Crude Oil Price Skyrockets to New High!

[Xenophobe]

Impoverishing significant sections of the population doesn't reduce fuel consumption half as much as proper planning for a reduced fuel environment.

This being America, we can CHOOSE to pay twice as much, or more, for our fuels, or we can change our behavior and benefit everyone on the planet. So impoverished isn't the right concept, helping out our fellow man through shared sacrifice is.

You are welcome.

[pstarr]

Impoverishing significant sections of the population doesn't reduce fuel consumption half as much as proper planning for a reduced fuel environment.

This being America, we can CHOOSE to pay twice as much, or more, for our fuels, or we can change our behavior and benefit everyone on the planet. So impoverished isn't the right concept, helping out our fellow man through shared sacrifice is.

You are welcome.

You can afford such luxaries because you are a paid shrill. Bakken money anyone? It's easy. Just pimp yourself and your family.

[Daniel_Plainview]

Here we go ... wheeee ...

Crude Passes $91.47, As $100 Billion In US GDP Is Wiped Out In Minutes

Submitted by Tyler Durden on 12/23/2010 12:00 -0500

A few days ago, when oil was pushing on $89 we said that we expect oil to pass $100 in a few weeks, now that chasing returns in stocks is beyond ludicrous, and speculators are branching out to those commodities which have not yet been cornered by the JP Morgue, although we are confident the Masters brain trust is plotting and scheming how to create a synthetic security that allows crude to hit $150 as RBOB goes negative. As of a few minutes ago, WTI has just passed $91, which for those who have taken math means that $100 oil is less than $9 away. And as a reminder, every $1 rise in oil reduces US GDP by $100 billion, just as every cent increase in gas prices lowers disposable income by $600 million.

ZeroHedge

[dolanbaker]

This will be a double whammey for us in the Eurozone, the decline of the Euro is faster than that of the dollar at the moment, it's only the high fuel taxes that partially hide the rise.

Edit: look at Brent crude!
Brent Crude Oil Futures $/barrel 94.27 +0.62 +0.7
[url]http://www.bbc.co.uk/news/business/market_data/chart?chart_primary_ticker=ICEEUR:BRNG1&chart_time_period=1_day&canvas_colour=000000&primary_chart_colour=CC0000&use_transparency=0&plot_colour=ffffff&cp_line_colour=1F4F82&margin_left=35&margin_bottom=20&margin_right=20&time_24hr=1&tiny_chart=1&tiny_month_view=1&logo_strength=light&y_axis_left=1&x_axis_plain=1&cp_line=1&cp_line_style=dotline&charting_freq=1_minute&co_dimension^width=529&co_dimension^height=190[/url]

[Xenophobe]

Here we go ... wheeee ...

EMBRACE THE HORROR!!! BRING ON THE PRICE SPIKES!!! If there is one thing which can cure a crack hoe's addiction, its not being able to support their habit anymore. STARVE THE BEAST!!!!

[americandream]

Here we go ... wheeee ...

EMBRACE THE HORROR!!! BRING ON THE PRICE SPIKES!!! If there is one thing which can cure a crack hoe's addiction, its not being able to support their habit anymore. STARVE THE BEAST!!!!

What say thee other than to sound sullen?

[Xenophobe]

Here we go ... wheeee ...

EMBRACE THE HORROR!!! BRING ON THE PRICE SPIKES!!! If there is one thing which can cure a crack hoe's addiction, its not being able to support their habit anymore. STARVE THE BEAST!!!!

What say thee other than to sound sullen?

SULLEN? Are you kidding. I'm tired of WAITING. Nonstop claims of peak this, peak that, and all of us sitting around drooling, waiting for the horrifying spectacle just to say "we told you so".....and what happens? People are now pretending like $90 oil is a big deal? 25 month highs? PLEASE!

