Runaway oil prices pass $135 - Toledo Gas Prices

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Runaway oil prices pass $135 Thursday, May 22, 2008
CNN International -- NEW YORK (AP) -- Oil prices blew past $130 a barrel for the first time Wednesday and kept going. Supply worries, rising demand and a slumping dollar are conspiring to make filling up the car -- and paying for just about everything else -- a growing burden. With gas and oil prices setting new records on a daily basis, many analysts are beginning to wonder whether anything can stop prices from rising. There are technical signals in the futures market, including price differences between near-term and longer-term contracts, that crude may soon fall. But with demand for oil growing in the developing world, and little end in sight to supply problems in producing countries such as Nigeria, few analysts are willing to call an end to crude's rally.
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	Thursday, May 22, 2008 CNN International -- NEW YORK (AP) -- Oil prices blew past $130 a barrel for the first time Wednesday and kept going. Supply worries, rising demand and a slumping dollar are conspiring to make filling up the car -- and paying for just about everything else -- a growing burden. With gas and oil prices setting new records on a daily basis, many analysts are beginning to wonder whether anything can stop prices from rising. There are technical signals in the futures market, including price differences between near-term and longer-term contracts, that crude may soon fall. But with demand for oil growing in the developing world, and little end in sight to supply problems in producing countries such as Nigeria, few analysts are willing to call an end to crude's rally. Visit CNN International for full article

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ptcgt12 Rookie Author Jackson Posts:53 Points:13,405 Joined:May 2008	Message Posted: 5/23/2008 7:08:51 PM	Ignore ptcgt12 Report Abuse
	The major contributor to the rise is market manipulation. Speculation drives prices up like crazy as investors ditch falling American investments and grab up commodities like oil that are traded on the valuable Euro. News of supply worries and refiniery shutdowns only exacerbate the speculation problem.
kanmandoo All-Star Author Detroit Posts:861 Points:823,200 Joined:Jun 2005	Message Posted: 5/23/2008 2:15:57 PM	Ignore kanmandoo Report Abuse
	It's just going to keep going up.
eddmac Champion Author Washington Posts:1,712 Points:440,840 Joined:May 2006	Message Posted: 5/23/2008 1:01:55 PM	Ignore eddmac Report Abuse
	Makes me wonder if Lindsay Williams, is right. I was hoping he was a kook. A person would need to be blind not to see market manipulation.
ramshot412 Champion Author Riverside Posts:11,212 Points:1,123,775 Joined:Apr 2004	Message Posted: 5/23/2008 11:23:10 AM	Ignore ramshot412 Report Abuse
	"They raise prices because supply is low but my gas station has never run out." Of course supplies of gas are low, the refineries are only operating at about 85% capacity. (to keep the price higher) [Edited by: ramshot412 at 5/23/2008 11:23:21 AM EST]
r651981 Veteran Author Columbus Posts:387 Points:363,300 Joined:May 2006	Message Posted: 5/23/2008 11:07:56 AM	Ignore r651981 Report Abuse
	No news here! When you are enslaved by OPEC, you have few options.
letmathe Champion Author Chicago Posts:6,549 Points:1,619,360 Joined:May 2001	Message Posted: 5/23/2008 11:04:44 AM	Ignore letmathe Report Abuse
	The problem with the supply and demand arguement is that it is based on THE PERCEPTION OF POSSIBLE FUTURE changes rather than on actual changes. Of course, the supply of dollars demanded per gallon has to remain constant or increase (laugh or cry here, as appropriate!)
DaBus Champion Author Washington Posts:1,224 Points:253,320 Joined:Aug 2005	Message Posted: 5/23/2008 10:52:21 AM	Ignore DaBus Report Abuse
	GREED!
mvosevich All-Star Author St. Louis Posts:867 Points:181,450 Joined:Aug 2004	Message Posted: 5/23/2008 10:51:51 AM	Ignore mvosevich Report Abuse
	They raise prices because supply is low but my gas station has never run out.
white_fang Rookie Author Dallas Posts:44 Points:49,880 Joined:Apr 2008	Message Posted: 5/23/2008 10:46:15 AM	Ignore white_fang Report Abuse
	that quick and dirty burst in price... ain't coming
frede2 Champion Author Texas Posts:3,174 Points:707,685 Joined:May 2005	Message Posted: 5/23/2008 10:46:05 AM	Ignore frede2 Report Abuse
	"supply worries" yeah, right. What a bunch of trash. The greedy just get greedier and if they are wondering what will stop the rise in prices....a depression, that will stop them and everything else as well.
