Oil hits $100/bbl. Sorry no link yet just 'breaking' on CNN

[karlrschneider]

hmmmmmmmm

[spanone]

1. Mission REALLY Accomplished.

[AlCzervik]

2. stock market is looking ugly right now.

[QC]

3. Link now.

http://apnews.excite.com/article/20080102/D8TTSJG80.html

[karlrschneider]

13. thanks

...

[Horse with no Name]

4. They've been "conditioning" us for it for quite some time.

And like gentle little lambs...we will pay it. It's really sick.

[xultar]

5. Well that is it. Our goose is cooked like a muthafucka

[AndyA]

6. Meanwhile, at Exxon's Corporate Headquarters...

...the CEO has just ordered his new Yacht. And this time, it's going to be a BIG ONE...a REALLY BIG ONE! :(

[Subdivisions]

15. I think the CEO of any oil company has more important

challenges to manage than picking out yachts. In fact, I would venture to say that the Exxon CEO is shitting his pants with the realization that his company isn't finding any more oil.

When you learn that oil companies don't set the price of a barrel and when you learn the fundamentals of supply and demand, perhaps then you can offer an informed statement on the matter.

[AndyA]

20. I fully understand the fundamentals of supply and demand.

My post was sarcastic, but not everyone is sharp enough to catch that, I guess. And there's more to the story than supply and demand.

The oil companies have been making a killing over the last few years, in case you hadn't noticed. They will be in a good position to transition into another field when there is no more oil to pump. When you have hundreds of billions in the bank, you can do things like that.

Perhaps you could learn to respond to others without being such a prick about it. Thanks so much for your informative post. :eyes:

[Subdivisions]

27. Touche.

Perhaps you could learn to respond to others without being such a prick about it. Thanks so much for your informative post.

I've nearly 5000 posts on this board and I can promise you that it is not my habit to be a prick, though I have been a very few times. Sometimes I simply get it wrong. It's just that the sarcasm in your post escaped me and as a result it incensed me. Why? Because many people jump right to the meme for high oil prices as being the work of Big Oil instead of looking beyond to the real issue: Fundamentals.

Therefore, I apologize for the snark. But there is still the issue of blaming Big Oil for the situation. If you were indeed being sarcastic, and you do indeed understand the fundamentals, then you must also know the price is based on the fundamentals. Less oil = more $$$ per barrel.

Your post could be misconstrued by J6P that all is well with the exception of excessive greediness on the part of Big Oil. Big Oil is freaking out right now. Go read the words of several former oil execs and CEOs. Current CEOs have to keep their shareholders happy (and their mouths shut about depletion) and they are running just as fast as they can right now just to keep up with demand. And they slowly, but surely, losing ground.

It is not Big Oil's fault. It's OUR fault. Every goddamned one of us.

[Eurobabe]

7. Dow off 203

[deminks]

8. Also breaking on MSNBC Happy New Year, Chimpy

Will it be enough for your oily friends? Happy now? Congratulations. Our sons and daughters died for this. Remember them.

:sarcasm:

[Horse with no Name]

9. well to be fair

This is the LAST year he has to line their pockets. I guess he better make it a good one!

[deminks]

11. I guess it shows he's "sprintin' to the finish line." nt

[TahitiNut]

10. All major market indices are DOWN and the Euro is UP.

Working class Americans take it in the ass again, and again, and again. Gotta love the politics of corporate colonialism.
:puke:

"Thank you, sir! May I have another?"

[kentuck]

12. And Bush and Cheney...

just creamed in their jeans...

[Horse with no Name]

14. I guess the headline yesterday that Bush went back to work

meant that he really did.:(

[wuushew]

16. Does anyone have news on the Strategic Petroleum Reserve?

Apparently Bush is filling as fast as humanly possible despite the record high oil prices.

[deminks]

17. White House won't tap oil reserves

http://www.centredaily.com/business/story/305641.html

WASHINGTON — The White House on Wednesday ruled out a release of fuel from the nation's oil reserves to drive down soaring prices.

"This president would not use the (Strategic Petroleum Reserve) to manipulate (prices) unless there was a true emergency," said White House press secretary Dana Perino. "Right now we understand that prices are high and demand is extremely high."

She said Bush was focused on ways to increase oil supply in the United States.

