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Yippee — Oil tops $138

Discussion in 'Sports and News' started by JayFarrar, Jun 6, 2008.

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  1. Wendell Gee

    Wendell Gee Member

    I found this interesting.

    http://money.cnn.com/2008/06/06/news/economy/tully_oil_bust.fortune/index.htm?postversion=2008060610
     
    Wendell Gee, Jun 6, 2008
    #25
  2. Stoney

    Stoney Well-Known Member

    Except buyers and sellers often ARE speculators that artificially set prices at speculative levels. Isn't that what causes bubbles?
     
    Stoney, Jun 6, 2008
    #26
  3. Bubbler

    Bubbler Well-Known Member

    I'm resigned to high gas prices. I've prepared to whatever point I can. I lucked out and got a house a mile from my office, and now, my wife has an equidistant job. Beyond work, I can curtail my driving and don't need a full tank everytime.

    I'm more worried about non-vehicle energy prices than I am my car. At least I can control that.

    That said ...

    I'm on vacation in upstate New York and gas here is above $4. We were driving on I-87 to a lake, and on the way, I saw a station sign that had $3.84 gas. After I creamed my pants, I decided to take advantage.

    The gas station was closed for remodeling and hadn't taken their sign down. Grrrr!
     
    Bubbler, Jun 6, 2008
    #27
  4. DanOregon

    DanOregon Well-Known Member

    When it gets over $4 a gallon at an Arco I'll worry......Holy Crap!!

    This is some serious business, the price has gone up 100 Percent in the last eight years, is the highest ever even adjusted for inflation and I'm not getting a sense that anyone can do anything about it. I'm driving less and still it goes up.
    Nationalization anyone?
     
    DanOregon, Jun 6, 2008
    #28
  5. The Big Ragu

    The Big Ragu Moderator Staff Member

    The story is half right. It's based on a flawed premise. It attributes the rise in price to all the right factors, but I don't know a person who knows what they are talking about who is saying that these prices are necessarily a permanent thing. That is the nature of markets. Price can go up based on market and economic factors and they can go down when those factors change. Current prices are the result of current market forces. If I knew where we are headed in the long-term--enough to say this is permanent--I could make guaranteed money. I can make an educated guess as to where things are headed in the next year or two. I'd even be willing bet on it, because it looks so clear. Every bit of money in the market is betting on it, too, so there isn't a ton of money to be made by betting on it.

    Beyond that, who knows? Too many things can change.
     
    The Big Ragu, Jun 6, 2008
    #29
  6. schiezainc

    schiezainc Well-Known Member

    Prices will rise until January 20th, 2009. Mark my words.
     
    schiezainc, Jun 6, 2008
    #30
  7. deskslave

    deskslave Active Member

    It's probably better for your engine and fuel pump if you fill up at half a tank instead of filling TO half a tank. I did the latter for a while the last time prices spiked up, and the first time I put a full tank in, it pretty much freaked my fuel pump out (the car would refuse to start after the gas light came on (and it wasn't empty), and it wouldn't start again until I put a quarter-tank in). I would later discover fuel pumps were already defective in that particular vehicle, but still.
     
    deskslave, Jun 6, 2008
    #31
  8. FileNotFound

    FileNotFound Well-Known Member

    I can afford $4 gas. That's not my problem. What I can't afford is the inevitable spike in the price of everything because of the cost of diesel fuel, which is the fuel that delivers pretty much everything you buy to wherever you buy it.

    When stuff stops making its way from Point A to Point B because the truck drivers lose money every time they load their trucks, that's when the real problems start.
     
    FileNotFound, Jun 6, 2008
    #32
  9. OTD

    OTD Well-Known Member

    . . . and don't think it can't happen.
     
    OTD, Jun 6, 2008
    #33
  10. ScribePharisee

    ScribePharisee New Member

    Call the powers that be the Liar's Club.

    May they all burn in Hades.
     
    ScribePharisee, Jun 6, 2008
    #34
  11. ScribePharisee

    ScribePharisee New Member

    Anyone who didn't throw their investments into commodities in January to offset the fuckjob their 401Ks have absorbed, well, just missed not a boat, but a luxury cruise liner.
     
    ScribePharisee, Jun 6, 2008
    #35
  12. Oz

    Oz Well-Known Member

    For the first time, I saw gas reach $4 -- $4.09 to be exact -- where I live. Ugh.
     
    Oz, Jun 7, 2008
    #36
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