oil jumped $10 today

[mg1942]

That's the biggest jump I've ever seen!

Expect $6/gallon for regular before July 4.  $8 to $10 when Israel/US attacks Iran this year or next year.

[Yeager]

great reason for virtual office 

[ZetaNine]

actually........expect $10 per gallon by September....and $30-$45 per gallon when Israel attacks Iran.

[john9001]

extremely high oil prices will cause a world wide recession which in turn will cause a collapse of the speculation driven oil futures market. If you are holding oil futures contracts better sell them now wile there still some suckers left.

[Nilsen]

Yeah our market went up 1,3% today mostly driven by Tech and oil.

[ZetaNine]

extremely high oil prices will cause a world wide recession which in turn will cause a collapse of the speculation driven oil futures market. If you are holding oil futures contracts better sell them now wile there still some suckers left.

that's insane financial advice my friend.

[Shamus]

extremely high oil prices will cause a world wide recession which in turn will cause a collapse of the speculation driven oil futures market. If you are holding oil futures contracts better sell them now wile there still some suckers left.

And then the hedge funds will come to the government and state that if they are allowed to fail the U.S. financial system will go down the tubes, they will demand and receive a nice taxpayer bail out.

Now if you just own a few contracts, you are probably right.

shamus

[ridley1]

The only reason oil went up is because some idiot at a large investment bank said it would. Self fulfilling prophesy.

Why oil is traded the way it is is beyond me....it's an essential commodity, not an investment vehicle.  The world's getting strangled while less than .01% of the population is getting rich off of it.  Think of how many people are going to get royally shafted come the fall when they have to heat their homes.

[Urchin]

The only reason oil went up is because some idiot at a large investment bank said it would. Self fulfilling prophesy.

Why oil is traded the way it is is beyond me....it's an essential commodity, not an investment vehicle.  The world's getting strangled while less than .01% of the population is getting rich off of it.  Think of how many people are going to get royally shafted come the fall when they have to heat their homes.

You sound suspiciously like a communist....

[Nilsen]

Most capitalists sounds like communists when capitalism doesn work in their favor 

[ridley1]

capitalism is one thing. The greed in speculation is another.
I'm moving because I have oil heat....I can't afford it.
Think about Grandma this winter....food or warmth.
2600 people at GM just recieved notice they'll be out of work next year because the truck plant is shutting down(well, they are grossly overpaid, so that might be a bad example).
Jevic transport in New Jersey shut down a couple of weeks ago, 1200 people out.

Yet mobile makes 40 billion. Gas prices are high becuse of lack of refineries. What's a refinery cost? Mobile can make at least ten and still have enough to give their execs bonuses.

I admit...I'm a socialist. Essential services....electricity, oil, roads....things required for the operation of society....should not be on the wide open market.

[bj229r]

I foresee riding the Pan in the rain much more often now

[Hap]

Check out grocery prices come Labor Day.

[crockett]

One nice thing about high gas prices are the interstate is a hell of a lot less crowed.  I feel for the average person who has to drive to work everyday or people that buy heating oil. Myself, I'm lucky as I run my business from home and spend maybe $40 to $50 a month on gas. Typically I fill up my truck once a month and everything I absolutely need is with in 10 miles.

As far as GM shutting down their pants, well I don't really feel bad for them.. The workers yea but not the company. The writing has been on the wall for a very long time, that we needed to start making changes. Ford, GM and Dodge all kept pumping out 12 mpg vehicles. They will now reap what they sowed.

[Hap]

And for the fat cats its good.  Grab has much as they can as quickly as they can.  Like flipping a house. 

For the Dad's and Mom's with kids in little league etc, it should be a crime, says I.

That is when the writing has been on the wall for a time.