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Runaway oil prices pass $135 Thursday, May 22, 2008
CNN International -- NEW YORK (AP) -- Oil prices blew past $130 a barrel for the first time Wednesday and kept going. Supply worries, rising demand and a slumping dollar are conspiring to make filling up the car -- and paying for just about everything else -- a growing burden. With gas and oil prices setting new records on a daily basis, many analysts are beginning to wonder whether anything can stop prices from rising. There are technical signals in the futures market, including price differences between near-term and longer-term contracts, that crude may soon fall. But with demand for oil growing in the developing world, and little end in sight to supply problems in producing countries such as Nigeria, few analysts are willing to call an end to crude's rally.
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	Thursday, May 22, 2008 CNN International -- NEW YORK (AP) -- Oil prices blew past $130 a barrel for the first time Wednesday and kept going. Supply worries, rising demand and a slumping dollar are conspiring to make filling up the car -- and paying for just about everything else -- a growing burden. With gas and oil prices setting new records on a daily basis, many analysts are beginning to wonder whether anything can stop prices from rising. There are technical signals in the futures market, including price differences between near-term and longer-term contracts, that crude may soon fall. But with demand for oil growing in the developing world, and little end in sight to supply problems in producing countries such as Nigeria, few analysts are willing to call an end to crude's rally. Visit CNN International for full article

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ptcgt12 Rookie Author Jackson Posts:53 Points:13,405 Joined:May 2008	Message Posted: 5/23/2008 4:08:51 PM	Ignore ptcgt12 Report Abuse
	The major contributor to the rise is market manipulation. Speculation drives prices up like crazy as investors ditch falling American investments and grab up commodities like oil that are traded on the valuable Euro. News of supply worries and refiniery shutdowns only exacerbate the speculation problem.
kanmandoo All-Star Author Detroit Posts:743 Points:797,690 Joined:Jun 2005	Message Posted: 5/23/2008 11:15:57 AM	Ignore kanmandoo Report Abuse
	It's just going to keep going up.
eddmac Champion Author Washington Posts:1,635 Points:425,835 Joined:May 2006	Message Posted: 5/23/2008 10:01:55 AM	Ignore eddmac Report Abuse
	Makes me wonder if Lindsay Williams, is right. I was hoping he was a kook. A person would need to be blind not to see market manipulation.
ramshot412 Champion Author Riverside Posts:11,053 Points:1,109,825 Joined:Apr 2004	Message Posted: 5/23/2008 8:23:10 AM	Ignore ramshot412 Report Abuse
	"They raise prices because supply is low but my gas station has never run out." Of course supplies of gas are low, the refineries are only operating at about 85% capacity. (to keep the price higher) [Edited by: ramshot412 at 5/23/2008 11:23:21 AM EST]
r651981 Veteran Author Columbus Posts:343 Points:340,770 Joined:May 2006	Message Posted: 5/23/2008 8:07:56 AM	Ignore r651981 Report Abuse
	No news here! When you are enslaved by OPEC, you have few options.
letmathe Champion Author Chicago Posts:6,418 Points:1,593,745 Joined:May 2001	Message Posted: 5/23/2008 8:04:44 AM	Ignore letmathe Report Abuse
	The problem with the supply and demand arguement is that it is based on THE PERCEPTION OF POSSIBLE FUTURE changes rather than on actual changes. Of course, the supply of dollars demanded per gallon has to remain constant or increase (laugh or cry here, as appropriate!)
DaBus Champion Author Washington Posts:1,181 Points:250,055 Joined:Aug 2005	Message Posted: 5/23/2008 7:52:21 AM	Ignore DaBus Report Abuse
	GREED!
mvosevich All-Star Author St. Louis Posts:726 Points:155,100 Joined:Aug 2004	Message Posted: 5/23/2008 7:51:51 AM	Ignore mvosevich Report Abuse
	They raise prices because supply is low but my gas station has never run out.
white_fang Rookie Author Dallas Posts:36 Points:44,045 Joined:Apr 2008	Message Posted: 5/23/2008 7:46:15 AM	Ignore white_fang Report Abuse
	that quick and dirty burst in price... ain't coming
frede2 Champion Author Texas Posts:3,059 Points:688,670 Joined:May 2005	Message Posted: 5/23/2008 7:46:05 AM	Ignore frede2 Report Abuse
	"supply worries" yeah, right. What a bunch of trash. The greedy just get greedier and if they are wondering what will stop the rise in prices....a depression, that will stop them and everything else as well.
