$200 a Barrel Oil

[OtherSideOfTheBoat]

Opec head sees oil price hitting $200 a barrel
The president of Opec has warned that the price of oil could hit $200 (£100) a barrel, spelling more pain for the major crude-consuming economies.

Chakib Khelil said there was nothing that the oil producers' cartel could do to bring down the high price, which he blamed on geopolitical tensions and market speculators.

http://www.telegraph.co.uk/money/mai.../cnopec129.xml
Our ecomony will have major problems if this is true.

[shayera]

Umm, no, if this truly happens, the U.S. will be in a deep depression.

The lower and middle class won't be able to afford food nor gas if it jacks up that high.

[Texas Girl]

Any body know what this would mean in terms of dollars per gallon?

[Jubilee21]

I would "guestimate" that if $100.00 got us to $3.00/gal, from $75.00 for oil last year

and $125.00 would be around $4.00 a gallon for regular,

so probably close to $8.00 give or take/gallon...at $200.00. Dpends on what part of the country one lives in as well.

[Rondaben]

Yeah, $8-10 per gallon.

Probably headed there regardless of the cost of oil/barrel. Most municipalities/state governments will be facing a major revenue shortfall this year because of housing prices falling (and hence property tax base falling). They will try to recoup those losses through additional taxes/fees.

[Rmf3175]

Yeah, $8-10 per gallon.

Probably headed there regardless of the cost of oil/barrel. Most municipalities/state governments will be facing a major revenue shortfall this year because of housing prices falling (and hence property tax base falling). They will try to recoup those losses through additional taxes/fees.

Funny you should mention this......Just tonight on the local news the Sheriff's Dept. had mad comments on having to reduce the number of Deputies on patrol mainly because of gas prices. It is kinda strange consdering that here in central Wyoming the main industry is oil/natural gas production.:scratch

[MochaMel]

Yep our prices here are $3.56 today and rising.. and that was at Costco gas -- i know it's at least 8 - 10 cents higher at the Chevron's, Shell's and Texaco's

Why do we keep getting raped with these ridiculously high gas prices.. We have our own oil here; we won't use.. We KNOW that the oil industry made like what a 120% profit last year b/c of the price hikes.. And why oh why aren't we trying to make cars that the normal people can afford that don't require gas?!! :gaah

[Clouds]

OPEC discovered how the market works the first time they enjoyed high prices.

Demand for oil will decrease rapidly, when it hits a certain level, and the market will likely not adjust smoothly. The temporary economic boom now for the oil producers should follow with a considerable decrease in just about everyone's standard of living, including the oil producers. There is more truth to the "You can't eat oil." saying than some seem to think. People forget history pretty quickly.

[m2pinggggggg]

The easy oil is gone. If it gets up to 200.00 per barrel we will open up our own oil fields which cost us 35.00 per barrel to process. Utah is sitting on lots of shale-oil. Oil still is a deal! Just get rid of the Comcast bill and you'll have that money to go play cards with a friend, versus spending 21.00 at the movies and 25.00 on popcorn and a coke.:hat

[jds6958]

The easy oil is gone. If it gets up to 200.00 per barrel we will open up our own oil fields which cost us 35.00 per barrel to process. Utah is sitting on lots of shale-oil. Oil still is a deal! Just get rid of the Comcast bill and you'll have that money to go play cards with a friend, versus spending 21.00 at the movies and 25.00 on popcorn and a coke.:hat

There is some truth and comfort to this, however, we also must consider the "start up time" and "infrastructure" barriers to implement such a plan. It would not likely be a just in time solution, but follow years of pain before we could see relief via this source, just from what I understand of this.