quote:

He reported virtually the same story and predicted it would occur later in 2008.

Personally, I don't see it happening that soon, if we're lucky maybe 2009 or 2010. Since the oil price run up is global, there needs to be some sort of world wide event to trigger a slide. Not sure what that would be though.

Maybe a world wide recession, ending the war in the Mid-East, or termination of government subsidies in some of the communist countries would turn the tables of the price run up. Something needs to happen to break the overly exuberant speculation by those investing in this stuff.

Maybe a major breakthrough on alternative energy sources would stop it. Whatever it is it needs to come soon or this country will go into another depression of the type we saw in the thirties.

The problem can totally be traced to Washington DC. We (the US) have a 200 yr supply of oil not counting the oil shale that has been found. Bill Clinton vetoed the bill that would have allowed drilling the new fields in Alaska and now we are paying for it. None of these "green" politicians want off shore drilling while the red Chinese are drilling off the coast of Florida now. Nobody (Ted Kennedy for one) wants a wind farm because it would destroy the scenery. We could be energy independant from some of our enemies, but there is always someone to stop it. We need to find out who is getting rich off of this situation. I think we'd find it isn't necessarily the oil companies. I venture to say that it is some of these idiots that were voted into office. I'm all for alternative energies, but our economy is being destroyed needlessly. GM just closed four truck factories, at least 3 RV manufacturers have gone out of business and the "trickle down" has just begun.

last week I paid 4.499 for diesel. this week it is 4.399.

Was today a "reverse "tank"?

Boone Pickens, IMHO, is the most knowledgeable guy in the oil industry. He talked about 87 million barrels a day in world wide demand and 85 million barrels a day in production. He believes that the gap may widen.

That is NOT a prescription for a reverse any time soon.

Guess no one has heard the news that prices should rise by 20 cents by tomorrow because Iran is threatening war with Israel. Caused an oil embargo scare that raised the cost of oil to 140 dollars a barrel. And someone is blaming Washington? Oh give me a break. Bush released our oil reserves weeks ago did not see any price drop. We have hundreds of wells sitting in Utah, Colorado, Oklahoma, and Texas sitting capped cuz there is no place to refine the oil. And more wells are drilled every day. Nightline tonight showed a man who is drilling for oil in texas daily. Says it cost him half a mil to drill for oil 150 grand if it comes in to set it all up. The one he was drilling today was a dry hole. And he says they have a lot of those as well as those that produce. So not all well produce and they too cost money to drill irregardless.
You want lower oil prices we need to get the dollar back on track. Including biting the bullet by letting them raise interest rates. Oh no not pay more interest on our loans we cannot afford to pay off. But that is one way. Get the house market back down where people can afford to own homes. Charging half a mil for a 50 grand house dont cut it. Again bite the bullet. But who will bite the bullet? I sold my home for 15 grand last year just to get out from under it. I owed 30. I am biting the bullet but it will take more than just me.

My feeling is that we will have to wait until the new administration is seated and hear what action they take, if any.

There is so much information being fed to the public right now from every corner that they are thoroughly confused and frustrated. Not to mention a little bit scared.

The news media ramps the HYPE up and keeps us on the edge of our seats on an hourly basis.

They say that RV'ers are staying longer in each location in order to save on fuel, but at what point will many of them say, "thats it, we ain't leaving", and new subdivisions are created.

Oil has made it's way into everything we see and also eat.

How did we ever live "BT", before Tupper Ware:?

Our search for the Ultimate Utopian Lifestyle has made us slaves to the providers and they know we can't stop ourselves.
We are addicted to what they sell and will buy it even at the cost of bankruptcy.

Everyone is buying gas even with the outlandish prices, so I see no reason for them to drop it.

I read of RV'ers saying, "no matter what the price is we are still going on".

Oil suppliers see the way we accept these prices and 9May) just keep them and a little bit more.

In an automotive shop they say, "if the customer doesn't complain about the price of the labor then double the price of the parts", or something to that effect.

Just as the average person never sends in for the rebates or complains about bad service, we will just pay what they demand and "get on with our lives" as if nothing has happened.

The Piper is demanding his dues.

I sure hope you are correct and oil sees a big correction downward. Meanwhile I have to ask what is going on in Washington? These guy's (both parties)seem to be on board the Titanic and denying the ship is going down.

While they deny drilling in Alaska and off the coast of the U.S., China continues drilling off of Florida.

I see South Dakota has approved the first refinery in over 30 years to be built wonder how long it will take the environmental groups to put a stop to that through the courts.

S Dakota is not the only one. A private individual is building one in Utah with no permission except from the city and county he is building it in. He is daring them to say something or try to stop him. He is putting 3 billion of his own money to build it, putting it in an area where there is nothing but desert, and giving an economy to an area suffering by offering a whole lotta jobs. Sadly they take up to 5 years to build and come on line.

Sadly, both of the boys on the ballot are all pro "Cap & Trade", which should be more properly named "Cap & Screw". That lovely bit of genius has the easy potential to raise fuel prices $1.50 a gallon.

Its about time to repeal all the EPA legistlation clear back to when it first went into effect in the 70s and leave it that way until we're producing fuel so cheap that we're causing financial collapse in the OPEC Nations.