Oil hits new all time high
 

Today the price of crude oil broke its inflation adjusted all time high of $103.76, spiking to $103.95.

http://biz.yahoo.com/ap/080303/oil_prices.html

Unfortunately for us, the factors pushing it up are quite different than those of 1980 and it doesn't look like it will abate significantly any time soon.

:angry:

Re: Oil hits new all time high
 

On the flip side; my gold that I bought with my tax refund last year has reached $990 an Oz!

Re: Oil hits new all time high
 

Yup.
I've been buying gold, too; for about two years.

There is a loose, but definite relationship between the price of gold and the price of oil of around 8:1 to 10:1.

It's a pretty safe bet that your gold will be worth $2,000/oz. at around the same time that oil hits $200/brl. Keep buying the gold.

Re: Oil hits new all time high
 

How about $106

http://money.cnn.com/2008/03/07/mark...ion=2008030711

Do you think we can still invest in oil? It'll continue the upward trend, wouldn't it? :confused:

Re: Oil hits new all time high
 

While oil is a non-renewable resource it is being depleted at a slow rate when compared to market gyrations. There are other factors that are impacting the price of oil now, chiefly OPEC production quotas and US refining capacity. If these change it could have a big impact on the price of oil (positive or negative). So I wouldn't invest on the theory that it has to go up because its non-renewable. Oil is going to have its peaks and troughs over the next 40 years or so. More peaks than troughs but whose to say if $106 isn't a localized peak?

Re: Oil hits new all time high
 

:rolleyes: I think it somewhat funny (and very, very sad) that the one group that could/should resonably be less concerned about oil prices is one of the most vocal about it.

$105 a barrel for oil...........
 

Is it just me or will anyone else here be laughing at the gas pump this year....
If it hits $4.00 a gallon there will be a mad rush for hybrids.........
I also think the resale on hybrids should do very well in the future............

Re: Oil hits new all time high
 

Not so sad because its not exactly a random sample. Everyone who drives one of these cars, especially those who visit an enthusiast internet forum, obviously place fuel efficiency high on their chart (if not the top feature) of their vehicle purchase.

Given this is it any surprise that they are still concerned about fuel costs even if they may drive a fuel efficient car? Not really.

Re: Oil hits new all time high
 

You guys are thinking of this the wrong way. The more expensive gas gets, the more money you are saving and arguably, the smarter you are for having bought your hybrid. You should be celebrating its climb. On a serious note, if conservation is part of your ownership choice then very high gas prices are great. Being hit hard in the wallet is the only thing that will make most North Americans actually try to use less of it. That in the end is good for the environment. We didn't buy yet, but are just about to sign for a 08 HiHY pending some financial details. Decision makes more sense every day.

Re: Oil hits new all time high
 

Post-ante purchase though more expensive gas = more out of pocket expense. While the ROI on our hybrid purchase may make more sense, once you own the hybrid its a sunk cost.

I still prefer cheaper to more expensive gasoline as I'd rather my hybrid choice have a lower ROI but me have a higher net worth at the end of the day than vice-versa :)