Oil Prices Surge to Record Heights - 90 US Dollars

Mars_B4_Moon · 2007-10-26 07:22:18

Turkey has made treats to invade N.Iraq

The USA has been a decline in U.S. crude stocks

U.S. President George W. Bush would like to see oil prices lower than their current levels but he doesn't understand the wider economic issues

There has been little increase in production by OPEC.

Oregon's gas prices rose from to fifth-highest in the nation this week, behind Hawaii, California, Washington and Alaska.

Prices in futures markets for other energy goods, including gasoline, heating oil and natural gas also rose. If crude oil doesn't drop precipitously gasoline prices will follow these record highs.

Analyst says $100 a barrel a certainty

The Iranians say Crude oil prices are still too low

...when will it end ?

Tom Kalbfus · 2007-10-26 07:44:09

Thank you Nancy Pelosi!
We really needed you to comment on the attrocities of the Turks against the Armenians right now, especially when we have troops in Iraq!

I figure that if it waited from 1915 to 2007, it could have waited another few years until the War in Iraq is over, but Nooooo! You had to give George Bush additional problems didn't you?

Never mind that we'd have to pay the additional price in oil, all you Democrats can think about is getting George Bush, never mind that he's not running, with you getting George Bush is a fixation and nothing else matters!

EuroLauncher · 2007-10-29 10:34:11

Oil prices jumped to fresh historic highs on Monday, breaching 93 dollars for the first time on mounting concerns about tight energy supplies worldwide, analysts said.

http://news.yahoo.com/s/afp/20071029/ts … gyoilprice

Oil prices have rocketed by about 50 percent over the past year although adjusted for inflation, they remain below levels reached after the 1979 Iranian revolution.
Current prices would have to go just above 100 dollars to reach outright as well as nominal highs, according to economist calculations.
"What we see (in Monday's trade) is a continuation of the trend that was in place Friday," said David Moore, a commodity strategist with the Commonwealth Bank of Australia.
"Geopolitical tensions, issues regarding tensions between Turkey and Kurdish rebels (in Northern Iraq) ... those sort of factors have added to oil prices," he added.
Tension between Turkey and Kurdish militants in northern Iraq has fuelled concerns that energy supplies from the Middle East -- where Iran's nuclear programme has already triggered sanctions from western nations -- could be disrupted.
Given the current situation, prices are likely to rise further and 100 dollars for oil cannot be ruled out, Moore said.
"I wouldn't be surprised if in the very short term we see oil prices continue to move a little bit higher," he said.
"It is certainly possible they will move higher ... I personally don't believe we will see oil prices at 100 dollars but it is not impossible given the situation."
Also pushing up oil prices on Monday were reports that Mexico had cut some crude output because of a storm, said Dariusz Kowalczyk, a senior investment strategist with CFC Seymour.
Kowalczyk also predicted that prices were headed north given the prevailing conditions.
"I think pretty much at this point anything goes," he said.
The dollar's continued weakness was also bolstering oil prices.

dicktice · 2007-10-29 11:18:56

Tom wrote: "Never mind that we'd have to pay the additional price in oil, all you Democrats can think about is getting George Bush, never mind that he's not running, with you getting George Bush is a fixation and nothing else matters!"

I'd change that to say: all the world can think about is the end of the George Bush administration. What matters is that we survive any further faith-based insanities--not to mention loot--they may still be able to get away with during the remaining time left to them!

Commodore · 2007-10-30 07:11:39

Thank you Nancy Pelosi!
We really needed you to comment on the attrocities of the Turks against the Armenians right now, especially when we have troops in Iraq!

That must be what she was plotting in Syria a few months.

I'd change that to say: all the world can think about is the end of the George Bush administration. What matters is that we survive any further faith-based insanities--not to mention loot--they may still be able to get away with during the remaining time left to them!

Halloween is tomorrow.

Tom Kalbfus · 2007-10-30 08:42:51

Oil prices jumped to fresh historic highs on Monday, breaching 93 dollars for the first time on mounting concerns about tight energy supplies worldwide, analysts said.
http://news.yahoo.com/s/afp/20071029/ts … gyoilprice

We don't really need a gasoline tax then do we. Of all the methods for making gasoline expensive, I prefer this one over raising gasoline taxes. You see gas taxes bring revenue into the government. Government will then begin to depend on this revenue stream for financing its programs and if any progress is made in weening ourselves off og gasoline, government will then do things to discourage it to protect its revenue stream. However by stirring things up in the middle east and making speculators nervous, the government gets not a thin dime.

