$90.29

[Subdivisions]

That's the first time in history a barrel of oil has cost $90+. The new all time intraday high is $89.78.

The trend upwards will continue over the long run and, coupled with the tanking value of the dollar and the impending financial crash some analysts are saying will be worse than the Great Depression, and climate change and you have the ingredients for a challenging future not just for our children and their children, but for us too.

[cliss]

1. Unbelievable.

Just a few days ago, the price of crude hit new highs. This is an exponential curve.

I just tightened my seat belt. The roller coaster is going down, fast.

Ok, ready....

[Subdivisions]

3. We are about to experience things the likes of which no

one has ever experienced. People get complacent and think that the woes suffered by places like Darfur or Cambodia can't happen in this country on this continent. How so very wrong we have been. We are about to find out what hardship means.

[kestrel91316]

17. I am moving into my new apartment this weekend, just in time.

It's 1/2 mile closer to my office, an easier and safer bike ride (slightly) and a 35 minute walk on my short legs. If I have to, I ditch the car except for inclement weather.

[Hydra]

2. Party at Bush and Dick's

They're set to rake it in as oil pushes toward $120.00 per barrel- that will double their take on the Iraq oil when they get around to selling it.

200 billion barrels x 120 = 24,000,000,000,000...for those who don't like counting zeros, that's 24 TRILLION dollars.

What could you buy with that?

[Subdivisions]

5. A little piece of heaven in a country with no

extradition treaty with the United States.

[tridim]

30. Or a country like the United States.

They already own most of it through the corporations. 24 trillion should cover the difference.

[Rhythm and Blue]

4. Is this an all-time high factoring in inflation as well? nt

[Subdivisions]

6. You know what? I'm sick and goddamn tired of people

pulling that "adjusted for inflation" bullshit meme. If food and fuel were factored into the "core" inflation rate today, right now, how would they compare then.

We're not living in fucking 1973.

[Rhythm and Blue]

9. That isn't a "meme," first of all.

You were looking for the words "talking point." Closely related, but not identical.

Secondly, I was just curious as to whether it was an actual all-time-high or not.

Thirdly, while year-to-year conversion rates are imperfect, they're certainly better than simply directly comparing prices of goods without attempting to correct for time at all. We aren't living in '73, and so when comparing situations, it's stupid to hold one '73 dollar against one '07 dollar.

(Edit: I'm going to start linking the Wiki article on "meme" each time people egregiously misuse the term. Here you go: http://en.wikipedia.org/wiki/Meme)

[Subdivisions]

15. Ok, for the sake of preventing carrying on this line, wait another

week and we'll have reached the inflation-adjusted equivalent of the highest value ever place on a barrel of oil, with adjusted for inflation was around $101. So, when we go over $100 pbb next week or the week after, we can stop adjusting for inflation and deal with real numbers.

[Rhythm and Blue]

18. Well, we should always be adjusting for inflation even after.

When we surpass $101, it will be a rather meaningless, arbitrary milestone, yeah, and the Republicans will be happy to tell us that. But hopefully it'll be a wake-up call for America, too. Maybe soon people will begin to realize how dangerous oil dependency is.

[A HERETIC I AM]

16. It is not an all-time high when adjusted for inflation, no.

That figure currently equates a barrel of oil above $100. So we're close, but not there yet.

[Rhythm and Blue]

19. Yeah, that is close.

Frightening news, especially since there's absolutely no reason to think it'll slow down any time soon.

[BeFree]

32. Well

Is that supposed to be good news? That oil hasn't inflated as fast as everything else?

But that only claims that inflation in general is going up faster than the outrageous inflation of oil. Given that it is the same exact oil that has been in the ground for millions of years and everthing else is newly produced, it seems we are really being ripped off.

Besides, the inflation of oil prioces drives the rest of inflation like nothing else does.

[davekriss]

37. Not true

Oil hit $39 in February 1981. Use this site to convert to 2007 dollars: http://data.bls.gov/cgi-bin/cpicalc.pl $39 in 1981 is $89.45 in today's dollars. We broke the record.

On edit: I have a great spreadsheet that I downloaded a couple of years ago that shows pricing right up to 2005 in nominal and inflation-adjusted dollars. Unfortunately I didn't record the URL where I got it, or I'd post it here.

[A HERETIC I AM]

43. Fair enough. I was wrong, then.

I got that figure from a blurb i heard today on TV.

Poorly researched and unsubstantiated on my part. My apologies.

[kestrel91316]

20. We college students didn't have to STRUGGLE to pay for gas and food

at the same time back in the 70s. And we were POOR COLLEGE STUDENTS. Somebody, somewhere, is fudging numbers.

[Rhythm and Blue]

21. Textbooks and tuition are ridiculous compared to what they used to be.

At least electronics are cheaper.

[kestrel91316]

26. We didn't have "electronics", lol. We had slide rules and pencils and

paper. My senior year of undergrad my boyfriend loaned me his HP-45 to use in a biochemistry final exam rather than my slide rule. They had just started to allow them in exams. 1978.

[davekriss]

36. My father bought me a used HP-45,,,

...around 1974. He bought it off his boss for $250 (I think they were $450 brand new in those days). $250 then is $1,057 today -- for a calculator! Bit it was a pretty cool calculator in its day.

On edit: I still have it in a box in my basement, though surely the batteries have died! Just can't bring myself to throw it out.

[davekriss]

34. It is a record

The previous record was established during Reagan's first year, in February 1981. It hit $39 per bbl in 1981 dollars at the start of the Iran-Iraq war. That translates to $89 in 2007 dollars. We just past an all-time record under GWB, another accomplishment of this satanic regime.

