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Oil: $100 per Barrel Answered

Twas bound to happen - so why not open the new year with a new high?

http://money.cnn.com/2008/01/02/markets/oil/index.htm?postversion=2008010212

U.S. crude for February delivery jumped $4.02 to $100 a barrel on the New York Mercantile Exchange before slipping to $99.42. The previous trading record was $99.29 set Nov. 20. Oil prices ended 2007 by gaining nearly 60 percent for the year, the largest jump this decade.

"This market is really gonna fly," Ira Eckstein, president of Area International Trading Corp, said from the NYMEX floor.

In Nigeria, bands of armed men invaded Port Harcourt, the center the oil industry Tuesday, attacking two police stations and raiding the lobby of a major hotel, The Associated Press reported. Four policemen, three civilians and six attackers were killed. The Niger Delta Vigilante Movement claimed responsibility for the attack.

At 2.1 million barrels per day, Nigeria was the world's eighth-largest oil exporter in 2006, according to the U.S. Energy Information Agency.


Furthermore, the auto manufacturers are saying the new CAFE standards (35mpg for cars) are a very expensive goals. Mind you, there's cars 20+ years ago that exceeded this standard (CRX got in the mid 50mpg range).

Futurama did elude to $100 per gallon of gas in New York city by 2012... How could they be wrong? :D

7 Replies

user
ll.13 (author)2008-01-02

When will people wake up. bikes need to be used much more(Yes, you, U.K.)
Don't we just love Bently, RangeRover/LandRover, Hummer &c.

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ll.13 (author)ll.132008-01-02

Oh, I forgot to mention. It will take a very long time for people to adjust to alternative energy for cars, if at all.

-and burning food for fuel will be fatal.

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trebuchet03 (author)ll.132008-01-02

Depends on the conversion efficiency (among other things - like politics)... Brazil, for example, has been doing well - but that's only because of the high efficiency of using sugar cane...

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ledzep567 (author)2008-01-02

hehehe i wish they let individual persons buy crude oil.... if they did, then i would buy a barrel anytime i got the money and bury it somewhere. until oil was sooo scarce it was valued at like a million dollars a barrel. then id be rich. very very rich. and of course it would be my luck as soon as i sold it that we converted to using oil as currency. but i knew this was coming. soon everybody but the Us will realize that its WAY cheaper to spend the money for one barrel on a bike. plus this would get rid of the obesity problem.

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user
LinuxH4x0r (author)2008-01-02

When I get a car I'm getting a diesel (vw golf gets 48mpg)

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user
Sunbanks (author)2008-01-02

I wish my parents would let me ride my bike places instead of having them drive me somewhere.

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user
KentsOkay (author)2008-01-02

ARGH NOO! THE END IS UPON US!
*scampers for Doomsday protocol*

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