Oil hits record [$79.29] on big inventory drop

[phantom power]

It makes me wonder what these "analysts" do with their time. Clearly, they aren't spending it updating their predictive models.

NEW YORK (CNNMoney.com) -- Oil prices hit a fresh intraday record high of over $79 a barrel Wednesday after the government said supplies of crude oil fell far more than expected.

U.S. light crude for October delivery rose 47 cents to $78.70 a barrel, passing the old trading high of $78.77 a barrel hit Aug. 1. Oil had traded up 49 cents just prior to the report's release, and touched a record $79.29 just after the report.

In its weekly inventory report, the Energy Information Administration said crude stocks plunged by 7.1 million barrels last week. Analysts were looking for a drop of 2.7 million barrels according to a Dow Jones poll.

http://money.cnn.com/2007/09/12/markets/oil_eia/index.htm?postversion=2007091210

[whistle]

1. Gasoline will be back up to over $3.00 a gallon by this weekend

[Texifornia]

4. It will have to get over $100.00 / bbl

Before it reaches the equivalent of the '70s oil shock. Of course then it happened almost overnight.

The crap that the next admin will inherit will be unprecedented...Truman had as much stuff to inherit, but America was winning on all fronts when he took over.

[whistle]

5. $3.00 per gallon is a lot of money whether it is 2007 dollars or 1973 dollars

[Rageneau]

7. BartCop predicted $100/bbl oil over a year ago -- when it was unthinkable.

I think oil was going for about $45 a barrel when BartCop looked into the future, assessed the poilitcal and powers-that-be situation, and predicted that one day soon, oil would hit a hundred dollars per barrel. That prediction seemed preposterous then, but not now.

BartCop's political predictions are almost NEVER wrong. Too bad the Democratic Party won't listen to him -- they'd win many more elections if they did.

[phantom power]

8. Oh I don't know. We've been thinking about it here at least since 2005.

During the hurricane season, etc. Of course, it never materialized that year. And it's surely been on the mind of anybody following the peak oil issue.

[NickB79]

9. I always read it would have to hit $80/barrel to match 1970's levels

When adjusted for inflation. It hit $80/barrel today.

[rurallib]

2. Bush and company has little over a year to steal the country blind

[whistle]

6. They can do that in six months or less

[Warpy]

3. The futures are rising based on the mess in Mexico

It's going to take time to repair that pipeline.

"Decreased inventory," my flabby old ass.