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Bloviating Zeppelin: Oil

Bloviating Zeppelin

(in-ep-toc'-ra-cy) - a system of government where the least capable to lead are elected by the least capable of producing, and where the members of society least likely to sustain themselves or succeed, are rewarded with goods and services paid for by the confiscated wealth of a diminishing number of producers.

Monday, August 06, 2007

Oil


WASHINGTON -- The U.S. economy is in a "danger zone" because of near record-high crude oil prices and the world's producers must boost supply to prevent shortages, U.S. Energy Secretary Sam Bodman said Thursday.

Sustained U.S. crude oil prices near the $80 level could harm the U.S. economy, and both OPEC and non-OPEC producers should "look at what the facts are," Bodman told reporters.

"We're in a ... danger zone right now, so that's why I hope that both OPEC and non-OPEC nations will look carefully at the facts," Bodman told reporters.

"I am concerned that where we are operating, in the ranges that we're talking about now where you are approaching $80," Bodman said.

Some have indicated that oil will reach $100 per barrel by the end of this season. See my post about this possibility. In the meantime, gas around here is the cheapest it's been in months: $2.77.



BZ

6 Comments:

Blogger Jenn of the Jungle said...

Mine as well are lower than they have been for some time. Interesting. $2.85 down the street for the cheap stuff, which fortunately is what my car runs on.

Mon Aug 06, 12:15:00 PM PDT  
Blogger shoprat said...

Gas is relatively cheap at the moment which means fill your tank while you can and hope the prophets of doom are wrong (which they probably are.)

Kind of like the predictions that the bottom was going to fall out of the stock market today.

Be wise. Be cautious. But don't jump to conclusions.

Mon Aug 06, 12:21:00 PM PDT  
Blogger Bloviating Zeppelin said...

I can only hope those things DON'T go that direction. I suspect the current prices are an attempt to lull us to sleep.

BZ

Mon Aug 06, 03:39:00 PM PDT  
Anonymous gunz said...

I think you're dead on BZ...

Tue Aug 07, 07:41:00 AM PDT  
Blogger Little Miss Chatterbox said...

Our prices are the lowest they've been in quite awhile too so I'm just enjoying it while it lasts.

Tue Aug 07, 10:48:00 AM PDT  
Blogger bigwhitehat said...

Fuel prices are affected by so many things. Many of these things are external to the oil and futures markets.

*taxes
*mix regulations
*forced ethanol requirements
*etc.

It would be nice if the only factors were due to the oil market but governments make a lot of cash off of our pain at the pump.

Tue Aug 07, 07:23:00 PM PDT  

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