Any body else excited about the oil prices hovering near $100 per barrel?

I remember a couple of years ago when I was still finishing up my degree and doing a couple of Applied Energy Economics courses we would keep track of oil prices and examine low, medium and high case scenario for oil price forecasts. There was always talk about the magical $100 mark. It was always joked about and laughed at but now it's almost a realization.

Being in the oil industry these are kind of exciting times, especially for a newbie in the industry. The experienced guys have lived through the 70's and 80's shocks and such and this is my first milestone in the industry!

I just hope that it doesn't hit that $100 dollar mark when I'm on vacation in Mexico the week of the 19th. I'll probably stop keeping an eye on the market when on vacation and I don't want to miss that great moment in history. I'll definetely have a few drinks to mark the occassion though.

 

 

Catchy title on this thread, calgary....

At first I thought ou were mentioning an expensive OIL CHANGE OR AN EXPENSIVE OIL. Made me think of the "nano" oil some company in NY, I believe, has produced. I believe that is $8000-$10000/gal. It obviously has limited availability.

Anyway, to your topic.......

Yeah, the price per barrel is amazing. I remember about 2 years ago I attended a seminar and the speaker mentioned crude going to $100/barrel in 2 years. I blew it off thinking, that's incredible........maybe $70-80/barrel.

Makes you wonder if it will be $150 or $200/barrel in a couple more years (does anyone believe in an Arab conspiracy to economically destroy the capitalistic countries).

 

Hugo Chavez will sell to us wholesale for $50 a barrel, but supposedly he is a terrorist.

 

Osama bin Laden's goal is $200/barrel oil and $6/gallon US gasoline.

The price of oil continues to rise, but Americans keep buying V8 gas guzzlers like they're going out of style. It was nice being a world superpower through the 20th century, but those days are drawing to a close for the US. Our self indulgence and greed are laying the foundation for our demise on the world stage.

 

my brother in law lives in a oil town.. and I think he told me one time that at $40 dollars a barrel they are making money and anything over that was pure gravey........ he very recently told me they cant find enough workers to work in the oil field.. basically if you (or your wife) can pass a drug test today you can work tomorrow .... and they won't test again till you have an accident on your rig... also companies are handing out cash bounties to anybody that will refer a hire able person.. my b-n-law was making a couple 100 a week just send guys into pee in a cup.. and fill out an application..

 

tell me where and what they make, I'll consider a move

I'll at least pee in a cup and we can split the incentive bonus

 

I believe that the speculators are the ones driving the price of oil to the magic $100/barrel price.

It will remain high through the winter because of heating oil demand and into the spring as the change over to gasoline production for summer driving.

The high cost of gas in certain sections of the country are because of state mandates for specific blends of gas for "environmental pollution" reasons or just to give some cash back to oil company lobbyists who contributed to their campaigns.

Once the mess in the middle east is ended, I think that oil prices will drop, but gas prices will stay relatively high.

Ethanol or ethanol blends wont help reduce gas prices, but will increase food prices as corn would now be used for the manufacture of ethanol, rather than for food. The large farms will continue to get government farm subsidies to grow or to not grow corn. The ethanol blends and E85 fuels will make cars less fuel efficient (10-15% less mpg) causing you to pay as much or more per gallon for these fuels and to go fewer miles between fillups.

Once the oil prices drop, the speculators will have made their money having encouraged others to take the risk and get in at the high side of the market and they lose their shirts, much like the housing market and gold speculators.

BTW gold is as high as it was back in the 80s, it then lost 2/3 s of it value before it recent recovery 25 years later.

I degress. Based on inflation oil and gas prices are relatively the same as in the 70s when gas broke the $0.40/ gallon price barrier.

 

We hear the same every year. Change to winter blends is causing the price of gas to go up.More people in China, change to summer blends cause the price to go up, storm predictions for the gulf. Once there, it doesn't come down. Yes, speculators have cause it also since crude oil is like pork bellies on the stock market. For some, that means cutting back on food and medicine so they can afford drive to the store to buy food. Maybe we are all the blame along with the governments of the world. If people and companies weren't so money hungry, maybe we could afford lower heating bills and etc. Just my

 

But as soon as the analysts predicted oil would go up to $100 a barrel, it started inching up. Maybe we need to get rid of the analysts and let this free market system function correctly.

I'm sure some speculators will make a lot of money out of this. They'll also put a lot of families in financial ruin, just like the mortgage industry has done. Greed is a horrible thing!