Anyone wants to guess when we'll hit $150 oil?

1. Next year
2. Next quarter
3. Next month
4. Next week
5. Next trading day
6. ANY TIME NOW !!!

Me, I'd hazard sometime between next week and next month.
Any other opinions?

Update : check out the ongoing poll here.

$150.00 by Aug 1
$175.00 by Oct 1
$200.00 by Dec 31

Is there anyone that thinks we haven't peaked yet ?

Ironically this does not look like a peak, if ever.

Me.

This entire financial system is about ready to collapse, and the funny thing is 99.9% of the sheeple will never attribute it to peak oil. What a shame.

My $.02. The 3rd quarter this year looks real scary to me for the US economy, and probably some other places. What I've been reading the past year says the banks are propped up on a stack of worthless paper and a crutch provided by the Federal Reserve. If oil keeps going up by fits and starts like it has been, the grassroots in the US will be economic toast by Oct. - Dec., as the fuel induced price increases permeate everyday life. If the relationship of crude price to gasoline price is what I've been reading about, we have yet to catch up to $100 oil. When $140 oil is realized at the pump, then it will be what, $6.50/gallon when that gets to the pump? That will crash the retail economy but good.

The retail economy was a joke anyway. It would have collapsed in a few years even if oil remained under $40.

Still, don't think this is that big a deal, though we are closing in on the all liquids peak. When gas gets over $10/gallon and keeps going up, that is when things will get interesting.
g

offtopic

in belgium we've reached an inflationrate of 5.8%
the highest since 1984
also a nice record

/offtopic

Fangorn's eme, check out the neighboring available energy thread. While we may be near all-liquids peak (a shadowy figure, in any event), we are past peak for light sweet crude and well past peak for available energy.

We may be approaching the EROEI wall, where on average more energy has to be expended to get the stuff out of the ground than is recovered in the viscous black product itself. As we approach that wall, we should expect price to leave the relatively gentle (but still catastrophic over time) exponential slope it has been on since the low of $10/bbl, and enter a jumping-off-the-cliff hyperbolic stage, where as we approach the date (whatever it is) the price approaches infinity.

I know, infinite price sounds like an absurdity, but it means we are in a whole new paradigm, and it could happen quite quickly. Tough to know exact dates though.

Let me point out that it took prices about four years ('98-2002) to double from 10 to 20, then just two years to double to 40 in '04 and again to (near) 80 in '06. We're on track to hit (at least) 160 this year, but the rate of increase recently has been much higher than the last few years and may indicate that we are entering a faster rate of doubling (steeper exponential curve) or some kind of hyperbolic curve (hitting a wall, jumping off a cliff, pick your favorite metaphor).

Of course, even sticking with doubling every year would be bad enough--320 in '10, 640 in '12...But now that looks like the optimistic scenario.

I'm with you. Global hyperinflation is a distinct possibility, and we may be approaching that. A loaf of bread already costs over 6 billion Zimbabwe dollars, last I heard, and that price continues to climb rapidly. In a hyperinflationary environment, prices continue to go up exponentially until *something breaks*.

dohboi : I love your infinity price approach. I did not think about that, even if the EROEI looked also to me as a wall, I didn't linked negative EROEI to infinite price.
This economic viewpoint, meaning trying to translate EROEI to economists , is the best way to make everyone understand what it actually signifies.

Oil's bounced off the 50 on the daily fib and is on the way up in early Sydney trading at $141.475.

First of all there's no such thing as a negative EROEI. Secondly, if it goes less than 1, that won't mean the oil is unbuyable because there are other sources of energy in the world. Oil will have a finite price and people will still be able to buy it.