16:50 GMT -- 6 of 11 crude oil benchmarks over $120/bbl

[GliderGuider]

http://www.upstreamonline.com/market_data/?id=markets_crude

[Zachstar]

1. We are walking into a disaster when it comes to energy.

Oil is climbing faster than just about anyone could have predicted. We were shocked when it hit 100 USD and now at 120...

Truckers can barely afford to run their rigs anymore.

Airlines can barely profit from full flights.

This is the kind of stuff that is going to throw the world into economic depression of it does not stop climbing.

Bush needs to open up the reserve NOW!

[phantom power]

2. I don't understand why anyone thinks the reserve would help.

So we tap it for 6 months, until it's gone. Then what?

[Fovea]

3. The strategic reserve needs to remain the reserve.

It is there to help when the spigots close to us.

Yes, we are going to start paying the real price of oil.
Airlines will shut down duplicate routes. Some areas will not have daily service, and when that happens, the whole advantage of air travel, speedy travel, will be reduced to long haul, and high volume routes.

Prices will go even higher for air travel, and the scale of the planes will reduce. What will take its place?

www.amtrak.com

Course, we need a lot more rail than we have now.

Three steps might preserve America past peak oil.

Step one. A total revamp of transportation and city planning.
Unbuild exurbia, swap deeds for townhouses, built with high energy efficiency in mind.

Step two.
Reduce all interstates to 2 lanes with inter urban rail service built in. Use interbelt ROWs for light rail.

Step Three.
Nationalize all energy producers. Plow profits back into achieving a sustainable, energy independent America by 2125.

The old oil paradigm is falling like Saudi output. A heroic response to this critical reality would stimulate our economy while creating an America that doesn't need to mug other nations for oil.

[sabbat hunter]

4. 2125?

or 2025? Hopefully you meant 2025 because I would like to see energy independence in my lifetime, although I would love to live long enough to see 2125. :P

[Fovea]

5. Brain fart.

I originally typed 2015.

[depakid]

6. Isn't climbing faster than some predicted

Indeed, I'm actually a little surprised it hasn't spiked even higher.

Matt Simmons has it right- oil is still CHEAP when put into perspective.

And opening the reserve isn't going to change that fact.