Oil price at record highs

Oil price stories aren’t regular fare on this site but when the cost of light sweet crude reaches US$88 per barrel you’d better believe it’s got us worried. The record price was reached earlier today and comes close to reaching the inflation-adjusted highs of $90.46 seen in 1980 during the start of the Iran-Iraq war. Tensions in northern Iraq were again blamed for the latest rise, which brings this year’s average price to around $67 per barrel.
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chuck717 - 10/16/2007 12:47:50 PM

+2 Boost

Can't fathom $100 a barrel but during the housing boom who could picture a 1950's 2 bd 1 bath 1,100sf house in Cal for 650k, anything is possiable?

no1listensanyway - 10/16/2007 1:23:26 PM

+2 Boost

All speculation. Wait till the next inventory report, hedge funds are going to be in for a big surprise. Also, oil traders are just looking to dump the over priced crude they bought in September. Though you people on the West Coast are in for some high prices because of delivery issues.

The sad part is without specualation, oil should be around $65 a barrell.

r15mohd - 10/16/2007 4:02:42 PM

+1 Boost

gotta thank good ol' GWB...

i remember the times when Clinton was in control...$20 gave a full tank of 93 premium on my Integra. $20 on any of my vehicles today gets me no where even close to half-tank. (GS/Odyssey/Celica/G20t/ES--thank GOD no v8's)

i hope all has invested/saved well, because the future is grim to pull out of this economic disaster that we've been put into.

moto - 10/16/2007 5:28:20 PM

+1 Boost

Actually, r15mohd, the Gweeb had nothing to do with today's crude oil price. You give him to much credit. It's a global market.

GWB is responsible for sacrificing 2500+ US soldiers and tens of thousands of Iraqis; setting up no-bid contracts for firms like Halliburton, KBR, and Blackwater; and dramatically increasing US debt. His short-sighted fiscal policies have driven the value of the dollar sharply downward. But no, try as he might, he was just not capable of manipulating oil prices to benefit his friends. Oil price increases have come due to hurricanes, Nigerian rebels, and interestingly timed refinery shutdowns by the biggest oil companies.

S4cabriofoxone - 10/16/2007 10:18:31 PM

+1 Boost

I'm getting a headache just reading your post, moto... please... 2008, come SOONER!

r15mohd - 10/17/2007 8:43:58 AM

0 Boost

you do have a point moto...but the oil production out of Iraq has been cut down to almost a 1/3 of what it was since the invasion by the US. And, if I'm not mistaken, thats when Iraq was the second largest production country behind Saudi Arabia.

so GWB is responsible in part for it.

Ron Paul -- 2008!!!