Tom Kalbfus · 2007-10-30 08:46:02

Tom wrote: "Never mind that we'd have to pay the additional price in oil, all you Democrats can think about is getting George Bush, never mind that he's not running, with you getting George Bush is a fixation and nothing else matters!"
I'd change that to say: all the world can think about is the end of the George Bush administration. What matters is that we survive any further faith-based insanities--not to mention loot--they may still be able to get away with during the remaining time left to them!

This is just sick, and an example of what I was talking about. I'd think especially Canadians like yourself would have better things to think about besides an outgoing US President. This Bush fixation is insane! Getting rid of Bush won't solve the World's problems, meanwhile other problems remain ignored.

I think the World has more important things to worry about than American Politics. Like it or not, most Iraqis, for instance are more concerned about securing their country than about who's President of the United States.

clark · 2007-10-31 06:17:31

Getting rid of Bush will not solve the world's problems. However, it will go a long way towards solving America's problems.

But it is nice to see Tom's social skills improve apace.

I for one hail our Overlords to the North.

Tom Kalbfus · 2007-10-31 07:10:01

He's the one that's vetoing all sorts of bills coming from Congress calling for tax increases. So Clark, how much do you want your taxes to be raised? Lovely "Foreign Policy" our speaker of the House is engaging in, suddenly piping up about Turkish War crimes 92 years after the fact, not a single Armenian will be saved by this, all the ones who were going to die have already done so, all she can hope to achieve is to make things more difficult for our troops and to destabilize Iraq. We also have our Democratic Governor of New York who wants to give driver's licenses to illegal aliens. The solution to illegal aliens driving without licenses is to get the illegal aliens out of our country, not to give them licenses! Duh!
The problem with our country is basically the Democratic Party, which has gone off the deep end on thse and many other issues.

Commodore · 2007-10-31 08:29:30

Getting rid of Bush will not solve the world's problems. However, it will go a long way towards solving America's problems.

And just what would those be?

Would they include a list things like the lack of action on the growing terrorist stronghold in the tribal regions of Pakistan, the lack of leadership on setting a hard deadline on Iranian uranium enrichment and support of terrorism in Iraq and Lebanon, the failure to build up to United States Military to better deal with such threats and depending third parties such as contractors who's primary concern is getting out of a firefight alive and locals who inevitably have their own agendas to push to perform vital reconstruction and security duties, the lack of leadership on energy independence, the absolute failure to to secure the border from economic parasites and terror infiltration, or a failure to reform government entitlements and reduce the overall tax burden in order to reduce taxes?

If not, then your only concerned with the little R next to his name. And replacing him with someone with a little D next to their name is extremely counter productive.

clark · 2007-10-31 09:47:13

I do not subscribe to the belief that one must blindly adhere to party loyalties in determining a viewpoint or opinion.

Bush is a miserable failure for all of the reasons you cite, and I'm sure if we were pressed, we might decide on a few more.

And I understand Tom's desire for illegal immigrants not to have driver licenses. I mean, driving a car for a living, he obviously is interested in keeping the competition at bay.

Terraformer · 2007-10-31 11:11:32

Illegal immigrants by defination shouldn't have driving licences. A driving licence is a form of ID. Illegal immigrants don't show up on federal records, that is why they are illegal immigrants. If they become legal immigrants I'm fine with them having driving licences,

Tom Kalbfus · 2007-10-31 13:52:02

I think this idea of giving illegals drivers licenses is an example of selective law enforcement. Now the cop is supposed to look at the driver's license of an illegal alien, and narrowly focus on the legality of the drivers license, whether it is current and up to date, whether he has car insurance, or any traffic violations etc, but whether he should be in the United States, well that's none of his business. That's kind of like a cop chasing a bank robber, and the robber stops at a toll booth, he pays the toll to the clerk who sees the cops sirens, and then he lets him go.

Or the cop stops someone for speeding, notices the hostage all tied up in the back seat, he issues the ticket and warns the driver to drive a little more carefully next time and to fix that tail light and then he lets him go with hostage still tied up in back.

Tom Kalbfus · 2007-10-31 14:04:45

I do not subscribe to the belief that one must blindly adhere to party loyalties in determining a viewpoint or opinion.
Bush is a miserable failure for all of the reasons you cite, and I'm sure if we were pressed, we might decide on a few more.
And I understand Tom's desire for illegal immigrants not to have driver licenses. I mean, driving a car for a living, he obviously is interested in keeping the competition at bay.

