[Cyrus]

We are currently above 100 on the nymex and everbody is passing it off like nothing. 6 Months ago people would be shitting themselves. Moral of the story: things are happening so fast that even the intelligent people here can't keep up. Scary.

[bonehead]

Whether declared or not,It's "war on the middle class"as Lou Dobbs would say.You lose your middle class and you lose your democracy.What does blow my mind a little is that if your an individual trader in futures you can make money whether the market's going up or down,this bull market must be a way for hedge fund managers to reduce risk,not to mention the weak dollar and inflation.The money just keeps rolling in no matter what the fundamentals say.It's really scary that we've reached this point while supplies are building and if the economy really starts to nosedive,it'll take the rest of the world with it.World War 3 anyone?

[Ferretlover]

102.59 a bit ago...

[LastViking]

As Frank & Crow have commented upthread, this has been mostly an American-centric episode since Autumn. Most of the planet's users are paying less than before. Via oil & gasoline prices, Americans are not seeing a commodity seachange as is implied in many of their comments here. They are simply seeing how crappy their buck is. The shock they feel at the cash register is similar to that experienced in Argentina, Mexico and long ago in New Zealand ... in short, it sucks while your currency is being devalued by the global community.

[Valdemar]

$this->bbcode_second_pass_quote('LastViking', 'A')s Frank & Crow have commented upthread, this has been mostly an American-centric episode since Autumn. Most of the planet's users are paying less than before. Via oil & gasoline prices, Americans are not seeing a commodity seachange as is implied in many of their comments here. They are simply seeing how crappy their buck is. The shock they feel at the cash register is similar to that experienced in Argentina, Mexico and long ago in New Zealand ... in short, it sucks while your currency is being devalued by the global community.

[ChefBoyardee]

$this->bbcode_second_pass_quote('Gazzatrone', 'S')o in 1980 oil cost $38 but actually cost $107... In 2008 we are paying $102 for a barrel of oil...

[yesplease]

$this->bbcode_second_pass_quote('Valdemar', 'W')hat planet are you living on? I've seen petrol and diesel here explode in price within a few months

[FreddyH]

$this->bbcode_second_pass_quote('Valdemar', '')$this->bbcode_second_pass_quote('LastViking', 'A')s Frank & Crow have commented upthread, this has been mostly an American-centric episode since Autumn. Most of the planet's users are paying less than before. Via oil & gasoline prices, Americans are not seeing a commodity seachange as is implied in many of their comments here. They are simply seeing how crappy their buck is. The shock they feel at the cash register is similar to that experienced in Argentina, Mexico and long ago in New Zealand ... in short, it sucks while your currency is being devalued by the global community.

[FreddyH]

$this->bbcode_second_pass_quote('ChefBoyardee', 'T')he 1980 price was just a spike but there was no decline in oil production. Today, we have a steadily increasing price over a long term accompanied by an apparent plateau in production. This is putting an unexperimented strain on our economy.

[dukey]

diesel is selling for £1.13 which is like around $10/gallon
business as usual
nothing has changed

[Valdemar]

$this->bbcode_second_pass_quote('FreddyH', '
')
Methinx that you meant that spot is up ... not down. Here in Canada, our dollar has gained 65% against the buck. NO PAIN here when filling up. Today, it's 50-cents a gallon cheaper than filling up during the big spike back in 2005.

[ChefBoyardee]

$this->bbcode_second_pass_quote('FreddyH', 'S')orry grasshopper, but u are wrong on all counts: the 1980 spike forced production to drop from 67-mbd to 58. Production did not reattain that 67-mbd level 'til 1991. This episode of price spikes started in 2003 right after the Iraq2 and production has risen with it from 78-mbd to 87. And there is absolutely no visible strain on the economy. Most economists agree that the the drop in GDP growth (0.8% vs 3.5%) is substantially due to the money crunch associated with the sub prime mtg fiasco.

[DantesPeak]

$this->bbcode_second_pass_quote('', ' ')the 1980 spike forced production to drop from 67-mbd to 58

[joewp]

$this->bbcode_second_pass_quote('DantesPeak', '')$this->bbcode_second_pass_quote('', ' ')the 1980 spike forced production to drop from 67-mbd to 58

[FreddyH]

$this->bbcode_second_pass_quote('DantesPeak', '')$this->bbcode_second_pass_quote('', ' ')the 1980 spike forced production to drop from 67-mbd to 58

[FreddyH]

$this->bbcode_second_pass_quote('joewp', '')$this->bbcode_second_pass_quote('DantesPeak', '')$this->bbcode_second_pass_quote('', ' ')the 1980 spike forced production to drop from 67-mbd to 58

[joewp]

$this->bbcode_second_pass_quote('FreddyH', '')$this->bbcode_second_pass_quote('DantesPeak', '')$this->bbcode_second_pass_quote('', ' ')the 1980 spike forced production to drop from 67-mbd to 58

[FreddyH]

$this->bbcode_second_pass_quote('joewp', '')$this->bbcode_second_pass_quote('FreddyH', '')$this->bbcode_second_pass_quote('DantesPeak', '')$this->bbcode_second_pass_quote('', ' ')the 1980 spike forced production to drop from 67-mbd to 58

[DantesPeak]

$this->bbcode_second_pass_quote('FreddyH', '')$this->bbcode_second_pass_quote('DantesPeak', '')$this->bbcode_second_pass_quote('', ' ')the 1980 spike forced production to drop from 67-mbd to 58

[FreddyH]

$this->bbcode_second_pass_quote('DantesPeak', 'A')pparently you and I have a different way of interpreting the same data.