Oil prices rise to record above $98 a barrel

AP via Houston Chronicle ^ | Nov. 7, 2007, 6:23AM | GEORGE JAHN

[Hydroshock]

Economy/Credit/Housing Issues Ping List

If you want on or off this list let me know.

[Slapshot68]

Bush’s fault.

[Vaquero]

I don’t believe that there is NOT mega profits being made, despite all the spin by economics folks here at FR and even folks like Rush.

[thackney]

I don’t believe that there is NOT mega profits being made

That is because you haven't tried to lease a drill rig lately.

[mvpel]

Is the price of oil actually going up, or is the dollar collapsing?

[Slapshot68]

Mega profits by Sheiks maybe.

[DungeonMaster]

That is because you haven't tried to lease a drill rig lately.

Shooting at some food doesn't exactly produce a bubbling crude anymore.

[Dane]

Is the price of oil actually going up, or is the dollar collapsing?

Does it really matter? What matters is to break away from foreign energy sources and sky high prices helps with that.

[arderkrag]

I don’t believe that there is NOT mega profits being made, despite all the spin by economics folks here at FR and even folks like Rush.

So what if there are?

[Slapshot68]

Banks make mega profits...even more so than Big Oil. Maybe you should pull your money out in protest?

[thackney]

Is the price of oil actually going up, or is the dollar collapsing?

Both I believe, compounding the result.

[FreedomPoster]

>>Shooting at some food doesn’t exactly produce a bubbling crude anymore.

The Geico ad that uses the Jed Clampett snippets is just hilarious. If you haven’t seen it, you should look for it on YouTube, it’s a riot.

[RayChuang88]

One has to wonder if the price of oil is being driven up deliberately by hedge funds (hello! George Soros).

[DungeonMaster]

The Geico ad that uses the Jed Clampett snippets is just hilarious. If you haven’t seen it, you should look for it on YouTube, it’s a riot.

I'll look for it.

[Mike Darancette]

Speculating on the speculators?

[RandallFlagg]

I’m suprised that the enemedia isn’t front-paging every quarter-dollar rise in price...

Oil now $9.25 -(war for oil)
Oil now $9.50 -(Illegally in Iraq)
Oil now $9.75 -(women and minorities hardest hit)

I’ll give them time. They rarely dissapoint.

[brownsfan]

The only conspiracy is that of the left: No coal, no drilling, no new refineries. All of that hurts.

The profit made is irrelevant. The price is set on the open world market. If oil companies are making huge profits, it’s just their good fortune. If we were using alternatives, the oil companies would not make so much.

The collapsing dollar is an excellent point. That’s definately complicating things.

Bottom line is there is a tipping point. Is it $4/gal for gas? Not sure. But wherever that tipping point is, when we hit it, there will be a major contraction of the economy. I say this as someone who lived through the gas shortages, and that contraction, along with Jimmah Cartah, made my decision to go into the USN easy.

Other than staying as debt free as possible, not sure how to prepare for the coming contraction. Might be a good time to sell an SUV, before they achieve white elephant status.

[RSmithOpt]

Consumer spending accounts for 70% of all economic activity in the US. With the falling dollar, soring energy costs, soaring food costs on a similar, but less, slope, retailers like Wally World, Sears, JCPenney, etc., the malls, restaurants, landscapers (lawn service co.'s), US durable goods manufacturers (appliances and autos), etc., etc. are going to a see a mega drop in sales within the next 6 mos.

The Chicaom supplied dollar stores will boom because of the cash and credit crunched as low to middle income people and credit-maxed people scramble just for necessities like soap, TP, canned food, etc. Rent on apartments will stay the same, but will most likely drop 30% on single-family detached homes.

Simple, food, shelter, energy will be what the US consumer tries to pay for for the next 36 months. Wages will not increase though employers will charge more for increased business costs and medical coverage will continue to rise as well as homeowners and auto insurance co.'s will also continue to push up their premiums to recover their investment losses in the sub-prime underwriter categories.

Watch the real trickle-down effect of all of this.

I read yesterday that the net effect of the shrink-back (valuation loss of the dollar) in our economy is going to be in the neighborhood of $7-9 trillion dollars from conservative estimates in the next 12 months. With all this coming down, don't forget, our lovely government at all levels is going to raise taxes and fees as that they will never cut their spending or the size of what they do becaseu"they have to maintain the level of service" (LOL!).

This is not being negative, but, realistic as to the magnitude of our greed and arrogance.

Time to pay the fiddler for the tune.

[PrincessB]

The only conspiracy is that of the left: No coal, no drilling, no new refineries. All of that hurts. Ta daa! We have a winner! I bet that if we just pass (not even get there)a bill allowing drilling in ANWR, the price drops a good $20. If we pass legislation that allows drilling in the gulf, another chunk comes off. Allow Louisiana (who needs an economic boost) to revamp the refineries and build a few new ones, another chunk comes off, and with this one technology could help make the refineries more efficient.