Oil prices hit $140 a barrel!

I knew we were heading to this but my estimates had put it at a later date. Obviously current events have changed that. The changes that all these price hikes are causing are becoming more and more visible as each day goes by. I saw it today on a short ride into the country where we came across gas stations without gasoline of any type. You might say these are signs of what is to come. A friend called me last night and told me that in his area in eastern Virginia people were opting for scooters to get to work instead of the usual gas guzzler.

Well, here are the latest links and they are not good. I had estimated that we would be reaching $200 per barrel by March of 2009 but it looks like we will reach that mark long before that. I would not doubt it one bit if we hit the Big $200 by autumn of 2008!

Oil prices hit new high near $140 a barrel

Analysts cite weak dollar as reason for latest spike, gas also at new record

NEW YORK – Crude oil futures hit a record near $140 a barrel Monday as investors shrugged off Saudi Arabia’s promise to boost production and instead focused on a weaker dollar. Retail gas prices rose to a record $4.08 a gallon. More…

High oil prices are based on fundamentals not speculative bubbles

This weekend, UK motorists are queuing at petrol pumps as Shell tanker drivers take strike action. Violence has flared up on the Continent – with hauliers and fishermen railing against the fuel costs they say are crippling their trade.

Across the world, in fact, high oil prices are now sparking protest – with demonstrations as far afield as Poland, Thailand and South Korea. More…

For related news go to my post: The Next Great Economic Depression

Also for more energy related news go to Worldwide Energy Shortages


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