FuelGrinch Sophomore Author Kansas Posts:156 Points:47,500 Joined:Aug 2005	Message Posted: 5/23/2008 10:45:29 AM	Ignore FuelGrinch Report Abuse
	Trottle is so right. It is just a matter of time when the top will blow off the oil price and it will crash. Just like the stock market crash, oil spec will be jumping out windows.
kmgaslooker Rookie Author Long Island Posts:42 Points:199,440 Joined:Jun 2007	Message Posted: 5/23/2008 10:42:56 AM	Ignore kmgaslooker Report Abuse
	Oil is on a tear
rustyOR Veteran Author Oregon Posts:484 Points:106,700 Joined:Apr 2008	Message Posted: 5/23/2008 10:38:43 AM	Ignore rustyOR Report Abuse
	Up up and away
ykim001 All-Star Author Miami Posts:840 Points:66,335 Joined:May 2008	Message Posted: 5/23/2008 10:36:11 AM	Ignore ykim001 Report Abuse
	Here comes $5
NissanGirl Sophomore Author Oregon Posts:199 Points:113,055 Joined:Jan 2008	Message Posted: 5/23/2008 10:34:36 AM	Ignore NissanGirl Report Abuse
	Another day, another record...
EastsideBill Rookie Author El Paso Posts:50 Points:16,825 Joined:Apr 2008	Message Posted: 5/23/2008 10:34:32 AM	Ignore EastsideBill Report Abuse
	Driling Rights? What rights? Who owns them? who sold the rights to them? Oil should belong to all of us. Socialism isn't ordinarilly a good thing, but a good case for nationalizing oil, like in Mexico can be made. PEMEX supplies one third of Mexico's internal revenue anf gasoline is still nearly half of what it costs here, and diesel is $1.50 per gallon.
KO292 Champion Author Twin Cities Posts:1,499 Points:475,140 Joined:Apr 2007	Message Posted: 5/23/2008 10:32:35 AM	Ignore KO292 Report Abuse
	up up and away!!!
throttle Champion Author Maryland Posts:4,127 Points:933,300 Joined:Jul 2004	Message Posted: 5/23/2008 10:32:28 AM	Ignore throttle Report Abuse
	An oil price crash is coming. The speculators can't sustain this. It may be weeks or even months, but the price will crash.
CatbirdWoman All-Star Author Ohio Posts:734 Points:253,580 Joined:Jan 2007	Message Posted: 5/23/2008 10:31:56 AM	Ignore CatbirdWoman Report Abuse
	Yea, ok
gasman50 All-Star Author Portland Posts:935 Points:733,390 Joined:Nov 2005	Message Posted: 5/23/2008 10:30:25 AM	Ignore gasman50 Report Abuse
	Ugly, Very ugly
fairchildd All-Star Author Kansas City Posts:668 Points:280,535 Joined:Aug 2007	Message Posted: 5/23/2008 10:30:17 AM	Ignore fairchildd Report Abuse
	I really think it no longer needs a reason to go up - it's just self-sustaining
_angel35_ Sophomore Author Michigan Posts:194 Points:67,405 Joined:Aug 2005	Message Posted: 5/23/2008 10:28:39 AM	Ignore _angel35_ Report Abuse
	geeschhhhhhhhhhhh
w4kh Champion Author Riverside Posts:3,290 Points:565,190 Joined:May 2004	Message Posted: 5/23/2008 10:27:46 AM	Ignore w4kh Report Abuse
	seems like the higher crude prices go, the worse the US economy gets, and still the White House Oil Buddies aren't willing to say we are in a recession - they won't even concede an "economic slowdown"! What could they know? Some one else (us) buys everything for them! Our idiot leader and DickieBoy haven't set foot in a supermarket for decades (if ever) so what could they know? They don't feel our pain, and since their buddies are using the pressure of high prices to push for expanded drilling of the coast and ANWR, which would really improve their profits (as if they could get any higher than they already are) and wouldn't do us any good at all, they are out of touch, but not out of office soon enough. And I worry about who will be next...