You seem to act like it with your "Bush obsessions" and all. Why don't you just think of yourself and what you want out of your government, and let every other citizen think of themselves, and that way everyone gets taken care of. Do you have a job Clark? Do you get paid enough money, are your taxes low or high. What is it precisely that you want government to do for you? What services do you personally require from your government? If most citizens feel their needs aren't being met or that some required government service is not being delivered to them, then they should make their feeling known at the voting booth.

As for illegal immigrants, yes, I don't feel I should have to compete with people who break the law, while I have to still pay my taxes, keep a current TLC, and class E driver's license current and up to date while paying all the fees required of me to the government. Now it sure doesn't help when my government doesn't spend my money properly to at least keep those illegal aliens out of my country so I don't have to compete with them. If illegal aliens can break the law and the government looks the other way, then why should I bother keeping a legal drivers license, why can't my government also look the other way when I speed, drive on the side walk, or go the wrong way on a one way street. All these traffic rules and regulations are a damn nusaince and New York State has alot of them. Now if illegals can get away with breaking the law by being here, I would also like the government to look the other way and ignore me if I fail to pay my taxes, or to have a drivers license, after all its only fair.

Instead we have three classes of drivers licenses being proposed by the New York State Governor Spitzer, someone who the dumb dumb New Yorkers elected because he had a little 'd' next to his name.

Terraformer · 2007-11-01 07:45:23

Clark, here's an idea. If you don't like the country you're in, move over to the other side of the Atlantic. I'm sure Europe would like someone of your views.

EuroLauncher · 2007-11-01 11:09:59

Oil is hitting new record above US$95 a barrel, this is not good for the dollar but it should stabilize soon with the right Fed moves. We all expected the US Feds interest rates and we all know that the next President be the a Democrat or Republican is probably going to be forced to raise taxes, which is always unfortunate but sometimes necessary. If you read Greenspan's book you'll see how he said the President ignored his advice to veto "out-of-control" bills that were sending the US deeper into deficit

Tom Kalbfus · 2007-11-01 14:21:08

I suppose you think increasing taxes will make us more productive, cause us to work harder and grow the economy faster?

No, the important thing is the economy. I'd gladly sacrifice government to make the economy grow faster. I fear that in Europe, the emphasis has been on protecting government programs at the expense of the economy by raising taxes. I find that if you raise taxes, the Laffer curve works in reverse, you find that the economy slows forcing you to raise taxes yet again to compensate. To give you an example of government waste, the US government spends more money subsidizing Amtrack than it spends on NASA's budget. This doesn't produce shiny new maglev trains, oh no not by a long shot, it simply subsidizes existing wheels on rails train so they can continue their existing services for people who are in not too much of a hurry to get to Chicago from New York. If the market won't support such services, let it die. The purpose of government is not to protect jobs in declining industries, but to defend us and enforce the law. There is so much government waste that can easily be cut, I don't see why the government should have a greater share of my paycheck just to keep some workers employed if that is all its doing.

That oil is hitting $95 a barrel indicates that we don't need a gas tax, and that we might do well to eliminate the gas taxes that we aready have, this should increase growth in the economy and we can take the funds for maintaining the highways out of general revenue collection. This idea of always raising taxes whenever there is not enough money to spend on existing programs is foolhardy. Just as we are forced to live within our means, so too should our government. The government should get a fixed percentage of our income, and no more. Just as we can't run to our employers and demand a raise from them to balance our budgets, governments shouldn't be allowed simply to run to the taxpayer for more funds, they can cut programs if they are too expensive just like we do.

The government is in a very abusive situation, they hold a monopoly of services over us. they can pass a law and raise our taxes, but we don't have to stand for that, its not simply our income we're sacrificing but future job opportunities and raises as well. If the economy doesn't grow as fast as it did before, that is a greater sacrifice than just paying more in taxes. Government should live within its means just like we do, and government shouldn't be allowed to increase its means by taxing us more and forcing us to cut our budgets and live with less!

I see no benefit for myself in the government keeping workers that are not productive, I do not hold a government job, and I aready don't keep enough of my money with the meager paycheck I already get. You Europeans are too used to high taxes, and no offense, but I wouldn't want my country to follow your example.

