How long do you think the oil price run ups will last?

It appears that Iraq is going to start producing a lot of oil due to its newly installed government and the over all war effort of the U.S. and talks on how Iraq can improve itself through increased oil commerce. Iraq has enough oil reserves to supply the U.S. with a good 70 years of oil, but as we all know the gap between oil supplied and oil used is what greatly determines oil prices and this gap can easily be covered, and covered in excess, by Iraq. As such, how long do you think oil prices will continue to remain high?How long do you think the oil price run ups will last?
The high price of oil has nothing to do with the Arabs. The Bush Administration let go a loop hole in the law that formerly prohibited commodities brokers from dealing in oil.





So these Americans moved their operations to England and bought oil. They created a new demand for oil and as a result, the price went up. They made money and they bought more and the price have kept going up.





They don't care what they do to the economy, they are getting rich.





The loophole is the same one that permitted Mr. Bush's friends at Enron to make billions with power bids in California.





This insanity will only end if congress takes action. They are talking about it now, but that is only talk.





The level of production increase by the Saudis and by Iraq and other members of OPEC will only produce more profits from the commodities traders.





When congress acts and puts an end to this loophole in the law that prohibits this kind of transaction, oil prices will fall by half. When that will be is anybody's guess. We all hope, the world hopes it is sometime soon. The blame for this lies with the Bush administration.





Mr. Bush and Mr. Cheney are both ';oilmen'; and their friends are getting filthy rich.How long do you think the oil price run ups will last?
Edison, why it it that Bush was too stupid to know that Iraq did not have WMD's, but was smart enough to organize an oil scheme to drive up the price of oil beyond what anyone else thought was possible.


The oil prices could come down due to aggressive action against speculators, or by the oil states producing more oil. Who know when. But don't expect oil to go back to the good old days. The likelihood of a cap and trade system for carbon credits will double the price of oil within a few years of its passage.
Terrible problems in Iraq ability to pump oil. aging equipment and some oil even extracted and then put back in ground. very harmful.


Since this the reason we went to war I hope they get it working.





Good Question!
there is a very bright side to this. American companies are leaving the cheap labor countries and returning to the USA. We may even revive our steel industry. So next time you are at the pump remember that you are helping to get industry back here.
I dont mean to sound sarcastic, but honestly, the high prices I believe will last forever, just for the fact of who's running the show.......the IMF and Worldbank.
Gasoline prices are right in line with the increases of almost everything we buy. It's just inflation.





The USA needs to build more refineries. Quickly.