Oil futures rally to record high of $127.43 a barrel

[UpInArms]

Source: CBS Marketwatch

NEW YORK (MarketWatch) -- Crude-oil futures rallied Friday to a fresh record high of $127.43 a barrel in electronic trading on the New York Mercantile Exchange. Crude oil for June delivery was last up $2.75 at $126.87 a barrel on the Nymex. Friday's record high of $127.43 surpassed the previous peak of $126.98 hit on Tuesday.

Read more: http://www.marketwatch.com/news/story/oil-futures-rally-record-high/story.aspx?guid=%7BD3B5FB78%2D87AA%2D4A65%2DA65C%2D45AA759B4A61%7D&dist=hplatest

[greiner3]

1. Ridership of local public transit at record highs;

And that was news at $3.40/gallon.

[UpInArms]

2. living in a rural area with no public transit kinda sucks

:(

Public transit adjusts to surge in ridership

By Erik N. Nelson
Oakland Tribune, Denis Cuff
Contra Costa Times
Article Launched: 05/15/2008 12:32:07 PM PDT

Traffic congestion and air pollution have long spurred transportation officials and environmental advocates to urge, cajole and beg commuters to switch to public transit. Still, the vast majority of Bay Area commuters wouldn't budge from behind the wheel.

As gasoline prices climb past $4 a gallon, however, commuters are moving to public transportation in huge numbers, breaking records on BART, commuter trains and transbay bus routes.

Whereas public transportation used to be equal to the task of transporting one in 10 of the Bay Area's commuters, evolving into a major rival of solo driving is proving to be as painful for commuters as it is delightful for public transit advocates.

Parking at many BART and train stations is filling up earlier and earlier. Seating is becoming a luxury on more peak-hour trains and buses, and transit officials are wondering how to increase service at a time when state and local budgets are strapped. The economy is on edge and filling buses' diesel tanks has never been more expensive.

"Just getting 15 miles per gallon from here to Santa Clara was getting to be too much," said Brian Heidl, a mechanical engineer, as he waited for the 6:42 a.m. Altamont Commuter Express train in Livermore on Wednesday.

"I was practically paying $400 a month just in gas," Heidl said, to keep his 1987 Ford Ranger pickup making the 60-mile trip along some of the area's most congested freeway segments, on Interstates 580 and 680.

Now, he pays about $225 for his monthly ACE ticket "and I get to sleep the whole way and not have to worry about the traffic."

...more...

[UpInArms]

3. or maybe the USoA will look like India soon

[lakeguy]

4. count on it.

as the limited resources we have left dwindle and we continue our non-investment in rail, over loaded buses will be the only way to go!

[Doctor Cynic]

15. That's the Dell Tech Support Vanpool. n/t

[gatorboy]

5. So what's the excuse today? Hurricanes? Venezuela? Alien Invasion?

:eyes:

[dipsydoodle]

9. Foeseen increased demand in China

for rebuilding etc after the earthquake - according to BBC business news anyway.

[gatorboy]

10. You have got to be kidding me.

ARRRGHHH! We are getting so screwed! :mad:

[Heather MC]

6. THIS SUCH A SCAM........

Last week they reported Oil could go up to $200.00 a barrel

Well guess what that would do for market savy people. Encourage them to start purchasing oil at $120.00 a barrel in the hopes that the price will increase to 200.00 and the make a massive profit when that happens.

Problem with that, the more people who buy, the faster the price goes up.

This sucks sucks sucks, we are being played big time.

The price is rising b/c of market speculators and no one is stopping it!!!!

[orleans]

7. you mean "no one" is stopping it. right? n/t

[Heather MC]

8. Yes I was televisionphonernetting, hard to type too ha ha ha

[orleans]

14. televisionphonernetting? that's amazing. i can't barely put a

coherent thought together when i'm doing only one of those things.

[dave_sf]

11. what's there to do

People have been speculating on oil price futures forever. It's not the speculation that's making prices go higher, it's the realization that demand is going up while supply is going down. We've passed the point of peak production of oil and prices will continue to rise. We are being played, but not by making oil prices rise but by giving us no alternative to cars fully aware that prices are going to rise. Nothing we can do about high gas prices. There's a lot we can do to not need to use so much oil, and transitioning to less car use is the best strategy.

[Heather MC]

13. We should get a tax break for converting existing gas running vehicles to electric.

I would rather spend money converting my currently paid for vehical in to an electric car
than having to buy a new car and incurring additional debt. Everyone talks about fuel alternatives
but what about all electric NO fuel cars.

[UNCLE_Rico]

20. Hey that'd be great, I agree...

Too bad that passenger auto use only accounts for like 40% of the petroleum we use as a Nation. What about the diesel trucks that carry our products to market, the tractors that plow the fields, the planes that carry passengers and cargo, the machines we use in construction, the oil we burn in many power plants, the ships that carry products to us from overseas? What about making plastics, making pesticides, making asphalt, and 100's of other products? What about the HUGE industries that have grown up AROUND all these other directly oil-consuming industries I've mentioned above? And what about the military, the largest single user of petroleum in the Nation? What's gonna happen with all these groups as the worlds oil supply continues it's inexorable constriction in the face of ever-increasing world demand?

People who think about oil strictly within the context of passenger cars are completely missing the big picture. As oil really begins to 'run out' in more tangible sense (rather than just the prices going up, which will happen as well), which is actually just around the corner, putting fuel in our cars is gonna be the least of our concerns.

Fact is, we ain't gonna have JOBS to drive to, nor will we have STORES with any friggin GOODS to visit either. Our entire way of living is going to go into a MASSIVE upheaval over the next few years, and there really ain't shit we can do about it at this point ... other than what this administration is already doing, committing genocide in whatever oil-rich countries we can get away with it in and stealing what we need for ourselves.

Of course, as lame and evil as they are, somehow, they're not even managing to do a very good job at THAT.

[Javaman]

12. Place your bets! place your bets? $130 by memorial day??? nt

[CatholicEdHead]

18. At this rate it is near $140 by Memorial Day

[KansDem]

16. Up over $100 since Bush "took" office...(nt)

[wishlist]

17. Bush's inflammatory comments in Israel and meeting with Saudis backfired

Seems that whenever Bush gives a high profile speech about the Middle East or the economy, stocks fall and oil rises.

[conspirator]

19. "Buying futures, selling futures when there is no future" n/t

[SocratesInSpirit]

21. Excellent use of a quote

from an excellent movie.

"And as we're straddling from one deal to the next, who's got his eye on the planet, as the air thickens, the water sours, and even the bees' honey takes on the metallic taste of radioactivity? And it just keeps coming, faster and faster. There's no chance to think, to prepare."

[Doctor_J]

22. thanks for jawboning, ass

You are god to me

:puke:

[daleo]

23. But peak oil is a hoax

Or so we are still told.