Sunday, March 16, 2008

Oil price's influence on economics is my most interesting topic

(The rally in energy prices gained momentum Friday, with retail gas prices rising further into record territory and diesel and heating oil futures setting records of their own amid concerns about strong global demand and tight supplies.At the pump, gas prices set records for the fourth straight day, rising 1.3 cents Friday to a national average price of $3.28 a gallon, according to AAA and the Oil Price Information Service. Average prices are nearing $4 in some parts of Hawaii.Light, sweet crude for April delivery fell 12 cents to settle at $110.21 on the Nymex Friday after rising earlier to within pennies of its latest trading record of $111, set Thursday.)
Recently, the oil price is increasing dramatically. It's almost $110 per barrel. The increasing of the oil price is my most interesting topic in the energy course cuz it's has huge impact on ecnomics and people's daily life. I really want to learn more about what are the major reason caused it and how to prevent it from increasing way to fast. When is it gonna stop? As time flew, isn't it possible for the price to reach $200 per barrel? I think oil is the most precious thing in our life besides water. After reading the article "how's life without oil", I am shocked to think about it and i am looking forward to learning more from you guys.

1 comment:

mike adams said...

I am assuming the first part of your post came from the MSN site you posted. Try to reference your sources.

You are correct- the continuing high prices of oil are is quite interesting to watch. Take a look at the blog enetry from Feb 11. It details the history of oil prices over from the beginning and shows a detailed look at the past 10 years where a seemingly never ending increase has begun.

Hirsch discusses oil prices in his report and does mention that even with increasing oil prices, there must be a limit- we can only pay so much for something even if we 'need' it. $150, $200, $250- who knows where it will stop. Perhaps you can focus on this as the topic of your research. At what price will oil stop rising in price? Cite a variety of resources.

Nice post. Make sure to comment on your classmates comments as well.