Oil hit's $107.97 at close - 3 cents from $108

[Bill]

And, as I'm sure everybody already knows, Lundbergh says gasoline hit a new record.

Did I ever tell you guys I knew one of the Lundberghs? One of the younger members of the family. He and I were both speakers at conferences devoted to energy and the environment.

We spent quite a few hours talking about oil.

[Bill]

Oil usually drops a bit in the early evening. But it's still rising.

$108.12

$110 tomorrow?

[bigfootzx]

Lundberg is an industry supporter who enables bad behavior by suggesting the EPA is too powerful and that global warming is all about opportunism. She is, and has long been all for profiting oil companies while suggesting she is a consumer advocate. She is an advocate. She plays both roles equally well. Gas data compilation is very useful to monitor fluctuations across the states.

This explains your opinion that oil industry data is correct, yet Congress is quietly investigating the underlying factors beyond supply and demand and the oil compaines role. People like me are pushing an agenda to investigate and get all the answers. Wall Street has the answers that Congress will pursue, all we need is a Dem controlled Senate.

http://www.msnbc.msn.com/id/14415786/
She condemns the “overzealous meddling” of the Environmental Protection Agency and other federal agencies, and said government-mandated reformulation of unleaded gas and engine modifications aimed at curtailing emissions are more to blame for gas price increases than the worldwide Organization of Petroleum Exporting Countries.

Lundberg has strong opinions on other issues. For instance, she calls global warming a “boogeyman for political opportunism.” Those who promote the theory are trying to create a power base and “believe global warming is a reason to hike taxes and hike prices,” she said. Lundberg balks at suggestions that she is a tool of the oil industry.

[bigfootzx]

Look for $116 plus before heavy profit taking unless we see news that changes the bullish herd mentality.

[Bill]

This explains your opinion that oil industry data is correct, yet Congress is quietly investigating the underlying factors beyond supply and demand and the oil compaines role. .

Actually, I always, always, always say that industry data is not to be trusted.

I report industry data, because it is one of the few sources of actual numbers describing the oil marketplace. But I always warn that the numbers are probably overstated or understated, and I've posted a number of examples of places where the oil industry was wrong in the past.

I think congressional investigations are a fine idea. More power to them. I suspect they will end up being a sham, tho.

Investigations won't affect the physical problems with the oil supply, or the effects of rising demand and declining supply.

Nor will it affect the commodification of oil.

Nor will it affect OPECs production levels.

[bigfootzx]

Actually, I always, always, always say that industry data is not to be trusted.

I report industry data, because it is one of the few sources of actual numbers describing the oil marketplace. But I always warn that the numbers are probably overstated or understated, and I've posted a number of examples of places where the oil industry was wrong in the past.

I think congressional investigations are a fine idea. More power to them. I suspect they will end up being a sham, tho.

Investigations won't affect the physical problems with the oil supply, or the effects of rising demand and declining supply.

Nor will it affect the commodification of oil.

Nor will it affect OPECs production levels.

Perhpas the price will continue, with a Dem president and dem controlled legislature we have a chance to cool off the middle east and north africa.

If the Cambridge Institute is right then we have more oil than suggested by the powers that be. I've seen too much hype for it all to be a race to the last barrel which will happen. Twice I saw prices drop after media reports that the oil investigation would widen to wall street and hedge funds. But they have a power lobby as well as the ability to generate research to support their opinion and counter more realistic numbers.

I'm going to publish accusations online and write some editorial pieces and accuse Republicans and Bush of failing to investigate beyond the oil companies. 500% is a major spike since the year 2000. Dems can make the call to investigate, the complaints are growing. The 1973 energy crisis is back again, this time opec is not the problem. Watch the media shift focus as the year changes. I have more details, but I want to research further.

[Bill]

Well, it's not so much an issue as the race for the "last barrel" - even if you are counting only the good grades of oil, that's anywhere from 5 to 50 years away (depending on who's numbers you believe) - then there are large quantities of much nastier and more expensive oil to be extracted and processed.

What I'm talking about is the "end of cheap oil", not the end of oil.

nothing would make me happier than to learn this was a fake crisis based on war profiteering - but you should keep in mind I'm no newcomer to the oil issue, I've been studying this since I was a kid. I don't believe that profiteering will be more than a very small part of the increase in price.

I'm one hundred percent happy with any and all investigations into oil that anyone wants to make. I think the oil copmpanies are arguably the single biggest threat to america and the world, and nothing woudl please me more than to see them raked over the coals, and forced to divulge the best real numbers.

And I would bet big money that when all is said and done, that we will still have this gigantic, implacable problem with petrogeology and oil engineering, compounded by an intense new demand for oil from the developing countries, and from within the oil states themselves.

[bigfootzx]

Worst case, an investigation would deflate the risk premium to $15 to $20 instead of $30 to $45 depending on who you ask. The profit taking would cool things down as well. Right now we have a lot of short covering boosting price higher, the bears are being crushed. I doubt we'll ever see $50 oil again, in fact I was comfortable with $65 to $70.