Holy Hydrogen Alert! Oil Hits $70-plus a Barrel for the First Time
#1
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Holy Hydrogen Alert! Oil Hits $70-plus a Barrel for the First Time
NEW YORK — Crude oil closed above $70 a barrel for the first time on Monday, a price that is likely to have a significant impact on driving habits, car purchases and consumer spending. It also raises the specter of a national average of $3 per gallon for gasoline as motorists head into the peak driving season.
The Gas Watch Web site said the current U.S. average price for a gallon of gasoline stands at $2.81. The highest price as of Monday is paid by motorists in Los Angeles: $3.35 per gallon. The lowest price, $2.19, is paid in Saint Paul, Minnesota.
The U.S. benchmark oil for May delivery settled at a record of $70.40 a barrel, up $1.08 a barrel or 1.56 percent on the New York Mercantile Exchange on Monday. For the year to date, oil is up 15 percent, according to the Wall Street Journal.
What this means to you: Suddenly, solar vehicles aren't so quaint anymore.
Source: http://www.edmunds.com/insideline/do...ticleId=110070
The Gas Watch Web site said the current U.S. average price for a gallon of gasoline stands at $2.81. The highest price as of Monday is paid by motorists in Los Angeles: $3.35 per gallon. The lowest price, $2.19, is paid in Saint Paul, Minnesota.
The U.S. benchmark oil for May delivery settled at a record of $70.40 a barrel, up $1.08 a barrel or 1.56 percent on the New York Mercantile Exchange on Monday. For the year to date, oil is up 15 percent, according to the Wall Street Journal.
What this means to you: Suddenly, solar vehicles aren't so quaint anymore.
Source: http://www.edmunds.com/insideline/do...ticleId=110070
#3
Keeper of the light
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Originally Posted by GSteg
I'm still gonna drive my GS400 like I normally do .
it's not gonna bother me until it hits $4/gal.
it's not gonna bother me until it hits $4/gal.
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#8
Speaks French in Russian
You kidding me. I'm already hurting. Its just over 3 bucks for Super here in Philly, but thankfully its still about 20-30cents cheaper back in NJ and I dont drive much. I'm definitely not trying to drive much at all this summer. Lots of carpooling and Public Transportation if I can.
#9
Super Moderator
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Originally Posted by Overclocker
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The Gas Watch Web site said the current U.S. average price for a gallon of gasoline stands at $2.81. The highest price as of Monday is paid by motorists in Los Angeles: $3.35 per gallon. The lowest price, $2.19, is paid in Saint Paul, Minnesota.
The Gas Watch Web site said the current U.S. average price for a gallon of gasoline stands at $2.81. The highest price as of Monday is paid by motorists in Los Angeles: $3.35 per gallon. The lowest price, $2.19, is paid in Saint Paul, Minnesota.
#10
Lexus Champion
Originally Posted by GSteg
I'm still gonna drive my GS400 like I normally do .
it's not gonna bother me until it hits $4/gal.
it's not gonna bother me until it hits $4/gal.
oh by the way...........procrastination is not a good thing
#11
Speaks French in Russian
$72 oil? Expect $105
$72 oil? Expect $105
Posted: April 19, 2006
www.WorldNetDaily.com
http://worldnetdaily.com/news/articl...TICLE_ID=49815
Posted: April 19, 2006
www.WorldNetDaily.com
WND author and columnist Craig R. Smith told CNBC "Closing Bell" host Maria Bartiromo today that oil prices could spike over $105 a barrel given the explosive Iran situation and supply demand fundamentals.
Charles Maxwell, an oil analyst who was also a guest with Smith, said, "These terrible things like Iran, Nigeria, Venezuela are now happening on the geopolitical front with such frequency that they are becoming a permanent condition. We are caught in an energy crisis which may be 50 percent fear, but real nonetheless."
Said Smith: "I don't think people are taking into consideration the threat from Iran, not just from nuclear, but also and the effect they have as second-largest OPEC producer and fourth-largest producer in the world. If you take that out of the equation, I think estimates by Merrill Lynch and others of a spike price of $105 are a legitimate target."
