Oil prices jump more than $10 to record high

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  • Bushwacked
    June 6, 2008 11:48 p.m.

    Welcome to Bush's Republican America! Don't ya just love it?

  • Cooperate and Act
    June 6, 2008 6:54 p.m.

    How about establishing a coalition of Democrats and Republicans and writing, calling and in some other creative ways TELLING them that they either need to get with it or they are OUT ! ! We have an election coming up where at least half of the congressional representatives are up for re-election. Let's tell them what WE THE PEOPLE are going to do if they don't get their act together. And let's work together. This is really not a political thing - don't worry about if each other is Democrat or Republican. If we don't do anything NOW, they, the BIG GUYS, will sink us whether we are Republicans or Democrats. Let's DO IT ! !

  • Suckers!
    June 6, 2008 2:31 p.m.

    You all missed your chance to vote for Ron Paul. Neither Obama nor McCain is going to change anything. The forces are in place. When are you going to figure out that whether there is some big conspiracy to hold oil off the market or Peak Oil is real, there is effectively a SHORTAGE and you are gonna have to deal with it.

  • Big oil?
    June 6, 2008 2:17 p.m.

    This problem goes back a heck of a lot further than George Bush (1 or 2). The folks running the oil industry world-wide are the modern day Gadianton robbers--conspiracy is their middle name. They have heavily contributed to the political campaigns of both republican and democratic candidates for president for a hundred years--probably longer if you go back to the old Standard Oil. They are heavily connected with international banking interests and it is quite an eyeopener to see how interlocked the directorites of various national and multi-national corporations are with the oil interests. These people are not patriotic members of their various nations--they intend to control the economies of the world, and they're well on their way.

  • RE: CPT Smash
    June 6, 2008 2:13 p.m.

    The ONLY good thing about having Obama elected will be that oil won't drop in price, and you will have to find some other republican to blame. Too bad your Democratic Congress can't reduce the price of oil either!!!

  • lowonoil
    June 6, 2008 2:03 p.m.

    "Oil was 25.00 dollars a barrel pre-invasion today it is 138.00 a barrel" -Capt. Smash

    I am no fan of GWB, but the world oil production curve was destined to go flat more or less now regardless of who was in the White House. Oil is simply following the often repeated, easily predictable production profile of any finite natural resource. World oil production is doing exactly what it was predicted it would do in 1956 When GWB was 10 years old. Google "M King Hubbert"

  • G
    June 6, 2008 2:01 p.m.

    "Just think all you Utah GOP Rethuglicans; Oil was 25.00 dollars a barrel pre-invasion today it is 138.00 a barrel."

    The Democrats promised before they took Congress that they would lower gas prices. And what have they accomplished lately? Well every quarter they publicly abuse oil company CEOs, who, every quarter, try to explain the economics of oil to elected representatives that know nothing about it and aren't interested in learning.

    These are the same people that passed an energy bill with an ethanol mandate...and are now scratching their heads wondering why food prices went up. They've also passed laws that will keep oil produced from the Alberta tar sands out of the U.S., on account that it produces too much CO2. They won the battle to keep drillers out of ANWR, and they keep drillers off the U.S. coast.

    Yeah, they sound like exactly the party we should choose to lower oil prices.

  • Jimmy Carter
    June 6, 2008 2:00 p.m.

    To: "Anonymous | 12:41 p.m."

    I couldn't have said it better myself.

  • Capt. Smash
    June 6, 2008 1:46 p.m.

    Just think all you Utah GOP Rethuglicans; Oil was 25.00 dollars a barrel pre-invasion today it is 138.00 a barrel. We had a budget surplus before Mr. Bush was sworn in to office. Now we have a deficit. He has hurt this country in so many ways by not listening and by not thinking.

    So lets go Utah lets all vote for McCain!

    Obama 08/12

  • I don't know..
    June 6, 2008 1:13 p.m.

    I guess we should just all park our cars for good and go and purchase a bike and a helmet. Either that or we just go back to the good old days of horse and buggy. Then you save money. You won't have to spend money on car ins. or gas. So whoever says updating everything is for good isn't always right.

  • G
    June 6, 2008 1:06 p.m.

    "I know that we are generally against big government intervention in free-market systems, but is this free, no-holds barred capitalism all that it's cracked up to be?"


    Supply of oil is showing signs of responding to increase in cost. The cost of exploration (geophysicists, engineers, sonar ships, etc.) has doubled in the last year because now oil producers are putting in wells as quickly as they can and producers are competing for exploratory services.

    That means more oil is coming down the pike in a few years.

    If the price rise lagged demand more, this increased emphasis on exploration would be slower, causing shortages, rationing, and even more expensive gas.

