Oil prices jump to record $100 a barrel,
By on Jan 2nd, 2008 at 12:29 pm
Oil prices jump to record $100 a barrel,
reports MSNBC. Oil prices closed out 2007 57 percent higher than they were at the beginning of the year.
View Most Popular
Advertisement
What We're About
What We're Fighting For
What We're Fighting Against
Featured
Subscribe to the Progress Report
Topic CloudView topics sorted by popularity
Afghanistan
Bachmann
Beck
Boehner
Bush
Business
Cheney
Civil Rights
Congress
Corporate Ethics
Dobbs
Education
Election
Energy
Environment
Ethics
Fox News
Gingrich
Glenn Beck
Global Warming
Guantanamo
Health Care
Immigration
International Relations
Justice
LGBT
Lieberman
Limbaugh
Media
Military
O'Reilly
Obama
Palin
Pelosi
Politics
Race
Radical Right
Religion
Steele
Stimulus
Tea Parties
Technology
Terrorism
Veterans
Women's Rights
Visit Our Affiliated Sites
Reports
In-depth studies on select topics
Got a hot tip?
Have a hot news tip? We'd love to hear from you. Use the form below to send us the latest.
ArchivesBlog Roll
I had figured we’d see this jump shortly after New Year’s. Cripes, it’s only Jan 2nd & here we go!
Any bets on when gas will hit $4/gal.?
January 2nd, 2008 at 12:32 pmWe should see our local pump prices rising in 5…4…3…2…1…
January 2nd, 2008 at 12:33 pmmission accomplished!
January 2nd, 2008 at 12:35 pmcheck out gasbuddy.com to see the soaring gas prices around the country this week
January 2nd, 2008 at 12:38 pm57% higher is a mind blower. That’s stunning.
Nothing Republicans do is beneficial or sustainable.
January 2nd, 2008 at 12:38 pmLooks like GDumbya and Darth Cheney’s Middle East strategery has either failed or succeeded . . . depending upon how you look at it.
January 2nd, 2008 at 12:40 pmi guess that means the surge is NOT working.
January 2nd, 2008 at 12:40 pmIt’s all Clinton’s fault!
(I just wanted to beat the troll’s to the punch!)
January 2nd, 2008 at 12:40 pm240 days & waiting…
January 2nd, 2008 at 12:41 pm“Oil prices jump to record $100 a barrel”
And MSNBC and WSJ reporter Maria Bartiromo was right on the money when she predicted that oil prices will be $100.00 a barrel a couple of months ago.
January 2nd, 2008 at 12:42 pmActually, it’s because of New Hampshire:
http://www.boston.com/news/local/articles/2007/12/31/new_hampshire_quietly_ushers_in_civil_unions/
(I also wanted to beat the Evangelicals to the punch)
January 2nd, 2008 at 12:42 pmCorrection: WSJ report TV host Maria Bartiromo.
January 2nd, 2008 at 12:43 pmComment by LividLib — January 2, 2008 @ 12:40 pm
Actually, I think it’s working exactly as intended.
January 2nd, 2008 at 12:43 pmi’d rather take the $.99 gas and take my chances with the terraists.
January 2nd, 2008 at 12:43 pmWhatever happened to plundering Saddam’s oil reserves for our 99 cent a gallon gas?
Oh, yeah. “A few dead enders.” Sums up the neocon plan perfectly, doesn’t it?
January 2nd, 2008 at 12:45 pmWho would Jesus pricegouge?
January 2nd, 2008 at 12:47 pmActually, wasn’t that polyp on Rupert Murdoch’s colon, known as Fox News saying the oil prices were Speaker Pelosi’s fault?
I blame her and teh gays.
-M.C. Rove
January 2nd, 2008 at 12:47 pmHow much of this is the falling dollar? Probably a significant fraction. Meaning the increase in cost is hitting us way more than other countries.
January 2nd, 2008 at 12:49 pmNew Year’s resolutions:
1. Never talk to trolls.
2. Take long walks.
3. Never talk to trolls.
4. Spend more time gardening.
5. Never talk to trolls.
6. Enjoy more sunsets
7. Never talk to trolls.
8. Turn Independent after the primary.
9. Never talk to trolls.
10. Vote.
January 2nd, 2008 at 12:54 pmJust Bush petro cronies way of saying Happy New Years to Americans.
January 2nd, 2008 at 12:55 pm#18, PeterW,
Ding, ding, ding, we have a winner!
I forget the proper term for this type of self-reinforcing system, but, as we buy more foreign energy, the dollar falls due to higher trade deficits. As the dollar falls, it takes more dollars to buy the foreign energy, which increases the trade deficit in dollar terms, which causes the dollar to fall more, and so on.
This imbalance will fortunately be remedied by our changes in both transportation and grid energy policies, in which we switch to domestic sources of renewable energy, and stop importing foreign sources of energy – oil, natural gas, etc.
January 2nd, 2008 at 12:55 pmCrude Oil up 57% at all time record. Gas is precursor to fertilizer. Gas is used to move products to market. Gas is basic to manufacture of plastic. Gas is used to get workers to work (and how do the low income folks pay for their cars ?).
