$60 per barral is that possible and if when?

apnews.myway.com...

NEW YORK (AP) - Oil prices marched to new heights, hitting a new intraday high near $60 a barrel even as the president of OPEC said Monday the group will consider raising its output ceiling by half a million barrels as early as this week.

The Organization of Petroleum Exporting Countries raised its output target by that amount just last week. The move appeared to have little impact on prices, which have risen by almost $12 a barrel in the past month because of concerns about limited refining capacity and rising demand for gasoline and diesel.

Light sweet crude for July delivery climbed $1.05 to $59.52 a barrel, an intraday record on the New York Mercantile Exchange, where oil futures have been traded since 1983.

Gasoline prices in the U.S. average about $2.13 a gallon, an increase of more than 40 percent over the past two years, but government data released last week showed that demand is up almost 3 percent from a year ago over the past four weeks at nearly 9.5 million barrels a day - a growth rate that surprised many analysts.

it looks like ATS members who have SUVs gonna have to trade in or sell yer vehicles tsk tsk. cause we heading to the $80 mountain.

As long as Oil companies are making record profits I imagine that they will keep pushing the prices.

As long as Americans don't complain to much the prices will keep going up.

Gas Prices Have Risen 70 Cents-a 48 Percent Increase. According the Energy Information Administration, the price of regular, unleaded, gasoline has risen by 70 cents, or 47.9 percent.

Oil Companies Experienced Record $100 Billion in Profits During 2004 so as you can see they will go as far as greed will push them.

www.consumersunion.org...

ExxonMobil CEO Received $38 Million in Bonuses, Despite Soaring Oil Prices. According to the Associated Press.

www.democrats.org...

ChevronTexaco CEO Received Nearly $10 Million in Bonuses and Stock Options. According to the Los Angeles Times.

www.oilcompanies.net...

ConocoPhillips Stock Has Increased by 75 Percent.

Incoming $60 a barrel! Heck could hit $65 by the end of the month...

It's already above $60 per barrel.

After climbing as high as $60.95 per barrel, an intraday record, the front-month August contract for crude rose 70 cents to close at $60.54 a barrel on the New York Mercantile Exchange. It was the highest settlement on record at Nymex, where crude futures began trading in 1983. The previous settlement high was $59.84 a barrel, set Friday.

news.yahoo.com.../ap/20050627/ap_on_bi_ge/oil_prices_25

Yes . . . oil prices are already predicted to keep rising for this summer, so I guess many people are taking this in consideration when they are planning for their summer vacations trip.

This rise in oil prices wont just effect gas prices, but just about everything that needs to be melted down: plastics, glasses, metals etc......until a new fuel is found, the sooner a new source is found the better.

Another factor is the lower value of the US dollar against other major currencies. As ALL global oil transactions are conducted in USD, suppliers must increase the price in that currency to get the same value returns.
The price is being forced up by speculators more than anything. The actual amount of oil being pumped out of the ground hasn't really changed but as demand has grown, the big oil companies have failed to increase refining capacity to cater for the increase. It's not in their interests to do so though, as prices rise so do their profits.