Oil Hits $70+ a barrel!

[JPB]

This is an election year. The price of oil is going to come down just around that time.

We should really increase the national reserves now that the barrel is at $70; that should push it up to 80-85 and then release some for the elderly, bringing it back down to 75-80 for the elections.



For those of you thinking that drilling more is the solution, I recommend you look at some numbers such as variation in production vs comsumsion in the last 5 years rather than taking advise from the $20B profit/quarter (yes a B) oil industry. That would lower your cost at the pump the same way that lowering EPA standards (mercury emissions) did, or attacking Iraq for that matter (see early 2003 analyses)



If you think this administration is doing a good job so far, you're really going to like its impact on the economy. The car and airline industries are the first tiny

casualties. The ripple effect is going to affect the recovery )) more than any tax break.



The only thing saving us is the cost of a new computer: $250...

 

[2LT]

Boy, I hope not...

If they do, we're really in trouble!!

Haha...

 

[atpcliff]

Hi!

Currently the excess oil production worldwide is ONLY 2.5m barrels/day. Katrina took out 1.4m barrels/Day, which was 60% of the worldwide excess prodcution, which is why oil prices went up.

For those of you thinking it's only a refining capacity problem, gasoline prices went up much more than oil prices went up. The higher gasoline wholesale prices are because of refining capacity ceilings. The higher oil prices are because of worldwide demand vs. worldwide production. These are two separate issues that both effect the end price of gasoline. Make no mistake, there is a worldwide oil production vs. consumption problem, which has nothing to do with refining capability.

Cliff
GRB

 

[bugchaser]

jetflyer, I know that you are hopelessly caught up in all this, but look at where much of this information comes from. Much of the data and scary prospects come from the folks that stand to profit from the increased frenzy and rise of prises. Getting people like you to panic and spread the word only serves to fan the flames and continue to cause prises to go up. There is no fundamental basis for oil prices to have been as high as they are over the last few months. If we were at the correct market price, we would be seeing drastic price increases for crude in the wake of this dissaster. Notice today that it has still not been able to sustain a price of over the $70 mark. Again, that is because the price was already inflated to way over where it should have been. In my opinion, we will stay at about these levels or maybe in the 60's till after the winter heating season. Next spring prices will more than likely level off at about the 40-45 dollar range where economic rules say that it should be. On the upside of all of these high prices, there has been a stimulation of alternative fuels etc, which we need to prepare for the future. As some of these are now economically feasible at this price level, this should also help to stabilize the price in the coming months and years. If we all wake up and work to develope these and other alternatives, we can have an easier transition away from fossil fuels in the future. We should look at these high prices as a good thing in that maybe it will serve to help us find the alternatives that we all know that will be needed some day.


The concept of Peak Oil does exist, but it is not the end of the world.
Relax a little.

 

[Dangerkitty]

jetflyer, I know that you are hopelessly caught up in all this, but look at where much of this information comes from. Much of the data and scary prospects come from the folks that stand to profit from the increased frenzy and rise of prises. Getting people like you to panic and spread the word only serves to fan the flames and continue to cause prises to go up. There is no fundamental basis for oil prices to have been as high as they are over the last few months. If we were at the correct market price, we would be seeing drastic price increases for crude in the wake of this dissaster. Notice today that it has still not been able to sustain a price of over the $70 mark. Again, that is because the price was already inflated to way over where it should have been. In my opinion, we will stay at about these levels or maybe in the 60's till after the winter heating season. Next spring prices will more than likely level off at about the 40-45 dollar range where economic rules say that it should be. On the upside of all of these high prices, there has been a stimulation of alternative fuels etc, which we need to prepare for the future. As some of these are now economically feasible at this price level, this should also help to stabilize the price in the coming months and years. If we all wake up and work to develope these and other alternatives, we can have an easier transition away from fossil fuels in the future. We should look at these high prices as a good thing in that maybe it will serve to help us find the alternatives that we all know that will be needed some day.


The concept of Peak Oil does exist, but it is not the end of the world.
Relax a little.

Great post bugchaser.

If you go to that loony's website www.lifeaftertheoilcrash.net he actually advocates going out and buying a really good mountain bike because in the coming years that will be the only way that we will be able to get around.

These people are getting others all wrapped around the axel about what the future holds and they only use half truths and scare tactics to get their point across. And it looks like they have somewhat succeeded. You have people on this message board that actually believes this garbage.

Why should anyone worry about oil resources going away when the REAL problem in the US and the world is the Governments use of CHEMTRAILS!!

 

[mamba20]

How about the war in Iraq being the reason why oil prices are so high? Think about it. We are burning millions of gallons of fuel over there to fight a "useful" war and "save" the Iraqi's. No disrespect to the troops at all, my heart goes out to all of them. But no way in hell would gas be as expensive as it is today if George Idiot hadn't invaded.

Thanks again George!

 

[Exskydiverdrivr]

First off- let's stop the pointless name throwing over mispellings. Hell after a beer or two I do good to get my name right. What purpose does it serve?

Second when demand is high-prices rise. Katrina sure didn't help! In lew of this fact I think it would be very patriotic if every capitalist who owned a G-V or bigger, or a Humvee or larger park the damn thing for a month or two and help the little guy. ( I do realize we're all in this together and try to use my toyota echo as much as possible.)

Eat the rich...... Steve Tyler might be on to something here.

 

[FlyinScotsman]

George and Katrina

How about the war in Iraq being the reason why oil prices are so high? Think about it. We are burning millions of gallons of fuel over there to fight a "useful" war and "save" the Iraqi's. No disrespect to the troops at all, my heart goes out to all of them. But no way in hell would gas be as expensive as it is today if George Idiot hadn't invaded.

Thanks again George!

That bastard George caused Katrina too!! Who voted for him anyway!!!! Must have been all of those wall street types that are profiteering off of that war and high gas prices!!!!

Where do you people get this stuff?

I have an idea,......Maybe the aliens did it. I will ask Mulder when I see him.

 

[G4G5]

T Boone was just on Fox, his opinion, it's going higher

 

[turbodriver]

How about the war in Iraq being the reason why oil prices are so high? Think about it. We are burning millions of gallons of fuel over there to fight a "useful" war and "save" the Iraqi's. No disrespect to the troops at all, my heart goes out to all of them. But no way in hell would gas be as expensive as it is today if George Idiot hadn't invaded.

Thanks again George!

You and the rest of the majority who worshipped Dumbya elected him. Twice! So shut your trap. I don't want to hear it. This is what the rest of you cronies voted for, so sleep in your bed now that you've made it.