RECORD HIGH OIL PRICE - JUNE 6, 2008

[FreezingHazard]

I'd do that chick at 0:54 any day.

[speakker]

This is New World Order going on period.

[juhsepi]

Sorry about the prior I meant to say Oil futures are sold and purchased (remove not) based on the anticipation of what the price will be.

[nanasandres]

Don't you think that America got for decade cheap petrol using poor countries like Venezuela .. Now is enough exploitation American has to pay the right price like everybody else

[nanasandres]

Don't you think that America got for decade cheap petrol using poor countries like Venezuela .. Now is enough exploitation American has to pay the right price like everybody else

[nanasandres]

Don't you think that America got for decade cheap petrol using poor countries like Venezuela .. Now is enough exploitation American has to pay the right price like everybody else

[jandrewclark]

The USA has a long history of getting most of its oil from the western hemisphere very cheaply and making everyone else deal with the middle east. The only thing that has changed is that our demand is up and we are in the middle east.

[mysanjose]

war on terror =like= war on drug where politian make more money from it from: (DRUG+OIL+WEAPONS)

there are no business around the world that make more money than those three not even food YES not even food.

[Treldman]

First of all, oil and gas are 2 different things. 2nd of all, Oil went down slightly but is going up again. It's about $138.52 now. This all happened in one night. Gas is about the same. Oil is not...

[StarryKid06]

Treldman, that's because there is a 14-day delay between the price of crude oil and the price of gasoline. The gas you buy is already refined. After two weeks though, when the oil is making its way through the chain, the price follows it.

I think ChoicePrideChange is right.. Nothing is going to stop the oil tycoons if Congress doesn't. They need to put pressure on the producers to increase supply. It's easy. It's called "sanctions." They'll respond. The U.S. does it all the time.

[Treldman]

Well, oil gets an occasional time were it's bearish (goes down). And we were watching the price of gas (not Natural Gas), and for about 1 month it has been about $3.50. So, you would actually never know when prices for gas will go up.

[jandrewclark]

you're crazy if you think it's the oil tycoons that are jacking up the prices. They do not manipulate the price of crude oil, they are distributors. The price of oil is totally market based.

The same nuts that got the real estate market into a mess with adjustable rates, etc didn't go away, they just moved into the oil markets where they are now artificially inflating the prices to maximize profits through the use of fear. It's the market, not the companies that are out of control.

[StarryKid06]

I agree with you but under-supply in great relation to China and India consumption isn't helping. And now see the Saudis the other day declare that they will CHOOSE to increase the oil supply to some extent. Dude, haven't you ever heard of OPEC? The most powerful organization on planet Earth? Their sole purpose is to limit supply of oil to ensure fixed prices. The Saudi prince even promised Bush he would make sure oil prices went down prior to the last U.S. election to make Bush look better

[jandrewclark]

We get less then 25% of our oil from OPEC and out of that we get more then half from puppet states known as Iraq and Kuwait.

We get much more oil from Canada and Mexico then we do OPEC. China and India live off of OPEC and yet their oil is cheaper then ours today...

The Saudi's game isn't price manipulation, it's a supply/demand game they play to be the world's oil powerhouse. It's more about power then price to them.

[StarryKid06]

Again, I commend you on your proven quest for fact, logic, and knowledge. It takes me alot to listen to people as I generally know that I talk to deaf ears. It takes alot for me to respect what someone says. I appreciate your comments and agree and respect your opinions. I again must state that one fault in my opinion which must be addressed for the U.S. to succeed post-year-2000 is an increase in the quality of public education. Without this, the large population will go nowhere.

[jandrewclark]

I agree with you whole heartedly on that! The greatest threat our nation experiences is apathy towards learning. People live off of the TV, the books gather dust on the shelves. Formal education being its own issue, learning must be brought back into a place of respect.

[juhsepi]

Right on,

Oil Futures are sold and purchased not based on the anticipation of what the price will be.

We the consumer are responsible for the prices. We demand more, the price rises until the demand is counter balanced.

600 Million more consumers are also making the same demands in India and China. It's not just us anymore.

You want to see prices go down, then increase supply! Open ANWR and North Dakota to drilling. Send a drill bit to your Congressmen and Senators!

[jandrewclark]

That would be a huge help to the prices. Ultimately we have to curb consumption dramatically at the same time. It is cheaper and easier to curb consumption.

Note that ANWR's top production possibility is 500k barrels a day and North Dakotas is about 20k.

Saudi Arabia just increased their production that much last week and the prices haven't dropped a dollar a barrel.

Increased supply and lowered demand are huge issues, but today it's speculators that are driving up the cost.

[allencrider]

Peak oil, the end of the industrial age.

[stonerj0e]

maybe next week it will be $170 or $180 ?

[jandrewclark]

Doubtful. With the Saudi's pledging a 500k a day increase in barrel production we should see the market men slow down their massive inflation.