When asked when higher oil prices affect consumer spending, Smith reminded Bartiromo, "It's not just the price at the pump that is affected by rising oil; major corporations like UPS, Fed Ex trucks garbage trucks, etc., must eventually pass on the price of rising fuel.
"For example, according to Merrill Lynch, each 1-cent rise in gas prices sucks $1.3 billion a year from U.S. consumer spending. That's $130 billion gone from American wallets over the last year."
Added Smith: "We must move toward energy independence as a top priority, as we cover in the book, 'Black Gold Stranglehold.'"
In an exclusive pre-show interview, Smith told WND: "The Middle East is a powder keg with a lit fuse that could blow any day. Oil at $71 should be no surprise to WND readers. Last fall, several major investment firms like Goldman Sachs projected an oil spike price of $105 per barrel."
Continued Smith: "Expectations of a further decline in gasoline inventories are also fueling the market jitters, especially with tight supplies ahead of the summer driving season. Gas prices have already spiked above $3 a gallon here in Phoenix.
"Crude oil, gasoline and heating-oil surged to record highs in 2005 on signs that U.S. refineries lack capacity to make enough fuel. Gasoline inventories have declined for the past seven weeks, while refineries run at 86.2 percent of capacity," commented Smith.
"Unless we break the "Black Gold Stranglehold" of the Mideast oil dependence, prices could double again as growing global demand continues to outstrip our supplies of refined oil and gas."
Charles Maxwell, an oil analyst who was also a guest with Smith, said, "These terrible things like Iran, Nigeria, Venezuela are now happening on the geopolitical front with such frequency that they are becoming a permanent condition. We are caught in an energy crisis which may be 50 percent fear, but real nonetheless."
Said Smith: "I don't think people are taking into consideration the threat from Iran, not just from nuclear, but also and the effect they have as second-largest OPEC producer and fourth-largest producer in the world. If you take that out of the equation, I think estimates by Merrill Lynch and others of a spike price of $105 are a legitimate target."
When asked when higher oil prices affect consumer spending, Smith reminded Bartiromo, "It's not just the price at the pump that is affected by rising oil; major corporations like UPS, Fed Ex trucks garbage trucks, etc., must eventually pass on the price of rising fuel.
"For example, according to Merrill Lynch, each 1-cent rise in gas prices sucks $1.3 billion a year from U.S. consumer spending. That's $130 billion gone from American wallets over the last year."
Added Smith: "We must move toward energy independence as a top priority, as we cover in the book, 'Black Gold Stranglehold.'"
In an exclusive pre-show interview, Smith told WND: "The Middle East is a powder keg with a lit fuse that could blow any day. Oil at $71 should be no surprise to WND readers. Last fall, several major investment firms like Goldman Sachs projected an oil spike price of $105 per barrel."
Continued Smith: "Expectations of a further decline in gasoline inventories are also fueling the market jitters, especially with tight supplies ahead of the summer driving season. Gas prices have already spiked above $3 a gallon here in Phoenix.
"Crude oil, gasoline and heating-oil surged to record highs in 2005 on signs that U.S. refineries lack capacity to make enough fuel. Gasoline inventories have declined for the past seven weeks, while refineries run at 86.2 percent of capacity," commented Smith.
"Unless we break the "Black Gold Stranglehold" of the Mideast oil dependence, prices could double again as growing global demand continues to outstrip our supplies of refined oil and gas."
http://worldnetdaily.com/news/articl...TICLE_ID=49815
#14
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its just getting ridiculous. The oil companies are just greedy, theres no other explaination for it. It does nothing but hurt the economy, the extra money we now spend on gas, we wont be spending elsewhere. In 30 years it will be nice to see those greedy oil companies start going down the drain because of themselves.
#15
Keeper of the light
iTrader: (17)
I sure as hell don't like the prices, but even though the numbers are staggering, the net profit is something like 33% across the board, which is not much in an industry.
The biggest reason for the rate hike is actually here at home.... the Alaska pipeline is about to get a full rebuild. BILLIONS in expenses.
The biggest reason for the rate hike is actually here at home.... the Alaska pipeline is about to get a full rebuild. BILLIONS in expenses.