analysts say $60 a barrel is coming and probably $75

[donsu]

http://story.news.yahoo.com/news?tmpl=story&e=3&u=/ap/20041018/ap_on_bi_ge/oil_prices

Crude oil prices briefly rose above $55 a barrel Monday as production snags in the Gulf of Mexico and high demand exacerbate the tight supply situation ahead of the Northern Hemisphere winter.

-snip-

Now that the $55 barrier has been surpassed, analysts are looking toward $60 a barrel, with some saying it may reach that mark by the end of the year — smack in the middle of the Northern Hemisphere winter.

-snip-

In other developments, Chicago Board of Trade Chief Executive Bernard Dan told Australia's Nine Network that the U.S. economy would be hurt by the spike — but not significantly. He said the economy could even withstand prices of $75 per barrel. "While it might do some damage in terms of the economy and might be reflected in our equity market, I don't think it is going to be at a level where it is catastrophic in any sense," Dan said.
-snip-
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people up north will need a bushel basket full of money to pay for heating this winter.

[acmavm]

1. Ouch! And how is the stock market doing today, by the way? It always

drops when bad news about the oil markets hit.

And the stock market is where bush* expects people to invest the money for their old age. What a douche bag.

[The_Casual_Observer]

2. Sure, the price of oil doubles and it won't be a problem!

Because we don't use oil anymore right?
Are these the same nit wits that predicted a huge summer stock market rally and a strong 4th quarter with 250,000+ jobs per month created?

[midnight armadillo]

3. Probably

Are these the same nit wits that predicted a huge summer stock market
rally and a strong 4th quarter with 250,000+ jobs per month created?

I recall back when oil was $30/barrel how the economists would freak out if it approached $35 or so.

Gas near BOston shot up around 25 cents for the premium stuff...I gotta calculate the point at which it becomes reasonable to ditch my nice ole Subaru wagon for something more efficient.

[Rjnerd]

4. I get 30 miles/pizza slice

For the median auto trip (under 2 miles) pedalling is a great way to get around. Safer than driving anyway. Doesn't help with heating the house unfortunately... (especially since it gets rid of the layer of insulating fat)

Keep the wagon, just use it less.

[noonwitch]

5. We need leadership that recognizes this sign that we will run out of oil

some day, and not that far off in the future. We need energy sources that don't rely on occupying foreign countries and/or manipulating their political systems. We also need something cleaner than oil.

Jimmy Carter could see this in the 70s, I don't see what good the Reagan denial does us 20 years later.