Oil Pushing $60

[414Flyer]

There are a lot of things you can to do lower your gas usage, you can probably save several dollars a month at least just by having your tires at the right pressure, and having a clean air filter, or not having 100 lbs of crap in your car.

I used to have a Nissan Pathfinder that got me 16 mpg, city or highway, and now I have a 94 honda accord that gets me 35 highway, and about 30 city, so I dont even spend any more on gas now. how many people ride bikes or walk anywhere now? You would think people are allergic to doing that.

People seem to be afraid of conservation these days. Look at what our grandparents were willing to do during WW2, they had rationing for food and gas, carpooling, victory gardens, recycling scrap, and people today whine and moan at the slightest inconvienence, even though we are in a battle with terrorists who would love to kill us all

But hey, people need to have a large 4 wheel drive truck which never leaves pavement, to look cool, or a SUV they dont need, to keep up with the other wives...

 

[General Lee]

In 5 years I want to be able to eat a huge Musk-oxin roast, washed down with a pint of black gold! I want black slimey teeth, and I want to burp musk-oxin or polar bear!



Bye Bye--General Lee

 

[DDpaysoff]

414 you da man.

General lee. LOL. If your wife is Daisy Duke, then you the man too.


............Back to animal house. Cya!

Soooooooo, what's your major......... Primitive Cultures

 

[sstearns2]

Give this man a cigar. When are we going to not only realize but pursue alternative fuels? This will be the biggest disappointment future generations have of us.

Future generations are not going to understand why we are wasting so much oil right now.



What alternative fuels? Hydrogen? The only source of free hydrogen, that you don't have to put more energy into then you get out, is petroleum (hydrocarbons).



I totally support increasing CAFE standards and increasing tax on auto fuel with the goal of increasing the efficiency with which we use petroleum. I don't feel this way because I'm an eco-tree hugger. I simply see that petroleum is essential to our way of life, there is a limited amount of it, and there is currently no replacement in sight.



That oil up in Alaska is like money in the bank. We should keep buying from abroad and conserve our own resources. We should definitely be up in Alaska surveying and doing the preliminary work to find out what is there, how to get it out and how to get it south, but we shouldn't be fueling today’s SUVs with it.

Scott

 

[coolyokeluke]

People are throwing around 6 month/24 year supply/replace all our Saudi oil to whatever means will support their argument.

Here's my conjecture/educated guess. If we were able to pump it out, transport, refine, and distrubute all the oil from the refuge it would supply the US for six months. That's still a lot of oil at the rates this country uses it.

At the rates the oil is discovered, drilled, pumped, transported, refined, and distributed there would be about 20+ years of drilling up there.

Anybody seen a pie graph of where we get our oil from? We actually don't import that big a share from the middle east. We buy much from Nigeria, Mexico, Canada, and Venezuela in addition to many other OPEC countries. The Saudis still pump the most oil, just not that big a cut is going to us. That's why it's easy to say that this oil would replace the Saudi imports.

I've seen some of the facilities up on the North Slope. They seem to be cleanly run. A caribou ran across our runway when we broke out on short final at Kopuruk, guess he didn't mind the big gravel runway in his patch or tundra. I was told they actually congregate to get out of the muskeg and get some relief from mosquitos. I'm not normally in favor of exploiting our national parks for resources but I'm in grudging support of this one, I think it's needed. But it's a drop in the bucket in terms of our energy solutions, we need to develop new sources of energy and conserve more. And yea I drive an SUV (small Jeep) and I sleep ok at nights but I'm not blind to the problems that our collective consumption brings.

 

[414Flyer]

Well practically speaking, we really cant just leave it up there like to just withdraw at once quickly at a later date. When the anti petroleum democrats say its only the equivalent of a 90 day supply, or 180, or 1 year, etc, it really is misleading because there is no way it can be pulled out that fast. North slope has been producing about 30 years now.

The faster you try and get it out, the more harm you cause to the geologic formation and you get less oil out.

You will get more out, the longer period of time you extract it over.

 

[SWA GUY]

The only thing driving crude prices are the investment firms that are buying crude futures, period.

220 billion invested in the last 12 months.

Ya gotta put your money somewhere when over the last 5 years the stock market and the bond market have done relatively nothing.

The crude oil future market will crash just like the dot/com companies did. I don't know when, obviously, but sit back and watch.

 

[DDpaysoff]

The only thing driving crude prices are the investment firms that are buying crude futures, period.

220 billion invested in the last 12 months.

Ya gotta put your money somewhere when over the last 5 years the stock market and the bond market have done relatively nothing.

The crude oil future market will crash just like the dot/com companies did. I don't know when, obviously, but sit back and watch.

That is exactly what I am saying. MM's that's all.

But, we do need to conserve and develop new sources as well to reduce foreign dependency on crude. Apparently, not everybody is as smart as the Texas LUVers, when it comes to hedging. But, it will retreat soon. I just hope it's not too late for my 27k in DAL. And my career for that matter.

I am hearing 22 billion barrels available a decade from now. That makes a differnce, that is for sure.

 

[General Lee]

That may be true, but in the meantime I want to chew on some RAW Musk-ox meat, still bloody and fresh from NE Alaska, and pound it with a glass of fresh crude!


Bye Bye--General Lee

 

[STL717]

Not only will we get huge amounts of oil, but think about all of the extra meat we can eat---from those animals. I'll try an "Oxin' burger" at Wendy's please.....Yummy... How about a polar bear sandwich..... Sweet!



Bye Bye--General Lee

Polar bear is too fatty, but caribou is great!

 

[doh]

In the mean time keep passing the cost on!

