Oil prices rise to 13-year high, threaten economy

The Washington Times ^ | March 18, 2004 | Patrice Hill

[MikeJ75]

Oil prices soared to a 13-year high of $38.18 a barrel yesterday, bringing into sharp focus a renewed threat to the economic recovery from high energy prices.

The price for premium crude oil jumped in New York trading to levels not seen since the October 1990 buildup to the Gulf war, for reasons ranging from heightened terrorism risks and lagging production in Iraq to low inventories of oil and gasoline and China's emergence as a major oil consumer.

[Asclepius]

So much for the blood-for-oil argument.

We need to relax. President John F. Kerry will rescue us from our energy woes, our reliance on imported oil.

[kezekiel]

"Consumers certainly feel the effect of higher gasoline prices" and are likely to spend $30 billion, or 15 percent, more at the pump this year, he said. But he noted that amount represents only a small fraction of spending overall.

I suspect a lot of American consumers will be downsizing their cars when it's time for a new one. And Toyota will be cleaning up on its hybrid technology, which it's already licensed to Ford.

It's only up from here with oil prices. As China's demand increases, along with that of other developing countries, it will easily offset any gains through new supply and efficiency. Drilling in ANWR won't do squat to stop the inevitable climb in oil prices.

Warms my capitalist heart that I'm in the energy efficiency and renewable energy business. I stand to prosper as fossil fuels get more and more expensive, but a lot of people are going to get hurt really badly.

[kaktuskid]

Ever heard of the fossil fuel named coal? we have centuries of it and it can be changed into synthetic oil and gas

[backhoe]

Cross-link:

-Sticker Shock-$3 a gallon gas? Some links--

[Johnny Gage]

or 15 percent, more at the pump this year, he said. But he noted that amount represents only a small fraction of spending overall.

Until you start adding that 15% to costs at every level.
Now you've got more of a compounded effect at the personal consumer level.

[agooga]

Adjusted for inflation, the price of gasoline is about the same as it was in '72-- is this right?

[dartuser]

I can't help but think the Dems are grinning with hope that oil keeps going up and stalls the economic recovery. They are always on the wrong side of everything ... if its bad for America ... its good for the Dems ...

[templar]

President John F. Kerry will rescue us from our energy woes, our reliance on imported oil.

About as likely as Bush doing it. We grow more dependent on foreign oil by the day no matter who is in charge. Of course, the same thing is true of all other foreign products as well.

[American_Centurion]

This is crazy a company called Changing World Technologies can make oil from Turkey offal at a cost of about $15 a barrel.

The same technology can extract oil from oil sands in Canada at comparable prices. It's getting about time to put these towel-heads and tyrants in their place and utilize this technology.

http://lists.envirolink.org/pipermail/ar-news/Week-of-Mon-20030804/004435.html

http://www.discover.com/issues/may-03/features/featoil/

[Eric in the Ozarks]

'why I put in a geothermal heating/ac unit in our new house here in Missou. Energy can only go up in the forseeable future.

[kezekiel]

Ever heard of the fossil fuel named coal? we have centuries of it and it can be changed into synthetic oil and gas

Uhhh... yes, I have heard of coal. Have you heard that it's getting any cheaper? On the contrary, using that stuff without wrecking our environment will only make it more expensive as non-fossils get cheaper.

[RightWhale]

You have geo-thermal? What, a hot springs?

[templar]

Adjusted for inflation, the price of gasoline is about the same as it was in '72-- is this right?

Easier to get a picture of things by comparing hours worked at average wages (figured for each labor category as well) per gallon then to average hours worked per gallon today. In some labor categories, it is much more expensive, on others less expensive. For low and mid range workers (unskilled and semi skilled) it is around twice as expensive in labor hours. I'm not sure about high end and professional workers; don't have comparative figures for their incomes.

[kezekiel]

'why I put in a geothermal heating/ac unit in our new house here in Missou. Energy can only go up in the forseeable future.

Geothermal is great. I established a relationship with a geoexchange company in Texas called Enlink; they have a relatively low-cost method of installing the ground loops. We hope to help market the systems here in California.

[DannyTN]

I understand Kerry puts out enough crap that he is expected to revitalize the agriculture industry too.

[Eric in the Ozarks]

I have some experience in coal and I happen to agree with you. Coal mining is distructive and dangerous and even the best technology generates about a ton or more of waste for every ten tons of coal burned.
If we'd spent the moon-shot money on solving the nuclear power plant & related radioactive waste problem, we'd have it whipped by now and could flip the bird to the Arabs and their oil.

[RightWhale]

a cost of about $15 a barrel

There is no way we can afford to build enough of these plants to make a difference. It's too late. It was still possible 5 years ago, but not now nor will it ever be.

[HankReardon]

We need more refining capacity. Those using the cause of the environment to attack the American economy have encourged over reaching restrictions that have prevented the building of new refineries for over the last 25 years. I heard something about a proposal Bush has to address this, anyone have anything on that? Realistically thinking if we are refining oil at full capacity now, we could have an unabated flow of the world's oil to the refineries and the customers would not get it any faster. Have the Feds replenished the strategic reserves of oil that Gore raided for political advantage yet?

[Dane]

The Saudi war on George Bush