Crude Oil hits $81 a barrel.

[Palerider957]

First time in history.

 

[siucavflight]

Good.

 

[~~~^~~~]

What?

 

[vectorvictor]

Actually, corrected for inflation, oil was higher priced (value) during the embargo in the early 80's. That being said were still looking at oil prices about 160% of what they were just three years ago. I would be surprised by oil topping $100 a barrell in the next three years. Wait till a hurricane rips a few dozen rigs out of the ground again......

 

[~~~^~~~]

Actually, corrected for inflation, oil was higher priced (value) during the embargo in the early 80's. ...

That is comforting - that is when the airlines my Dad flew for went out of business.

 

[vectorvictor]

That is comforting - that is when the airlines my Dad flew for went out of business.

Nah don't worry the government will just step in a regulate fuel prices just like they lowered the Fed today a half point so all the idiots who bought houses on 5 year interest only ARMS don't get foreclosed on. Next stop communism.

 

[Palerider957]

Actually, corrected for inflation, oil was higher priced (value) during the embargo in the early 80's. That being said were still looking at oil prices about 160% of what they were just three years ago. I would be surprised by oil topping $100 a barrell in the next three years. Wait till a hurricane rips a few dozen rigs out of the ground again......

Absolutely true, but the $81 mark is noteworthy. A lot of traders are positioning for $85+, with talk of $100......I'm trying to figure out when to go short.

 

[BoilerUP]

......I'm trying to figure out when to go short.

Many, many talking-head energy traders are saying the fundamentals are not there to support $80/bbl anything beyond short-term speculation, especially in another few weeks when the threat of Gulf weather subsides.

They also said oil would likely rise of the fed cut the prime rate more than a quarter, saying a half percent would mean the market could remain bullish (and fools would have plenty of credit available to keep buying, buying, BUYING).

 

[AC560]

Nah don't worry the government will just step in a regulate fuel prices

I assure you that will never happen again as anyone who lived through the madness of Jimmy Carter can attest. What happens when the government fixes a price below the cost of the product? People quit selling the product and you end up with signs at all your local gas stations, saying "No Gas".

 

[Crash Pad]

It's at $81 because the dollar is losing value and oil is traded in dollars. I like Gold as the dollar collapses.

 

[JoeMerchant]

Don't worry, President Hillary will fix things...... $10 says ALPA endorses her and she is elected.....

 

[PCL_128]

Don't worry, President Hillary will fix things...... $10 says ALPA endorses her and she is elected.....

I don't think so. When push comes to shove, I think the Dems will pick a different nominee. I'm thinking of voting Democrat this election cycle, but I won't vote for the Hilldabeast under any circumstanced. In the end, I think the Dems will realize her electability problems and go for a more likable candidate such as Edwards.

 

[IronCityBlue]

Actually, corrected for inflation, oil was higher priced (value) during the embargo in the early 80's. That being said were still looking at oil prices about 160% of what they were just three years ago. I would be surprised by oil topping $100 a barrell in the next three years. Wait till a hurricane rips a few dozen rigs out of the ground again......

Yeah but this sustained run up is supposedly based on hurricanes that haven't materialized, wars that haven't happened and speculation based future demand that makes the housing value speculation look rational. Nothing has tripled the cost of oil to punp out of the ground or refine, and the demand arguement is false because no one on earth is unable to get oil. Everyone is getting as much as they want, yet the price continues to rise based on what might happen. Well whatever it is, it hasn't happened during the entire time of the triple-qradrouple price run up. Its all speculation and fake futures, much like the false value home equity run up. It will collapse eventually.

Then again, when consumers display a willingness to keep consuming a product even at record high prices, why should price ever go down. Sure we need oil, but we don't all need to be driving 85 mph by ourselves in pick up trucks, but we still do.

 

[V-1]

Then again, when consumers display a willingness to keep consuming a product even at record high prices, why should price ever go down. Sure we need oil, but we don't all need to be driving 85 mph by ourselves in pick up trucks, but we still do.

There is intelligent life on Flightinfo.com...who knew?

 

[AC560]

Then again, when consumers display a willingness to keep consuming a product even at record high prices, why should price ever go down.

They find oil, drill a hole in the ground, pipe it to the Persian Gulf, load it into a ship, sail halfway around the world, unload it, pipe it to a refinery, refine it, ship it on a truck to a gas station, and then sell it at a profit and it is still about 5x's less expensive then a bottle of water purchased at the same gas station.