Story is up: Raw Story headline: Wall Street projects $100 oil prices

[MelissaB]

http://rawstory.com/

Surprise!

Journal: Investors see $100/barrel oil

RAW STORY


Hurricane Katrina, which killed dozens and left a million without power, sent stocks sliding in New York trading Monday, with oil prices over $70/barrel.

The market got some good news from the Louisiana Offshore Oil Port, or LOOP, which suggests no catastrophic damage to the energy shipment hub south of New Orleans. Even so, refineries are closed across the region and oil rigs are floating like rubber ducks in a giant bathtub.

The WALL STREET JOURNAL REPORTS: "The sight of oil topping $70 alarmed analysts and sparked worries that prices could keep going higher. Analysts projected a possible slow creep: "We could see oil hovering around $75, and then we could get to $80 and $85 and then $100 a barrel is right around the corner," said Robert Pavlik, chief investment officer at Oaktree Asset Management.

"The Dow Jones Industrial Average fell 65.12 points to 10397.93, wiping out Monday's gains, as 27 out of the 30 components slid into the red.

More: http://rawstory.com/news/2005/Journal_Investors_see_100bar_0830.html

[pauldavid]

1. And hurricane season doesn't go into full swing until

mind Oct through mid Sep. More hurricanes in the gulf coast could drive prices up even higher. Sky high gas prices will have a huge impact on our economy and political situation.

[jackster]

2. and so the depression begins.....

thanks Ronnie, Poppy, George, Jeb, Rummy, Dick, Frist, DeLay, Robertson, Falwell, Rove, Kristol, O'Reilly, Limbaugh, Hutchinson, Watts, and every other mf'ing right wing puke I can't remember -

thanks for the end of life as we know it.

It was a nice ride - hope you suffer more than the rest of us!

[raccoon]

20. You got that right, and I bet

no way will any politician, pundit, or "journalist" call it by its name. They'll say, "hard landing" or "severe recession."

People here will and progressive bloggers will. And REAL journalists.

[MostlyLurks]

3. Didn't I read something about $80 per barrel...

Some economist or somebody, I could swear said/wrote that $80 per barrel was the "grind the economy to a halt" price threshold. Looks like we'll be able to test the validity of that theory very soon.

Mostly.

[converted_democrat]

4. Fanfuckingtastic............

:sarcasm: Our business is doing okay now, but we will be out of business if it goes to $100.00 a barrel. We already have to explain to people why our prices are going up, it's the gas. We have to charge on average 10% more on most services just to cover the energy costs.

[geomon666]

5. You f***ing evil bastards

You dirty filthy f***ing scumbags! :mad:

[Double T]

6. The opportunistic wall street crew has finally learned how to cash in....

on national tragedies by screwing their fellow citizens. Congratulations on surpassing your previous sewer gutter status.

[jasmeel]

7. Gas is over $ 3.00 today in Milwaukee. Record profits for the

gas companies though.

[Roland99]

13. Jesus Christ! Midwest hits $3/gallon.

damn.

Ayup...$2.999 at every Speedway:
http://www.milwaukeegasprices.com/

[Toots]

18. Which translates into record campaign donations for GOP

Imagine that...:shrug:

[pauldavid]

8. Link to story up now.

http://rawstory.com/news/2005/Journal_Investors_see_100bar_0830.html

[MelissaB]

9. Story is up!

Journal: Investors see $100/barrel oil
RAW STORY


Hurricane Katrina, which killed dozens and left a million without power, sent stocks sliding in New York trading Monday, with oil prices over $70/barrel.

The market got some good news from the Louisiana Offshore Oil Port, or LOOP, which suggests no catastrophic damage to the energy shipment hub south of New Orleans. Even so, refineries are closed across the region and oil rigs are floating like rubber ducks in a giant bathtub.

The WALL STREET JOURNAL REPORTS: "The sight of oil topping $70 alarmed analysts and sparked worries that prices could keep going higher. Analysts projected a possible slow creep: "We could see oil hovering around $75, and then we could get to $80 and $85 and then $100 a barrel is right around the corner," said Robert Pavlik, chief investment officer at Oaktree Asset Management.


More: http://rawstory.com/news/2005/Journal_Investors_see_100bar_0830.html

[MelissaB]

14. I edited the orginal post to include this info. n/t

[bananas]

10. I heard some expert talking about this on the radio

on the "Background Briefing" Aug 28 show.
It replays tomorrow on KUCR (streaming audio).
I'm not sure when he puts the new show in his archive.

http://www.ianmasters.org/

Listen to Background Briefing:

On KPFK 90.7fm, Los Angeles
and 98.7fm Santa Barbara:
Sundays 11 A.M.-noon

On KUCR 88.3fm, Inland Empire:
Mondays 6-7 P.M.
Tuesdays 8-9 A.M.
Wednesdays 6-7 P.M.

On KITR 101.5fm Kettle Falls, Washington:
Mondays 8 A.M.
Saturdays 5 P.M.

[durablend]

11. Gasoline up .40 on market (1:45PM)

$2.46/gallon (October) and no stopping it

[MissB]

12. And then there is Gov. Schweitzer on CNBC talking about gas from coal

and how we have enough oil shale (coal, whatever) in this country to supply domestic needs for at least 100 years. And given current technology, a plant built within the next three years could be producing $35/barrel gasoline which apparently works out to $1 a gallon.

[NickB79]

15. Yeah, if you build a nuclear reactor and a reservoir alongside the shale

Oil shales and tar sands are first mined from the ground and then "cooked" to release the very thick, viscous oil from the rock. You then need massive volumes of water to flush the oil out from the rock. In years past, the few pilot plants built used natural gas to cook out the oil, and diverted entire rivers to supply water. Natural gas production has reached peak, however, and prices for it are now spiking (up 30% for this winter heating season alone). A nuclear reactor is probably the only reliable source for energy to cook out the oil now, unless you want to burn coal or oil to extract shale oil, which reduces your net oil extraction to almost nothing.

You would also need to build a water pipeline from Lake Superior and Lake Michigan across the Plains to the US Southwest, where the vast majority of our oil shale and tar sand deposits are. That area is already short on water, so only external imports of it could keep a shale extraction plant running.

The billions of dollars in investments needed to get the infrastructure built means we'd never see $35/barrel oil from those deposits even if we could overcome the logistical problems outlined above.

[wli]

16. the Great Depression will be a fleeting wet dream compared to this n/t

[converted_democrat]

19. I am scared. I am afraid for the first time in a long time. I have a bad

feeling. Our economy will not have a prayer with gas at $100.00 a barrel.

[Jamison]

17. $100 a barrel! Gasp!

What would that make the price of a gallon of gas?

I'm gonna guess and maybe say $4.50.:scared:

[MelissaB]

21. I"m wondering the same thing. Anybody have an educated guess?