FuelGrinch Sophomore Author Kansas Posts:156 Points:47,500 Joined:Aug 2005	Message Posted: 5/23/2008 7:45:29 AM	Ignore FuelGrinch Report Abuse
	Trottle is so right. It is just a matter of time when the top will blow off the oil price and it will crash. Just like the stock market crash, oil spec will be jumping out windows.
kmgaslooker Rookie Author Long Island Posts:42 Points:183,290 Joined:Jun 2007	Message Posted: 5/23/2008 7:42:56 AM	Ignore kmgaslooker Report Abuse
	Oil is on a tear
rustyOR Veteran Author Oregon Posts:382 Points:86,760 Joined:Apr 2008	Message Posted: 5/23/2008 7:38:43 AM	Ignore rustyOR Report Abuse
	Up up and away
ykim001 All-Star Author Miami Posts:820 Points:61,585 Joined:May 2008	Message Posted: 5/23/2008 7:36:11 AM	Ignore ykim001 Report Abuse
	Here comes $5
NissanGirl Sophomore Author Oregon Posts:163 Points:96,210 Joined:Jan 2008	Message Posted: 5/23/2008 7:34:36 AM	Ignore NissanGirl Report Abuse
	Another day, another record...
EastsideBill Rookie Author El Paso Posts:50 Points:16,825 Joined:Apr 2008	Message Posted: 5/23/2008 7:34:32 AM	Ignore EastsideBill Report Abuse
	Driling Rights? What rights? Who owns them? who sold the rights to them? Oil should belong to all of us. Socialism isn't ordinarilly a good thing, but a good case for nationalizing oil, like in Mexico can be made. PEMEX supplies one third of Mexico's internal revenue anf gasoline is still nearly half of what it costs here, and diesel is $1.50 per gallon.
KO292 Champion Author Twin Cities Posts:1,359 Points:447,440 Joined:Apr 2007	Message Posted: 5/23/2008 7:32:35 AM	Ignore KO292 Report Abuse
	up up and away!!!
throttle Champion Author Maryland Posts:3,987 Points:906,350 Joined:Jul 2004	Message Posted: 5/23/2008 7:32:28 AM	Ignore throttle Report Abuse
	An oil price crash is coming. The speculators can't sustain this. It may be weeks or even months, but the price will crash.
CatbirdWoman All-Star Author Ohio Posts:615 Points:232,730 Joined:Jan 2007	Message Posted: 5/23/2008 7:31:56 AM	Ignore CatbirdWoman Report Abuse
	Yea, ok
gasman50 All-Star Author Portland Posts:828 Points:708,300 Joined:Nov 2005	Message Posted: 5/23/2008 7:30:25 AM	Ignore gasman50 Report Abuse
	Ugly, Very ugly
fairchildd All-Star Author Kansas City Posts:653 Points:259,585 Joined:Aug 2007	Message Posted: 5/23/2008 7:30:17 AM	Ignore fairchildd Report Abuse
	I really think it no longer needs a reason to go up - it's just self-sustaining
_angel35_ Sophomore Author Michigan Posts:194 Points:63,555 Joined:Aug 2005	Message Posted: 5/23/2008 7:28:39 AM	Ignore _angel35_ Report Abuse
	geeschhhhhhhhhhhh
w4kh Champion Author Riverside Posts:3,250 Points:562,240 Joined:May 2004	Message Posted: 5/23/2008 7:27:46 AM	Ignore w4kh Report Abuse
	seems like the higher crude prices go, the worse the US economy gets, and still the White House Oil Buddies aren't willing to say we are in a recession - they won't even concede an "economic slowdown"! What could they know? Some one else (us) buys everything for them! Our idiot leader and DickieBoy haven't set foot in a supermarket for decades (if ever) so what could they know? They don't feel our pain, and since their buddies are using the pressure of high prices to push for expanded drilling of the coast and ANWR, which would really improve their profits (as if they could get any higher than they already are) and wouldn't do us any good at all, they are out of touch, but not out of office soon enough. And I worry about who will be next...