FuelGrinch Sophomore Author Kansas Posts:156 Points:47,500 Joined:Aug 2005	Message Posted: 5/23/2008 10:27:30 AM	Ignore FuelGrinch Report Abuse
	Just like a rodeo.....hang on for the ride if you can!
funandtrvl All-Star Author Illinois Posts:967 Points:129,625 Joined:Feb 2008	Message Posted: 5/23/2008 10:27:21 AM	Ignore funandtrvl Report Abuse
	I agree that we need to drill more.
laddyboy62 Champion Author Riverside Posts:1,125 Points:904,310 Joined:Mar 2005	Message Posted: 5/23/2008 10:26:14 AM	Ignore laddyboy62 Report Abuse
	and ill winds continue to blow
tomok Champion Author Portland Posts:7,822 Points:629,085 Joined:Aug 2006	Message Posted: 5/23/2008 10:26:01 AM	Ignore tomok Report Abuse
	no way should crude oil be this high........... Produce more and many different alternative fuels using NON FOOD sources. There are many lands alternative plants can be grown on that food crops cannot. Algae is a good source of bio oil for diesel or other refined products. Limit the import of OPEC oil.
drish Rookie Author Jackson Posts:87 Points:318,340 Joined:Jun 2004	Message Posted: 5/23/2008 10:24:54 AM	Ignore drish Report Abuse
	girlusps - Yep, It's been a Bush conspiracy; get those Chinese and Indian economies booming, cause Hurricane Katrina, damage Africa supply lines so he and his buddies can make some money. How stupid can people be?
EastsideBill Rookie Author El Paso Posts:50 Points:16,825 Joined:Apr 2008	Message Posted: 5/23/2008 10:24:45 AM	Ignore EastsideBill Report Abuse
	Tax speculator capital gains 150 percent!
ledoy Champion Author Dayton Posts:4,690 Points:952,725 Joined:Aug 2005	Message Posted: 5/23/2008 10:24:00 AM	Ignore ledoy Report Abuse
	Next Stop $150.00
Don20 Champion Author Oklahoma City Posts:1,090 Points:925,240 Joined:Mar 2005	Message Posted: 5/23/2008 10:23:53 AM	Ignore Don20 Report Abuse
	Whats new??
MightyDude Champion Author Minnesota Posts:1,570 Points:943,345 Joined:Mar 2003	Message Posted: 5/23/2008 10:21:32 AM	Ignore MightyDude Report Abuse
	good grief
MASHBY Rookie Author South Carolina Posts:91 Points:22,835 Joined:May 2008	Message Posted: 5/23/2008 10:20:23 AM	Ignore MASHBY Report Abuse
	it will get much worse before it gets better
girlusps Rookie Author Missouri Posts:15 Points:201,600 Joined:Jun 2006	Message Posted: 5/23/2008 10:19:44 AM	Ignore girlusps Report Abuse
	You do realize that gas was $1.47 a gallon when Bush took office. Thus letting us pad his pockets before he leaves office.
blazerbob91 All-Star Author Milwaukee Posts:766 Points:319,055 Joined:Aug 2005	Message Posted: 5/23/2008 10:18:11 AM	Ignore blazerbob91 Report Abuse
	Everybody is blaming everbody else.
Masercal Champion Author Michigan Posts:1,046 Points:252,760 Joined:Oct 2007	Message Posted: 5/23/2008 10:17:23 AM	Ignore Masercal Report Abuse
	Our leaders need to step up to the plate get this under control. And right now the only way to do that is to bring massive amounts of renewable energy to the market at an affordable price. This will make consumers re-think the way they drive and power their homes and make businesses re-think the way they power their stores and plants. Only then will you see oil prices tumble. Oil has no true competition today.
Vim_Fuego All-Star Author Missouri Posts:556 Points:90,580 Joined:May 2008	Message Posted: 5/23/2008 10:16:45 AM	Ignore Vim_Fuego Report Abuse
	I think I'll start shooting the ground in my back yard. Maybe I'll get lucky.
