[almostdiva]

California is home to the nation's highest average gas price, $3.87 for regular unleaded; diesel is pushing $4.43 a gallon, according to Troy Green, with AAA.

Ninong,

Diesel in PA (at least in the Phila suburbs) is in the mid $4.50s and has been for 2 weeks. If I get the chance to cross into NJ, I can get it for around $4.20/gal. It now costs me $40+ to fill my 14.4 gal tank. that's a lot of $$ even considering that I get 45 mpg!

[Ninong]

Rebecca,

Diesel is $4.099 down here in Louisiana right now. Middle grade gasoline is $3.499 -- that's what I have to use. Our prices here are usually at least 30 to 40 cents a gallon cheaper than the San Francisco Bay Area.

P.S. -- Diesel in Mexico is about half what it is in the U.S., which is causing some truckers near the border to cross over to fill up in Mexico.

[Ninong]

Five Years Since Mission Accomplished: Oil Six Times Higher Than Promised

Crude Oil now trading at $120.36/bbl.

May 1, 2008 marked the fifth anniversary of "Mission Accomplished" in Iraq. It was on May 1, 2003 that President Bush told us that the battle for Iraq was over and we had won. One of the promises made by his administration was that oil would drop to $20.00/bbl.

Today, May 5, 2008, crude oil is $120.36/bbl. Happy Cinco de Mayo!

[Ninong]

Crude Oil now trading at $122.40/bbl.

The price of oil set a new record high above $122 a barrel earlier in the day on a forecast of higher prices and more news hinting at supply shortages.

Goldman Sachs' prediction that oil could rise to $150 to $200 a barrel within the next two years has played a major role in the upward move. A falling dollar and increasing concerns about declining crude production in Mexico and Russia have also contributed to the buying spree.

Here.

[Ninong]

Crude Oil now trading at $123.75/bbl.

Here.

[Ninong]

Crude Oil now trading at $124.70/bbl.

Here.

[Ninong]

Originally Posted by Ninong

Crude Oil now trading at $117.00/bbl.

P.S. -- This is really getting out of hand. At this rate we will see $125.00/bbl oil by June. Gas will be over $4.00/gal for regular nationwide. Premium will top $5.00/gal in many areas of California in June if this keeps up.

P.P.S. -- Crude oil closed on the Nymex at $116.54 per barrel, which is a new closing record. Crude also hit a new intraday record of $117.00 in electronic trading earlier this session. Oil prices are up more than 23% this year.

On April 18, 2008, I predicted that crude oil would hit $125.00/bbl by June. It took only three weeks!

Crude Oil now trading above $126.00/bbl.

Crude oil is up more than 100% from May 2007.

Here.

P.S. -- If prices do not pull back soon, we will see $4.00/gal for regular gas nationwide within weeks. Regular gas will hit $4.50/gal and premium will hit $5.00/gal in San Francisco before the 4th of July.

P.P.S. -- When you hear the government tell you that inflation is under control, remember that they exclude "the volatile food and energy" segments.

[Ninong]

Crude Oil hit $126.98/bbl yesterday.


Here.

[Ninong]

Crude Oil now trading at $127.82/bbl.

Crude hit a fresh all time record high of $127.82 per barrel in Friday's early action. Oil is up almost 35% year-to-date. It has more than doubled since May 2007 when it was $62.46/bbl.

This is insane! At this rate we could see $140.00/bbl before the end of summer.

[Ninong]

Crude Oil now trading at $128.40/bbl.

Crude oil just hit a new all-time high of $128.40 per barrel. Earlier this morning, oilman Boone Pickens said on CNBC he expects oil will reach $150 per barrel this year. Goldman Sachs recently revised their estimate from $141/bbl this year to $150-$200/bbl within 24 months.

P.S. -- I think we're due for a correction of at least 15% in the price of oil but I don't know when it will come. If the price keeps climbing like this throughout the summer, we could easily see $140-$150/bbl before the end of summer, followed by a correction of 15-25%. Oil is just insanely priced right now.

[Ninong]

Crude Oil now trading at $129.31/bbl.


Here.

[Ninong]

Crude Oil now trading at $130.47/bbl.

May 21 (Bloomberg) -- Oil rose above $130 a barrel for the first time after at least five banks raised price forecasts in the past week on expectations supply constraints will persist.

Crude oil for July delivery gained as much as $1.40, or 1.1 percent, to $130.47 a barrel, the highest since trading began in 1983 on the New York Mercantile Exchange. It traded for $130.22 at 11:56 a.m. London time.

Oil prices are likely to carry on rising, futures prices show. Crude for delivery in December 2016 surged $17.08, or 14 percent, in the three trading days after Goldman Sachs Group Inc. raised its forecast to $141 a barrel for the second half of the year. Yesterday, Societe Generale SA and Credit Suisse raised their forecasts for prices.

Here.

[Ninong]

Crude Oil now trading at $132.69/bbl.

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[Ninong]

Crude Oil now trading at $133.67/bbl.


Here.

[Ninong]

Crude Oil now trading at $134.15/bbl.

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[Ninong]

Crude Oil now trading above $135.00/bbl.

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[Ninong]

Crude Oil now trading at $131.00/bbl.

After hitting an all-time high of $135.09 in after-hours electronic trading yesterday, oil has pulled back a little today. It has been bouncing around all day between $130.65 and $133.70. Right now it's around $131.00/bbl.

We can expect regular gas to average above $4.00/gal nationally by next week. It's already well above that in some states, especially California and Illinois.

Here.

[Ninong]

Crude Oil now trading at $139.12/bbl.

Crude oil hit another new high today and some analysts are now predicting that it will hit $150.00/bbl by the Fourth of July.

The stock market is not taking kindly to this news and the news from the Bureau of Labor Statistics this morning that unemployment jumped from 5.0% in April to 5.5% in May. And we lost jobs again in May, for the fifth straight month. The Dow Jones Industrial Average lost 400 points today!

[Ninong]

Crude Oil now trading at $140.39/bbl.


Crude oil hit another new high today and the Dow Jones Industrial Average dropped 358 points. GM fell to a 53-year low of $11.43. It has fallen 50% since May 1, 2008, when it was trading at $23.

The president of OPEC said he expects oil to reach $170/bbl sometime this summer.

Gold gained $32 today. It's back up above $900 at $918. That's still well below it's high of $1,034 a few weeks ago. If crude oil actually does hit $170/bbl this summer, look for gold to hit $1,200/oz because the stock market and the dollar will fall even more.

Fasten your seat belts, it's going to be a bumpy night ride.

P.S. -- The S&P500 was 1355 when George W. Bush took office. It closed today at 1283. Its all time high was above 1500 in November 2000. The NASDAQ, which closed today at 2321, is still down more than 50% from it's 2000 high above 5100 and it's below where it was when Bush was sworn in. The DJIA closed at 11,453 today. It was 10,659 when Bush took office in January 2001 and 11,723 in January 2000.

The Bush administration gave us eight years of zero growth.

"I think we are better off overall if you look at the entire eight-year period." -- John McCain during Republican candidates debate. "I'm going to be honest: I know a lot less about economics than I do about military and foreign policy issues. I still need to be educated." -- John McCain one week later.

[Ninong]

Crude Oil now trading at $142.99/bbl.


Another new high. The president of OPEC is predicting $150/bbl oil this summer and $170/bbl before the end of the year.