Its been 5 years since peak, 2-1/2 years since peak price, and we can't even sustain a shortage environment in the worlds largest crack hoe crude consumer. I'm tired of waiting, we DESERVE a decent countrywide shortage, planes grounded for lack of fuel, farmers given emergency diesel priority to get the crops in, soliders forced to hold and defend their positions in Afghanistan for lack of air support, this is what peak oil is all about...and so when people pretend $90 oil is a big deal I want to puke. Its trying to make a mountain out of a molehill, and its only being done because we CAN'T have what we DESERVE, skyrocketing prices, shortages, hording, thieves stealing from peoples unlocked gas tanks, we used to have ALL of that kind of stuff back during the 70's peak oils and recessions. I've been prepping for this for YEARS, and I want it to happen so I can GLOAT.

I want to rub it in my neighbors face that I can EV to work, skip the fuel lines, ignore gasoline prices. I want to laugh when they lament how they had to stop buying Starbucks coffee so they could get a few more gallons of fuel, I want to sneer at those forced to ride the bus because they didn't acquire their Honda GX, Volt or Leaf, prior to them becoming in such short supply that people are picking theirs up at the factory gates.

I demand my peak oil consequences! Now! Bring on $250/bbl! Stop pretending this $90 nonsense is anything more than what we should have had in the early 80's, $150 in the 90's, $200 in the first decade of the 21st century, and $250/bbl now!

[dolanbaker]

I've been prepping for this for YEARS, and I want it to happen so I can GLOAT.

I want to rub it in my neighbors face that I can EV to work, skip the fuel lines, ignore gasoline prices. I want to laugh when they lament how they had to stop buying Starbucks coffee so they could get a few more gallons of fuel, I want to sneer at those forced to ride the bus because they didn't acquire their Honda GX, Volt or Leaf, prior to them becoming in such short supply that people are picking theirs up at the factory gates.

You assume that you still have a job as the jacking up of oil prices will reverberate through the whole economy, in this instance, the only thing you won't have to worry about is raised petrol prices. But don't forget that the cost of fuel is factored into the price of almost everything that is ever sold.

[Xenophobe]

I want to rub it in my neighbors face that I can EV to work, skip the fuel lines, ignore gasoline prices. I want to laugh when they lament how they had to stop buying Starbucks coffee so they could get a few more gallons of fuel, I want to sneer at those forced to ride the bus because they didn't acquire their Honda GX, Volt or Leaf, prior to them becoming in such short supply that people are picking theirs up at the factory gates.

You assume that you still have a job as the jacking up of oil prices will reverberate through the whole economy, in this instance, the only thing you won't have to worry about is raised petrol prices. But don't forget that the cost of fuel is factored into the price of almost everything that is ever sold.

Of course. And guess what happened the LAST time prices spiked? Lots of people didn't lose their jobs, the prices of some stuff went up, and BAU kept right on grinding out BAU. Except some of us have since acquired means of transport which isn't entirely dependent on crude supplies. What we need are skyrocketing prices to show everyone who didn't learn the correct lesson the second time this happened (the first was during the peak oils and shortages of the 70's). I say we repeat the lesson as necessary, or better yet, just tax oil to the required level ($250/bbl) and stop messing around waiting for the market to fix this for us.

[Daniel_Plainview]

NYMEX recently touched $90/bbl, and closed up 0.5 percent at $89.82 (January 2011 contract), representing a 14-month high:

deleted Doesn't even touch the real price of crude during the bad old days of the 70's, or even 2008.

We need $250/bbl, and we need it NOW! I say we take up a letter writing campaign, try and convince our fearless leaders to let us have what we REALLY need....$250/bbl crude!

Its time to feel the burn baby....embrace the horror!

You cornies are getting desperate: you no longer argue that PO is a non-issue; rather, now that you've accepted the reality of PO (with its inexorable upward pressure on prices), you're left with no choice but to grasp at rationalizations for higher oil prices ... namely, the rationalization that "higher oil prices will force people to conserve" ... and "higher oil prices are good for the world over the long-term."

That's your last gasp of an argument, so I hope you use it well.

