Oil tops $85 per barrel

[Subdivisions]

http://money.cnn.com/2007/10/15/markets/bc.oilprices.ap/?postversion=2007101507

Oil prices kept rising Monday after closing at a new record in the previous session on worries that supplies are insufficient to meet coming winter demand and concerns over the conflict between Turkey and Kurds in northern Iraq.

Light, sweet crude for November delivery added $1.13 to $84.82 a barrel in electronic trading on the New York Mercantile Exchange, midday in Europe, rising to a new high of $85.19 before receding slightly.

The contract rose 61 cents to settle at a record $83.69 a barrel on Friday after rising as high as $84.05.

Brent crude futures rose $1.16 to $81.71 a barrel on the ICE futures exchange in London.

-snip-

It's only going to get worse. Meanwhile, the sheeple sleepwalk into a disaster that will turn their world upside down in the near future.

[ThomWV]

1. Notice, as crude keeps going up gas at the pump keeps going down.

So we now have the interesting situation in which the price for the finished product goes down as the demand for the raw material from which it comes goes up. Explain that one to me.

[Subdivisions]

2. Most of us oil spectators are wondering the same thing.

In fact, as a new all-time record was set on Friday, the price at my barometer gas station went down 6 cents.

The possibility exists, though, that the price at the pump could soon begin to rise - with a vengeance. All we can do is wait and watch.

[Strelnikov_]

3. I have been reading that the price will start creeping up soon

Enjoy the fall UNL clearance sale (too bad I run Diesel).

With these crude prices, we are probably looking at $4/gal late winter/early spring.

[DemInBuckhead]

4. Because gas demand is down right now

If you look at a graph of gas prices over five or ten years, you'll see the two times of the year where gas prices are usually at their lowest are around the middle of October and the middle of January. The most meaningful way to compare gas prices is year-over-year. GasBuddy.com has that information and as of a few days ago, the gas price was $0.48/gallon higher than it was at the same time last year.

So if gas prices remain a half dollar higher by next summer, we'll see $4/gallon prices.

[ThomWV]

7. Could be because the world recognizes how little the dollar that buys it is worth too.

[hatrack]

6. Don't worry - this, too, will pass away

:evilgrin:

[lonestarnot]

5. in the very near future.