103 dollars a barrel

[STEED]

This is going to hit hard if this continues, how much longer will people here in the UK sit there and take it?

The price of oil has set another record after passing the 103 dollars a barrel mark.

Light, sweet crude for April delivery continued a week of unprecedented rises after fetching 103.05 dollars in electronic trading on the New York Mercantile Exchange. It later fell back to stand just below 102 dollars.

The spike came amid fresh fears of a US recession, leading to expected lower interest rates across the Atlantic.

http://www.dailyexpress.co.uk/posts/...ses-set-record

[Torplexed]

Well, you say you don't drive so it sounds like you're already doing your bit. About all one really can do is drive less or get a more fuel-efficient car. Here in the US maybe lobby to increase domestic oil production. I don't long-term think the trend is gonna stop though.

[bradclark1]

I wonder how long it will stay dollar per barrel before it switches to euro per barrel the rate the dollar is going.

[elite_hunter_sh3]

thanks current idiot ruler of the U.S

[Skybird]

As I linked here:

http://www.subsim.com/radioroom/showthread.php?t=131843 ;

it is not only the law of supply and demand, but also a lot of speculators haunting the business (45%) who effectively distort the business tremendously.

However, guys, lets face it: in the next 20-30 years, oil's best times are over, and the old rules of when an oil field is considered to be non profitable anymore will no longer apply. Means: they will be run for longer, but that costs more money, and thus the oil prices will climb.

If the speculation component is not deleted, I would not be surprised to see a price of 200 dollars and more within the next 5-7 years. Within the next 20-25 years, I take the reaching fo that price mark as a given. If, as Brad thought loud, the business keeps to the dollar, which I consider to be in doubt. The pressure to overthrow the american monopole to print money as it likes is too hurting for too many parties, including OPEC, China, europe, and last but not least Russia. Why would any reasonable mind expect that the world agrees to damage itself eternally for the benefit of American fiscal interests alone? even more so since after the still not climxed mortgage crisis - now the American credit card crisis (too many people no longer can pay for the debts made with their credit cards) in the US is raising over the horizon? That one is doomed to become the next great fun, I tell you.

Where have all the bubbles gone,
that used to grow beyond the sun?
-long time passing-
Where have all the bubbles gone,
brokers blew them everyone.
-long time ago-
When will they ever learn?
When will they ever learn?

[SUBMAN1]

Originally Posted by Torplexed

Well, you say you don't drive so it sounds like you're already doing your bit. About all one really can do is drive less or get a more fuel-efficient car. Here in the US maybe lobby to increase domestic oil production. I don't long-term think the trend is gonna stop though.

All that needs to happen is for these guys to lose their shirt once or twice due to a dramatic decline in prices. Should fix the issue right there.

The volitility of oil makes the idea of investing in it right now a very risky business.

-S

[Jimbuna]

Well I'm about to trade in my guzzling 2.0 litre Laguna for something a little over half that size.....not finally decided what model yet though

[Tchocky]

Originally Posted by jimbuna

Well I'm about to trade in my guzzling 2.0 litre Laguna for something a little over half that size.....not finally decided what model yet though

I've upgraded my bicycle to a better bicycle.

[August]

Originally Posted by Tchocky

I've upgraded my bicycle to a better bicycle.

I bought a new pair of hiking boots. :p

[SUBMAN1]

Originally Posted by Tchocky

I've upgraded my bicycle to a better bicycle.

Me too. I need to buy soem spare tires too. Spare tires may become hard to find in the future due to costs to ship them in, as will many other types of product.

Maybe its time to plant a garden - might need it to feed myself if transportation costs get too crazy.

What is the root cause of all this? A switch from a help your neighbor type mentality to a help myself type mentality. The end result is greed. 50 years ago, you wouldn't have had these problems. Why? Because their was honor and respect. Now you are starting to see the future and how it will unfold. When everyone is out for ones self with no care of what the consequences are, you will hype, swindle, scare, create FUD, or do anything to get your value of your money to rise.

Now ask yourself what has happened in the last 50 years to cause this? The answer is simple, since you aren't talking about a few robber barons this time around - it is wide spread and you are talking 1000's if not millions of people with this mentality today.

It is only going to get worse, since if your country is not based on honor and respect of your neighbor, there is only one final result or outcome for your country.

-S

[Jimbuna]

Originally Posted by August

I bought a new pair of hiking boots. :p

I'm gonna sell the house and buy a raft built from wood taken from sustainable resources and rely on wind power to fuel my rechargeable batteries and solar power to light the cabin.

[SUBMAN1]

Originally Posted by jimbuna

I'm gonna sell the house and buy a raft built from wood taken from sustainable resources and rely on wind power to fuel my rechargeable batteries and solar power to light the cabin.

You might be one that can weather the coming storm.

[Jimbuna]

Originally Posted by SUBMAN1

You might be one that can weather the coming storm.

Hope it's not too big a storm

Originally Posted by STEED

This is going to hit hard if this continues, how much longer will people here in the UK sit there and take it?

They'll take it as long as they want oil. Failure to pay the price means someone else will get it.

When the price becomes so great that no one can afford it, the price will come down.

The alternative to "taking it" is, of course, to take over the source of oil. I doubt that'll happen. Would be interesting, though, if all OPEC countries were taken to court for price-fixing. Enforcing any court decision might be fun.

[Kapitan]

Originally Posted by jimbuna

Well I'm about to trade in my guzzling 2.0 litre Laguna for something a little over half that size.....not finally decided what model yet though

Dont buy a megane !!!!! worst car ive ever had, i had a 55 plate 17 times i sent it back to the garrage before i finally lost my temper cancelled the finance and said take it back.

it was however a good car when it decided to work i got 72.4MPG on a run at average 60mph she was a 1.5 diesel 5 speed top speed of around 110mph .


Right now though im back to rover i have a 600 (620SLi to be exact) best car ive ever had , not even had her 8 months she has clocked nearly 16,000 miles 2.0litre petrol on a run at 6-mph average she returns 43-45mpg. (i got Basildon Essex to Warrington cheshire on £20 of fuel and still had a fair bit left)