Oil Futures Above 86 Dollars

[Issachar]

http://biz.yahoo.com/ap/071015/oil_prices.html

heh-heh ... a few months ago, some laughed at the thought of 100 dollar per barrel oil by next Spring.

Issachar

[KitsapGirl]

http://biz.yahoo.com/ap/071015/oil_prices.html

heh-heh ... a few months ago, some laughed at the thought of 100 dollar per barrel oil by next Spring.

Issachar


They won't be laughing when it's $100.00 for a piece of bread.....

[watchingandwaiting]

There is becoming more and more demand for a product that is finite. Right now the world is consuming approximately 1.5 million more barrels of oil per day than is being produced. Is this just another sign of the times?

[cbressler1976]

....oil's gonna kill us all! :eek:

[Issachar]

What in the world do you mean that oil is going to kill us all? How? Why? Oil is just "stuff" out of the ground that mankind has found a million and one uses for; so much so, that civilization as we know it, pretty much depends on it. If anything, no oil would kill us all. But, we know that isn't true either because we have God's Word to tell us otherwise.

Your post is an enigma to me.

Issachar

[Beeferoni]

Much of this heightened oil price is because of the weak U.S. dollar. As the dollar falls in value, it takes more of them to buy the same thing.

And oil is traded in dollars, not in Euros, or Yen, or Pounds...

[Issachar]

Much of this heightened oil price is because of the weak U.S. dollar. As the dollar falls in value, it takes more of them to buy the same thing. Good point. You know those books that some stores have where a year is on the cover; i.e. 1952, and inside they have all these stats for that year? I picked up the 1952 one because that is the year I was born. Inside they had the avg. annual income, cost of a house, car ... lot's of trivia from 1952. It was interesting to see that what cost $1000 then, would take about $13,000-$14,000 today. That's about 1,300 - 1,400 percent inflation. Wages on avg. are up about 800 - 900 percent. Obviously, savings are down. Where about 20% of earnings were saved then, on average ... today it's an average of -2%.

So yes, the devaluing of the dollar is a significant part of the cost increase.

I know that there are those that will say, adjusted for inflation, gasoline is no more expensive than it was in 197X ... and make other comparisons ... but the fact is, throughout all history, incomes have never kept up with inflation. Government's don't cause inflation just for the heck of it.

Issachar

[anneyland]

http://biz.yahoo.com/ap/071015/oil_prices.html

heh-heh ... a few months ago, some laughed at the thought of 100 dollar per barrel oil by next Spring.

Issachar

You know as fast as the price is jumping we may see $100 before spring!!!

[cbressler1976]

What in the world do you mean that oil is going to kill us all? How? Why? Oil is just "stuff" out of the ground that mankind has found a million and one uses for; so much so, that civilization as we know it, pretty much depends on it. If anything, no oil would kill us all. But, we know that isn't true either because we have God's Word to tell us otherwise.

Your post is an enigma to me.

Issachar

I'm just being silly!...
I was just thinking of gas prices and how I used to be able to fill my car up with 20 dollars...

[The Learner]

This is insane. I do not understand why some people think so poorly of the idea of finding alternative fuels. If we do not find a real solution to this problem we are going to find ourselves in a foul creek without a paddle.