Have we seen the peak in oil yet?

[Matt in the Hat]

First Substantial Post!


The price of crude is at $54.77 at the start of the market day. Have we seen the top of the mountain, or do you think that the price will get to $80/Barrel this year?

[Chicago1871]

I think we'll see a peak somewhere in the lower $60s.

[MLSNHTOWN]

God I hope so.

[Chicago1871]

Gas Prices by State (http://money.cnn.com/pf/features/lists/gasprices/)

[Sachin]

Depends on how demand in China and India grows this year. More than the war and terrorism fears, that's what driving up the oil prices. All sorts of commodity prices have gone up over the past two years.

Good for my natural resources mutual fund. :D

Sachin

[Danks81]

It will break $70 but settle back down to the high $50's.

[obie]

I picked a middling number - $70. You have to frame the question through a time period, though. $70 by end of '06 is my guess though it's not much more than a guess.

[monop_poly]

This year? $60. Gasoline is going to go higher though between now and July. I would be surprised not to see $2.40/gal at a station now selling it at $2.05/gal where I buy gas & milk.

[prk166]

The lil' econobox I drive says "matters". :D

[Sachin]

I still have yet to pay $2/gallon for gas, anywhere. I hope to keep that streak alive through the middle of the year.

Sachin

[Roel]

I think we will get $60, just on currency effects. The US$ and Chinese yuan are falling. The price of oil has doubled in terms of US$, but only gone up 30% in terms of Euros.

We will probably see another significant gain due to increasing demand. US and Chinese demand will probably push oil over $70 this spring.

There could be some spikes, but sustained prices will be $60-70 through 2005.

[obie]

The US$ and Chinese yuan are falling.The only reason the yuan is falling is because the Chinese govt pegged it to the dollar. If they allowed it to float, its value relative to the dollar would likely skyrocket.

[Chicago1871]

I still have yet to pay $2/gallon for gas, anywhere. I hope to keep that streak alive through the middle of the year.

Sachin
That's impressive, as I haven't paid less than 2.08 a gallon this year.

[ElJefe]

That's impressive, as I haven't paid less than 2.08 a gallon this year.
That's the difference between living in Virginia and Illinois.

I haven't paid $2 a gallon yet this year either, but because the Dallas area has the highest gas prices in Texas, I expect that I soon will be. Regular unleaded (which I uses) is running around $1.85-1.90 a gallon around here, with the higher grades already at $2 or higher.

[Quango]

Two weeks ago, I said "$2.00 for Plus! That's outrageous." It went up to $2.20 today. Time to start taking the bus more. Q

[prk166]

http://www.economist.com/images/ga/2005w11/CGA547.gif

[DamonEsquire]

I gonna stick with coessentialness. The summertime will bring +$10.00 maybe even ten more for quanity. I think. This push by government and regulators for long haul. Sure citizenry might loose but time will tell. Stabilization possibilly for five years. Power aid is a drink however, minimum wage increase. I still say. It should be ten dollars an hour. The bare necessities for survival: utilities, rent, food, transportation, rent and phone/cable. Situation should allow timeliness of gouge. At least, fecal matter remain off of sidewalks. Is this national war?

[Txtriathlete]

62 dollars so far, I think we can easily hit 65-70 dollar range by year's end.

[Pints]

I don't have any links, but I can tell you the days of spending anything less than 1.50-1.75 for a gallon of gasoline in the US is over. Within the next 10-15 years we will all be happy that the prices have fallen back down to 4 bucks a gallon. Mark my words.

[Pathogen]

I don't have any links, but I can tell you the days of spending anything less than 1.50-1.75 for a gallon of gasoline in the US is over. Within the next 10-15 years we will all be happy that the prices have fallen back down to 4 bucks a gallon. Mark my words.
I'm guessing the standard will be $3/gal by next Memorial Day.