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monsoon

Oil at $100 Barrel

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Oil hit $88/barrel today and might eventually hit $100. That unlikely amount seemed like a dream just a couple a years ago, but prices seem to keep going up. So what does this mean in the scheme of things?

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Ironically, I don't seem to be paying that much more at the pump even the price per barrel is so high. I payed about $2.70 yesterday, though I do expect gas prices to rise to about $3.10 at the max this holiday season.

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I'm guessing the oil companies miss record profits, so now they're going to get back to putting their foot on the collective throats of the rest of the world.

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It is very odd that prices have not risen that much at the pump. They are about the same price as when oil hit $60/barrel.

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I'm guessing the oil companies miss record profits, so now they're going to get back to putting their foot on the collective throats of the rest of the world.

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It is very odd that prices have not risen that much at the pump. They are about the same price as when oil hit $60/barrel.

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What I find fascinating are the vast numbers of people who still use oil to heat their homes. I thought this had fallen out of favor during the oil shocks of the 1970s but it seems there are still significant numbers of people, especially in the NE, who use this method for heat. These price hikes are going to be especially painful to them once the cold air finally sets in.

I saw a report that said that oil heat was one of the most expensive ways to heat your home these days.

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It will probably impact the Northeast and the Midwest more than it does the South or West for that very reason, metro. Lots of oil based heat up there.

I expect that if past trends are any example, transit ridership will skyrocket across the nation. The question I have is how long will it hold at at level? Prices go up, but they have a tendency to come back down too.

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If you're investing in the oil industry, you would make serious money.

And of course be supporting one of the worst industries (if not the worst) in history.

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What I find fascinating are the vast numbers of people who still use oil to heat their homes. I thought this had fallen out of favor during the oil shocks of the 1970s but it seems there are still significant numbers of people, especially in the NE, who use this method for heat. These price hikes are going to be especially painful to them once the cold air finally sets in.

I saw a report that said that oil heat was one of the most expensive ways to heat your home these days.

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It's cheaper to improve the insulation on a house than to replace a furnace.

Heating oil prices won't move as much as gasoline since it can be made from cheaper grades of oil. Gasoline takes more "cracking" and refining to produce, and it has a shorter shelf life than heating oil.

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It still amazes me that I'm not seeing this at the pump. One has to wonder how long before it does trickle all the way down. How much was oil per barrel when we were paying a good bit over $3/gallon?

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I don't think we'll see gas prices take a dramatic turn upward until the US decides it's not worth subsidizing finite resources.

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I think gas prices will eventually creep back up. It's a usual trend that when oil prices rise, so does gas prices. At the same time, gas prices have stayed pretty stagnant.

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Thanksgiving is coming up. It will not be a shock that gas tops $3.00 a gallon when it gets closer.

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Oil passed $93 a barrel yesterday in trading so I'm sure it will definitely hit $3/gallon before too long, especially with the holiday travel season approaching. Traders are looking for any excuse to pump up prices. Currently a tropical storm in the Gulf of Mexico, Kurd problems in Iraq with Turkey, and the ongoing threat of Iran are what they say is the threat now.

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Gee! It's nice of these big oil companies to anal-rape we the common folk while we put up with an incompetent government that's not doing anything about it in addition of watching rich and wealthy snobs burn our liquid gold in their giant Cruise Ship sized SUV's.

I'd say pass a law to limit the size and weight of passenger vehicles, put a hard cap on fuel prices, and then encourage research and development of alternative energy sources more so than the half hearted political fixer uppers that's out there now.

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What's the official BS story behind this rate hike. No hurricanes, war hasn't changed much, it's not summer driving season anymore.

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What's the official BS story behind this rate hike. No hurricanes, war hasn't changed much, it's not summer driving season anymore.

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I heard on CNBC today analysts speculating over whether could conceivably hit $160 dollars in the future. I guess the speculators want a new bench mark to try to run up the price of oil to when hurricanes, geopolitics, and other factors can come into play and be used as justification to run up the price and garner huge profits by having bought futures at lower price points.

This is a dangerous game that could hurt the economy, although it does highlight the real looming danger that high prices pose to the nation's long-term economic health, as greater world demand will eventually justify these price points at some point in the future. A new energy policy is needed to ween us off our dependency on foreign oil before its reality and not speculation hurting the economy.

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