Oil nears $123 barrel on $200 barrel oil prediction
NEW YORK (AP) -- Oil futures blasted to a new record near $123 a barrel Tuesday, gaining momentum as investors bought on a forecast of much higher prices and on any news hinting at supply shortages. Retail gas prices edged lower, but appear poised to rise to new records of their own in coming weeks.
It rains too much around here so I ruled out a moped. I'm wanting to get a Nissan or Toyota pickup with a standard tranny and a 4 banger. I've even considered a Ford Focus.
__________________ Socialism is the philosophy of failure, the creed of ignorance, and the gospel of envy.
$1.29 per litre here. that works out to $4.8762 per gallon. i might me able to afford a ride or two in my old convert this summer. maybe. probably not. sigh.
btw, that $1.29 per litre is an all time record high price for here, somehow i dont feel that was a good achievement.
$5- 10.00 for a gallon of gas would cripple this country. I stop at 50.00 a fill each time. This industry needs prices controls immediately. They haven't built new refineries to keep up with the supply needed, to keep the prices high. Seafoam the fuel system regularly. Any body have any luck with HHO generators? Vegetable oil? Electric conversions? Maybe the wife would let me get a Harley.
$5- 10.00 for a gallon of gas would cripple this country. I stop at 50.00 a fill each time. This industry needs prices controls immediately. They haven't built new refineries to keep up with the supply needed, to keep the prices high. Seafoam the fuel system regularly. Any body have any luck with HHO generators? Vegetable oil? Electric conversions? Maybe the wife would let me get a Harley.
Price controls won't work. Reference all the previous posts on oil. Price controls or rationing will just reduce supply and create a black market for oil in the US; prices on the black market will be alot higher than we're paying now. Think about it -- if oil's selling at a market price of $100 a barrel and you dictate that all oil in the US be sold at $50/barrel (the number itself, if below the market price, is irrelevant) the foreign companies will sell the U.S. nothing and sit on their oil (they certainly have the cash reserves--we've given it to them). They'll continue to sell to foreign investors at something between $50 and $100 a barrel. Foreign investors will stock up on the oil that used to come here. Supply in the US will drop dramatically and there will be extreme shortages here--this will drive people "illegally" selling oil and lead to severe price gouging. U.S. oil companies will sit on their wells as well (or pump oil and sell it overseas on the international market--we're doing this with high sulfur diesel right now). Even if you force oil companies with wells on U.S. soil to pump out all their oil and sell it for $50 a barrel, some enteprising people will buy this oil and sell it on the international market where the price is higher, making a healthy profit for themselves and screwing everyone else. Eventually, some of this oil sold on the int'l market will make its way back here thru the black market, but it'll be more than even the market price of $100 a barrel because it's now "illegal" oil. No one anywhere (save OPEC which has had some impact) has ever been effective at controlling the international oil market--look at the "oil for food" boondoggles or the leaky borders of Iraq when we were "controlling" their oil exports under Saddam.
The only answer is competing (real) energy sources. These will require a great deal more electric power plants than we have now. Nuclear (breeders), renewables, and burning coal -- if we want cheaper energy we need to do this. There's no way around it. We're cutting our consumption and prices continue to rise. Tell this to the conservationists--we conserve and yet pay more--what's wrong with this picture? Freeing up supply here by drilling may help, but is a temporary and stopgap measure.
New refineries are unlikely to be built unless the government (namely EPA) and the refinery companies can strike a deal (thay the companies trust--remember, Jimmy Carter wiped out the reprocessing industry at a cost of then 2 billion). This is the price of radical environmentalism and overregulation.
Wait unitl this cost ripples thru other sectors due to increased transpo costs. If you count energy costs (which we should but don't) you'll find, I believe, "real" 1Q08 inflation rate to be close to 13%.
BTW, our elected "leaders" and candidates should know all of this. If they're not advocating building new energy plants, less silly regulations, and more exploitation of our native and future energy resources, they're lying about our energy situation.
Here is one thing to remember - the dollar has declined over 50% in the last 8 months driving up the price of internationally traded commodities like oil, grain and steel. While people in government blame market manipulation for recent price increases they need only look at themselves. Had the dollar not collapsed (the only true way to describe it) oil would be at $65 a barrel and corn would still be at $3.00 a bushel. The effects of deficet spending has finally come home.
Here is one thing to remember - the dollar has declined over 50% in the last 8 months driving up the price of internationally traded commodities like oil, grain and steel. While people in government blame market manipulation for recent price increases they need only look at themselves. Had the dollar not collapsed (the only true way to describe it) oil would be at $65 a barrel and corn would still be at $3.00 a bushel. The effects of deficet spending has finally come home.
when our economy come crashing down around everyones ears I can't wait to hear the lame excuse our politicians come up with. Im sure they have had plenty of time to blame somebody besides them selves????
Wait, the tree huggers are are the ones to blame for not building any new refineries? $19 billion per quarter isn't enough to finance a new one? The tree hugger argument is a cop out, a lame one at that. There is plenty of blame to go around. From the politicians to the oil companies, the car companies....
Wait, the tree huggers are are the ones to blame for not building any new refineries? $19 billion per quarter isn't enough to finance a new one? The tree hugger argument is a cop out, a lame one at that. There is plenty of blame to go around. From the politicians to the oil companies, the car companies....
Not a cop out at all. The tree huggers in Congress and out are to blame for this oil crunch. They have thrown an organized hissy fit every single time someone wanted to drill, build a refinery, or a nuke plant fir the last thirty years. Yes, it's time for a butt kicking.
How many cites do you want for environmentalists blocking all of the above?
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