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View Full Version : Oil price Soars to $ 139.12 a Barrel



sawcutmill
06-06-2008, 06:32 PM
http://news.bbc.co.uk/2/hi/business/7440536.stm

George Jung
06-06-2008, 06:38 PM
Best investment I made this week was to fill my car up two days ago.....

seanz
06-06-2008, 06:45 PM
$150 a barrel by July?
Typical doom and gloom chicken little the sky is falling it's the end of the world as we know it and I feel fine the lizard men control everything thread.
Oil will return to it's historical level soon and everything will be just fine.
Nothing to see here.
Move along.

sawcutmill
06-06-2008, 06:51 PM
keep on moving Along then, history might be a good subject for you to review, might actually learn something,lol, ya right.
but I doubt it.

seanz
06-06-2008, 07:05 PM
Sawcutmill
History isn't the subject we need for this. What we need is Geography.
Demographics in particular, if it isn't considered a completely seperate subject.
Asia was 'developing' now it is rapidly approaching 'developed'. Oil might be spiking because of a few factors but the demand component of the price is here to stay for a while.
Until............

LeeG
06-06-2008, 11:34 PM
sokay, it's just speculation and dollar devaluation. It's not like the dollars are real.

P.I. Stazzer-Newt
06-07-2008, 12:52 AM
... It's not like the dollars are real.

Yes they are, and really good value as sax pad cleaners - where else can you buy an effective light-duty abrasive and get change from a pound.

High C
06-07-2008, 06:57 AM
About a year ago a bunch of the sky is falling/global warming koolaid drinkers were wishing for $5 a gallon gas as a deterrent to wasteful consumption.

This is a good thing, right?

PeterSibley
06-07-2008, 07:07 AM
Yes .

High C
06-07-2008, 07:10 AM
Yes .

Woohoo!

http://www.clipartguide.com/_small/0511-0702-2313-3719.jpg

LeeG
06-07-2008, 08:31 AM
Woohoo!

http://www.clipartguide.com/_small/0511-0702-2313-3719.jpg


Always count on cogent argument from you High, high five!

High C
06-07-2008, 08:34 AM
Always count on cogent argument from you High, high five!

Hey, aren't you one of those who was calling for more costly gas? Happy now? Not yet?

Dutch
06-07-2008, 08:46 AM
yall are dumb

why is that?

http://www.morganquitno.com/edrank.htm

LeeG
06-07-2008, 08:50 AM
I'm quite flattered that my happiness concerns you. The price is what it is. I'd be happier with a $.25 tax increase with the revenues applied to making public transportation more effective and/or increasing efficiencies in home heating for old folks.
Then maybe another $.25 increase in another year. Or maybe a floor on oil prices should the price decrease and utilize the higher price for infrastructure improvements. $5/gal gas begins to affect consumption behaviour, I don't see why the financial markets and oil companies should get the revenues and not gov't to develop some long range planning preparing for a world where oil production is declining. If the Pentagon can plan for 30yr life spans of air craft or ships shouldn't the gov't plan for things like levee construction or anticipated decline in oil production.

Are you familiar with the Hirsch report?

http://en.wikipedia.org/wiki/Hirsch_report

The Hirsch report, the commonly referred to name for the report Peaking of World Oil Production: Impacts, Mitigation, and Risk Management, was created by request for the US Department of Energy and published in February 2005. It examined the likelihood of the occurrence of peak oil, the necessary mitigating actions, and the likely impacts based on the timeliness of those actions.

High C
06-07-2008, 08:51 AM
yall are dumb

why is that?



Don't ax me.

http://www.dkimages.com/discover/previews/844/10089668.JPG

Dutch
06-07-2008, 09:09 AM
Don't ax me.


typical cracker

LeeG
06-07-2008, 09:24 AM
Hey, aren't you one of those who was calling for more costly gas? Happy now? Not yet?

