Oil now at US$129/barrel and projected to hit US$150 by year's end

[tidus1203]

Yep much faster than the gas price increase. As I said instead of me complaining why oil is rising I just though I should just take advantage of it as well. Now I am not as sad on the pumps USO was up $4++/share yesterday, GLD is up $1++/share yesterday. And prices will only increase P1/L this Saturday

[ghosthunter]

If think it's this bad...



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[uls]

This explains $135 oil...

http://www.bloomberg.com/apps/news?p...ch0&refer=home

it's the traders.

They were betting oil price would go down... obviously it didnt...

They had to buy back the futures contracts they sold.

They're trying to outbid each other for the contracts so that pushed up the price.

[Monseratto]

THE SKY IS FALLING...US$5 rise of oil prices in just three days. Parang its accelerating rather than slowing down. Paano pa dito sa Pinas, the US dollar is appreciating 20 cents a day vs the petot.



Oil price surges past $135 a barrel

http://edition.cnn.com/2008/BUSINESS....ap/index.html

Story Highlights:
-Oil prices rose above $135 a barrel for the first time Thursday

-Supply worries, global demand and weakening U.S dollar behind jump

-Experts believe price could climb above $140 over the next week

P 70/liter gasoline, coming soon to a gas station near you...

[ringostarr]

it only means one thing if oil hits 150 or more, the hybrids are the next hot products not efficient mini-cars nor even CRDi's.

America has again outsmarted all of us. while China is at its peak experiencing the industrialization revolution - factories are being built all around the country, citizens are buying cheap chinese-made and indian made cars, America's big two are silently converting their cars to hybrids.

kumbaga sa computer upgrade tayo lahat sa LCD or kung hindi tiis ka sa mataas na consumo na kuryente na CRT

imagine if petrol hits P80 here, half of its cost will be considered cheap (P40) and that is the cost savings of hybrids.

i think it's time to visit the Toyota CASA, how much ang Prius ngaun dito?

[[archie]]

^^ nahhh IMO i wont hit 80/l... that would violate the supply and demand law. not much people would buy the product if its the price is that high... its impossible for the the average juan to afford gas at that price... therefore, loosing profit for oil companies.

but then again you have a different economic mind set. :bwahaha:

[Monseratto]

Just imagine gasoline when it was below 10/liter not so long ago versus the shocking 50/liter now. It would have been unthinkable back then that it would rise so high. Yet people still buy because it is a necessity. Even if it rises beyond 80/liter, people will continue to buy.

[overboost]

Just imagine gasoline when it was below 10/liter not so long ago versus the shocking 50/liter now. It would have been unthinkable back then that it would rise so high. Yet people still buy because it is a necessity. Even if it rises beyond 80/liter, people will continue to buy.

10php/liter was way back 1999. I remember back then when my full tank of gas would only cost me less than 500 pesos.

[tidus1203]

That is how our money system works. It is solely based on inflating, so over time paper money always loses value... Bring back the gold standard and I can assure you oil prices will be steady. But politicians and bankers don't like the gold standard its too honest for them

[bigMIKE]

10php/liter was way back 1999. I remember back then when my full tank of gas would only cost me less than 500 pesos.

That goes to show that life is full of surprises. Who knows oil prices will come down again similar to what happened right after the oil crisis of the 70's.