backwardation has caused inventories to become abnormally low and traders are feeding off of this. the euro has simply become a one way trade that will end in a trainwreck for them. while bush was busy pardoning turkeys crude oil was making all time highs.. my god this has to be the worst presidency EVER!!! one mentino of the strategic oil reserve or intervention solves all of these problems.
Fucking do your homework. Crude price, when adjusted for the "Non-inflationary" years , cough cough, is not that high. 100 a barrel is where oil will stick. Between the mid 90s and 100. Get use to it. If you don't like it, buy a Hybred and vote Democratic. Of course, you could all ways ride a bike or cycle.
In my humble opinion, 15 cents a cup for one of the most valuable natural resources does not seem absurd... but quite the contrary, in the coming years, we will look back on this and think it was a bargain at these prices. Best wishes in your journey!
Actually oil is at $60 per barrel now. It is Dollar that is using its value. I think Hallmark cards and books prices should change now. Instead of $3.25 USD or $4.75 CAD it should say $$3 CAD or $5.25 USD. Ok back to oil. Just buy oil with EURO and the price hike will magically go away.