Oil Briefly touches $100 a Barrel

Discussion in 'Business & Economics' started by kmguru, Jan 3, 2008.

  1. kmguru Staff Member

    Messages:
    11,757
    Oil Briefly touches $100 a Barrel

    NEW YORK (Reuters) — Oil fell Thursday as traders took profits from a record rally that had pushed oil to $100 a barrel two days in a row — a level that has raised a red flag over global economic growth.
    Crude oil for delivery in February hit $100.09 on the New York Mercantile Exchange before falling back. U.S. crude settled down 44 cents to $99.18 a barrel.

    The recent surge in oil prices has darkened the economic outlook in the United States, already battered by a housing crisis and credit crunch, and could threaten growth in big European energy-consuming nations.

    Crude oil briefly hit $100 exactly on Wednesday before falling back.


    See Flash file: http://i.usatoday.net/money/graphics/oil_history/flash.swf
     
  2. Google AdSense Guest Advertisement



    to hide all adverts.
  3. spidergoat pubic diorama Valued Senior Member

    Messages:
    54,036
    Peak oil baby.
     
  4. Google AdSense Guest Advertisement



    to hide all adverts.
  5. [a-5] Sex machine, coin operated. Registered Senior Member

    Messages:
    290
    Yay, Bush!
     
  6. Google AdSense Guest Advertisement



    to hide all adverts.
  7. sandy Banned Banned

    Messages:
    7,926
    Shouldn't this be in the "More Good Economic News"? Those of us invested in oil are not sad today.
     
  8. kmguru Staff Member

    Messages:
    11,757
    I suppose good news for some is misery for the rest...
     
  9. Avatar smoking revolver Valued Senior Member

    Messages:
    19,083
  10. sandy Banned Banned

    Messages:
    7,926
    And just imagine if the guy who bought at $50/barrel sold at $100. He doubled his money!
     
  11. spidergoat pubic diorama Valued Senior Member

    Messages:
    54,036
    What's good for them is bad for the average American that doesn't sit around the pool collecting dividend checks.
     
  12. Orleander OH JOY!!!! Valued Senior Member

    Messages:
    25,817
    If I had oil and the world wanted it, I would charge as much as I could. If you don't like it, ride a bike or walk.
     
  13. kmguru Staff Member

    Messages:
    11,757
    There is only one catch. you better have an army to protect it. Otherwise, someone will take it away....
     
  14. sandy Banned Banned

    Messages:
    7,926
    We have plenty of oil at ANWR. No one is touching it.
     
  15. pjdude1219 The biscuit has risen Valued Senior Member

    Messages:
    16,479
    yes but rising oil costs mean rising energy costs which for most people is BAD economic news
     
  16. USS Exeter unamerican american Registered Senior Member

    Messages:
    2,482
    This good for some, but for MOST it is bad news.
     
  17. USS Exeter unamerican american Registered Senior Member

    Messages:
    2,482
    Because we want to use everyone else's first.

    Please Register or Log in to view the hidden image!

     
  18. Asguard Kiss my dark side Valued Senior Member

    Messages:
    23,049
    its even bad for those who have shares in it because they still have to buy food thats transported, they still need to get to there celebration parties, they still have to pay tax for defence, they still have to use plastics and manifactured goods, they still have to pay morgages (oil prices fuel inflation, which drives up intrest rates)

    unfortunatly we relie much to heaverly on oil for our sociaty
     
  19. kmguru Staff Member

    Messages:
    11,757
    And we do not have an Army?

    Please Register or Log in to view the hidden image!

     
  20. timmbuktwo Registered Senior Member

    Messages:
    436
    If you've invested in it, good job. If you rely on it to much , not so good. It's the old economies of scale . The smart one invested in it and drives a hybrid every day!!
     
  21. Asguard Kiss my dark side Valued Senior Member

    Messages:
    23,049
    that only works for end products not underlying products. For instance farmer needs to drive tractor, move produce ect his costs go up so does end price. There isnt much that can be done about it and as for intrest rates it doesnt matter what a morgage holder drive if the rest of the country is using petrol at the same rate then inflation goes up which drives up intrest rates
     
  22. timmbuktwo Registered Senior Member

    Messages:
    436
    True Asguard, then the farmer should invest in his own crops as people will still have to buy them if they want to eat...
     
  23. Asguard Kiss my dark side Valued Senior Member

    Messages:
    23,049
    that still doesnt curtail inflation infact it puts even MORE pressure on inflation
     

Share This Page