Peak Oil

Oil Passes $126 a Barrel

By Ryan McGreal
Published May 09, 2008

Summer driving season hasn't started yet, but oil prices have already passed another milestone. Reuters reports that oil has gained 11 percent since the start of the month, passing $126 per barrel, citing "fuel supply concernss and a rush of speculator buying."

It's getting to the point that auto industry observers are warning truck owners to hurry up and trade in their gas guzzlers before the trade-in value plummets.

Interestingly, a survey of oil industry executives finds that a slight majority - around 55 percent - believe oil prices will fall below $100 per barrel by the end of the year.

It's hard to say whether this is just wishful thinking, Upton Sinclair style, or a sound analysis; but it's pretty amazing to consider that oil prices dropping below $100 a barrel would now be considered price relief.

Ryan McGreal, the editor of Raise the Hammer, lives in Hamilton with his family and works as a programmer, writer and consultant. Ryan volunteers with Hamilton Light Rail, a citizen group dedicated to bringing light rail transit to Hamilton. Ryan writes a city affairs column in Hamilton Magazine, and several of his articles have been published in the Hamilton Spectator. He also maintains a personal website and has been known to post passing thoughts on Twitter @RyanMcGreal. Recently, he took the plunge and finally joined Facebook.

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