CyanSquirrel All-Star Author Virginia Posts:538 Points:117,080 Joined:Jun 2004	Message Posted: 5/23/2008 10:15:12 AM	Ignore CyanSquirrel Report Abuse
	The irony is that our energy policy remains in the hands of volatile and undemocratic states a half a world away. Washington lost its spine after WWII. Sad...
FedUpCA Champion Author Ventura Posts:1,383 Points:237,645 Joined:Dec 2007	Message Posted: 5/23/2008 10:13:07 AM	Ignore FedUpCA Report Abuse
	Its about time to take out the Bike and start peddling around town.
jdkelle Rookie Author Phoenix Posts:27 Points:36,815 Joined:Oct 2005	Message Posted: 5/23/2008 10:12:42 AM	Ignore jdkelle Report Abuse
	Bush is from Texas He will let it keep going up so He can profit from is oil wells
praises7 Champion Author Twin Cities Posts:9,891 Points:1,836,390 Joined:Feb 2003	Message Posted: 5/23/2008 10:11:16 AM	Ignore praises7 Report Abuse
	The only truth is gas keeps going up! The reasons are all lies!
SpruceGuse2 Champion Author Michigan Posts:1,261 Points:772,100 Joined:Mar 2006	Message Posted: 5/23/2008 10:10:52 AM	Ignore SpruceGuse2 Report Abuse
	And nothing to stop it......................
greywolves All-Star Author Las Vegas Posts:737 Points:847,850 Joined:Dec 2004	Message Posted: 5/23/2008 10:09:15 AM	Ignore greywolves Report Abuse
	well, i guess that is part of the supply problem then, isn t it, gatj1025? and just what is in it for them to increase the supply, a big thank you from the gas guzzling american public? if you were them don t you think you would just as soon keep the cash?
spbob Sophomore Author Tampa Posts:248 Points:111,575 Joined:Feb 2008	Message Posted: 5/23/2008 10:07:36 AM	Ignore spbob Report Abuse
	There is no reality in this market driven by speculators and emerging markets. The sky is the limit.
RdHogg Champion Author Houston Posts:10,716 Points:1,289,335 Joined:Jun 2004	Message Posted: 5/23/2008 10:07:20 AM	Ignore RdHogg Report Abuse
	right
EnderNY Champion Author Dallas Posts:1,507 Points:291,955 Joined:Jun 2005	Message Posted: 5/23/2008 10:04:37 AM	Ignore EnderNY Report Abuse
	bycicler: and he also forgot to add us.
Gas_Buzzer Champion Author South Carolina Posts:5,973 Points:1,017,390 Joined:Sep 2005	Message Posted: 5/23/2008 10:04:23 AM	Ignore Gas_Buzzer Report Abuse
	Hell, they "ran away" from reality months ago.
SueB1863 Sophomore Author Toledo Posts:235 Points:16,045 Joined:Apr 2008	Message Posted: 5/23/2008 10:02:34 AM	Ignore SueB1863 Report Abuse
	I wouldn't trust Steve Forbes' ideas, he didn't think oil would hit $100 a barrel. That article was written when it was still $70, he probably realizes by now that he was wrong. CNN.com has an article today that states this isn't a bubble like tech or housing stocks, where supply eventually swamped demand. That isn't going to happen here, there isn't a huge supply of oil, and OPEC is controlling most of what supply there is. They can adjust it however they like. This bubble is never going to burst, we just have to figure out how to adjust to life without the ability to easily afford to drive.
patchdogMI Sophomore Author Michigan Posts:211 Points:11,215 Joined:May 2008	Message Posted: 5/23/2008 10:01:50 AM	Ignore patchdogMI Report Abuse
	Bahaha....deregulation. I have never seen deregulation in anything. Deregulation is always the word that the government uses for reregulation. Let's change the rules a little bit, and if it goes sour we'll say it was because of deregulation because heaven forbid that the government look like it made a mistake during reregulation.
bicycler Champion Author Ontario Posts:5,589 Points:1,032,995 Joined:May 2005	Message Posted: 5/23/2008 9:58:26 AM	Ignore bicycler Report Abuse
	My mother used to use the expression " Blame it on Wilber" to cite an occasion when one wants to avoid admitting blame where it really should go. This article clearly is an example. The writer wants to blame everyone but the speculators, the oilbarons and greed!