Hey aren't you one of those who rationalized every f*ckup and deception by the GW administration by blaming "the media" and GWs opponents?


http://www.woodenboat.com/forum/showthread.php?t=51804&highlight=HighC&page=2

High C
06-07-2008, 09:45 AM
Hey aren't you one of those who rationalized every f*ckup and deception by the GW administration by blaming "the media" and GWs opponents?

So not only do you think expensive gas is a good thing, you think the press has been easy on President Bush! :D

LeeG
06-07-2008, 10:09 AM
High,,I know I"m a fascinating person but just this moment avert your gaze from me and address the topic. Are you happy with GW administrations energy policy ? Do you think there is or should be a a far reaching plan to deal with declining volumes of crude oil and higher prices?

High C
06-07-2008, 10:12 AM
High,,I know I"m a fascinating person but just this moment avert your gaze from me and address the topic....

That's not the topic. The topic is high oil/gas prices. Not everything is GW Bush's fault. :rolleyes:

You used to say this would be a good thing. What's changed? The fact that the owners and producers of the product get the money and not some corrupt government agency?

Dutch
06-07-2008, 10:57 AM
less see.

if frank perdue and coloel sanders were the president and vice president and the price of chicken jumped 800%...........

Dutch
06-07-2008, 10:58 AM
does no one remeber mr cheeneys secret meeting with the oil company execs when they first got into office?

LeeG
06-07-2008, 11:00 AM
HighC, it's what it is, reality, good or bad, it's what it is. What's changed? Gas used to be $2.50 a few years ago, it's over $4 now.

You used to toss peanuts in the peanut gallery over the Iraq war and the adminstrations distinformation, now you toss peanuts about gas prices focusing on forumites.

I think prices jumping up on speculation is a good thing, maybe that means the speculation will reverse providing respite but in the mean time it provides an opportunity to learn about the topic of oil supplies. We're in a different time than 1974,,now the fundamentals matter, Saudi Arabia and OPEC can't turn right around and up production to bring prices down. Now is a good time to plan for world production declining in a few decades. Now is a good time to review the efficacy of military tools used by the lying neocons and delusional faithbasers to meet energy needs.

Bob Cleek
06-07-2008, 05:04 PM
It continues to amaze me that so many blame "limited supply" on oil prices. Here are a few facts. First, the Saudis have no idea how much oil they've got, except that continual improvements in exploration technology confirm that they have greater overall reserves now than they ever believed they had before. (Similarly, the US has no idea how much oil-in-the-ground we have, other than that there's a lot more there than we have bothered to identify.) Second, OPEC doesn't set oil prices. They only decide how much they are going to pump out of their ground and export. (The purpose of OPEC is to prevent "price wars" with producers dumping huge amounts on the market to drive others out of the game.) OPEC is not artificially restricting oil exports at this time. Third, crude oil prices are a result of futures market speculation. Fourth, fuel prices in the US are determined by a) what the oil companies feel like charging (i.e. just short of what would cause drivers to "go postal" on gas station owners...) b) state and federal fuel taxes. The increase in fuel prices is a function of what the market will bear, given the "excuse" that crude prices are up. The cost of crude doubles, but the cost of refining stays essentially the same.

There is no justification for tripling or quadrupling producer PROFITS simply because the raw material costs double. People stand for it and so they get what they deserve. People are already cancelling vacations and unnecessary driving. When the amount purchased starts to decline to the point where profits are affected, look for gasoline and diesel fuel prices to magically "stabilize!" The US fuel producers have been aching to jack up prices to something closer to Europe and elsewhere (a large portion of the much higher prices there is taxes, BTW) and the recent market speculation only gave them the excuse they'd been waiting for.

************************************************** ******************************

"LONDON — Soaring oil prices are increasingly the result of speculation, financier George Soros said in an interview published Monday.

The billionaire investor said the money pouring into the oil market increasingly had the look of a bubble, but that it would not burst until both the United States and Britain were knocked into a recession.