"Doing a temporary release of the SPRO (strategic reserve) is not going to change prices very much," she said. "We know that from past experience."

Oil prices soared to $100 a barrel Wednesday for the first time ever.

(end snip)

Translation: "Right now, this president wouldn't think of cutting into his friends' profits."

[Subdivisions]

18. FFS

Translation: "Right now, this president wouldn't think of cutting into his friends' profits."

FFS...The asshole finally does something right and it flies right over your head.

The White House is absolutely correct when they say that releasing oil from the SPR is a practice in futility. It HAS been tried and there was only minimal economic benefit to the overall economy. But do you realize what else the last release from the SPR did? The oil had to be replaced with oil that was priced substantially higher than the oil that it replaced. I don't have a link right off but I can tell you that I personally follow the oil situation every single day and the oil that was released from the SPR was, conservatively, $10 - $20 (probably less) and before Bush decided to refill the SPR oil had risen to around $80 barrel, but he (they) waited until it came back down to around $65. And that was a good thing too because oil has gone back up $35 since then to today's $100 mark.

[Strelnikov_]

22. Hate to say it, but I agree w/ the Chimp on this one

The SPR is for emergencies, like 50% of the worlds oil export market going offline due to open warfare in the Persian Gulf, and not for politically driven releases which will only temporarily address the chronic supply problems.

If anything, we should continue filling as long as there is any surplus on the market.

[Subdivisions]

24. Exactly. Oil supply is about to drop off a cliff and when it does

every goddamned one of us will be glad he squirreled that oil away for emergencies because there damn sure will be emergencies.

People need to realize, we're headed for some very challenging times. Wake up or die.

[Strelnikov_]

26. Slightly cheaper SUV go-juice now or squirrel away to (try to) avoid Mad Max

later.

Thing is, with Chimp, like the squirrel, he will probably forget where he buried the 'nuts'.

[NickB79]

32. We peasants won't be seeing any of the SPR's oil, though

When the shit hits the fan regarding oil shortages, the military will get first dibs on the SPR, most likely to fuel wars to conquer and secure foreign oil reserves, to keep the military going. We'll be left with $10/gal gas and a kick in the ass.

[Subdivisions]

33. And the reason we'll be glad about that is that, at least for a time,

we won't have to learn Mandarin.

[Canuckistanian]

19. All that anti-GW propaganda doesn't pay for itself, you know

There are scientists to buy off, front groups to build and lots and lots of campaign and lobbyist money to shell out.

[Gold Metal Flake]

21. Puke response en masse: "It's just a numberrrrr".

[Strelnikov_]

23. CNN Linky below the fold

http://money.cnn.com/2008/01/02/markets/oil/index.htm?postversion=2008010212

[RB TexLa]

25. Oh my! That is so, so, so much more than $97. The heavens will surely fall.

[RedCappedBandit]

28. You realize it isn't going to stop any time soon, right? nt

[Subdivisions]

29. You know what? I'm right on the verge of giving up trying to warn

people about this. Everybody thinks they know all about it and we'll never run out of oil. Those that concede that it is, indeed, a finite resource will contend that technology and alternatives will take the place of oil. WRONG PEOPLE! WRONG!!!

Don't believe me? Use your fucking brain and Google and find out for yourself. I'm a reasonable person who grew up dreaming of going to the Moon and to Mars. The future was so fucking bright I needed shades. Then Bush caused me to go and do something stupid: I began reading between the lines. And now I am scared shitless. OF YOU!

Because when your little world falls apart and you're well into raging hunger, it's you dumbasses I'm going to have to protect my chickens and cabbage patch from. And you can bet your ass if you even come close to my tomatoes, I'm going to pop a cap in your ass.

The wheels are coming off the wagon. Wisen up, sheeple!

Edited to add: RedCappedBandit, I completely agree with you that it is going to continue to trend upwards. This rant was not directed at you but is a throwing up of the arms for me. People just don't get it.

[RedCappedBandit]

30. I agree with you...

Its why I get so frustrated with these presidential debates where they argue about meaningless drivel such as the "sanctity" of marriage, etc. Sigh..

[Subdivisions]

31. Lol, RedCappedBandit, thanks :). Please read the edit in my post. n/t