Oil Settles a Touch Below $61 on High Demand, Iran Jitters

[brettdale]

Faux whoring it up for Iran war.

PVM also noted that the election of a perceived hard-liner as Iran's president and market speculation likely also were contributing to bullish sentiment.

http://www.foxnews.com/story/0,2933,160772,00.html

[Bouncy Ball]

1. Is that a record high?

What is the record high per barrel for oil?

[NickB79]

3. Adjusted for inflation, it was in the high $80's in the 70's

And we all saw what that did to the economy.

[Bouncy Ball]

4. Yeesh, I was a kid and I remember it.

I remember sitting in the longest gas lines ever, on the day we could (depending on my mom's license plate number, I think).

It was horrible.

[devilgrrl]

2. Guess I'll be riding my bicycle a lot more.

Not that that's a bad thing :shrug:

[EVDebs]

5. Goldman Sachs predicted $105 a barrel

http://www.energybulletin.net/5017.html

but I don't know if that includes other nations using the price of oil as a hedge against a free-falling dollar. If the 5% of a price of a gallon of gas per price of a barrel of oil, then that means about $5.25 gas prices.

Heck, in California we're almost there now ! And the price of housing is already too much.

Bush needs to get his act together and raise CAFE standards...at least look like he has a clue. Instead, well, we'll have to put up with 'free market' follies that ain't working too well. We need incentives for alternatives to oil. What we get are wars for oil and making matters worse.

The world deserves better. Kerry could have done better.

[Warpy]

6. Oddly enough, Wall Street was unpreturbed

and closed only 7.06 down. I guess today was one of those funny money days, as the 123+ point decline on Friday spurred automatic bargain hunting by pension plans and buybacks by corporations.

Tomorrow might be interesting, though. that $60.00 mark was one of those psychological things.

[whistle]

7. Gasoline in Orlando is $2.159 to $2.259 for regular unleaded...

...at the twelve stations I pass on the way to work. That's the highest it's been since last summer when Gov. Jeb Bush removed the state gasoline tax of 8 cents per gallon. I don't think Jeb ever reinstated that tax, so Florida has been loosing millions in tax revenues.

Congress needs to put a solid $1.00 per gallon federal tax on gasoline and each state should be allowed to match up to that amount.

[madrchsod]

8. i smell enron, don`t you?

the fucker`s are running up the prices as new fields are being discovered and new tech is on line to explore and recover even more fields.there will be a "shortage" for at least 2006 then supply will return to "normal"....
http://www.spe.org/spe/jpt/jsp/jpttoc/0,2441,1104_1585_0,00.html
i read this every month and these guys are not saying the sky is falling....i smell enron