Oil crosses $129 for first time, heads for $130

(everytime bush makes a house call to the sauds...oil jumps..hmmmm)

more: http://biz.yahoo.com/ap/080520/oil_prices.html?.v=8

AP
Oil crosses $129 for first time, heads for $130
Tuesday May 20, 12:09 pm ET
By Adam Schreck, AP Business Writer
Crude oil futures pass $129 a barrel for the first time, likely headed past $130


NEW YORK (AP) -- Oil prices spiked to a new trading high Tuesday, sweeping toward $130 a barrel as supply concerns intensified the momentum buying that has lifted crude deeper into record territory. Gasoline, meanwhile, reached an average of $3.80 at the pump for the first time.

The June contract for light, sweet crude traded as high as $129.60 on the New York Mercantile Exchange before settling back to $129.43, up $2.38. The imminent expiration of that contract created additional volatility in the market, and raised the very real possibility that crude could hit $130 before the end of the day, when the contract was ending.

Oil's trek toward $130 coincided with the Labor Department's report of an unexpectedly sharp rise in wholesale inflation last month.

I remember the limbo song - "How low can you go?"

This is a case of the opposite.

n/t

Obama needs to start talking about this every day until November.

"The Saudis claim they have more oil," Pickens told CNBC. "They don't. The President wasted his time to go to Saudi Arabia, to say, 'Give us more oil.' They can't give any more oil...they're stacking up the money as fast as they can stack it up."

http://www.cnbc.com/id/24723260

Welcome to the gottendammerung for Exurbia, and the mobile American lifestyle-- the 2K sqft home will be unheatable for a price one family will bear. The sixty mile commute, simply too far to bicycle.

The SUV. Sold for scrap. Probably to the Chinese.

Fuck SUV's, they're pointless for 99% of the population. Grind them up and use the raw materials to build practical vehicles.

I think of it as a symptom of shock that it is no longer Morning in America.

We need to downsize air travel and start building commuter rail all day long.

it's probably a great time to invest in a bicycle manufacturing company. It would put people to work too.

for commuters.

fixes them up and sells them.

of course, as usual, it will be a chaotic scramble to try to create some order out of chaos - and many will refuse to accept that life has changed-forever.

that is where we are in my neck of the woods right now.

KC is number two in the US for sprawl, and the public transportation is woeful.

A year ago the public, tired of a 30 year waffle on light rail, voted funding for light rail in advance of the city even announcing it wanted it.

The latest mayor ran on a platform of bringing light rail to the entire region.
he might just save Kansas City from the long emergency. But he is going to have to break a lot of kneecaps to do it.

He got out just in time. I expect he'll get around to thanking me sometime this summer

but people tend to just hold on and hope for the best...now, you can't give them away.

spend every winter in FL, and live in MO.

They have the largest RV I have ever seen. I could fit a whole Tour de France team in it.

They are wealthy enough to keep it up, but I doubt they will.
They were caught in very bad weather on their way back home this year
and the RV proved less than a fun place to ride out a day of tornadoes and severe storms.

I believe climate change, rather than fuel cost, seems to be the critical issue in their behavior change. Having been through my share of tornadic weather*, in shelter ranging from an apt bldg hallway to dome tent, I understand.

Of course, fuel prices and wild weather are two sides of the same coin.

* not your share of tornadic weather, unless you too grew up in tornado alley.

expense to cart around. If you have the $ to keep pouring gas into the endless gastank pit, that's one choice. Even if i had the $, I would not pour it all endlessly into a gas tank.

so they at least can get around while RVing without burning more gas.

Now if I could only get them to emulate my shopping with my bent.
They have about the same ride into their local bigboxville as I do to the City Market in KC.

Of course, I get it cheaper and fresher at the city market. But they live in what used to be farm country. So, with the deep irony so common in the 21st C, I get fresher food from the downest part of downtown KC.

not too far up the coast, local organic growers-and the market is within walking distance every week, about 3 blocks from where i live.

Watch it carry over into the Christmas shopping season.

I can't help thinking that we're only seeing the beginning of a major economic crash. If the gerbils on the MSM would do their job and do some digging, they could show just how serious this is. But they're incapable of digging into anything beyond some celebrity's antisocial behaviors.

where it may stick for a few months.

I look to it getting there for Summer driving, so May is going to be a bad, bad month.
If it is true that Bush will bomb Iran no matter what, things will get worse quickly.
That would make $200/bbl oil a go for November.

TB Pickens also thinks $150 this year, and he's saying peak oil is here.

So brace yourselves for $6.00/gal by election, or that point where we were supposed to have an election.

It should mark the end of Republicanism in our lifetimes.

:grr:

I guess this is what happens when an "oil man president" is selected by the SCOTUS and Diebold.

but he was sold as the charming, cute, drink a beer with main street bush...+ a stolen election, and he will just skip town leaving U.S. in the dummper.

with Bush and Cheney in charge. I guess this country is getting everything it deserves, for letting the oil junta take charge.

should have at least given the people 'a clue' about this gang.

http://finance.yahoo.com/echarts?s=USDEUR=X#symbol=USDEUR=X;range=1d

It's just taking an awful beating. I don't hear any voices in the media asking Bush if he has policies to stop the dollar's slide.

Start here: http://spp.gov/