Yikes, Crude passes $60 in Asian trading

[Nite Owl]

SINGAPORE (AP) -- Crude oil prices jumped to a new high of US$60.46 in Asian trading Monday amid concerns that supplies would not meet demand, especially in the United States, the world's largest energy consumer.

After settling at US$59.84 a barrel Friday, the front-month August contract crude smashed through the psychologically important US$60 barrier in heavy Asian trading on the New York Mercantile Exchange, a jump of 62 cents from Friday's close. In mid-morning trading, it was at US$63.43.


http://biz.yahoo.com/ap/050626/oil_prices.html?.v=8

[nadinbrzezinski]

1. Ah how wondeful, I will have to smile at my SUV driving neighbors

[xray s]

2. $63.43?

Hoo boy! JR must be rubbing his hands together at the Southfork ranch.

[NEOBuckeye]

3. Peak Oil, anyone?

http://www.lifeaftertheoilcrash.net

Makes you stop and think, doesn't it?

[aquart]

4. George plans to do nothing about it., too.

Everything I buy costs more.

[Nite Owl]

5. If you don't drive

or eat or need medical care there really is no inflation. Oh and don't buy a house either. Everything is just fine in Greenspam and George's world.

[Erika]

6. Look for the stock market to continue heading down.

I will imagine that my next 401 K statement will show yet another loss as it has in the last two quarters.

[Nite Owl]

7. Seems to be looking that way

The $DAX and the $CAC are already confirming a pretty big leg down. I didn't think this would happen this soon, maybe a sign that Wall St. has given up on the Social Security scheme.

[Renew Deal]

8. I think the shit's going to hit this week.

Oil is going crazy.
Lots of reports coming out including Consumer Confidence.
Fed rate hike on the overnight bank lending rate.
Abu Graib pics will anger the public.
3 day weekend.

[Maddy McCall]

9. Bye Bye, civilization as we know it.

I'm not a tinfoil hatter; nor am I a conspiracy theorist. But no one can deny that crisis is coming.

[PermanentRevolution]

10. Peak Oil's not a conspiracy

It's just the truth. Oil's a nonrenewable resource, and we've become increasingly dependent on it. It was only a matter of time before demand began to outpace production.

Mad Max, anyone?

[Warren DeMontague]

11. I'm sure all the people who have been driving outsized vehicles under the

assumption that petroleum was this magical, infinite, ever-replenishing black goo that Jesus personally kept bringing in fresh barrels of from his magic Chevron in the sky, yeah, they are going to be in for a major fucking shock when they pull the Escalade/Explorer/Excursion/Land Destroyer up to the Gas-n-go. And children, it's not gonna get any better, either.

However, those of us who understand that we do live on a relatively small, round ball of rock have generally had an inkling that any resource we have to pump out of the ground is probably going to run out eventually.

Waaaaaaah, Cry me a fucking river. Oh, and that Hummer is going to make a lovely lawn ornament.