Yikes! Can you say Rock the boat! More Like a tidal wave of Hell is going to break loose. When I read this headline:OPEC Leader: Oil to $170 in next 6 months... I almost fell outta my chair. You wanna talk about something out of our control, this is the real deal for "OUTTA CONTROL".
OPEC President Chakib Khelil predicted that the price of oil will climb to $170 a barrel before the end of the year because of a weak dollar and political conflicts.
``Oil prices are expected to reach $170 as demand for fuel is growing in the U.S. during the summer period and the dollar continues to weaken against the euro,'' Khelil said today in a telephone interview. The leader of the Organization of Petroleum Exporting Countries also serves as Algeria's oil minister.
It will not matter, because the economy will have wrecked upon the rocks by then.
Jim: Question is, who engineered this wreckage? internally in this country or externally?
Oil at $170 will probably help a bit with lowering the demand side of the equation.
Internal. No new drilling no nuclear, no alternative fuels. The politicians have engineered this so that we would have to rely on thier own political parties for help. It is a problem borne of US politicos! We need to vote out all the incumbants!
Steve, you ask a good question.
There are individuals who wanted this to happen. Not all of them live overseas or represent foreign interests. The truth will eventually come out, but it will likely be long after the damage has been done.
If we hit $170 and probably even if we don't the backlash will be enormous. I think drilling is inevitable. Nuclear power plants will start being built and alternative power sources are on the way.
$170 will fuel the revolt.
Fellas: speaking of lowering the demand, notice how the streets have thinned out substantially? It is almost a joy to drive lately.
smartest move of the year was by the president of Iran by activating trading for barrels 0f oil in Euro's instead of Dollars. For Iran, That in my opinion killed 3 birds with one stone: it derailed the American economy, and raised the price of oil world wide by deflating the dollar, Thus slowing down the warmongers in washington eager to attack Iran. smart guy that PREZ.
We can't drill our way out of the current mess, not in the short term. Even if we start punching more holes in the ground and undersea, it would take several years to begin getting the new oil into the pipeline. We don't even have the refinery capacity to handle it yet. And once it does become available, we will be competing for that new oil with developing nations like India and China among others. That includes nations with stronger currencies than ours.
Remember that the American auto manufacturers helped to put us into the rising spiral of gasoline consumption. The "Hummer" is a good example. They even lobbied for tax breaks for large vehicle owners and achieved that goal just a few years ago.
The U.S. Auto industry and its management has no vision of the future. They've been fighting improved fuel economy standards for decades.
Eric: history will rename the hummer into "The BUMMER"
One the Fox today, it will be 5 to 10 years before we start recieving the oil if we started to drill today. Spec's are driving the price of oil up bybetting on the futures markets. And China will be using up the new oil from the middle east. I would not want to be the President of the US for the next 8 years. And why can you buy gas in mexico for only 2.00 per gal as reported... I just don't get it...
We can't expect any help from CFTC in the midst of an election year. The incumbent party in the White House needs their campaign contributions from the oil lobby.
Jack,
Mexico is the sixth largest petroleum producer in the world. And they refuse to join OPEC.
Why dont we import mexican oil?
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America should be importing oil from Venezuela in massive proportions, but due to our failed president's relationship to Chavez, there is a standoff.
Michael, any potential conflict with Iran will be used as an excuse to push futures prices upward.
I'll race you to the filling station.
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