To contrast, oil fell to $9.39 in January 1999, or $10.49 in 2007 dollars. Of course, a Democrat was in the White House then.

[LoZoccolo]

38. You can be polite.

And give a reason for why you think it's not important, while you are at it.

[gatorboy]

10. It has even passed the 1981 record repugs love to dwell on.

[Rhythm and Blue]

11. Really? Interesting.

What was that adjusted for inflation? Like $90, then? Very interesting indeed.

[gatorboy]

14. $84.73.

So Bush should be proud. Another record breaker for him!

[bluestateguy]

7. Republicans will soon lose their "Jimmy Carter soundbite"

"Well, it's not as bad as the oil crisis during the CARTER years!"

Oil prices hit $101 in 2007, adjusted for inflation.

I suspect that their "Carter" soundbite will be inoperable by the Spring.

[davekriss]

39. What do you base the $101 dollars on?

Oil hit its previous all-time high in February 1981 at the start of the Iran-Iraq war. It hit $39 per barrel which translates to $89.45 in 2007 dollars. I used http://data.bls.gov/cgi-bin/cpicalc.pl to convert into today's dollars.

[partylessinOhio]

8. This is outrageous. How can anyone be satisfied with this Impostor

and smile and goo goo in his face? He will kill us all if we let him.

He has made America the most hated country and those with the oil will bury us.
:mad:

[Chipper Chat]

12. Time to drag the bicycle out of the garage.

[superkia]

44. I gave mine away two years ago, I better get a new one before...

the price of them goes through the roof.

[Xenotime]

13. This will bring western civilization to its knees

[Telly Savalas]

23. There's already rioting and looting here in Kansas City.

The mayor is summoning an army of the undead to do battle with the growing mob.

I just hope I can make it by the dry-cleaners before it closes to pick up my Mad Max outfit.

[Xenotime]

47. Are you serious?!? I haven't heard this in the media?

Please be safe.

[marmar]

22. Hold on to your knickers, people.....The ride is about to get really wild.

:scared:

[EVDebs]

24. Related DU post showing US in Iraq to 2013 at the least

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=2078813&mesg_id=2078899

[A HERETIC I AM]

25. Which analysts?

..."the impending financial crash some analysts are saying will be worse than the Great Depression"...

Yeah?

WHICH analysts?

Why not say "A few" or "Certain"

Using the sentence like you did above is, with all due respect, a Faux News tactic.

"Some people are saying Barack Obama hates America because he doesn't wear a flag pin on his lapel".
"Some people say Bush is the greatest president ever"
"Some people say Hillary will lose in the general election"

Sorry, but it is a bullshit way of putting it.

What is more accurate is "There are a select few analysts who predict a financial crisis worse than the great depression".

You can find bad news and horrific predictions all day long. Doesn't mean they are worth squat.

[EVDebs]

27. Amory Lovin's book Oil End Game shows us how to get out of the mess

http://www.oilendgame.com

plus the online book Plan B 2.0 by Lester Brown

http://www.earth-policy.org/Books/PB2/Contents.htm

should be required reading on DU and the M$M should be doing documentaries on these books. But nope, we are the only ones pushing for oil alternatives, not the GOP.

[izzybeans]

28. It truly is a post 9/11 world

That's 75 more than in 2000. And this report on 9/11/00 no less. One year ahead of you know when.

http://robots.cnnfn.com/2000/09/11/worldbiz/oil/index.htm

[T.Ruth2power]

29. $3.50 to $4/gallon

Come spring.

[upi402]

31. Gold is $768.30 and peak oil looming

I was called a gold bug when I bought some. Now I wish I had more. The dollar is getting slammed and yet Wall Street chugs along quite nicely, thanks....

America needs ALL Republicans out. And is nearly to the point of needin REAL Democrats in charge, spine and all.

[davekriss]

40. O my

The last time I looked it was something like $685 per ounce. I was thinking of buying some, but at $685 I figured I missed the runup. That was only a month or two ago.

[CalebHayes]

33. Cool, I just totalled my car!

[robinlynne]

35. can you say soooolarrrr?

[Solar_Power]

41. Whatever happened to the oil windfall tax?

Time to resurrect the idea

[davekriss]

42. Hyper-inflation, here we come!

Do realize that rising oil prices will (have) dramatically increased the price of food, given that oil is used to make the fertilizers, powers the farm equipment, and powers the transportation that made the Green Revolution possible. No wonder milk is over $4 per gallon and chicken costs what filet mignon used to cost just a couple of years ago. Honest, we are at one of those historic moments, like 1929 all over again.

[druidity33]

45. ahem...

prices are sometimes regulated. I live in MA in the largest farming/Dairy farm county in the state. There is a crisis going on because milk producers are only getting on average $.39 per gallon, which is probably fine for a giant soul-sucking Dairy farm that consumes many square miles, but there are only small farms around here...no more than 200 head at most. I too pay nearly $4 a gallon in grocery stores. But none of the farmers here are making a profit and Dairy farms are going under rapidly. There have been town meetings, legislators have visited and recently the new Governor (Patrick-D) authorized an emergency subsidy. I admit, i'm not as well informed as i could be about the particulars, after all, i don't own cows! But i know that i've been buying raw milk from a farm a block away and have had less lactose-intolerance issues lately. Straight from the cow! And all the proceeds go to the farmer...


I'm a veggie and have been for 15 years, so i can't say as to the price of meat, but if you buy from the farmer and have a real big freezer... sky's the limit i'd say.

:)

[roamer65]

46. My prediction: Oil will pass $100/barrel by the end of year.

Gold will also pass the historic high of $850 by the end of year as well. I think we'll see $900/ounce gold by Jan 1 2008. Bernanke has chosen to sacrifice the dollar.