Oil Hits $65 a barrel!, Holy Crap!

[rvsm410]

http://news.yahoo.com/s/nm/20050810/bs_nm/markets_oil_dc

 

[wrxpilot]

We're all doomed. I'm going to go look for my old skateboard. Should be worth thousands in a few months.

 

[Flying Illini]

It's funny, I was reading a fiction book the other day, and in it, they were talking about the oil companies and their drive to control the US government and the population. Anyway, these people trying to stop the oil companies were talking about how bad it would be if oil hit $60 a barrel and how disastrous, economically, it would be if oil his $80 a barrel.
Well, we should get a front row seat in the next few months!

 

[wrxpilot]

It's funny, I was reading a fiction book the other day, and in it, they were talking about the oil companies and their drive to control the US government and the population. Anyway, these people trying to stop the oil companies were talking about how bad it would be if oil hit $60 a barrel and how disastrous, economically, it would be if oil his $80 a barrel.
Well, we should get a front row seat in the next few months!

While hardly a scientific sampling of the US economy, I have personally noticed many goods becoming more expensive. Things such as groceries. If inflation starts to become a problem, and the housing market is at a peak, then it could get a little interesting. I like to think we are not going to see a hard recession as a result, but if things can continue as they are we will certainly see a dip in the economy.

Oil companies are reaping record profits right now, which is interesting.

 

[TurboS7]

They still say that it isn't as bad as it was in 1981 when inflation is put into the equation. At that time I had 12 airplanes and 7 trucks trying to do scheduled operations for Emery Air Freight. We were paid by the pound and the shipment. BTW the interest rate was at 22% at the time also. When we get to $3.15 cents per gallon we will be paying the same at the pump that we were paying in 1981.

 

[Monkeyfist]

Two weeks ago I paid $3.19 per gallon driving down hwy 395 through the Owens Valley, CA

 

[wiggsfly]

No one knows what the breaking point will be. If you really want to scare yourself read the doomsdayers at http://www.peakoil.com. Just remember they all tend to fead off each other and use a rather small sampling for their research. If you really want to do some research you'll find out that a lot of the problem is, as always, corporate greed. Do you really think these companies are going to do anything that would bring down the price of oil? It will go up as high as people will pay (which may or may not be much higher) and then it will stay there, and we'll hear for years about the small spare capacity and everything else as our stocks build and little if any investment is made. They've got us right where they want us, at the edge of our economic collapse, and they will hold us there as long as they can.

 

[Flying Illini]

NO congressional actions will be taken because both parties are in the oil companies pockets. No question that they have some serious lobbying power in D.C.

 

[Rick James]

NO congressional actions will be taken because both parties are in the oil companies pockets. No question that they have some serious lobbying power in D.C.

I agree 150%! My truck (diesel) will run just fine on bio-diesel, but do you think that I could get any break on the price (hell no).

 

[Bryan D]

NO congressional actions will be taken because both parties are in the oil companies pockets. No question that they have some serious lobbying power in D.C.

High oil prices are Bushies present to his fellow oil men back home. A news report recently stated that high oil prices are a result of a lack of refineries here in the US. Seems strange that we had enough refineries until all of the sudden...boom there it is.

 

[Flying Illini]

How long has it been since a refinery was built? Long time. This isn't Bush's fault. It's not a singular party issue. That fact is that both parties are recieving some nice coin to not open domestic areas for drilling, for not allowing new refineries to be built, etc. If we tried, propane power wouldn't be hard to do...heck, hydrogen power wouldn't be hard to do either. Quite the infrastructure to build, but the longer we don't do anything, the worse it's going to get.
All you can do is use fuel efficient cars or ride your bike...

Know what upsets me? My generations "car" legacy is pretty sucky. My Dad had real muscle cars...all we've got are freakin' hybrids.

 

[NuGuy]

While hardly a scientific sampling of the US economy, I have personally noticed many goods becoming more expensive. Things such as groceries. If inflation starts to become a problem, and the housing market is at a peak, then it could get a little interesting. I like to think we are not going to see a hard recession as a result, but if things can continue as they are we will certainly see a dip in the economy.

Oil companies are reaping record profits right now, which is interesting.

Well, when the market goes bust and the real estate market collapses, the nit-wits with interest only/negative amortization loans who have been making my property tax skyrocket will be SOL.

Nu

 

[jetflyer]

I wonder if the government saw this all coming.

Remember that October 17th the BANKRUPTCY LAWS change....

Coincidence, or did they know that oil supply problems were coming that might cause some problems???

