Oil over 126

Crude oil rallies to a record high over $126 per barrel and the speculators see $150/b in sight. The talk is of an oil bubble much like the housing bubble of 2005. It is estimated that the prices is way above demand.

Let's time travel back ten years ago (1998) crude oil was only $12/barrel and gasoline was selling under $1/gallon. Clinton was president back then, now Bush a Texas oil man is president and now oil is over 120 "ten times as much" and gas is almost $4/gal. Exxon has record profits of over 60 billion. The decline in the US dollar has also helped to make gas more expensive. As John Titor said - get a bicycle.

Future price of gasoline will be $5/gal soon at this rate. We are seeing a sea change in politics as Obama laughs at the gas tax holiday, while Clinton and McCain support relief for the poor.