FuelGrinch Sophomore Author Kansas Posts:156 Points:47,500 Joined:Aug 2005	Message Posted: 5/23/2008 7:27:30 AM	Ignore FuelGrinch Report Abuse
	Just like a rodeo.....hang on for the ride if you can!
funandtrvl All-Star Author Illinois Posts:735 Points:101,925 Joined:Feb 2008	Message Posted: 5/23/2008 7:27:21 AM	Ignore funandtrvl Report Abuse
	I agree that we need to drill more.
laddyboy62 All-Star Author Riverside Posts:985 Points:876,610 Joined:Mar 2005	Message Posted: 5/23/2008 7:26:14 AM	Ignore laddyboy62 Report Abuse
	and ill winds continue to blow
tomok Champion Author Portland Posts:7,220 Points:601,385 Joined:Aug 2006	Message Posted: 5/23/2008 7:26:01 AM	Ignore tomok Report Abuse
	no way should crude oil be this high........... Produce more and many different alternative fuels using NON FOOD sources. There are many lands alternative plants can be grown on that food crops cannot. Algae is a good source of bio oil for diesel or other refined products. Limit the import of OPEC oil.
drish Rookie Author Jackson Posts:68 Points:308,035 Joined:Jun 2004	Message Posted: 5/23/2008 7:24:54 AM	Ignore drish Report Abuse
	girlusps - Yep, It's been a Bush conspiracy; get those Chinese and Indian economies booming, cause Hurricane Katrina, damage Africa supply lines so he and his buddies can make some money. How stupid can people be?
EastsideBill Rookie Author El Paso Posts:50 Points:16,825 Joined:Apr 2008	Message Posted: 5/23/2008 7:24:45 AM	Ignore EastsideBill Report Abuse
	Tax speculator capital gains 150 percent!
ledoy Champion Author Dayton Posts:4,580 Points:930,875 Joined:Aug 2005	Message Posted: 5/23/2008 7:24:00 AM	Ignore ledoy Report Abuse
	Next Stop $150.00
Don20 All-Star Author Oklahoma City Posts:964 Points:897,840 Joined:Mar 2005	Message Posted: 5/23/2008 7:23:53 AM	Ignore Don20 Report Abuse
	Whats new??
MightyDude Champion Author Minnesota Posts:1,427 Points:919,825 Joined:Mar 2003	Message Posted: 5/23/2008 7:21:32 AM	Ignore MightyDude Report Abuse
	good grief
MASHBY Rookie Author South Carolina Posts:91 Points:21,985 Joined:May 2008	Message Posted: 5/23/2008 7:20:23 AM	Ignore MASHBY Report Abuse
	it will get much worse before it gets better
girlusps Rookie Author Missouri Posts:8 Points:185,410 Joined:Jun 2006	Message Posted: 5/23/2008 7:19:44 AM	Ignore girlusps Report Abuse
	You do realize that gas was $1.47 a gallon when Bush took office. Thus letting us pad his pockets before he leaves office.
blazerbob91 All-Star Author Milwaukee Posts:641 Points:293,530 Joined:Aug 2005	Message Posted: 5/23/2008 7:18:11 AM	Ignore blazerbob91 Report Abuse
	Everybody is blaming everbody else.
Masercal All-Star Author Michigan Posts:906 Points:225,060 Joined:Oct 2007	Message Posted: 5/23/2008 7:17:23 AM	Ignore Masercal Report Abuse
	Our leaders need to step up to the plate get this under control. And right now the only way to do that is to bring massive amounts of renewable energy to the market at an affordable price. This will make consumers re-think the way they drive and power their homes and make businesses re-think the way they power their stores and plants. Only then will you see oil prices tumble. Oil has no true competition today.
Vim_Fuego Veteran Author Missouri Posts:402 Points:62,780 Joined:May 2008	Message Posted: 5/23/2008 7:16:45 AM	Ignore Vim_Fuego Report Abuse
	I think I'll start shooting the ground in my back yard. Maybe I'll get lucky.
