Oil hits $122 a barrel

[spanone]

about ONE HUNDRED DOLLARS a barrel more than when junior took office...mr cheney must be sooo proud.

NEW YORK (AP) -- Oil futures blasted to a new record of $122 a barrel Tuesday, gaining momentum as investors bought on a forecast of much higher prices and on any news hinting at supply shortages. Retail gas prices edged lower, but appear poised to rise to new records of their own in coming weeks.

http://money.cnn.com/2008/05/06/markets/oil.ap/index.htm?cnn=yes

[NightWatcher]

1. I was just about to post that too

the past few days the price of gas had mellowed out around 3.50, but I can guess that rising more than $2 a barrel will cause that to change

[AndyTiedye]

6. It's $4 and Still Going Up in California

[Junkdrawer]

2. Betting on an Iranian bombing by US or Israel?

:shrug:

[Selatius]

3. I can't help but think a large part of the record price is due to the sheer weakness of the Dollar.

If the Dollar were as strong as it were in 2000, that price would be somewhere south of 100, perhaps even much further south. If it hits 200 dollars/barrel, it might mean that the Dollar has collapsed more than there exists a supply shortage.

[bdamomma]

4. read here also

http://english.aljazeera.net/NR/exeres/AD5DB145-498D-46CC-BD9D-010AA4DA6917.htm

[spanone]

5. jon stewart has the goods

http://youtube.com/watch?v=-d-qEnmtmsU

[jojo54]

7. We, the people, are getting bit in the ass because

Bushco fed all these other nations when they allowed all these US jobs to be outsourced. Now, because of other's "industrial revolutions", we are suffering the consequences.

This may sound bitter, and that's because I am.

[Ilsa]

8. January 2001, Dallas Fed:

http://www.dallasfed.org/research/houston/2001/hb0101.html

Houston Business-A Perspective on the Houston Economy
January 2001
Federal Reserve Bank of Dallas
Houston Branch

Petrochemicals and Natural Gas Prices: Short-Term Pain, Long-Term Concern

SNIP
The $17-$22 range is typical of U.S. light sweet crude prices over the past 20 years. SNIP

Today, a barrel of sweet crude cost $100 more. Yeah, it hit $122 a barrel today.

~~~~~~~~~~
Mission Accomplished for W's buddies.

[spanone]

9. blood for oil