Current Oil Price

Mitch · Post by **Mitch** » 21 May 2008, 21:45

Hey Sal, were you also glued to the chart? It's better than watching a horror movie! Am having a bath now, will probably be just in time to see 135 when I get out!

Keela · Post by **Keela** » 21 May 2008, 21:48

I know - it's morbidly addictive.

Looked in work and it was below 130 - came home and it was there and more.

Watched after tea... and saw it break through 133. So I said to myself ENOUGH- It'll do no more tonight. So I went out to water the garden.... then 134 when I came back in!

snow hope · Post by **snow hope** » 21 May 2008, 23:08

?134.06

This is getting hectic (no, crazy) (no, scary). Today it has hit me that this has come out of some other reality into my actual reality.

In other words, it appears to me we are in the midst of TSHTF.

I can only conclude from the recent escalation in oil price that THIS IS IT......

RevdTess · Post by **RevdTess** » 21 May 2008, 23:11

I'm trying to find one of those people who said prices could never stay above $100 because at that level every potential oil field in the world would be economically viable. These people do seem to be strangely absent now.

Andy Hunt · Post by **Andy Hunt** » 21 May 2008, 23:15

snow hope wrote:?134.06

This is getting hectic (no, crazy) (no, scary). Today it has hit me that this has come out of some other reality into my actual reality.

In other words, it appears to me we are in the midst of TSHTF.

I can only conclude from the recent escalation in oil price that THIS IS IT......

Maybe it's US who have made it happen . . .

energy-village · Post by **energy-village** » 22 May 2008, 00:53

$ 134.25!

This is how I feel when I'm in the back of a cab (I watch the meter like a hawk, bad habit).

Aurora · Post by **Aurora** » 22 May 2008, 05:57

The Independent - 22/05/08

Crude oil prices surge past $134 a barrel

Article continues ...

One oil analyst at a major investment bank said: "The supply side tends to keep on disappointing. If there was a fall in demand the price would go down but the emerging market demand is incredibly high."

This has been compounded in China by the earthquake, which knocked out several plants run by coal and hydro power. They have had to bring in extra oil to generate replacement power.

In the UK, the price of diesel and petrol has soared. The UK Automobile Association said the average price of diesel jumped almost 6 per cent between mid-April and mid-May. This equated to a 6.76p rise to 124.17p per litre. At the same time, petrol has risen 4.49p to 112.55p.

A barrel of oil now seems to be going up by a dollar a day. We should reach $350 a barrel on Christmas Day.

Mitch · Post by **Mitch** » 22 May 2008, 08:26

As usual for me, the idea's always come to late. Everyone on Power Switch should have each given Tess a tenner a few years ago - by now we would own Microsoft, Yahoo and quite a few wind farms!!! None of us would have a proplem regarding preparations! We would probably be the richest Forum on the net!

Erik · Post by **Erik** » 22 May 2008, 08:30

I remember a few months back, when the oil price was around 100$, that someone here (possibly Tess?) said that maybe about 30% of the price rises could be associated with the decline of the dollar. Any idea if that guesstimate still holds now that we're at 135$?

WolfattheDoor · Post by **WolfattheDoor** » 22 May 2008, 08:35

Watching the oil price is like watching the penalties in last night's match. I popped to the toilet when Chelsea were one away from winning. I came back and United had won. What the hell's going on!

PowerSwitchJames · Post by **PowerSwitchJames** » 22 May 2008, 09:01

And this is all just on the fear of supply shortages...imagine what will happen when there really are shortages...when they know that supplies are going down and they aren't coming back up!

oilslick · Post by **oilslick** » 22 May 2008, 09:03

WolfattheDoor wrote:Watching the oil price is like watching the penalties in last night's match. I popped to the toilet when Chelsea were one away from winning. I came back and United had won. What the hell's going on!

Why would you go for a widdle in the middle of a penalty shoot-out?

PS_RalphW · Post by **PS_RalphW** » 22 May 2008, 09:10

The price ticker shows a high of $135.04 this morning.

whistles nonchalantly and backs away slowly...

WolfattheDoor · Post by **WolfattheDoor** » 22 May 2008, 09:18

oilslick wrote:
WolfattheDoor wrote:Watching the oil price is like watching the penalties in last night's match. I popped to the toilet when Chelsea were one away from winning. I came back and United had won. What the hell's going on!
Why would you go for a widdle in the middle of a penalty shoot-out?

I hate watching them - I just want to know the result

Silas · Post by **Silas** » 22 May 2008, 09:35

Up Up and away goes the oil price and in the US CNN and others national news have discussions about peak oil with Boon-Pickens and others, they call for leadership and a move to renewable energy and so.

Strange that the BBC don't really seem to have even noticed oil at $134 a barrel nor mentioned peak oil.

Also as I read correspondence from the web it seems largely biased towards
the view that the current oil price is largely due to speculation.

Its like huge numbers of rational intelligent people simple cannot believe that the supply of oil could possible ever fall short of there future dreams.

I feel stunned and bewildered, is this reality or a dream...oh look! a white rabbit