CyanSquirrel Veteran Author Virginia Posts:493 Points:105,530 Joined:Jun 2004	Message Posted: 5/23/2008 7:15:12 AM	Ignore CyanSquirrel Report Abuse
	The irony is that our energy policy remains in the hands of volatile and undemocratic states a half a world away. Washington lost its spine after WWII. Sad...
FedUpCA Champion Author Ventura Posts:1,231 Points:209,945 Joined:Dec 2007	Message Posted: 5/23/2008 7:13:07 AM	Ignore FedUpCA Report Abuse
	Its about time to take out the Bike and start peddling around town.
jdkelle Rookie Author Phoenix Posts:26 Points:28,295 Joined:Oct 2005	Message Posted: 5/23/2008 7:12:42 AM	Ignore jdkelle Report Abuse
	Bush is from Texas He will let it keep going up so He can profit from is oil wells
praises7 Champion Author Twin Cities Posts:9,759 Points:1,810,640 Joined:Feb 2003	Message Posted: 5/23/2008 7:11:16 AM	Ignore praises7 Report Abuse
	The only truth is gas keeps going up! The reasons are all lies!
SpruceGuse2 Champion Author Michigan Posts:1,126 Points:745,375 Joined:Mar 2006	Message Posted: 5/23/2008 7:10:52 AM	Ignore SpruceGuse2 Report Abuse
	And nothing to stop it......................
greywolves All-Star Author Las Vegas Posts:624 Points:822,335 Joined:Dec 2004	Message Posted: 5/23/2008 7:09:15 AM	Ignore greywolves Report Abuse
	well, i guess that is part of the supply problem then, isn t it, gatj1025? and just what is in it for them to increase the supply, a big thank you from the gas guzzling american public? if you were them don t you think you would just as soon keep the cash?
spbob Sophomore Author Tampa Posts:242 Points:88,505 Joined:Feb 2008	Message Posted: 5/23/2008 7:07:36 AM	Ignore spbob Report Abuse
	There is no reality in this market driven by speculators and emerging markets. The sky is the limit.
RdHogg Champion Author Houston Posts:10,552 Points:1,264,605 Joined:Jun 2004	Message Posted: 5/23/2008 7:07:20 AM	Ignore RdHogg Report Abuse
	right
EnderNY Champion Author Dallas Posts:1,507 Points:291,955 Joined:Jun 2005	Message Posted: 5/23/2008 7:04:37 AM	Ignore EnderNY Report Abuse
	bycicler: and he also forgot to add us.
Gas_Buzzer Champion Author South Carolina Posts:5,796 Points:989,690 Joined:Sep 2005	Message Posted: 5/23/2008 7:04:23 AM	Ignore Gas_Buzzer Report Abuse
	Hell, they "ran away" from reality months ago.
SueB1863 Sophomore Author Toledo Posts:159 Points:11,535 Joined:Apr 2008	Message Posted: 5/23/2008 7:02:34 AM	Ignore SueB1863 Report Abuse
	I wouldn't trust Steve Forbes' ideas, he didn't think oil would hit $100 a barrel. That article was written when it was still $70, he probably realizes by now that he was wrong. CNN.com has an article today that states this isn't a bubble like tech or housing stocks, where supply eventually swamped demand. That isn't going to happen here, there isn't a huge supply of oil, and OPEC is controlling most of what supply there is. They can adjust it however they like. This bubble is never going to burst, we just have to figure out how to adjust to life without the ability to easily afford to drive.
patchdogMI Sophomore Author Michigan Posts:211 Points:11,190 Joined:May 2008	Message Posted: 5/23/2008 7:01:50 AM	Ignore patchdogMI Report Abuse
	Bahaha....deregulation. I have never seen deregulation in anything. Deregulation is always the word that the government uses for reregulation. Let's change the rules a little bit, and if it goes sour we'll say it was because of deregulation because heaven forbid that the government look like it made a mistake during reregulation.
bicycler Champion Author Ontario Posts:5,347 Points:1,006,270 Joined:May 2005	Message Posted: 5/23/2008 6:58:26 AM	Ignore bicycler Report Abuse
	My mother used to use the expression " Blame it on Wilber" to cite an occasion when one wants to avoid admitting blame where it really should go. This article clearly is an example. The writer wants to blame everyone but the speculators, the oilbarons and greed!