Oil hits new record over $90

[Lone_Star_Dem]

Source: CNNMoney

Crude surges more than $3 after report says OPEC won't boost production and Middle East violence flares.

NEW YORK (CNNMoney.com) -- Oil prices hit a fresh record high Thursday of over $90 a barrel after reports said OPEC had no intention of increasing production.

<snip>

Turkish attacks on Kurdish separatists in northern Iraq and reports of Lebanon firing on Israeli warplanes also pushed prices higher, as traders feared conflict could spread to the broader Middle East.

Read more: http://money.cnn.com/2007/10/25/markets/oil_record/index.htm?postversion=2007102514

[Rageneau]

1. Oil will be over $100/bbl until Democrats get the WH and a veto-proof majority.

YUntil then, the corrupt, America-hating cobservative Republicans will cotinue to enable their oil industry buddies to screw the rest of us. Republicans are not just wrong; they are evil and corrupt.

[Betty]

2. When will we finally get a Manhattan project

that gets us off oil for good? Instead of spending hundreds of billions on a war so we can keep guzzling middle east oil, we should be spending those billions on perfecting alternative, non polluting energy sources. I know it's been said a million times, but why is our do nothing congress not making this an issue? We know why bush will never lift a finger to get us off oil. I suppose that congress is pretty much owned by the oil companies as well.

[ryanmuegge]

5. When the population is curbed enough to suit the elites.

At least that appears to be their overall goal. It's a noble goal. Too bad we'll have to pay the price.

[ryanmuegge]

6. When the population is curbed enough to suit the elites.

At least that appears to be their overall goal. It's a noble goal. Too bad we'll have to pay the price.

[gratuitous]

3. Damn, they TOLD me this would happen!

Back in 2004, they said if I didn't vote for George W. Bush, oil prices would just take off, maybe over $60 or $70 a barrel! And now here it is over $90, and all because I didn't vote for Bush in 2004. I hang my head in shame.

[Kool Kitty]

12. Great. It's all your fault.

;)

[Altean Wanderer]

4. Some our wondering IF OPEC can ...

significantly raise oil production period. Kuwait has peaked, and some think Saudi Arabia may be close to peak itself. That's why the oil under Iraq is the most crucial oil in the world when production from existing fields could decline by 3 - 6 percent per year, well, forever. If there are any significant undiscovered deposits, they're likely under the melting polar icecap or in deep water. That oil will not be cheap to produce.

Even without an attack on Iran, we could be looking at $150 barrel oil within 2 years or so.

[amandabeech]

7. I'm one that thinks that OPEC can't do much to increase production.

Nigeria hasn't peaked, but there are social and political problems.

Indonesia imports more than it exports.

Venezuela's good stuff is in decline, but there's a lot of ultra-heavy stuff that's hard to refine into gasoline or diesel.

Mexico is in decline.

Canada's decent stuff is in decline, but there's that yucky tar sand stuff that may be harder than the Venezuelan stuff to refine and kills the environment.

The North Sea (U.K. and Norway) is in decline.

The U.S. is in deep decline.

The Chinese are in decline.

The Russians are holding their own and are trying to tie up Central Asia by pipeline access. Putin is a smart guy and knows it.

Very few countries will let the western oil companies drill.

I agree with you 110% on Iraq.

[Strelnikov_]

9. Agree. And I am another that thinks Geology (and Geopolitics) has cut OPEC

And $150/bbl in a couple of years seems realistic considering only geology and modest geopolitical overlay.

Rate the dollar is dropping, we are riding a dual-engine express to $150.

[bhikkhu]

10. at which point the value of $ becomes meaningless...

just saying, all the bandying around of $ signs is one thing, reality may become another.

[Betsy Ross]

8. $3.29 a gallon in SF Bay Area. n/t

[tabasco]

11. MISSION ACCOMPLISHED!

(the real mission)

(the reason for all the lies)

($$$$$$$$$$$$$$$$$$$$$$)

[lonestarnot]

14. AND QUAGMIRE AT THE SAME TIME.

What more could a devil want beside more sulfur?

[FreeStateDemocrat]

13. NYT: Oil Crosses $92 on Middle East Discord

[hatrack]

15. Well, that was speedy!

$100 by Christmas? Maybe . . .

Whatever happens, at least it won't be dull.