Terraformer · 2007-11-02 07:26:41

The market will take care of itself. Look at all the oil in Alaska. Soon they'll start pmping it all out and the price will go down again or at least stabilise.

Number04 · 2007-11-02 08:34:49

I don’t know what it’s like with you guys, but here gasoline prices are about the same as they where when oil was 75$ a barrel. The oil companies got called out for price gouging. I’m sure they are still doing it, but it’s just less noticeable.

And who really cares about oil prices?

Drive less, get a smaller car and use transit.

I realize that oil is used for more then gasoline for commuter cars and the main chunk is used up by industry so prices for all goods will rise. BUT why don’t we just work on manufacturing closer to home and using renewable energy instead of fixating on oil?

You could spin off and start blaming politicians or start doing as much as you can in your own sphere of influence.

EuroLauncher · 2007-11-02 08:39:55

The market will take care of itself. Look at all the oil in Alaska. Soon they'll start pmping it all out and the price will go down again or at least stabilise.

It sounds like a good idea but the answer isn't that simple. Oil in Saudi Arabia is of higher purity, it is also easier to get oil out of the ground there. The Oils of Alaska and Canada do have big reserves but they are not as pure and the rigs for extracting them are undeveloped. You also have to take into account the product of a fluid's kinematic viscosity times its density which can prevents the oil from flowing out easily, in Canada, Europe and Russia there are already a number of abandoned wells. Oil is there in Alaska but the cost of extracting it is much higher than drilling for Oil in the Gulf states.

Tom Kalbfus · 2007-11-02 22:53:48

I don’t know what it’s like with you guys, but here gasoline prices are about the same as they where when oil was 75$ a barrel. The oil companies got called out for price gouging. I’m sure they are still doing it, but it’s just less noticeable.
And who really cares about oil prices?
Drive less, get a smaller car and use transit.
I realize that oil is used for more then gasoline for commuter cars and the main chunk is used up by industry so prices for all goods will rise. BUT why don’t we just work on manufacturing closer to home and using renewable energy instead of fixating on oil?
You could spin off and start blaming politicians or start doing as much as you can in your own sphere of influence.

I'll bet the typical Canadian uses more heating oil than the typical US Citizen.
I don't particularly like smaller cars as the solution, that's kind of like a professional boxer trying to win the match by being able to absorb more blows from his opponent rather than fighting back. What I'd really like is for $100 per barrel oil to spur on other ways to make gasoline than from oil. I want to see those investor dollars pour right in The oil price has been up for quite a long time, is it long enough for investors to realize that its not going to plunge back down to $20 per barrel? Maybe they ought to take some risks and try to find a fuel that's cheaper than $100 per barrel oil, it really shouldn't be hard.

Terraformer · 2007-11-04 15:31:45

And the typical Al-Gore home uses 22 times as much electricity as the average american home.

Antius · 2007-11-16 11:06:22

I don’t know what it’s like with you guys, but here gasoline prices are about the same as they where when oil was 75$ a barrel. The oil companies got called out for price gouging. I’m sure they are still doing it, but it’s just less noticeable.
And who really cares about oil prices?
Drive less, get a smaller car and use transit.
I realize that oil is used for more then gasoline for commuter cars and the main chunk is used up by industry so prices for all goods will rise. BUT why don’t we just work on manufacturing closer to home and using renewable energy instead of fixating on oil?
You could spin off and start blaming politicians or start doing as much as you can in your own sphere of influence.
I'll bet the typical Canadian uses more heating oil than the typical US Citizen.
I don't particularly like smaller cars as the solution, that's kind of like a professional boxer trying to win the match by being able to absorb more blows from his opponent rather than fighting back. What I'd really like is for $100 per barrel oil to spur on other ways to make gasoline than from oil. I want to see those investor dollars pour right in The oil price has been up for quite a long time, is it long enough for investors to realize that its not going to plunge back down to $20 per barrel? Maybe they ought to take some risks and try to find a fuel that's cheaper than $100 per barrel oil, it really shouldn't be hard.

Rising oil prices are the result of rising demand from the developing world and geological depletion of existing fields. The world can no longer expand supply rapidly enough to meet new demand.

Whilst there are alternative ways of producing gasolene (coal/gas to liquids, biofuels, etc) they are (a) limited in supply by the massive capital cost of new projects and the sheer scale of the developmnet process required to bring them online in meaningful quantities (b) far more expensive than conventional crude derived products. It is highly unlikely that synthetic fuel production will expand rapidly enough to offset a peak in global oil production before 2015.

