All-time oil price record: $126.20 per barrel n/t

[Subdivisions]

[avenger64]

Geez, what are you driving, a hummer or something?

gotta be an suv or big truck. Trade the damn thing in and get a camry, like I did.

[notesdev]

9. I could take

$10/gal gasoline, myself. At 35 mpg city, I'd be paying 28 cents per mile at that price, less than a lot of big-vehicle drivers were paying years ago.

[islandmkl]

1. 4073...

[Subdivisions]

5. I haven't forgotten. I have a dear cousin in Iraq whose job it is

to find IED before they blow somebody up.

[2008]

2. Had to send those numbers through Google News to understand:

"Oil price jumps above $126 for first time"

[GetTheRightVote]

3. I never in my life thought the price of a filled tank would be so high !!

The govt needs to do something about it in the long term to protect us against price gashing.

[Subdivisions]

7. Costs $80 to fill my tank. YOUCH! n/t

[lapfog_1]

4. $.023 per ounce - n/t

[DJ13]

6. What good will their greed do them when inflation runs rampant?

Reminds me of all those paper millionaires when the Great depression hit.

Suddenly their wealth couldnt even buy a middle class lifestyle.

[Subdivisions]

8. Oh, they're getting the feedback loop consequences of that.

Because oil and fuel are so expensive, Big Oil's operations are experiencing the effects of inflation as their costs rise accordingly.

[0rganism]

10. funny thing about steady increases, they tend to set a lot of records

It seems like every other day for the last month we've seen a new "all-time oil price record." This ISN'T going away. Sure, it'll drop every now and then, but the overall trend will be up up up until humanity weans itself off the fossil fuel teat.

There are two perfectly normal reasons:
1) It is harder for a finite supply to keep up with the monotonic exponential increase in demand caused by a growing population.
2) Currency devaluation: our dollars are worth less in terms of everything, oil included.

And one subversive:
When oil prices are through the roof, oil company profits go up. It's like you were living in a house full of bottle caps, and suddenly bottlecaps became scarce as diamonds -- you'd have no incentive to release so many bottlecaps into the market that your holdings are worth less again. Thus, once the price point has been established at the maximum the market can bear without causing full-scale revolt, it will never drop below that again. Production has peaked, not just because resources are scarce, but because it's anti-profit to overproduce.

[Subdivisions]

12. Thank you for the most reasoned response

I've ever read in GD concerning the situation with oil. As far as I'm concerned, "peak oil" is the maximum point of world oil production, after which production will begin a steady decline. This is, by most accounts, the very definition of "peak oil". However, people associate that term with some sort of wild-eyed tinfoil conspiracy that claims the world is running out of oil and they do so without even associating the fact that we're talking about a resource which is finite, as proven by the peak in US oil production in 1970 and 2/3 of all other oil-producing countries having peaked - including Australia in 2000 as well as Russia, and the UK in 2006, and very possibly Saudi Arabia in 2007.

The way I see it is we've passed the absolute maximum oil production, versus population overshoot, of available resources and I caveat the above definition with this - no matter the cause, be it above-ground infrastructure and geopolitical challenges or the geologic limitation of a finite resource, Peak Oil is here now!

[0rganism]

13. Maybe it's time to repost the link to Dr. Bartlett's famous lecture

"Arithmetic, Population, and Energy", it's probably up on youtube in some form.

Prof. Bartlett explains this all very well, in a way that anyone with the patience to listen can understand.

[Virginia Dare]

14. The Saudis have already announced..

that they will keep back enough oil for their grandchildren to profit from...and these guys have ALOT of grandchildren...:scared:

[Javaman]

11. any bets on when $130 will hit? nt