Thursday, May 01, 2008

Pigs at the trough

Crude oil is at all-time highs right now, at about $115/barrel. Could we be looking at $200/barrel oil by the end of this year? And where's it all going?
Petro-Canada, Royal Dutch Shell and BP collectively hauled in $17.8 billion in first-quarter profits, with the announcements blowing past analysts' expectations yesterday as the price of crude oil continued to hover above $115 (U.S.) a barrel.

With some predicting oil at $200 over the coming years – Qatar's energy minister says even late 2008 is a possibility — the earnings party appears poised to last until the taps stop flowing.

As long as we keep paying, the pigs at the trough will keep sucking it up.

I paid $1.24/litre yesterday and was pissed off beyond words, even more so when I was told that the price would probably be up to $1.29/litre soon (definitely by the long weekend).

It's May, the weather's getting better, and my 21-speed bike is ready for deployment.