    By the way, futures trading is an effect, and not a cause, of the mismatch between supply and demand. If supply could cover demand, traders would not make any money off of oil.

    If you want to pin blame for oil prices, pin it on India, China, and the other countries that subsidize their oil. In effect, their citizens pay an artificially low price in exchange for their governments going into debt to pay for it. This makes demand artificially high.

  • making money today
    June 6, 2008 1:01 p.m.

    When you stop and think about it, how else do our CEO's make gazillions today? The auto industry? No.
    Manufacturing? No.
    Oil and war are the only ways to make it big.
    Any idea how much $$$$ Dick and Lynn Cheney's Halliburton and Lockheed Martin are generating.
    Off the (blanking) charts!

  • Just think $200 a barrel
    June 6, 2008 12:42 p.m.

    Thank you George Bush, your secret energy task force has been a big success for the oil companies. The American consumers are the ones getting ripped off.

  • Anonymous
    June 6, 2008 12:43 p.m.

    This problem is the result of increased demand in Asia and little or no increase in supplies or production. This is accompanied by unscrupulous traders who know how to drive up the price for their own profit.

    Those of you who keep blaming Bush are just looking for something to blame on Bush. This has little if anything to do with him.

  • YouGoFirst
    June 6, 2008 12:42 p.m.

    To "American Fork | 12:22 p.m." you should look up on Wikipedia to see who is the worst president ever. Bush only is listed as the worst by liberals. Bush usually was listed higher than Carter.

  • Anonymous
    June 6, 2008 12:41 p.m.

    Supply&Demand accounts for 1/2 of crude oil's high price, the other 1/2 of the high price is because of the futures trading of crude. Knock that factor out and get oil's per barrel price back down to the OPEC benchmark, currently at around $70, and watch prices at the pump plummet.

    That of course would mean the government taking the move to not allow oil, a national security item, to be speculated with in the 'free markets,' which actually is a code term for 'free wheeling!.'

    By the way, if supply&demand is supposed to be the reason for high oil prices, even with the Chinese factored in, why has it continued rising, when here in America alone oil consumption has not risen but fallen substantially compared to a year ago? Even with the Chinese taking up that lack they have not matched the downturn in overall consumption by America.

    So much for free wheeling supply&demand economics, that really are excuses for continuing the Corporate Socialism and Rich Pigs Greed that is making war on working middle-class Americans (and the rest of the world).

    Time to regulate oil/fuel like a public utility. Our national security may well depend on it!

  • lowonoil
    June 6, 2008 12:28 p.m.

    No matter how many posters state matter of factly that "There is no shortage", there is definitely a shortage.

    There are hundreds of oil companies. The 13 biggest are national oil companies that manage the resources of their respective nations. Number 14 is Exxon. The remaining several hundred aspire to become the next Exxon by finding, producing, and selling as much oil at a profit as they can. If the oil was there to find and produce, it would be.

    From EIA website:
    "Total proved reserves of crude oil in the United States, as of year-end 2006, are 20.97 billion barrels, a 3.6 percent decrease from those of 2005."
    This represents about 1000 days of US oil consumption. No wonder we import so much.

    I invite anyone, as always, to verify what I say at the US Energy Information Administration website. I challenge anyone who asserts that there is no shortage of oil to provide some reputable authority to back up that claim.

  • American Fork
    June 6, 2008 12:22 p.m.

    Bush is the worst president ever.

  • Oil Cop
    June 6, 2008 12:05 p.m.

    "The sky is falling! That is the next excuse the "speculators" will use to price us to oblivion. Or, they will speculate that armagedon is approaching."

    If oil & gas prices keep going up, there will be "Armageddon" and people in the U.S. will still be singing that tired old hippy song, "all we are saying, is give peace a chance!"!

    This BS has got to stop---it will bankrupt the U.S. economy. What is going on is wholesale manipulation of the market. This is what happens when political correcness, environmentalism run amok and phony political leaders are elected over and over again by a dumbed down populace.

    When will the public say "enough is enough?" Probably when we're all standing in soup lines!

    How about a stanza of "Kumbaya" everybody? Wake up America, the "bells are tolling" for you!

  • Dirty oil game
    June 6, 2008 11:30 a.m.

    Oil is one greedy, manipulated industry. The oil companies are buying off the speculators. The oil companies back and buyoff everyone on Capital Hill, they turn there heads and laugh. Pres and Vice Pres are both oil men from oil industry, dont you think they want to pad there portfolio. Why does'nt a large investment firm get investigated for fraud and manipulation, because our elected officials want a bigger payout on there stock! Elect new officials, clean house on Captial Hill. We need to get involved politcally and quit trusting Capital Hill.

