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Oil Prices to Hit $150 a Barrel... $200 Soon!





ganesh
Just came across this Reuters news report:

http://www.reuters.com/article/newsOne/idUSSP3969220080609?rpc=64

Apparently, Goldman Sachs is suggesting that oil is going to hit $150 a barrel and in a year or so time frame it is going to be $200. What do you think will be the effect of this on the common man (in both developed and developing countries?) Who do you think is responsible for this problem? What should be done to minimize the effect of this on the people.?

Please use this thread to put in your opinion on this price rise....
Chris24
I have one question regarding the oil prices skyrocketing. If we have an abundance in the U.S. (Alaska and N.D.) why won't the gov't start to drill and use our own oil in order at least try to lower the prices. I know it would take years to occur, but something has to give here. IMHO all I see out of this is the foreign countries we get oil from trying to cripple America. High oil prices mean higher prices on everything due the shipping costs being raised to cover the ever rising costs of fuel. Look at what is going on now with the prices of food in the supermarkets and such.

I know this is a deeper conversation than what I have written as I am very tired right now, but I just tried to narrow down in a nutshell, and my opinion.
Boffel
They do this because of the co2 problems, thats actually not a problem at all. Its just the nature thats want to be a bit hotter in a small period.

And all the humans going crazy with high prices etc...

Did u know the cows make most co2 in whole the world?

The cars is NOTHING AT ALL, the trees eat the co2 like we drink coca cola

Anyway, we in norway get the cash so I dont care Razz (The prices is still higher here, but we get more cash in job)

But its still bad. Its enough oil for many more years+++, so that couldnt be the reason...
ThePolemistis
Chris24 wrote:
IMHO all I see out of this is the foreign countries we get oil from trying to cripple America.



That is not true. If it was, America and that country won't trade.

America gets 10% of their oil from Venezuela. Venzuela's president Chavez offered to give poor American's cheap oil after the aftermath of hurricane katrina.

America gets their oil from Iraq also, which is a friendly nation for America, with a puppet government installed in Iraq. They also get their oil from Saudi Arabia, again a puppet regime subservant to America.

America also gets oil from Egypt, which America hails (although falsly) a democracy. Another puppet regime whose family has been ruling Egypt for 20+years and which America finances.
Moonspider
ThePolemistis wrote:
Chris24 wrote:
IMHO all I see out of this is the foreign countries we get oil from trying to cripple America.



That is not true. If it was, America and that country won't trade.

America gets 10% of their oil from Venezuela. Venzuela's president Chavez offered to give poor American's cheap oil after the aftermath of hurricane katrina.

America gets their oil from Iraq also, which is a friendly nation for America, with a puppet government installed in Iraq. They also get their oil from Saudi Arabia, again a puppet regime subservant to America.

America also gets oil from Egypt, which America hails (although falsly) a democracy. Another puppet regime whose family has been ruling Egypt for 20+years and which America finances.


The United States imports more oil from non-OPEC countries than it does from OPEC member states. For example, Canada sells more crude oil to the U.S. than all Persian Gulf states combined, and the U.S. imports more oil from Mexico than it does from Saudi Arabia.

Roughly 60% of U.S. oil imports come from Non-OPEC countries, with the remaining 40% provided by OPEC members. Canada provided more than 17% and Mexico more than 12% in 2007. Saudi Arabia and Venezuela each came in at less than 11%. Iraq accounted for only 4% of total U.S. oil imports.

Source: http://tonto.eia.doe.gov/dnav/pet/pet_move_impcus_a2_nus_ep00_im0_mbblpd_a.htm

With regard to global crude oil production, the United States is actually third, behind only Saudi Arabia and Russia (with Russia only recently overtaking the U.S. from its second place in global production).

Source: https://www.cia.gov/library/publications/the-world-factbook/rankorder/2173rank.html

Furthermore, if one includes Alberta Canada's oil sands, Canada has the second-largest oil reserves in the world, with Saudi Arabia being number one.

Personally, I don’t see high oil prices as a “problem.” It’s just economics. As demand goes up and supplies go down, prices increase. Besides, for anyone who is an environmentalist, you want oil prices to be as high as possible. That, in my opinion, is the only thing that will drive change with regard to clean energy production and increased efficiencies, not government regulations, non-profit advertisements, and documentaries.

And if you're concerned about oil supply from a national security perspective in the United States, you also want oil prices to be high enough to cause significant pain, driving a demand for changes in energy sources.

Respectfully,
M
Chris24
Moonspider wrote:
ThePolemistis wrote:
Chris24 wrote:
IMHO all I see out of this is the foreign countries we get oil from trying to cripple America.



