Oil's steady march to $80 fails to shock (I think the WH is counting on

[rodeodance]

this 'no shock'!

Oil's steady march to $80 fails to shock
Fri Jul 14, 2006 11:58am ET167


By Barbara Lewis and Peg Mackey

LONDON (Reuters) - Oil at nearly $80 a barrel has lost its power to shock energy hungry consumers who have grown immune to its steady advance.

A year ago, the world flinched as markets topped $60 a barrel, but the pain threshold climbed to $70 after hurricane damage wiped out rigs and refineries in the U.S. Gulf.

Tension in the Middle East is taking it to the next level. On Friday the price of U.S. crude <CLc1> hit a record $78.40.

"We can live with $80 relatively well. It doesn't feel like the panic level yet," said Paul Horsnell of Barclays Capital.

[CatholicEdHead]

1. Panic will come on slowly

as overall costs will take a month or so to rise even more.

[ret5hd]

2. all "Paul Horsnell of Barclays Capital" is concerned with...

is when the price of oil starts affecting the equity markets.

[rodeodance]

8. not many can 'absorb' it in the long run.

[bigwillq]

3. Fuck you Paul Horsnell!

I am panicking! This freaking stinks. They will blame the Middle East for all of the price increases but won't do a damn thing to try and lower prices.


It's all about the money.

:mad:

[Bluzmann57]

4. Well maybe Mr. Hornsell can "live with it"

but the majority of us blue collar types are having some trouble with it. Panic may not be the right word, but anger may. It may not be overt, but everyone I know is upset by the insane gas prices, which drives up the cost of food, clothing, and everything else.

[bluestateguy]

5. The Bush energy crisis

nt

[Maven]

6. We can live with taking on some water.

It doesn't feel like the Titanic yet.

[Rex]

7. Consumers haven't grown immune, we suck it up and drive on.

Societies and nations come and go, as long as a buck can be made off the working class. Who are the real traitors?

[Skink]

9. I hink many retail establishments have frozen prices....

so they won't lose customers. A few stations here are 50 cents above most of the competition which means many places have resorted to underselling.

[whistle]

10. When crude oil hits $150.00 per barrel the conquest of middle east

...oil rich countries will be feasible, so that's what the neocons are banking on.