Oil has hit a new high of $126 a barrel. If you listen quietly you can hear the sound of Delta and United softly weeping. [AP]
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@greenpepper: I presume you're somewhere that gets pretty darn cold, like New England or the Great Lakes states?
Big dumb question, here.
I really want to know: If people are losing jobs or losing ground against inflation and thus choose to spend less money, if gas/oil prices rise so people can't afford to fly for recreation (as opposed to business), if houses are repo'ed and then stand empty, and renters are evicted because owners default on mortgages... How the hell does the economy not simply collapse? What measures can turn this implosion around? (Obviously I didn't take econ in college. Curse all those irresistible lit courses!)
@Timmus
It makes it cost-effective to drill into new areas that are more expensive to access. The Barnett Shale formation here in N. Texas is being heavily drilled now that the oil companies can afford to put the technology into getting the gas out.
I worked for an oil & gas company in the mid-90s, and there wasn't a new well going in within 200 miles, and half of the existing ones were pumping water. Now I pass by three on my way to work every day.
Honestly now, I get a little bit tired of always hearing about record oil prices. I mean, oil prices are rising, generally speaking. Although some days the prices might drop a little, the overall trend is upwards. Why is it news-worthy _every single day_ that oil has hit another record high? We already know it's still getting more expensive.
I think we should just comment on changes in the first or second derivative of oil prices - that would be much more useful information.
I love it. Keep it going up. The higher the better. Only way we will ever get self-sufficient.
@endersshadow: I have some stock in them too. Just keep burning my oil.
@ElizabethD: The American economy despite all its problems is still the biggest in the world. It will take a while to slow that big flywheel down.
@Kurt's Krap: The SUV boom is over. Has been so for this year and last.
@david_consumerist: Did that in Frankfurt. Loved it. Here I ride my bikes just to mess with the fossil fuel burners. Though they do go to my Exxon stations.....







Is that weeping, or the clickity-clack of keyboards coming up with another name for "Yet another fuel surcharge" to bury into the ticket price? ;)