That is not true. If it was, America and that country won't trade.

America gets 10% of their oil from Venezuela. Venzuela's president Chavez offered to give poor American's cheap oil after the aftermath of hurricane katrina.

America gets their oil from Iraq also, which is a friendly nation for America, with a puppet government installed in Iraq. They also get their oil from Saudi Arabia, again a puppet regime subservant to America.

America also gets oil from Egypt, which America hails (although falsly) a democracy. Another puppet regime whose family has been ruling Egypt for 20+years and which America finances.


The United States imports more oil from non-OPEC countries than it does from OPEC member states. For example, Canada sells more crude oil to the U.S. than all Persian Gulf states combined, and the U.S. imports more oil from Mexico than it does from Saudi Arabia.

Roughly 60% of U.S. oil imports come from Non-OPEC countries, with the remaining 40% provided by OPEC members. Canada provided more than 17% and Mexico more than 12% in 2007. Saudi Arabia and Venezuela each came in at less than 11%. Iraq accounted for only 4% of total U.S. oil imports.

Source: http://tonto.eia.doe.gov/dnav/pet/pet_move_impcus_a2_nus_ep00_im0_mbblpd_a.htm

With regard to global crude oil production, the United States is actually third, behind only Saudi Arabia and Russia (with Russia only recently overtaking the U.S. from its second place in global production).

Source: https://www.cia.gov/library/publications/the-world-factbook/rankorder/2173rank.html

Furthermore, if one includes Alberta Canada's oil sands, Canada has the second-largest oil reserves in the world, with Saudi Arabia being number one.

Personally, I don’t see high oil prices as a “problem.” It’s just economics. As demand goes up and supplies go down, prices increase. Besides, for anyone who is an environmentalist, you want oil prices to be as high as possible. That, in my opinion, is the only thing that will drive change with regard to clean energy production and increased efficiencies, not government regulations, non-profit advertisements, and documentaries.

And if you're concerned about oil supply from a national security perspective in the United States, you also want oil prices to be high enough to cause significant pain, driving a demand for changes in energy sources.

Respectfully,
M


Couldn't have said it better moonspider.... Cool
paul_indo
If this continues it will cause massive suffering in many third world countries such as Indonesia.

Already the effect over the last few years has driven millions into poverty and the price rise here last month of 30% will see thousands, if not hundreds of thousands, of small companies bankrupted.

The cost now to travel from my home to work on public transport (just under US$1 for an 11km trip about $40 a month) is over 25% of the average wage in Indonesia.

I don't know how the average person lives. The receptionists where I work make about $80 a month so they had better live close to work, which is also impossible given housing prices around this area. (average US$300,000 to buy a house on 250m of land, or rent one room with AC $250 a month, without AC $100)

The rich get richer and the poor get poorer nothing much ever changes.
dledhead
Quote:
America gets 10% of their oil from Venezuela. Venzuela's president Chavez offered to give poor American's cheap oil after the aftermath of hurricane katrina.

America gets their oil from Iraq also, which is a friendly nation for America, with a puppet government installed in Iraq. They also get their oil from Saudi Arabia, again a puppet regime subservant to America.

America also gets oil from Egypt, which America hails (although falsly) a democracy. Another puppet regime whose family has been ruling Egypt for 20+years and which America finances.


You did not mention we receive 40% of our oil from Canada, which is not a "puppet regime."
dledhead
Quote:
And if you're concerned about oil supply from a national security perspective in the United States, you also want oil prices to be high enough to cause significant pain, driving a demand for changes in energy sources.


The enviro-wackos and Democratic left should be rejoicing over the higher prices, which have forced people to reduce their consumption by 10%.

Let's drill in ANWR, out West, off the coasts, everywhere there is oil in this country.

Let's build nuclear power stations, which France and Japan, both of whom generate over 80% of their electrical needs from nuclear, have demostrated that this form of energy can be produced safely.

Let's relax the onerous environmental regulations on new refinery construction and start building. The $300,000,000 (or is it $600,000,000) application fee is ridiculous and should be reduced significantly or eliminated.

The culprit here is not "Big Oil" but Big Government and the politicians, unfortunately, on both sides of the aisle (including my party's nominee choice, John McCain).
Moonspider
dledhead wrote:
Quote:
And if you're concerned about oil supply from a national security perspective in the United States, you also want oil prices to be high enough to cause significant pain, driving a demand for changes in energy sources.


The enviro-wackos and Democratic left should be rejoicing over the higher prices, which have forced people to reduce their consumption by 10%.


