Will oil speculators stop at $300.00 a barrel?

Question

At this price the world economy will begin to shut down. The lives of everyone including the traders will be adversly affected,

Answer 1

It is a crude guess.  I think the crude shock will be over within a year or so and all developed countries will make efforts to find a substitute. If this does not come true, then biggest consumer of oil and gas that is USA will wage a war like Iraq to save its own economy.

Answer 2

Oil speculators do not set limits on their profits.  This is a dance step.  At this rate the trend could yield $500 per barrel.  Mainstream America is being entertained into economic slavery.

Mainstream America must change the rules.

The only effective solution is to nationalize oil production and distribution until the American consumer can get a sense of relief from the burdensome expenses of energy and oil. It sounds drastic. It has become economically critical.

Nationalize energy for a set period of time. Issue $10,000 energy compensation per household. When oil production and refining is returned to the oligopoly, strict guidelines must be observed.

Windfall profit taxation will continue the trend that is economically enslaving Americans

Answer 3

An individual does not recognize the externalities of his/her actions. If there is money to be made, people will continue. Actually, if the world economy does start to shut down (it won't) then traders will see an even greater need for extra cash and this will actually drive up the prices.

Answer 4

eventually

Answer 5

Not if there we are producing less oil each day than we consume.  But it depends how slowly or quickly it gets to 300.  If it takes the next 4 years to gradually get there, then we will adjust slowly, but it will hurt.  If it gets there in the next year, then I think things will really begin shutting down.  You have to look at it in context.  I see Dubai being one of the only cities in the world that won't be affected by the world economy and energy crisis.  They're filthy rich, run on renewables, and have a high-tech, information age workforce.  They're pretty self-sustainable.