Oil price may hit $100. a barrel

[Bluebear]

..."It is worth asking ourselves - ‘what would happen tomorrow if we lost four million barrels a day, due to some accident?’ Or let’s say Iraq’s two million barrels a day became unavailable. OPEC’s got no spare capacity. And that could be it - $100 per barrel....

Sieminski stressed that this was not a wild claim. "The last time OPEC was at 95-100 per cent capacity was in 1973-74, and again around 1980. And disruptions put prices up by 50 to 100 per cent.

"We’re at $40 already, so a repeat gives you $60-$80 per barrel." Two separate instances of disruption, on this logic, could take the price up a further step to $100.

-snip-

The spike came after the US raised its security alert to "high", citing a possible al-Qaeda attack on financial institutions. The announcement was made on Sunday, but yesterday was the first chance for markets to react.

http://business.scotsman.com/index.cfm?id=887522004

[napi21]

1. Aren't ya just gonna love your SUV!

Let's see, if oil is at $40+ bbl today, and gas is at $1.85+or- That means at $100 bbl gas should be about $5.00 gal.

If that happens between now and November, Kerry will win, as long as people can afford to drive to the polling place.

[Bluebear]

2. I was just saying yesterday driving may be a luxury soon

And that was as it was nudging past 44/barrel. Where we think nothing of driving 40 miles now it may become a splurge.

[Bowline]

3. My bike get's fantastic mileage. And no emissions either.

I can bike to work in 15 minutes, if I don't get run off the road by some FReeper idiot in a Hummer!

[napi21]

8. That's the scary part. I used to ride a bike a long time ago,

when drivers weren't so agressive, and even then they just didn't see you. Didn't look either! I'd be a bit afraid now. I live near Atlanta, and it's a challenge to drive a full size car down I85.

Good luck to you, and stay safe.

[Eurobabe]

4. this is some serious shiite

Look over at thread in Econ issues folder:

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=114x10353

[mn9driver]

5. Wow. I wish I was in the oil bidness these days...

[spanone]

6. ....but it's not about the oil.

[Bluebear]

7. And no one in the administration is connected to oil.

[Old and In the Way]

9. While we worry about terrorists blowing up financial buildings

Big Oil slowly turns the heat up on our oil economy. I wonder how Mobil, et al, feel about terrorists when they are making the largest profits ever?