$120 Oil? Even Tech Would Feel the Pain

What a bunch of nonsense. Consumer spending has already started to drop off and will continue to do so because ultimately, the consumer will be the one called to bear the burden.

I believe crude will go to 102.00 or 103.00 and then the bottom will fall out going down to 80.00 to 85.00.

Just can't understand why our goverenment doesn't allow us to pump our own oil.

new depression?? Anyone???

gee thanks for the insight... i want my 10 seconds of life back

Opps now I remember we might disrupt the mating habits of the piss aint.

Opps now I remember we might disrupt the mating habits of the piss aint.

What happened to $40 a barrel oil ?? Same oil, same hole, same process to get it out .. G R E E D ! ! ! !

What happened to $40 a barrel oil ?? Same oil, same hole, same process to get it out .. G R E E D ! ! ! !

Even if our government would allow to pump the Alaskan or other domestic oil, the price would still be determided by the open market.

I think oil sucks.

~150 billion barrels of crude in the Gulf and my senators in Florida wont let this country become energy independent while we work on alternative sources. We in Florida need to FIRE Mel Martinez and Bill Mccolleum for breach of public trust. And those on the gulf coast that claim they would be able to see the rigs... its hogwash. You can barely see a cruise ship 30 miles out on a calm clear day... the rigs would be 150 miles out.

Many economists and so-called "professionals" said that the demand for oil will drop when light sweet crude hits, 60, 70, 80, 90 and the magic 100. Demand hasn't really tapered off the way these fools thought. Behavior hasn't really changed to the point where it will start affecting demand. Oil is a scarce resource with China and India calling for more and more of it. The economists even thought that once the price of gas hit 3.00 in America, that would affect demand---wrong again. Europeans already pay nearly twice this amount. The Arabs know this and are slowly trying to get the American people accustomed to paying these prices as well. And they will succeed.

As swing consumer, we have done nothing to reduce our dependence on imported oil prices. As swing producer, Saudi Arabia has an incentive to reduce production since members of the our current administration expressed a desire to"change"the goverment of Saudi Arabia, and also by supporting the OPEC cartel, the ability to determine the direction of the commodity and security markets.

Any further rise in oil will stop this economy to a hault. Oil over $100 is making US consumers cut way back. The OPEC group needs to work on putting more supplies in the world market. If the US economy comes to a hault high oil prices will explode in their face and fall to $50.

God bless them...I sure hope they [oil companies] can make a profit. I fully believe that they are doing the right thing by draining the American populus of its much needed money. Who needs food, college or health care for their families. We are just sheep that is more of a liability than an asset. God bless them.

This is all based on a war breakout in the middle east and the anxiety over the election in November. I predict no war and a smooth election (McCain the winner). Then prices will drop to 70 to 80.00.

Oil, Oil profits, People can only cut back some things. You still have to drive to get places. still have to buy gas... Oil companys are make millons of dollars!!!! Is there really a oil problem?

To answer barry7476 its because the BUSH Family is in bed with the Saudis since the 70s, if not longer. Does anyone wonder why Beef prices are through the roof. Answer because most beef comes from Texas and there has been no recent cases of Mad Cow anywhere else. Maybe people will get the hint 3 Presidents in the pass 40 years Texas, War and high Oil prices.

I am 78 years old and I can still sweep the floor, iron my clothes, live on a ranch, go dancing, enjoy life with my dogs,and my neighbors. Why is it that our legislatures want to give my money to people in this country that sit on their butts and vote for a person that leads this nation to the slaughter house?