Jet

 

[jetflyer]

T. Boone Pickens was on CNBC today saying that he saw $75/bbl soon. After today's $65/bbl, that's not that shocking...but since he's been right so much of late, it's an important note.

$75.00/bbl would mean about $3.00/gallon gasoline. Fun times are coming. Dang I miss $0.85/gallon gasoline in 1998. Oh the good 'ole days.

How high are oil prices going to have to go before we start seeing alternatives make a difference? $10.00/gallon??

Jet

 

[RJPilott]

T. Boone Pickens was on CNBC today saying that he saw $75/bbl soon. After today's $65/bbl, that's not that shocking...but since he's been right so much of late, it's an important note.

$75.00/bbl would mean about $3.00/gallon gasoline. Fun times are coming. Dang I miss $0.85/gallon gasoline in 1998. Oh the good 'ole days.

How high are oil prices going to have to go before we start seeing alternatives make a difference? $10.00/gallon??

Jet

Some are predicting 100/bbl by next summer. Ouch....

 

[jetflyer]

This sux! Who should we get mad at? I feel like rioting

Jet

 

[wrxpilot]

Well, when the market goes bust and the real estate market collapses, the nit-wits with interest only/negative amortization loans who have been making my property tax skyrocket will be SOL.

Nu

Yes, they sure will. I will hardly have much sympathy for them either. It is a bubble fueled mostly be greed and partly by stupidity. As to why some of these people let it all hang out on the assumption interest rates would never go up is beyond me. The really interesting part about all this is that we now have new bankruptcy laws. When (not if) the housing bubble pops, there’s going to be a lot of people under a big pile of debt that the cannot simply erase w/ bankruptcy.

 

[414Flyer]

High oil prices are Bushies present to his fellow oil men back home. A news report recently stated that high oil prices are a result of a lack of refineries here in the US. Seems strange that we had enough refineries until all of the sudden...boom there it is.

So how did Bush go back in time and convince the Indians and Chinese to have a lot of people and convince them to start buying cars so that they would use up the slack in the petroleum production capacity? India and China are using lots more fuel than 5 years ago

Some of you can find any reason to blame Bush. Its our own fault we are so dependent on oil.

 

[FN FAL]

This sux! Who should we get mad at? I feel like rioting

Jet

Perfect! The other day I was discussing my 14" barreled Remington 1100 project and my dad asked me, "What the hell do you need a sawed off shotgun for?"

I told him I filled in that blank on the BATF form with "For any and all lawful purposes". Thanks for giving me something more tangible to say the next time someone asks me that question.

 

[AAflyer]

So how did Bush go back in time and convince the Indians and Chinese to have a lot of people and convince them to start buying cars so that they would use up the slack in the petroleum production capacity? India and China are using lots more fuel than 5 years ago

Some of you can find any reason to blame Bush. Its our own fault we are so dependent on oil.

Good Bush, that is why he gave the poor oil companies huge tax breaks in his latest energy bill. He's got his right?

AA

 

[Joseph II]

You all need to come to the great state of Iowa. At least our gas is normally $0.10-$0.15 cheaper then the national going rate because we are using ethanol.

Have you, the consumer though about selling your car for a more effecient one? Have you reduced your driving habbits because of the price of gas?

I only worry about the cost of gas if we drive to visit friends and relatives on the weekends. But that worry is about as intense as "gee, gas is expensive, what else is new?"

Getting 15mpg in the Jeep is not as good as desired, but I can affoard $2.30-$3.00 right now mostly because my work commute is about 4 miles each way. On the other hand, when driving 50 miles each way to work, I was spending $330/month on gas just to get to work (@ $2.30/gal). That's a lot of cash vs $226 @ $1.70/gal.

 

[FN FAL]

You all need to come to the great state of Iowa.

no can do...

 

[jetflyer]

Any bets on how high the price of crude will go this winter?

Here is what an Iranian analyst said back in June, and it is why traders are so nervous. Currently we have a 1 milion barrel surplus. In the Fourth quarter we're supposed to USE 2 MILLION BARRELS PER DAY MORE THAN THEY'RE PUMPING OUT OF THE GROUND!! This can't last for long without really drawing down the crude, gasoline, and heating oil inventories. We shouldn't have shortages this year, because of the inventories that are built up from all oil producers pumping full tilt ALL YEAR LONG. This isn't sustainable year after year though. Eventually the inventories run out or the price becomes so prohibitively high that SUPPLY WILL MEET DEMAND. Here is the article:

Read this from an Iranian Analyst from back in JUNE:
Iran Analyst Says Oil Output Won't Meet 4Q Demand -Report

TEHRAN -(Dow Jones)- Global oil producers will fail to meet rising oil demand in the fourth quarter, sparking oil price rises of up to around $60 a barrel, an Iranian oil analyst said Wednesday.
Mohammad-Ali Khatibi, director of the Tehran-based International Center for Energy Studies' OPEC research office, told the Pars news agency that OPEC and non-OPEC producers wouldn't be able to meet demand in the fourth quarter.

