went to the coast, and in one town the price of gas was $3.80 per lb.; every other town around it was up to at least $4.20. I got back home and gas prices were up to $4.30. It was weird $3.80 per lb. eh? Never heard gas measured in pounds Prices are still gonna go up for a while, eventually they will go down a bit. I did hear yesterday on CNN though this guy is growing algae in plastic bags on huge racks on his land, he can get 10,000 gallons of alternate fuel per acre per year with it. As opposed to corn which gets under 50 gallons per acre per year. I want algae fuel! plus... we dont eat algae and it grows way fast. Therefore, food prices can go down, gas prices can go down, and everyone but the oil companies can be happy! :thumbsup: (in my dreams)
June 5, 200817 yr $3.80 per lb. eh? Never heard gas measured in pounds :thumbsup: Sometimes i screw up, $3.80 per gallon. Is that better? :thumbsup:
June 6, 200817 yr Author Crude Oil Rockets Surge UP from $119 to $134 a Barrel in 2 days Not Good Bad News
June 6, 200817 yr Author Everyone Better Fill Up Now Crude Oil Storms Rockets Up BIGGEST time ever LONDON (Thomson Financial) - Crude oil crossed 137 dollars a barrel Friday for the first time in New York and London trade, jumping more than $9 as the market reacted to a sharp decline in the dollar. tf.TFN-Europe_newsdesk@thomsonreuters.com rw
June 6, 200817 yr Author Oil surges $11 to record $138 Crude skyrockets on a sliding dollar, geopolitics and a Wall Street report predicting $150-a-barrel oil. NEW YORK (CNNMoney.com) -- Oil prices shot up nearly $11 a barrel and settled Friday at a record $138.54 on geopolitical jitters, a dollar decline and a forecast that oil would hit $150 by July 4. Friday's spike in the July contract for light crude on the New York Mercantile Exchange marks the largest singe-day increase in oil prices on record. The contract hit an intraday record of $139.12, breaking the previous trading record of $135.09. "The bulls are running rampant and the bears have panicked," said oil industry analyst Stephen Schork, editor of the Schork Report. "It's pure hysteria, absolute panic," he added. The rally highlighted concerns that retail gas prices, which have surged near a nationwide average of $4 a gallon, will continue to crimp consumer spending and fuel inflation. Stocks fell more than 400 points Friday due to the rally in crude prices and a report from the Labor Department that showed the unemployment rate rose to 5.5% in May from 5% in April, the biggest monthly jump in more than two decades. The economy lost 49,000 jobs, marking the fifth straight month of job losses. Meanwhile, the dollar continued its slide versus the euro on the weak jobs report and comments Thursday that the European Central Bank could potentially raise interest rates. The dollar also tanked versus the yen. Concerns about instability in the Middle East flared after hawkish comments from Israeli Deputy Prime Minister, Shaul Mofaz, about possible attacks on Iran. Also contributing to the surge: Morgan Stanley (MS, Fortune 500) analyst Ole Slorer released a report saying that he expected a "short-term spike in oil prices," as high as $150 a barrel by July 4. Softening dollar The dollar began its slide Thursday after European Central Bank president Jean-Claude Trichet said the bank might raise interest rates, which would strengthening the value of the euro. If the euro gains, oil becomes cheaper, European investors buy more oil, raising the price of oil in U.S. dollars, according to Phil Flynn, senior market analyst at Alaron Trading. The "European Central Bank pulled the rug out from under us," said Flynn. Trichet's comments came the day after Federal Reserve Chairman Ben Bernanke said he wanted to try to support the dollar to bring energy prices into check. "The two central banks are out of step with each other," he said. Global demand, especially for gas and distillates in emerging markets, supported the record build in crude prices. However, the governments of a number of countries, such as India and Malaysia, have started lifting their government fuel subsidies, prompting gas prices to rise in those nations.
June 6, 200817 yr Yeah it jumped $11 today. Its predicted to go at least to $150 by July 4th Im thinking about just stocking up. I know I have a few empty jerry cans in the tool shed.
June 7, 200817 yr Author Everyone Stock Up Now Gas is Headed for $10 a Gallon end of Next week Fill Up and stock Up Now Hurry or Get a Bike its only way to Go
June 7, 200817 yr There is no way it would go to $10 a gallon. They said it may go up by 50 cents a gallon by July. Regardless, I am heading out to fill up some jerry cans. and btw Phrogg, I gots a bike, I ride it to work every day
June 7, 200817 yr Author Gas price no barrel of laughs Saturday, June 07, 2008 Daily news -- Fasten your seat belt and brace yourself for a 25-cent jump as early as Saturday when you gas up your car - the result of two days of record jumps in the price of oil, experts said. An $11 rise in the price of a barrel was just one of the Wall Street numbers sprinting in the wrong direction Friday, dealing a fresh flurry of blows to the punch-drunk economy
June 7, 200817 yr well if your going to just post stuff about gas going up im just going to post about them going down Heres why the oil boom will burst http://money.cnn.com/2008/06/06/news/economy/tully_oil_bust.fortune/index.htm?eref=rss_topstories
June 7, 200817 yr yeah, it went up $11 yesterday, and it supposed to go up $11 more by July. Therefore, if $11 ~ $.25 per gallon, $22 ~ $.50 per gallon. anyways, I just locked in 10 gallons in my cans. $3.86 per gallon, $.13 below the national average. Sweet action. oh and KFA, of course it wont stay this way forever. At least it is very unlikely to. Eventually alternate fuels will become more dominant, people will stop driving so much, or start driving smaller cars. Supposedly it will go down by 2009, maybe late 2008... but until then, it is likely to go up up up.
June 7, 200817 yr I have to agree with KFA eventually the demand for oil will severely plummit. As newer more fuel efficient vheicles come out the demand for gas will decrease. You always know with technology there is something new on the horizon. For all we know there is a new alternative source for fuel that can be used by everyone and it is in your own backyard. The truth is we have plenty of oil but OPEC is limiting the supply because they know that if countries start producing they're own oil they're out of business. This has been the samething for years with OPEC they want to make some money so they limit the supply. In the end this is a tactic that will end up being their demise.
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