Oil Futures hit $100 a Barrel for the First Time Ever

[caseydog]

Oil Futures Rise to $100 a Barrel
Wednesday January 2, 12:41 pm ET
Crude Futures Hit Record $100 a Barrel on Supply Concerns

NEW YORK (AP) -- Oil prices soared to $100 a barrel Wednesday for the first time ever, reaching that milestone amid an unshakeable view that global demand for oil and petroleum products will continue to outstrip supplies.

Surging economies in China and India fed by oil and gasoline have sent prices soaring over the past year, while tensions in oil producing nations like Nigeria and Iran have increasingly made investors nervous and invited speculators to drive prices even higher.

Violence in Nigeria helped give crude the final push over $100. Bands of armed men invaded Port Harcourt, the center of Nigeria's oil industry Tuesday, attacking two police stations and raiding the lobby of a major hotel. Word that several Mexican oil export ports were closed due to rough weather added to the gains, as did a report that OPEC may not be able to meet its share of global oil demand by 2024.

Light, sweet crude for January delivery rose $4.02 to $100 a barrel on the New York Mercantile Exchange, according to Brenda Guzman, a Nymex spokeswoman, before slipping back to $99.15.

Crude prices, which have flirted with $100 for months, have risen in recent days on supply concerns exacerbated by Turkish attacks on Kurdish rebels in northern Iraq and falling domestic inventories. However, post-holiday trading volumes were about 50 percent of normal Wednesday, meaning the price move was likely exaggerated by speculative buying.

"I would imagine the speculators are the biggest drivers today," said Phil Flynn, an analyst at Alaron Trading Corp., in Chicago.

[madjack]

...gol-durned #$@%&$*!!!@# speculators...they drive the price of EVERYTHING up...we should line 'em all up with the lawyers, bankers and politicians and shoot 'em all!!!!!!!!!!!!!!!!!!!
madjack

[toypusher]

Not only am I unemployed, but now I won't be able drive to an interview if I get one!!!!

[Elumia]

I think it's more a reflection of the exchange rate than the cost of oil.

Mark

[caseydog]

Not only am I unemployed, but now I won't be able drive to an interview if I get one!!!!

Time to put your $99 deposit down on one of these...

http://smartusa.com/

CD

[Nitetimes]

Time to put your $99 deposit down on one of these...

CD

Only if you can bolt 4 of them together and make a whole car out of it.
I wouldn't even get in that thing as is.

[creeker]

Yeah madjack
Do you know when you throw a politician, a lawyer and a banker off a 10 story building, which one will hit the ground first?..................
................... Who cares!

[Bill P]

MY former dot.com employer had three of those things for our use at out European HQ in Brussels. The American employees thought they were a hoot to drive around town. None the the Belgians would get into one; too small for them.

They park in less space than an average size touring bike. We'd park them in various plazas around town. They were covered in company logos and were quite the attraction.

Bill

[caseydog]

Time to put your $99 deposit down on one of these...

CD

Only if you can bolt 4 of them together and make a whole car out of it.
I wouldn't even get in that thing as is.

I haven't driven one yet, but I have sat in one. It was amazingly roomy and comfortable behind the wheel. One of our investors was with me, and he is a BIG man. He will be adding one two his stable of cars as soon as they are here.

They are for people moving, pure and simple. I'd love to have one for my daily commute. I'd keep the allroad for towing and trips to Lowes, and stuff where I need the space.

[Bill P]

I drove one in Europe and CD is correct about the interior. I'm 6 foot and they were suprisingly roomy inside. I put my laptop in the trunk and that pretty much filled it up. Different handling because, well, there's no there there. No hood up front and almost nothing behind you so the handling and parking characterisitcs are very weird at first.

The models we had also had color options for the interior. One could chang the dashboard and trim at the drop of hat. Very odd option.

Bill

[Ira]

Kerry's unemployed too?

COME ON! GROUP HUG!

[Miriam C.]

Not only am I unemployed, but now I won't be able drive to an interview if I get one!!!!

Time to put your $99 deposit down on one of these...

http://smartusa.com/

CD

Help me out here. Is this electric? Why can't I find out? Do you know how much coal or natural gas ti takes to make electricity to run cars? Can we really make enough electricity to run cars?

[madjack]

Not only am I unemployed, but now I won't be able drive to an interview if I get one!!!!

Time to put your $99 deposit down on one of these...

http://smartusa.com/

CD

Help me out here. Is this electric? Why can't I find out? Do you know how much coal or natural gas ti takes to make electricity to run cars? Can we really make enough electricity to run cars?

Auntie, the smart cars are gas powered...in answer to your other question...on the Tesla Motor Companies, website they go into that question and it is an order of magnitude difference that is amazing...the "costs" in fossil fuel to drive the car versus making electricity is substansially higher...so yes, we can make the elcetricity cheaper..........
madjack

[Jim540]

You know when fuel prices started to go up above $3.00/gal back in 2005 I started looking at more economical vehicles, or so I thought they were. If you look at what the new economy vehicles cost, the sales tax, higher insurance and higher personal property tax my old 1997 Chevy truck started looking pretty good. I found that I can buy a whole lot of gas for a lot less money than what it would cost me to upgrade to the newer economy cars.

[caseydog]

You know when fuel prices started to go up above $3.00/gal back in 2005 I started looking at more economical vehicles, or so I thought they were. If you look at what the new economy vehicles cost, the sales tax, higher insurance and higher personal property tax my old 1997 Chevy truck started looking pretty good. I found that I can buy a whole lot of gas for a lot less money than what it would cost me to upgrade to the newer economy cars.

You are right, when you compare sticking with something ten-years-old that you already own, versus buying a new, more efficient vehicle. Absolutely right.

The only way you can benefit financially on a more efficient car is if you are going to buy a new car, anyway, Then you can compare the cost of one car over another.

Another consideration would be for someone who just paid 40-grand for a Denali, and gas prices go ballistic. They will be stuck with a vehicle that is suddenly not in demand at all. Talk about depreciation.

But, a paid off 1997 Chevy Truck isn't currently worth 40-grand, so you won't risk any significant financial loss even if gas prices go up a bunch.