APRIL 17, 2006: OIL CLOSES ABOVE $70/BBL FOR SECOND TIME EVER! WHERE'S THE ECONOMY'S NEXT PIT STOP?

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prediction : political : APRIL 17, 2006: OIL CLOSES ABOVE $70/BBL FOR SECOND TIME EVER! WHERE'S THE ECONOMY'S NEXT PIT STOP?

[+] serious ballot by texsue57
ACTIVE Mon Apr 17, 06 - Sat Jan 10, 09
Oil closed above $70 back in August 30, 2005 shortly following Hurricane Katrina. The following day, it fell again in the markets. Today, April 17, 2006, it has closed above $70/bbl for the second time in history at $70.45 with no sign of returning to lower prices.

Where's the next pit stop?

Oil will go down now.
$75
$80
$85
$90
$95
$100
$100+
The scrapyard.

Ballot #92626 : SEE RESULTS

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COMMENTS:
We need to start investing in nuclear power soon, and working towards realistic alternatives sources.

by herzog on Mon Apr 17, 06 7:06pm [+]

Depends on when the attack on Iran begins.

by FiddleFaddleOnLSD on Mon Apr 17, 06 7:10pm [+]

I don't know, but I think you all should buy gold. The world economy is about to implode. Gold is where its at. Good luck! Bush brought this about, by the way. IC_pimp

by patch22us on Mon Apr 17, 06 7:56pm [+]

As for the attack on Iran, the day that happens is the day the United States will devolve into chaos. When the world financial markets abadon us in only a few days, lets see who will be laughing. I bet Bush will be lynched.

by patch22us on Mon Apr 17, 06 7:58pm [+]

I think the same would happen if he allows Iran to get the bomb.

by FiddleFaddleOnLSD on Mon Apr 17, 06 8:37pm [+]

I have no clue.

We need an alternative to oil, that's for sure.

by Liberal_Democrat on Mon Apr 17, 06 8:39pm [+]

I don't know where the 'next one' is, but I predict oil eventually going over $100 a barrel.

And it should be interesting to see how long people believe the line that this is due to 'low supplies.' That's bull -- companies are latching onto convenient excuses. Follow the actual commodities graphs and you'll see the prices don't ameliorate back to previous levels after the 'threat' has passed.

by Cathexis on Tue Apr 18, 06 5:56am [+]

Oil is a floating commodity and is controlled by the market. It's a partnership between massive, anonymous "speculators" and the oil companies.

The two are entwined in a way that's never really been seen before. It's taking a long time for people to realize the way things really are because the answers are below the surface.

It's an excellent ruse though that has been used to great effect.

by texsue57 on Tue Apr 18, 06 6:57am [+]

100+ my guess, I must admit I have benifitted from this as it created an unpresidented boom where i live.

by ABC on Tue Apr 18, 06 7:32am [+]

Note that neither the summer driving season nor the hurricane season have started yet.

Note, also, that the bombs have not yet started dropping on Iran.

Yep ... $70 a barrel will be looked back upon as 'the good old days' before this year is out.

by Cathexis on Tue Apr 18, 06 9:21am [+]

Bush may have to close down all media outlets the day the price of oil blows by the psychological barrier of $100. Maybe it will be remembered as the "impeachment price."

by cranky on Tue Apr 18, 06 11:06am [+]

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