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Ear to the Ground

Oil Hits New High, Again

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Posted on May 22, 2008
oil price graph
news.bbc.co.uk

The price of a barrel of crude oil has doubled over the last year, reaching a record $135 on Thursday. With dwindling supplies and a weak dollar, analysts expect the price to go up for some time.

BBC:

The price of oil hit a record high above $135 a barrel on Thursday - more than twice what it cost a year ago.

The latest surge was driven by data showing that US supplies of crude had fallen - but the price later fell back sharply as traders took profts.

In the US, the benchmark light, sweet crude contract hit $135.09, taking its gain for the year to more than 40%. In May 2007 it was priced at about $65.

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By Marshall, May 23 at 11:54 pm #

How about “Not at all Bush’s fault”?  Can you tell me a single thing that places any responsibility for high oil prices on Bush?  Honestly, what are you people gonna do when he’s out of office… blame his ghost?  Blame goes to demand.  Period.  It’s not the military, it’s not the Iraq war… it’s gentrifying countries like China, and it’s your SUV.

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By cyrena, May 22 at 6:41 pm #

Not so fast Fadel. It may be disastrous, but there is a solution already in the works. This talk of ‘exit plans’ from you is a concern, unless you’ve got some exotice island picked out, and you’re planning to take me with you.

Meantime, I don’t think there is more to come. The issue with peak oil is a very real one, and it’s true that both China and India ARE now using more of the allotment of it than they did in previous centuries or decades. So yep, we DEFINITELY need to make the adjustments in how we live, as we should have decades ago. But, that IS doable. All we need to do is to take the billions and billions currently being invested in war machinery that is intended for the purposes of continued theft of what is left, and spend it on ways for generating alternative means of energy. That will in turn generate jobs and other benefits to both the social and physical infrastructures of our nation and economy.

As of now, this government is spending 2/3rds of everything we have or can steal or borrow, and making more war machinery, so that we can compete with the rest of the world in the qwest for remaining oil. Instead, we should be using that money and those human resources to develope alternative means of energy sources, and we all know that it CAN be done.

The bush and other corporate dynasties have prevented that from happening, because of their own greed. BUT..that doesn’t mean that it CAN’T happen.

So, now we know, and we’ll continue to learn more, and we’ll MAKE it happen!!

Keep the faith!

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By Ga, May 22 at 6:15 pm #

The developed world’s economy runs on petroleum products (fertilizers, plastics, greases, gasoline, etc.)—we essentially are wholly dependent on fossil fuels.

And demand is ever increasing. Not just in the U.S. due to gas-guzzling cars and trucks—and our extraordinarily massive military. Think also China and India.

Therefore, prices will always rise for oil. Always. With no end in sight.

The world can produce some energy from non-petro sources, and are doing so, like from wind and the sun (mostly outside of the U.S.).

But the world also needs to find replacements for those petro-products like fertilizers and plastics and ball-bearing grease.

It will not be a pretty world—soon—if oil has already peaked.

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By JOHNDICKERSON, May 22 at 6:10 pm #

Yeehaa! Bring back the oil depletion allowance!

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By Fadel Abdallah, May 22 at 4:43 pm #

Have we reached the culmination point with Bush’s created disaster, or is there more to come?! I have to start making my exiting plans from this disastrous world Bush created,

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By PatrickHenry, May 22 at 1:49 pm #

In the Bush mind, by allowing the oil companies to rape the American public they will change their minds and allow our military to stay in Iraq, for cheaper oil, forever.

Oil will be cheaper when we leave and take our vast war machine with us.

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