 

[AMRCostUnit]

Oil broke $57 overnight up to $57.03

Unit

 

[canyonblue]

Oil hits record above $56

Sharper-than-expected drop in gasoline and heating oil inventories sends energy prices soaring.

March 16, 2005: 4:28 PM EST

NEW YORK (CNN/Money) - Oil prices hit a record high Wednesday after a report showed sharper-than-expected declines in gasoline and heating oil inventories.

Crude oil for April delivery jumped $1.41, or 2.6 percent, to close at $56.46 a barrel in New York, after reaching as high as $56.60 -- well above the previous record close of $55.17 set on Oct. 22 and the record trading high of $55.67 set on Oct. 25.

In London, Brent jumped 95 cents to a record of $54.80 in the final day of April contract trading.

Oil supplies rose last week while inventories for gasoline and distillate, which is used for heating, fell more than expected, the Energy Information Administration said in its weekly report Wednesday.

According to the report, gasoline stocks fell 2.9 million barrels to 221.4 million barrels. Analysts polled by Reuters had expected a drop of just 800,000 barrels. Distillate stocks fell 1.9 million barrels to 107.3 million barrels.

Crude stocks grew a little more than expectations by 2.6 million barrels to 305.2 million barrels.

The EIA also raised its forecast for 2005 global oil demand to 84.3 million barrels a day and said the growth in demand, especially in China and the U.S., is responsible for the current high prices.

"I think this price move has been justified," Phil Flynn, senior market analyst at Alaron Trading told CNN/Money. "Demand in the world will probably hit the highest level in 30 years this summer."

"I want to pat (the EIA) on the back for admitting it," he added.

In a news conference Wednesday, President Bush said he was "concerned about the price of energy" and its dampening effect on the economy.

"Demand is outracing supply and supplies are getting tight," Bush said.

On the heels of Bush's statements, the Senate voted, 51 to 49, to open up the possibility of drilling in the Arctic National Wildlife Refuge (ANWR) in northeastern Alaska.

The refuge, which is home to caribou, migratory birds and other species, may house billions of barrels of oil beneath the coastal plain, making it one of the oil industry's most desired prospects.

But environmentalists have been staunchly opposed, arguing that drilling would damage a pristine wilderness while oil reserves there may not actually be that great.

If Congress agrees on a budget, drilling in the refuge could begin as early as this year.

 

[Delville]

I'm not going to pretend to be an expert regarding the future price of oil and how best to handle it. What I have read recently regarding the issue, however, indicates that we have a significant problem on our hands. Here is a good link to read (pay special attention to the letter from the oil exploration person): http://www.technologyinvestor.com/login/2004/Mar15-05.php

 

[crudeoilpilot]

I like to bounce this off our people all the time. Why is it? My latest from a very smart engineer and geologist who happens to be in charge of exploration is; "we know the amount of oil reserves in the world are finite, duh and yes we do our best to find new ones. Some people, such as OPEC members usually do not meet their advertised outputs, usually by quite a margin. When they do go to peak production out of the ground, coorespondingly goes the recovery rate of the field." This controls a lot of the availlability issue of supply.

I really like this one for his honesty, "we will never see cheap gas again. In my opinion people are presently being weaned to what they will tolerate at the pump. This helps producers establish a new (high) Low for when they do lower the fuel prices and say hey look what we are doing."

"The bright side is there are a lot of old oil fields in this country that where produced with some very crude production techniques and with latest and greatest that we have available nowadays will produce some very substantial numbers. This holds true worldwide and all depends on who your friends are today as far as recovering them."

"Many qualified people including our department do believe the Athabaskan fields (tar sands) in Canada are the largest known reserves on the earth. Production cost are substantially higher due to the nature of the beast. It is mined similar to strip mining." I have seen these and is unbelievable how they do it. Production out of the area for one Major producer has been cut by 50% due to the loss of one their production towers due to a fire this winter of unknown origin.

What boggles me is nobody ever mentions ANWR, kind of like so what it's no big deal, yes it contains a lot of oil, but we already have enough on our plate business wise, when would we find the time.

I belive Exxon Mobile are the only people in place at the moment who would even begin to implement any action. Try to find a drilling rig right now, not to many sitting around.

Speculators are controlling high crude prices, but how long did we ignore that there was a huge energy deficit in this country and how long has it been since we tried to improve the infrastructure itself.

I am in the energy business and it a strange one. The overwhelming majority of people I meet and befriend in this business are honest and would love to see everyone benefit in and out of the business. Yet I have met some scrupulous people who would never let any thought of an integrity issue challenge their efforts to capitilize.

It costs money to produce and discover future resources, just like it costs money to operate an aircraft and invest in newer capital. I guess people here in the U.S. have always taken cheap oil and cheap travel as a given. Now they are rattled that there has been a surge in the area it hits them the most, ka-ching. I am not an economist at all but what is so hard about accepting the fact that you have to pass on some of your increased costs on to your customers?

 

[DDpaysoff]

Bear with, this is not my area of expertise. But, what about the Amadeus Basin in the northern territory of australia? What do some of you oil people know about that area and its prospects for oil. (MPET)

 

[crudeoilpilot]

It will probably cost me a Scotch or two but I'll ask.

 

[Devil Dawg]

It is sad that anyone smart enough to be a pilot can also be dumb enough to be a Lib.

 

[General Lee]

I am just salivating for a chunk of raw caribou or musk-oxin. And my life would be complete if I could wash it down with a cold frosty glass of crude! Why are we taking so long? Drill up there already!



Bye Bye--General Lee

 

[DDpaysoff]

Caribou is good. I like 'em bloody rare. Very lean and tasty. What the he11 is musk-oxin? If its meat, i'll eat it too. Just don't be ffin with no elephants or dolphins.