Absoulutely they should in my opinion. But instead we see Democrats complaining about how its damaging the economy. They want to satisfy the environmentalists on the left while appealing to the greater population with endeavors to lessen gas prices and point the blame at Republicans for allowing gas prices to get so high.

My point is they can't have it both ways. They seem to want low gas prices so people can drive all that they want and in as many SUVs as they can afford, but then expect government regulations and peer pressure from celebrities to change the way people behave and force companies to spend money on alternative energy sources and more efficient vehicles.

Change is driven by demand. If people can afford SUVs, like SUVs, and want to drive SUVs. Guess what? Auto manufacturers are going to build SUVs. If people want more efficient vehicles, that's what they'll get. But they're not going to demand more efficient vehicles if gas is less than $3.00 a gallon.

Respectfully,
M
Bikerman
(He's right you know Smile )
Judging by here, it will need to go a lot higher. Prices here (UK) are currently about 117p per litre (for standard unleaded petrol).
That's around £4.43 ($8.62) per US gallon.

Demand for SUVs is now down Smile
Moonspider
Bikerman wrote:
(He's right you know Smile )
Judging by here, it will need to go a lot higher. Prices here (UK) are currently about 117p per litre (for standard unleaded petrol).
That's around £4.43 ($8.62) per US gallon.

Demand for SUVs is now down Smile


I agree. I've been telling people for the past few years here in the states that gas needs to be at about $10.00 a gallon if they want significant change in automobile efficiency and serious research into alternative energy sources.

I laugh (and get a little ticked off) to see auto advertisements here where the manufacturer shows off some tiny, ugly, all but useless car and then go on to brag about its (*gasp*) 32mpg highway efficiency!

That's just pathetic.

My first brand new car (a 1991 Toyota Celica STX) routinely achieved 35-40mpg on the highway. And at the time I could care less about fuel economy.
Chris24
Where to Buy American Gasoline - Interesting Info & Data

Gas rationing in the 70's worked even though we grumbled about it. It might even have been good for us!

Are you aware that the Saudis are boycotting American products? In addition, they are gouging us on oil prices.

Shouldn't we return the favor? Can't we take control of our own destiny and let these giant oil importers know who REALLY generates their profits, their livings? How about leaving American Dollars in America and reduce the import/export deficit?
An appealing remedy might be to boycott their GAS. Every time you fill up your car you can avoid putting more money into the coffers of Saudi Arabia. Just purchase gas from companies that don't import their oil from the Saudis.
Nothing is more frustrating than the feeling that every time I fill up my tank, I'm sending my money to people who I get the impression want me, my family and my friends dead. The following gas companies import Middle Eastern oil:
Shell.................................... 205,742,000 barrelsChevron/Texaco.................... 144,332,000 barrelsExxon /Mobil........................ 130,082,000 barrelsMarathon/Speedway............. 117,740,000 barrelsAmoco.................................. 62,231,000 barrels

And CITGO oil is imported from Venezuela by Dictator Hugo Chavez who hates America and openly avows our economic destruction! (We pay Chavez's regime nearly $10 Billion per year in oil revenues!)

The U.S. currently imports 5,517,000 barrels of crude oil per day from OPEC. If you do the math at $100 per barrel, that's over $550 million PER DAY ($200 BILLION per year!) handed over to OPEC, many of whose members are our confirmed enemies!!!!! It won't stop here - oil prices could go to $200 a barrel or higher if we keep buying their product.
Here are some large companies that do not import Middle Eastern oil:
Sunoco......................... 0 barrels
Conoco........................ 0 barrels
Sinclair....................... 0 barrels
BP / Phillips................ 0 barrels
Hess. ............................. 0 barrels
ARC0............................. 0 barrels
Maverick......................... 0 barrels
Flying J. .......................... 0 barrels
Valero............................ 0 barrels
Murphy Oil USA* ............. 0
Sold at Wal-Mart , gas is from South Arkansas and fully USA owned and produced.
*Not only that but they give scholarships to all children in their town who finish high school and are legal US citizens.
All of this information is available from the U.S. Department of Energy and each company is required to state where they get their oil and how much they are importing.
ThePolemistis
Moonspider wrote:
Furthermore, if one includes Alberta Canada's oil sands, Canada has the second-largest oil reserves in the world, with Saudi Arabia being number one.


Indeed you are correct. Canada and Australia have ample oil supplies. However, Mid Eastern oil is the best because it is easier to extract. Most of Canada's and Australias oil is not currently economical to extract. However, with high oil prices, it soon will be the alternative as a mass means.