With all this, why has inflation stayed at 3% (SWAG) ?
January 2nd, 2008 at 12:59 pmRecord corporate profits by interests which own both sides of the aisle , Business as usual , only more so!
January 2nd, 2008 at 1:03 pmDon’t wait if you like democracy and value human lives stop consuming this commodity as much as possible .
Mass transit , flex cars , hybrid and electric vehicles are all available now and riding the bus saves lives . Stop shopping at stores and consuming products that are manufactured through human slavery and without regard for worker rights or the enviorment !
Your shopping habits are more powerful than the vote .Lifestyle, not representative government , the very freedom which democracy is supposed to supply , is our most powerful weapon .
Non co operation with evil is as much a duty as doing good . mahatma gandhi
Congrats, dumbya, mission accomplished.
January 2nd, 2008 at 1:07 pmGreat points at #s 18 and 21. How much impact does the falling dollar have and why can’t we communicate the insanity of our fiscal policies to the American public at large?
January 2nd, 2008 at 1:16 pm#27, Opt,
Unfortunately, this information isn’t just simply not reaching the public, it is being misrepresented to the public.
Every year that we have a trade deficit, it is only interpreted to the American public as the result of manufacturing jobs going overseas, when it is actually American consumers sucking up more and more foreign energy. Without the energy component, Americans would have a trade surplus with the rest of the world, because we offer financial services to most of the world.
Moreover, it makes no difference to tell everyday Americans, when it is federal / national policies that control inflation, trade, value of the dollar, etc. Americans can’t control how their electricity is generated, nor the drive configuration of their automobiles – that is federal policy.
January 2nd, 2008 at 1:22 pm26- When WalMart, which carries products made in China nearly exclusively, becomes higher priced than Mom and Pop stores selling goods made in the U.S.!
January 2nd, 2008 at 1:33 pm#27, energy prices will help with that some, but until the Chinese unpeg the Yuan from the dollar, we won’t see the full effect.
January 2nd, 2008 at 1:35 pmBush told Americans in 2000 he had friends in the Middle East and he would make sure Americans got cheaper gas prices. Bandar Bush stayed in the White
January 2nd, 2008 at 1:42 pmHouse long enough to make sure the Saudi got a big
profit from the US Treasury. Goldman Sachs was in one
the scams and got their big profits. Talk about an inside job for robbery it worked. Karl Rove did his part by using God to get the sheep to follow Satan.
Cheney was and is still CEO of Halliburton, but along
the way he made deals with other chosen companies for US contracts and he got his kick back share. All
this has been happening right under the noses of the American people who still say who’s fault is this. Reporter paid by the GOP say it was Bill Clinton or Al Qaeda and that works. No need to question the dumbing down of America it shows. As candidates campaign for President it’s clear to see we only have
one candidate with experience and qualifications but knowing the the American sheep work SHE wont get the vote. Rev. Huck will take a gift in exchange for the United States. Mitt will clear out the Christians and move the Mormons in as he robs the US Treasury.
Rudy the cross dressing Mob King will make the Mafia like like kids. The rest of the field of candidates are just in it for the money. Obama will learn one the job
as other experience World Leaders built their countries bigger with even the fallen US dollar.
In short if Hillary doesn’t get in as President I suggest
Americans learn the Arabic language we will be speaking it as the Saudis take over. It’s called a modern age invasion and the Saudis win.
Any bets on when gas will hit $4/gal.?
Comment by Zimzone
In So Cal. I bought gas this morning and it was $3.49 a gallon (91 octane). For me, I expect $4.00 a gallon by next summer – or possibly into fall ‘08.
Nothing is changing on the supply side of the equation. The major difference is on the demand side of the ledger (India and China).
Watch out for ’sudden’ refinery breakdowns or maintenance. That will hint as to how fast petrol will go up and when. Also, be aware of ‘pipeline issues’. These are devious attempts to increase oil company profits.
January 2nd, 2008 at 1:43 pm…and the american dollar is going down… going down… going down… it is worthed RS$1.70 Reais (Brazilian money)!!!!!! Well done George!!!!
January 2nd, 2008 at 1:45 pm…and the american dollar is going down… going down… going down… it is worthed RS$1.70 Reais (Brazilian money)!!!!!! Well done George!!!!
-Comment by sacopenapa
Speaking of Brazil, why is it that a ‘3rd World’ country can totally covert to burning alcohol in cars while we make umpteen excuses about the high price of gaosline?
Henry Ford designed the Model T to run on alcohol. It can be made entirely from organic residue, burns cleaner with no harmful emissions and would eliminate our dependency on ME oil states.
Again, why?
January 2nd, 2008 at 2:08 pm“That evil Georeg Bush has done it again!! That man can do ANYTHING to hurt us all!!”
Isn’t your junior high back in session yet?
January 2nd, 2008 at 2:25 pmSpeaking of Brazil, why is it that a ‘3rd World’ country can totally covert to burning alcohol in cars while we make umpteen excuses about the high price of gaosline?