The official, from a center affiliated to the oil ministry, said current production of 85 million b/d would be surpassed by projected demand rises to 87 million b/d in the fourth quarter, leaving producing countries having to pump an extra two million b/d, which they won't be able to do.

Khatibi also said the lack of spare refining capacity in oil-consuming countries sparks more instability in global crude markets than the lack of spare production capacity by OPEC and non-OPEC producing countries.

To bring stability to the market, producers need around up to 4 million b/d in additional production capacity, due to increasing demand, he said.

"But the absence of refining capacity to cover any new production will intensify spiraling global oil prices," he said in response to the reasons underlying growing oil prices.

Khatibi said the rise in oil prices of up to $60/bbl is likely by the winter.

Whatever the decision by ministers of the Organization of Petroleum Exporting Countries today, there will be no tangible drop in oil prices, he said.

-By Hashem Kalantari, Dow Jones Newswires, +9821 896 6230

Dow Jones Newswires 06-15-050721ETCopyright (C) 2005 Dow Jones & Company, Inc. All Rights


When is ethanol and all the other alternatives going to help bring down the price of crude oil? I hope soon.

Jet

 

[jetflyer]

From Financial Sense Newshour with Jim Puplava:
http://www.netcastdaily.com/fsnewshour.htm

I NEVER LISTENED to the THIRD HOUR of his show until just now. WOW. Listening to these economists talk about PEAK OIL is very interesting.
LISTEN TO THE

[font=Arial,Helvetica,Verdana]3rd Hour with Jim & John​

The Big Picture [/font]

[font=Arial,Helvetica,Verdana]--Energy Tsunami Hitting Globally by Q4
[/font][font=Arial,Helvetica,Verdana]--The Geopolitical Aspects of Oil
[/font][font=Arial,Helvetica,Verdana]--China and the Next Commodity Bull Run[/font]
[font=tahoma,verdana,arial]Select an Audio Format to listen:[/font][font=Arial,Helvetica,Verdana]
RealPlayer l WinAmp l Windows Media l mp3
[/font]



Select an Audio Format below to listen to Matthew Simmons talk about OIL SUPPLY Problems (PEAK OIL) HERE IS THE SECOND HOUR:
Select an Audio Format to listen:[font=Arial,Helvetica,Verdana]
RealPlayer l WinAmp l Windows Media l mp3[/font]

Jet

 

[jetflyer]

Am I the only one that cares about PEAK OIL? Did anybody even listen to Matthew Simmons and Jim Puplava?

What do you guys think about Peak Oil!!?

BELOW IS GREAT INFORMATION FROM SPEECHES TO CONGRESS:

Roscoe Bartlett, Republican Congressman from Maryland just gave a new speech to Congress, broadcast on C-SPAN on July 19, 2005 about COMING OIL SUPPLY PROBLEMS(PEAK OIL).

Here is the transcript. I highly recommend you all read it:
http://www.xecu.net/thorn/PO/PO-July19-2005.html

April 19th Bartlett gave this speech to congress. This is a good speech to read, with visuals.
http://www.bartlett.house.gov/SupportingFiles/documents/energyspeech.pdf

Roscoe Bartlett met with Bush about Peak Oil on June 29th. So Bush, no doubt knows about the coming oil supply problems. Here is the press release:
http://www.bartlett.house.gov/latestnews.asp?ARTICLE2900=7308



BARTLETT, regarded as one of the most CONSERVATIVE republicans in the House, strangely drives a PRIUS and DOES NOT BELIEVE WE SHOULD DRILL IN ANWAR. He thinks we should leave that oil for future generations that will be in need of cheap energy. I think we should drill ANWAR ASAP.

Bartlett thinks we should begin to "get off oil" NOW. His speeches to congress on OIL SUPPLY PROBLEMS are great reads.


All of you reading this do yourselves a favor and educate yourselves on this subject. Make up your own minds what will happen with OIL. First listen to the above show I linked, and then google PEAK OIL. Do your own research.

There are also about 10 books on the subject out there. Do a search on Amazon.com. I've read two and just bought my third.

TELL ME WHAT YOU THINK AFTER YOU'VE DONE RESEARCH!!

Jet