[Xenophobe]

You cornies are getting desperate: you no longer argue that PO is a non-issue; rather, now that you've accepted the reality of PO (with its inexorable upward pressure on prices), you're left with no choice but to grasp at rationalizations for higher oil prices ... namely, the rationalization that "higher oil prices will force people to conserve" ... and "higher oil prices are good for the world over the long-term."

That's your last gasp of an argument, so I hope you use it well.

You are incorrect in your generalization. I have always believed in peak oil, as long as I've known of the topic, and as long as its been predicted. I fiercely defended Ruppert and Savinars 2000 peak call, I bought in heavily to the 2005 Ruppert/Simmons/Deffeyes call, and I unerringly lectured others on the TOD 2008 call.

Everyone accepts peak oil, its a peaker strawman to say otherwise, even JD puts up a disclaimer for peakers, he got so tired of explaining this to them. "Disclaimer for Idiots: This site officially accepts that oil is finite, and will peak someday". Lynch, CERA, EIA, they all say the same thing.

So technically speaking, everyone except maybe the abiotic gang is already on the Peaker side. And the price? Its been climbing since 1970, I'm just irritated that it has taken so long to provide enough impetus to American crack hoes to take the next step in our transportation evolution. Which, by the way, were being loaded onto truck transports last week and might be headed to a dealership near you as we speak!

[Daniel_Plainview]

Oil tops $92/bbl

[Daniel_Plainview]

2011 Starts With A Fresh Case Of The Commodity Rash: Silver Breaches $31, WTI At $92

Submitted by Tyler Durden on 01/03/2011 05:41 -0500

Are silver and crude just happy to see 2011 or is that a tent in their minute charts? Silver briefly traded above $31 earlier, then penetrated the new magic number with aplomb, as investors had a chance to sit down over the weekend and realize that Bernanke, as we wrote over the past few days, has no choice but to start infusing his favorite WSJ with wafts of Large(r) Scale Asset Purchases via Goldman liaison Bill Dudley. Amusingly enough, we hear that Jon Hilsenrath has now developed a bit of cult following. Literally. Several "expert networks" are now rumored to be hot on the heels of the WSJ reporter as a leading indicator to the upcoming QE2 extension. It is expected that his upcoming frequent visit clusters to the FRBNY, of which there have been many in the past two years, will be the best sign of when "the article" is about to go to print. And while we noted that it does appear to be mostly smooth sailing for PM longs, the same is the case for oil. WTI just hit $91.99 before backing off briefly. Look for $92 to be taken out cleanly and clinically as crude presses on to $100 some time in the next two weeks.

ZeroHedge

[Carlhole]

CNBC

Oil Nears $100, 2008-Style Surge Not in Cards

Nearly three years to the day after oil prices first pierced $100 a barrel, they are again threatening to break triple digits on a wave of fund-led optimism, but similarities between 2008 and 2011 end there.

Even the most bullish analysts are quick to recite a litany of reasons why oil will not surge to near $150 again this year.

Such a sharp spike would deal the world economy a heavy blow it can ill afford.

The list is long: oil companies are stepping up spending plans before supply reaches a crisis point; resource nationalism has eased; the dollar has firmed; and concerns that oil production is near peaking have subsided...

What a terrible disappointment ...for some.

[nobodypanic]

stole this from somewhere else.

as you can see, we broke the $100 threshold in singapore (Tapis).

have fun....

[Carlhole]

as you can see, we broke the $100 threshold in singapore (Tapis).

The markets don't consider energy prices much of a threat. Wall Street is very upbeat about 2011.

[Xenophobe]

as you can see, we broke the $100 threshold in singapore (Tapis).

The markets don't consider energy prices much of a threat. Wall Street is very upbeat about 2011.

Yeah, but remember "back in the day" when the Doomer sport of choice was either listing, posting second by second at the market going down, or the price of crude going up? It all stops when the market does what the market does though. Then they act sort of listless, pick on the weaker members of the congregation who have defected, just waiting until they can start that nonsense up all over again?

