OIL now $105.31

 Check the GOMS home page, a few days ago it was close to $97 . How high will it go?

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Permalink Reply by David Perotto on February 20, 2012 at 5:26am
Billy,
Oil will probably continue rising, thanks to Iran/Israel. According to AP News this morning, the European Union & US are shutting down Iran's oil imports. Less supply, higher prices. Not to mention summer is around the corner. This is good news for Ohio's oil areas, even more focus will move to those areas. If this high price continues for a longer time frame, I believe NG will follow. Time will tell.
Dave
Permalink Reply by gary smith on February 20, 2012 at 7:00am

the saudi's cut their output yesterday.  could be they want to see a change in administration here. 7 dollar gas will do it, when 3.50 should.

Permalink Reply by Billy Park Whyde on February 24, 2012 at 2:01pm

$109.24/bbl

How high will it go?

Permalink Reply by Billy Park Whyde on February 24, 2012 at 2:30pm

$109.82

Permalink Reply by craig on February 24, 2012 at 2:51pm

The powers to be in the oil industry/countries know that their day as the true energy king is about over. They will be doing anything (including hostilities) possible to keep the price high as long as they can, before the coming fall from the top. How long they can keep this up?

Only time and politics can tell in my opinion.

Permalink Reply by Billy Park Whyde on February 24, 2012 at 2:58pm

 So far Craig I see nothing in their path to knock down their kingdom as no alternative energy source has been found. I don't care to blame oil companies for hostilities when you look at the middle eastern mind set. 

Permalink Reply by craig on February 24, 2012 at 3:44pm

I kinda said that wrong. I don't blame the oil companies for hostilities, but I do blame some countries fostering hostilities using the oil companies and politics.

Make no mistake about it, In the foreseeable future oil will not be the king it is now and all will be done to squeeze as much money out of the consumer as possible. Natural Gas will be taking some of the air out of their sails.

Permalink Reply by Billy Park Whyde on February 24, 2012 at 5:00pm

Well you cant separate the oil from the gas when the industry is petroleum .

Permalink Reply by craig on February 24, 2012 at 9:29pm

 It depends on what you call alternative energy. Anything that isn't oil, is an alternative....including natural gas. Think what happened to coal when we went from all steam driven machinery to the internal combustion engine and electric. There will always be demand for oil, just like coal, but oil won't be THE King in volume/demand like it is now and has been for how many decades. There is a fundamental change coming in regards to natural gas.

Oh, you will see the separation I am talking about. In 5 years, if not less,  you will realize what I am saying, if you don't now.  I could be wrong, but I wouldn't bet on it.... as long as Capitalism is alive we will eventually make the move to dethrone oil as the defacto energy source.

If we don't see see the move 

Permalink Reply by Chartist on February 24, 2012 at 7:02pm

Depends how badly they kill the dollar.....the chicago mercantile exchange is raising the margin requirements on gold trading, but on oil, it's business as usual.....If America wanted to limit the price of oil, they would make it a cash market and eliminate speculation.

Permalink Reply by Chartist on February 24, 2012 at 7:05pm

Here's where the rich control the oil market:  buy oil in the futures market....rent a tanker.....take delivery of the oil....sell the oil in the futures market....rinse and repeat.

Permalink Reply by oildude on February 24, 2012 at 8:22pm

Everything runs on oil. I said it before. Nothing will stop this train. 

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