Moonspider wrote:

Personally, I don’t see high oil prices as a “problem.” It’s just economics. As demand goes up and supplies go down, prices increase. Besides, for anyone who is an environmentalist, you want oil prices to be as high as possible. That, in my opinion, is the only thing that will drive change with regard to clean energy production and increased efficiencies, not government regulations, non-profit advertisements, and documentaries.


That would be true under a true market conditions. OPEC is a cartel and therefore not neccesarily subject to market condiitons. However, I do believe OPEC have done good for developing oil producing economies (jus look at Saudi Arabia for instance).

Moonspider wrote:

And if you're concerned about oil supply from a national security perspective in the United States, you also want oil prices to be high enough to cause significant pain, driving a demand for changes in energy sources.


I think US is more concerned over the profits for a few US oil companies than it cares about making a shift in the use of energy resources.
Moonspider
ThePolemistis wrote:

I think US is more concerned over the profits for a few US oil companies than it cares about making a shift in the use of energy resources.


Unfortunately, I agree with you. Oil comapnies, like any other company, are in business to make money. I see no reason to fault or punish them for doing well, for I don't think oil companies are gouging prices.

From my perspective, the real issue for the United States is national security. The environment is secondary and oil company profits are a far distant tertiary. I think there's a serious lack of leadership in Washington on the issue. Instead of leading the American people down the possibly painful road of energy independence many politicians are taking the "quick win" route of trying to lower gas prices and punish the oil companies to satisfy the short-term emotional needs of the American public.

Respectfully,
M
deanhills
ThePolemistis wrote:
Chris24 wrote:
IMHO all I see out of this is the foreign countries we get oil from trying to cripple America.



That is not true. If it was, America and that country won't trade.

America gets 10% of their oil from Venezuela. Venzuela's president Chavez offered to give poor American's cheap oil after the aftermath of hurricane katrina.

America gets their oil from Iraq also, which is a friendly nation for America, with a puppet government installed in Iraq. They also get their oil from Saudi Arabia, again a puppet regime subservant to America.

America also gets oil from Egypt, which America hails (although falsly) a democracy. Another puppet regime whose family has been ruling Egypt for 20+years and which America finances.


The US Government Website below has all the information on World Oil Production, Consumption, Exports and Imports by Country. Makes for interesting reading. It specifically includes exports by the countries of oil to the US:

http://tonto.eia.doe.gov/country/
TomGrey
Oil was over $140/barrel, it's price tonight was about $118.

What does that mean? (Besides the fact that those speculators betting on falling prices 2 months ago, when most analysts were calling for higher prices, got rich.)

Well, the higher price is causing ... less demand! Just like economic science says it will. The world will never run out of oil It long ago ran out of $2/barrel oil. But somewhere about $150, where synthetic oil from coal is economical, the long term price of oil will NOT go much higher for long.

Backstop technology, and substitution, will be a long term, and mid term (5-10 years) limit on oil.

If we were building nuke plants, electric cars would be looking better and better.
raminelli
I am from Brazil, coutry what is self suficient in oil, but we brazilians are more we pay for it.
The brazil dont exports oil, the issue is that because this is yet?

thak you
daljirman
Loll Very Happy In my country, the oil price hit US$210 to US$215, this is because we used to export oil products from the Gulf countries, however, when the oil price tag decreased, the giant countries flooded into the available oil and everything got screwed up.
TomGrey
Raminelli, I thought that Brazil has been using ethanol made from sugarcane, far better than the US making ethanol from corn.

How much does it cost per gallon (or liter) in Brazil?

The US has a stupid $0.50/tarrif on imports of ethanol, very silly.

In Slovakia, gas is 40 Sk/liter, about $2/liter, about $8/gal.

And you?
afreedi
Oil prices dipped below $100 a barrel today as a surprise increase in US gasoline supplies and a bigger-than-expected jump
TomGrey
Oil prices about $90 now -- as the world is looking a reduced growth, and thus much less growth in demand for gas.
riyadh
the latest prices have dropped from about $86 to $65.a huge drop but good in a way...hopefully consumer goods' prices will also be dropping soon...some have already started to drop like edible oil
jackstealth
One petrol station i visted today had unleaded at 99.9! The changes in the price of petrol although are now lower are not reflecting how low the crude oil prices have dropped. This is the same for things such as aeroplane prices.
paul_indo
Oil is half the price of six months ago at about $70 a barrel and predicted to go lower yet petrol prices and other related costs have not dropped at all here in Indonesia.
TomGrey
Oil prices are at a 14 month low. But how low do they have to go to make solar or wind power investments, bad investments?
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