When oil production peaks, it could easily be the worst thing that has happened to the developed world since the second world war, similar to or more severe than the depression of the 1930s and probably longer lasting, given that the cause will be geological energy depletion.

People generally seem to be completely unaware and unprepared for the scale of the disaster that we are about to walk into. Natural gas is also set to peak in the next decade or two and coal production is unlikley to expand rapidly enough to offset both peaks.

Terraformer · 2007-11-16 12:51:02

What would be more efficient: Turning corn into sugar into ethanol into vapor or feeding it to animals and using their bodies natural processes to convert it to methane.

Commodore · 2007-11-16 22:15:53

The fuel crisis is largely a myth. Theres more than enough oil around if we were only allowed to drill for it. Brazil just fund the 8th largest reserve just off shore. Theres also far to many blends of fuel mandated by various states, artificially limiting supply. Taxes are also sky high.

The only real technology that really need development is fusion for grid power. The future of mobile fuel is hydrogen, and we already know how to use it. The limiting factor is the lack of infrastructure investment on production and distribution, and the fact that consumers can't afford the technology while paying $3 for gas.

Biofuels will never take off as a mainstream fuel because its food or fuel, not both. Its already driving up the cost of food because of backwards government mandates. Until all produce is grown exclusively in local greenhouses and all farmland is dedicated to grains and fuels, it will never be more than a bureaucratic abomination. Once that is overcome, it shows promise in limited off-road apps where its more practical to have an easily portable liquid fuel.

New Mars Forums

Announcement

#1 2007-10-26 07:22:18

Re: Oil Prices Surge to Record Heights - 90 US Dollars

#2 2007-10-26 07:44:09

Re: Oil Prices Surge to Record Heights - 90 US Dollars

#3 2007-10-29 10:34:11

Re: Oil Prices Surge to Record Heights - 90 US Dollars

#4 2007-10-29 11:18:56

Re: Oil Prices Surge to Record Heights - 90 US Dollars

#5 2007-10-30 07:11:39

Re: Oil Prices Surge to Record Heights - 90 US Dollars

#6 2007-10-30 08:42:51

Re: Oil Prices Surge to Record Heights - 90 US Dollars

#7 2007-10-30 08:46:02

Re: Oil Prices Surge to Record Heights - 90 US Dollars

#8 2007-10-31 06:17:31

Re: Oil Prices Surge to Record Heights - 90 US Dollars

#9 2007-10-31 07:10:01

Re: Oil Prices Surge to Record Heights - 90 US Dollars

#10 2007-10-31 08:29:30

Re: Oil Prices Surge to Record Heights - 90 US Dollars

#11 2007-10-31 09:47:13

Re: Oil Prices Surge to Record Heights - 90 US Dollars

#12 2007-10-31 11:11:32

Re: Oil Prices Surge to Record Heights - 90 US Dollars

#13 2007-10-31 13:52:02

Re: Oil Prices Surge to Record Heights - 90 US Dollars

#14 2007-10-31 14:04:45

Re: Oil Prices Surge to Record Heights - 90 US Dollars

#15 2007-11-01 07:45:23

Re: Oil Prices Surge to Record Heights - 90 US Dollars

#16 2007-11-01 11:09:59

Re: Oil Prices Surge to Record Heights - 90 US Dollars

#17 2007-11-01 14:21:08

Re: Oil Prices Surge to Record Heights - 90 US Dollars

#18 2007-11-02 07:26:41

Re: Oil Prices Surge to Record Heights - 90 US Dollars

#19 2007-11-02 08:34:49

Re: Oil Prices Surge to Record Heights - 90 US Dollars

#20 2007-11-02 08:39:55

Re: Oil Prices Surge to Record Heights - 90 US Dollars

#21 2007-11-02 22:53:48

Re: Oil Prices Surge to Record Heights - 90 US Dollars

#22 2007-11-04 15:31:45

Re: Oil Prices Surge to Record Heights - 90 US Dollars

#23 2007-11-16 11:06:22

Re: Oil Prices Surge to Record Heights - 90 US Dollars

#24 2007-11-16 12:51:02

Re: Oil Prices Surge to Record Heights - 90 US Dollars

#25 2007-11-16 22:15:53

Re: Oil Prices Surge to Record Heights - 90 US Dollars

Board footer