I noticed dell, but virtually all the stocks except I was watching prior to open were negative.

The way most peoples 401ks work now, if people start to sell we won't see it until near close. Most accounts pay based on close of market prices, so if small investors / retirees are selling we will see it either at close today or open on monday. I think this is the beginning of some serious downside on the stock indices. Though the market is only slightly down last week so far, some sectors - esp housing - got hammered really hard.

There was that thread a month or two ago, when oil first reached $60.00, asking when
people thought it would reach $70.00

Looks like my guess (and that's what is was) of 'by the end of August' will turn out
correct.

And I was one of the few people that thought so little time...

This is crazy.

What does it tell us when even the predictions of the 'doomers' turn out to be too optimistic

Yeah, Im a genuine doomer, check my sig and I predicted we would hit $60 in September. Boy was I being too optimist

I've noticed that whenever we get another record oil price, this sites bandwidth seems to get very limited...

"Peak bandwith" maybe??? LOL J/K

No, that means there is still 50% more bandwith.
We are way passed bandwith peak.

come on $70....

What do you think of those guys who predict the 'undulating plateau' of oil prices over the next few years? You know, supplies are tight, so new heavy-crude refineries get built either here or SA, supplies aren't so tight. Then they tighten up again, more of us buy hybrids, etc. Could it go on like this for some time? Or, will demand destruction set in before we can start this 'plateau' cycle? My guess is that our economy's screwed no matter what. It's not like our tractor trailers are ever going to be efficient...

I dunno but my latest epiphany states the following.

The motor companies are thinking "we will make a killing on essuvees before the oil market goes wacky and then we will sell the little cars we make for Europeans to Americans, maybe we (the executives) will die before it all comes crumbling down"

...or time our retirement right with golden handshake and quickly dump the options.

I would expect a storm term (1+ month) retreat at some point. During the next few months would be the most logical time for this to occur if it does. I just don't believe we are at the "continual upward climb until recession" spike stage just yet. Although the graph chart since Jan. 2004 tells of a steady, upward climb, it does seems "too soon". the obvious question is how much of the current price is from non-oil user speculation etc. as opposed to physical product demand. Thats only other relevant price driver IMHO. The "terror premium" was old news $15 ago.

Btw, it appears mass media is trying to grasp at straws to explain the price increases. One recent article tried to blame Irere, which is ludicrious since there are no oil platforms off the eastern seaboard of the U.S., at least none that I know of.

Most recent settle for LSCO was $66.86 on regular futures with a change of -0.16 in intraday trading. e-miNY futures LSCO last settle price was $66.86 with a change of -12.71 in intraday trading.

Yep things look pretty bad.. especially considering economists who are usually illogically optomistic are saying they are expecting this to lead to a recession. Just from sound cuts on the radio or news or what not all im hearing is that the only way the prices will drop is when demand slows due to a recession. Nobody is out there ranting on about new supplies comming on board or hybrid cars saving us... its beginning to get scary now. I think im going to into going into the energy industry for better job serurity. At this rate ill be laid off in less then 2-3 years.

Well that is whats happened the past couple winters ive noticed. The prices dip... gas was 1.79 in January .. like 1.49 in winter 2003. How do we get a 1-5 million bpd shortage in the next few months? That seems like a stretch since we have about 1.5 million bpd of spare compacity right now. Not that much but I doubt demand will grow that much in the next few months to where it outpaces supply. I doubt were already past peak too... I think thats comming soon but not that soon.

Anyways here are my predictions again... around the 50 dollar a barrel range as a low this winter. (assuming no serious problems like a terrorist attack, or new wars) Next year im sure we will be in the 70-80 dollar a barrel range.. maybe 90. At that point the economy will take a nosedive.. prices might fall for a bit but I doubt well ever see sustainably cheap oil again with the acception of demand destruction and a depression.