  • There is no shortage.....
    June 6, 2008 11:09 a.m.

    The sky is falling! That is the next excuse the "speculators" will use to price us to oblivion. Or, they will speculate that armagedon is approaching. Or, the boogy man is coming. There is no oil shortage, PERIOD! What the oil companies have done is created a demand for alternative fuel powered vehicles by ripping us off everytime we go to the pump. I say lets use nuclear power to generate hydrogen in vast quantities to power our cars. We would benefit from less polution. Oh yeah, hydrogen is too dangerous, afterall, it did explode on the Hindenberg. Whatever. Oh yeah, Jane Fonda did prove that nuclear is bad in her scientific movie, The China Syndrome. I really don't see much more that we can withstand. BTW, your precious republicans are not protecting your interests. They do put on a good show by having the oil execs answer questions. The oil execs are the ones representing you.

  • Steve
    June 6, 2008 11:05 a.m.

    The interesting thing is will such prices bring forth alternatives?

    It should. Oil shale, tar sands, coal gasification, and a host of other technologies are now potentially profitable.

    But, any alternatives will take years to have much impact.

    We need to drill more oil now in Alaska, off the coast and elsewhere. It is time for the environmentalists to back off and work towards figuring out ways to generate U.S. oil safely.

    Barring oil development for political reasons is shameful. Focus on avoiding environmental harm, not blocking development.

  • There is no such thing......
    June 6, 2008 11:00 a.m.

    The United States has more oil reserves in Utah, Colorado, Wyoming, the Dakota's, the midwest, the Gulf of Mexico and Alaska than Saudi Arabia and other Gulf counties combined. We use no foriegn oil here in Utah period! Why then are we paying this outragous amount? The answer is simple, because it takes a lot of money to keep corrupt people corrupt! Your President is one of them and you will vote to keep the same ol' the same ol'. Why? Because they are backed by the big "R" behind their names. The time is approaching where We The People will have to stand up and take action to say enough. Right now, vote for change, not for party. Put in term limits. Get rid of the corporate backed politicians. Get rid of special interest lobbying. Get rid of political gift giving. Enforce conflict of interest laws. And yes, do what other countries have done, throw out the private oil companies and let the people take them over. I am getting to the breaking point as are MANY other Americans. DOWN WITH THE OIL COMPANIES!!!!

  • lowonoil
    June 6, 2008 10:23 a.m.

    When you read about rising oil prices, learn to disregard whatever excuse of the moment they are citing.
    The real underlying reason is the same as it has been for 5+ years now. The oil industry is struggling unsuccessfully to increase production to satisfy demand from a heavily depleted finite resource base. It's called "Peak Oil"

  • Alternative Fuels
    June 6, 2008 10:20 a.m.

    Wow, this is becoming a joke. This has to be criminal, but the thing is the only people who can help us (Congressmen and Legislatures) are all backed by these guys. They are smart and know who to back and support. So we won't see a thing happen for a long, long time.

    Why haven't we spent more money on alternate fuel options? Why aren't cars that get 50 mpg standard? I know that will be the case here soon, but wow it's a little late.

    When our President called us "... addicted to oil", how come we weren't presented with alternate options? Are we addicted or are there just no other options?

    This oil thing has to stop and soon. The oil companies keep breaking record profits, while the rest of us keep breaking our wallets. Wonder why the economy is in shambles right now?

    Congress needs to step up and take action. Actually earn your keep and represent the people!

  • Mills Levan
    June 6, 2008 9:16 a.m.

    Speculators who neither produce nor consume oil are responsible for adding at least $50 to the current price of a barrel of oil. They do nothing more than swap paper and force up the price. Congress must step in and set limits on traders and their antics or the country will see the price of consumer goods ballon out of sight. Gasoline for the family vehicle is just part of it. Think of transportation of goods, essential chemicals and all other oil derivatives. Congress absolutely must put limits on the speculators.

  • Devon
    June 6, 2008 9:16 a.m.

    It's interesting that the average person and the economy in general are subject to the whims of these oil traders and these analysts. I know that we are generally against big government intervention in free-market systems, but is this free, no-holds barred capitalism all that it's cracked up to be? How far will this go before we realize that enough is enough?

  • Dutch
    June 6, 2008 8:56 a.m.

    One analyst makes a prediction and the price goes up that much - this is a problem and my paraniod thinking suggests they do this for the thrill of watching it go up. I would love to see his or hers portfolio of stocks I would bet they a chuck full or oil stocks - If so I would say it boarders on criminal.

    I will make a prediction - $5.00 gas by the end of summer