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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: damainman who wrote (57715)	7/14/2006 6:27:23 AM
From: Dan3	Read Replies (1) \| Respond to of 306849

Oil passes $78 per barrel. It looks like gasoline buyers aren't going to blink until gas hits $4 a gallon, maybe more. The funny thing is that the shortfall in production isn't all that great, but who here wants to volunteer to sit waiting for a bus, sweating in the sun swatting flies, while that new car sits gathering dust in the garage? We need about 5% of you to volunteer, what's it going to take? $4 gas? $5 dollar gas? What's going to happen to the economy when we start sending an extra $20 Billion to the plane bombers in Saudi Arabia each month? And how much are you now willing to pay for that big house that's in a new development 10 miles further away from your job than the current one is? Oil prices hover above $78 per barrel By TANALEE SMITH, Associated Press Writer 58 minutes ago SINGAPORE - Oil prices hovered above $78 per barrel Friday, near record highs, as intensifying violence in the Middle East raised concerns of a possible disruption of oil supply. We are certainly in uncharted territory," said Victor Shum, an energy analyst with Purvin & Gertz in Singapore. "I wouldn't be surprised if $80 is attained soon with this slew of geopolitical events in a tight market." Oil prices are being pushed higher by rising global demand and worries that the world's limited supply cushion would not be adequate to offset a lengthy disruption to output in major producing countries, such as Iran or Nigeria. There are also concerns about the risks hurricanes pose to U.S. production. "We haven't even taken into account a potential hurricane in the United States, so getting to $80 and beyond this summer seems quite inevitable," Shum said. "But if these Middle East events somehow get resolved, prices could also drop sharply." quite a bit more at: news.yahoo.com