Here's a decent article on why the usual "cat with string" routine of Doomers probably just doesn't mean much this year at all.

http://www.reuters.com/article/idUSTRE7023D120110103

[thuja]

as you can see, we broke the $100 threshold in singapore (Tapis).

The markets don't consider energy prices much of a threat. Wall Street is very upbeat about 2011.

Yeah, but remember "back in the day" when the Doomer sport of choice was either listing, posting second by second at the market going down, or the price of crude going up? It all stops when the market does what the market does though. Then they act sort of listless, pick on the weaker members of the congregation who have defected, just waiting until they can start that nonsense up all over again?

Here's a decent article on why the usual "cat with string" routine of Doomers probably just doesn't mean much this year at all.

http://www.reuters.com/article/idUSTRE7023D120110103

Still trying to figure this out...

Xenophobe 1: "5 years out from Peak Oil and nothing has changed."
Xenophobe 2: Oil price increases (due to Peak Oil) are a good thing. It means we will transition to electric faster.

[Xenophobe]

Still trying to figure this out...

Xenophobe 1: "5 years out from Peak Oil and nothing has changed."
Xenophobe 2: Oil price increases (due to Peak Oil) are a good thing. It means we will transition to electric faster.

#2 is incorrect. Peak oil ISN'T giving us the oil price increases we need, its been a bust. We will have to do this ourselves!

[Daniel_Plainview]

Oil back over $92/bbl; Brent crude soars to 2yr high of $98.70.



Oil rises above $92 as supplies drop; Brent crude soars to 2yr high of $98.70

Posted: Jan 12, 2011 9:45 AM by Greg Boyce
Updated: Jan 12, 2011 3:10 PM

NEW YORK (AP) Oil prices rose Wednesday after the U.S. government reported a larger-than-expected drop in crude oil supplies and stock markets climbed on Europe's improving financial picture.

Benchmark oil for February delivery rose $1.05 to $92.16 a barrel in midday trading on the New York Mercantile Exchange.

Oil prices have hovered between $88 a barrel and just above $92 a barrel since the new year began on expectations that the U.S. economy was getting stronger. Demand for oil has remained robust in emerging markets, particularly in Asia. Some analysts expect the price to top $95 a barrel and perhaps push toward $100 a barrel in coming weeks.

"All systems appear to be "Go" for some higher lift in oil values here, at least through the balance of this month anyway and probably well into next," energy analyst Jim Ritterbusch said.

The Energy Department said the United States' commercial oil stockpiles fell by 2.2 million barrels to 333.1 million barrels last week. Analysts surveyed by Platts, the energy information arm of McGraw-Hill Cos., expected a decline of only 300,000 barrels.

Gasoline supplies increased by 5.1 million barrels to 223.2 million barrels, the Energy Information Administration said. Demand rose 1.9 percent from a year ago to 9.1 million barrels a day in the past four weeks. Supplies of distillates, which include heating oil and diesel fuel, grew by 2.7 million barrels to 164.8 million barrels.

Supplies for all three categories remain at or above the average level for the past five years. Refineries ran at 86.4 percent of total capacity on average, which was 1.6 percent less than a week ago.

Meanwhile, the economic picture brightened in Europe as Portugal borrowed $1.6 billion to help its troubled economy. The successful bond auction sent stock markets up. The Dow Jones Industrial Average rose over 100 points at midday. The Standard & Poor's 500 and the Nasdaq composite were higher as well. Oil traders often watch the stock markets to gauge consumer sentiment about the economy.

In other Nymex trading in February contracts, heating oil rose 2.20 cents to $2.6308 a gallon, gasoline futures gained 0.16 cent at $2.4800 per gallon. February natural gas futures lost 1.4 cents at $4.467 per 1,000 cubic feet.

In London, Brent crude rose $1.09 to $98.70 a barrel on the ICE Futures exchange, its highest point in over 2 years. Oil prices in Europe were boosted by the temporary closure of two offshore oil fields by Norway's Statoil, due to gas leaks.