Oil crossed it this afternoon, trading as high as $140.05 before falling back - this, on the OPEC president’s prediction that oil could hit $150 to $170 this summer before retreating in the fall.
I think this is what you call a long, hot summer.
Update: Make that “as high as $140.39 before before retreating slightly to trade up $5.53 at $140.08.” Appears headed toward a “record settlement.” We’re setting records on a regular basis, aren’t we?
4 comments
Tags: Oil
| lee41 6/26/08 3:28 PM | $200-$400 if we attack Iran. Libya cutting production. Potential for global slowdown by high oil prices. The only choice for the Fed seems to be to raise interest rates, but that will definitely slow if not stop US economic growth. At this rate, I would not be surprised if we hit DOW 9000 by the end of the year. And Bush's almost $4 trillion in new debt makes any economic stimulus almost impossible. |
| gsmart 6/26/08 3:53 PM | QUOTE(lee41 @ Jun 26 2008, 03:28 PM) [snapback]405408[/snapback] $200-$400 if we attack Iran. Libya cutting production. Potential for global slowdown by high oil prices. The only choice for the Fed seems to be to raise interest rates, but that will definitely slow if not stop US economic growth. At this rate, I would not be surprised if we hit DOW 9000 by the end of the year. And Bush's almost $4 trillion in new debt makes any economic stimulus almost impossible. I don't think there's been a whole lot of talk about what the economy looks like come November, and I think it could look substantially worse than it does now. Even if there's no attack on Iran, were oil to hit $170 per barrel, that's gas close to $5 per gallon (and $170 seems all but guaranteed at this point). Inflationary pressures across the board; we saw what Dow did yesterday. The mortgage mess is nowhere near over, smaller banks are now facing an onrushing freight train. And then there's this: America's aviation system could be at risk of collapsing by the beginning of next year. That warning from aviation experts has prompted some industry leaders to call for re-regulation, something considered almost heresy until now. Others are urging Washington to do more to rein in the oil speculators pushing up fuel costs. But there is agreement among airline officials and analysts that Washington and the two presidential candidates need to recognize the severity of the crisis and take some action now to avert an economically crippling collapse in the near future. Not contraction; not problems. Collapse. We've got a long way to go yet. |
| rotenone 6/26/08 4:27 PM | QUOTE(lee41 @ Jun 26 2008, 03:28 PM) [snapback]405408[/snapback] $200-$400 if we attack Iran. Libya cutting production. Potential for global slowdown by high oil prices. The only choice for the Fed seems to be to raise interest rates, but that will definitely slow if not stop US economic growth. At this rate, I would not be surprised if we hit DOW 9000 by the end of the year. And Bush's almost $4 trillion in new debt makes any economic stimulus almost impossible. Lately, I've been seeing a lot of air traffic in our area: low-flying fighter jets and Apache helicopters out on maneuvers. I wonder if this is a prelude to an attack on Iran. |
| lee41 6/26/08 5:17 PM | QUOTE(rotenone @ Jun 26 2008, 04:27 PM) [snapback]405431[/snapback] Lately, I've been seeing a lot of air traffic in our area: low-flying fighter jets and Apache helicopters out on maneuvers. I wonder if this is a prelude to an attack on Iran. More likely Guard maneuvers now that it's summer (that 2-weeks a year thing). |