Comment by Zimzone — January 2, 2008 @ 2:08 pm
Well, they do have the advantage of having enough land to convert huge tracts of it into alcohol-producing sugarcane fields.
January 2nd, 2008 at 2:30 pmSpeaking of Brazil, why is it that a ‘3rd World’ country can totally covert to burning alcohol in cars while we make umpteen excuses about the high price of gaosline?
Comment by Zimzone — January 2, 2008 @ 2:08 pm
Well, they do have the advantage of having enough land to convert huge tracts of it into alcohol-producing sugarcane fields.
-Comment by Luis M
True. What we’re seeing is big oil encroaching the ethanol market with it’s eyes on a monopoly. It’s the only way they want to play the game; guaranteed profit with no competition.
The USA can convert to alcohol, but until a monopoly is carved out we will continue to suck the middle east oil teat.
Corporate Terrorism at it’s finest?
January 2nd, 2008 at 2:45 pmThat, and they don’t have to deal with an agriculture lobby that is particularly entrenched in Iowa.
BTW, I’m not sure about this, but I thought China “unpegged” the yuan back in 2005?
(http://online.wsj.com/article/SB111409061337313200.html?mod=home_whats_news_us)
I’m not an economist, but I’m guessing that there are still some strings attached between the two currencies.
Anyway, high oil prices will (hopefully) decrease demand domestically, although the point is well taken that international demand is as strong as ever.
January 2nd, 2008 at 2:48 pmThe USA can convert to alcohol, but until a monopoly is carved out we will continue to suck the middle east oil teat.
Corporate Terrorism at it’s finest?
Comment by Zimzone — January 2, 2008 @ 2:45 pm
Like California has shown (or tried to show, at any rate) you don’t have to wait for an alcohol-based economy; instead, you can set up state laws to demand better mileage from new cars. Get some better use of the current gas.
That is, if the Federal government lets you.
January 2nd, 2008 at 2:50 pmdick cheney just blew his wad
January 2nd, 2008 at 3:57 pmCan anyone remember some of the things repubs said during the Clinton administration when oil hit $50 a barrel? I do. Some repubs in congress called for investigations into Clinton’s energy policy and said it was a threat to our national security.
January 2nd, 2008 at 6:50 pmGeorge Bush may or may not be “evil.” But we know for sure that he’s incompetent.
January 2nd, 2008 at 6:52 pmOnly W. could invade Iraq and not get any oil!
January 2nd, 2008 at 8:19 pmWell, he also has the distinction of running two oil companies in Texas that didn’t find oil which was a running joke in Texas for years.
January 2nd, 2008 at 8:21 pmThis current administration is extremely competent. The globalists want to reduce Americas standard of living and a new global currency to replace the dollar.
Since Bush took over, the dollar has plummeted, oil has skyrocketed, inflation has taken off but the numbers are massaged so you do not know it, resulting in a reduction in real incomes (gas prices are keeping up with inflation, your salaries are not), the housing market has crashed due to the crazy sub-prime mortgages the Fed allowed (housing prices were simply keeping up with real inflation), our factories keep moving jobs to China. Things are going according to plan.
We are said to have 3 bright linings.
GDP growth and Export growth, and Retail Sales.
Unfortunately, GDP growth from Exporting capital goods used to make product we used to make in other countries, and from trading in SIV’s, CDO’s, MBS’s do not do much for the average consumer. It is also inflated by the fraudulent CPI.
Retail sales are also inflated by the false CPI, and also included food and energy sales. Notice how they never give you core Retail sales like they do with CPI. Also, many consumers buy retail with credit cards where they must pay usury interest rates on money loaned them that was created out of thin air.
So as we head into a recession with interest rates already at historically low levels, tax rates also at low levels for the rich anyways (critters pay 50% of their income in taxes in one form or another), war time spending which is usually a boom to an economy, and government spending at generally all time highs, and a housing market in free fall, what will 2008 look like. Think 1929, and then fast forward to 1941.
January 2nd, 2008 at 8:24 pmThe only great thing this administration has done, is put a incredible amount of attention towards the need to care for the planet and stop using so much darn oil. We should thank George and his buddies.
January 2nd, 2008 at 10:22 pmSpeaking of Brazil, why is it that a ‘3rd World’ country can totally covert to burning alcohol in cars while we make umpteen excuses about the high price of gaosline?
Comment by Zimzone — January 2, 2008 @ 2:08 pm
Well, they do have the advantage of having enough land to convert huge tracts of it into alcohol-producing sugarcane fields.
-Comment by Luis M
yes, there’s hardly any land in the USA.
January 2nd, 2008 at 10:51 pmFollow the money and the cause of all of this will turn up. We don’t have a “gas crisis” we have a consumer rape in progress. Bush isn’t gonna do anything to his buddies who are as we speak lining their pockets, buying villas in the south of France, and hiring Blackwater to keep the unwashed masses away from them. This is felony theft by con job. Rich American oil barons screwing us at the pumps. Where is the noise from the congress and the administration? Where is the backlash?!!
January 3rd, 2008 at 7:41 am