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NEW YORK (Jan. 2) - Crude oil prices soared to $100 a barrel Wednesday for the first time, reaching that milestone amid an unshakeable view that global demand for oil and petroleum products will outstrip supplies.
After months of flirting with the $100 per barrel price tag, it's violence in Nigeria's oil center, Port Harcourt, that gets the credit in the end for pushing the market to a new record.

This article is from AP.

What does it mean for us here in the Gulf?, and where is the price of a barrel headed?

Last year (2007) analysts already forecasted 130-ish mark. It should come down to sub 100. So they said.

Remember when it hit 40 and we think it was dead expensive? !!!!

Consumers will the bear the brunt, since most products are imported as well as raw materials for locally produce products. Its a domino effect and sure to push the high inflation rate again... . In the meantime salaries remains stagnant as prices soars again.....

OPEC will intervine

How can you be so sure OPEC will intervene?

Have read somewhere (yes, very accurate source of info ) that oil prices are suppose to drop back to $80 by mid 2008... that remains to be seen

The point is now that oil is $100 a barrel, previously renewable energies that were cost prohibitive are now economically viable - it is actually good for the environment that oil is so expensive.

Ian makes a good point, however taking into account conspiracy theories will the Major Oil Companies allow the serious use of alternative fuels?

The $100 oil price was a bit of a fallacy.

It was a one-man show who bought the minimum number of barrels and then immediately sold them at a loss.

Presumably he did this to claim he was the first person to buy oil at $100.

philh wrote:The $100 oil price was a bit of a fallacy.

It was a one-man show who bought the minimum number of barrels and then immediately sold them at a loss.

Presumably he did this to claim he was the first person to buy oil at $100.

Depending on how much he invested in futures; this guy is very dumb or very smart.

Think the minimum investment is 1,000 barrels. He lost a total of about $600 in the end.

A small price to pay for the right to say that you were the man that broke the $100 oil mark. Or a complete waste of money.

philh wrote:Think the minimum investment is 1,000 barrels. He lost a total of about $600 in the end.

A small price to pay for the right to say that you were the man that broke the $100 oil mark. Or a complete waste of money.

who would do such a thing? a commodity broker junkie? haha
what accomplishment is that...

***** the speculators in the States... ******* useless *** wits... these are the ppl (investment bankers, hedge fund brokers, speculators) that ***** up the market for their own benefit......

i say those who suffered major losses in the credit crunch deserves it. and the stupid major corps are giving them golden handshakes... if it were me i'd send them straight to prison

i say US will go into recession and good for them... ******* stupid dumb *** consumers... buy buy buy and waste waste waste but everything on credit....