"Speculation ... is increasingly affecting the price," Soros told The Daily Telegraph. "The price has this parabolic shape that is characteristic of bubbles.""

************************************************** ********************************

""Saudi Aramco, the world's largest state-owned oil company, said its crude output in 2007 declined 4.3 percent as reserves were unchanged at 259.9 billion barrels.

The state-owned company produced 3.11 billion barrels of crude oil last year, down from 3.25 billion barrels in 2006. Average production was 8.5 million barrels of oil a day in 2007, down from 8.9 million barrels a day in the previous year, the company said Monday in a statement.

Saudi Aramco is carrying out "ongoing initiatives to locate additional proven reserves of crude oil," CEO Abdallah Jum'ah said in the annual report. "Our upstream mega-projects are geared to expand our maximum sustained crude oil production capacity to 12 million barrels per day by 2009."

Saudi Arabia, like other Persian Gulf oil producers, is implementing large-scale projects to boost crude oil and refining capacity to meet rising demand. Middle East projects face delays because of higher raw material and labor costs.""

************************************************** *****************************

Saudi oil report from a conference at the Center for Strategic and International Studies:

""World energy demand is expected to increase at an annual rate of 1% to 2% over the next 15 years, reaching an annual demand of 107 million barrels per day by 2020, partly as an anticipated consequence of growth in China, India and other South East Asian economies.

Worldwide oil reserves at year-end 2002 stand at 1050 billion barrels, of which 65% (or 686 billion barrels) is in the Middle East, with Saudi Arabia being the principal player. The Middle East contributes about a third of total world production, has a reserves-to-production life of 92 years and is expected to play a pre-eminent role in the global energy theater. ""

""Saudi Aramco's oil and gas reserves conform to industry standards. Reserves attributable to enhanced oil recovery (EOR) processes are excluded, underscoring the conservative nature of the Company's reserves. Year-end 2003 proved oil reserves totaled 260 billion barrels. Incremental probable and possible reserves (over and above the 260 billion barrels) are estimated to be 103 billion barrels. Exploration, delineation and development efforts have increased Saudi Aramco's oil initially in place from 600 to 700 billion barrels during the past 20 years. Vast unexplored acreage exists in the Rub' al Khali desert region, the northern basin (along the border with Iraq) and the offshore Red Sea Basin. US Geological Survey 2000 projections point to additional recoverable oil resources ranging from 29 to 161 billion barrels to be discovered in Saudi Arabia by 2025. The Company projects its oil initially in place volume to reach 900 billion barrels by the same date. ""

""Saudi Aramco's proved oil reserves of 260 billion barrels, represents a conservative figure, by established industry (SPE/WPC/AAPG) standards. Significant upward potential for reserves additions exists. Oil-focused exploration and delineation efforts, application of EOR processes and continual emphasis on existing and future technologies - custom-fit to the Company's reservoir portfolio - will certainly engender a major expansion in Saudi Aramco's reserves base in the decades ahead, commensurate with global market conditions and requirements.

The Company is committed to maintaining its pre-eminent role as a reliable, cost-effective and environmentally friendly global oil supplier. If called upon, sustained daily crude production levels of 10, 12 and 15 million barrels per day can be readily maintained through 2054 and beyond. Saudi Aramco has the financial, organizational and technical capabilities to do so. ""

epoxyboy
06-07-2008, 11:41 PM
People stand for it and so they get what they deserve.

Right - lets just stop paying gas stations to register our disapproval of the pricing policies. That'll learn 'em!
Or maybe we should act on that dumb email that circulates round every now and again, and have an international boycott "Caltex" day. Trouble is I still have to buy gas from somewhere. The simple fact is you can minimise your discretionary "gas consumption", but for the bit that you do need to buy they have you by the short and curlys, whether you stand for it or not.

Pete

S B
06-07-2008, 11:58 PM
Odd, that the price of oil is going up now, just when the U.S." companies" have gained control of the fields in Iraq. A bit nieve,but wasn't it all for the security of the homeland?:rolleyes: