Oil scales new peaks, eyes $60

Yahoo - Reuters ^ | June 20, 2005 | Maryelle Demongeot

[xzins]

in the long run...

I agree with you. Necessity IS the mother of invention. It's been proven over and over again.

[Bombardier]

Sounds like speculation to me. All it'll take is for people to NOT use as much, the bubble bursts, and we're back down below $50.00 a barrel again. Oil is one commodity where demand is adjustable, and often adjusts down. Hell, I haven't had to gas up since the middle of May.....and I drive a Firebird. I've just been walking and using a horse more.

[Graycliff]

(OK already, start the drilling in ANWAHR !!!!)

Won't help unless we build more refinery's.

[EagleUSA]

Won't help unless we build more refinery's...
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True, but it is an essential part in getting the price-per-barrel DOWN! Supply has got to be plentiful and COMPETITIVE.

[Graycliff]

Don't get me wrong, I'm all for drilling in Anwar. I'm for drilling off the coast of Calif, Fla, and any where else, we've got oil.

My only argument is, it's not going to do any good to increase imports, ( either foreign or domestic ) if we don't have the capacity to refine.

[American Vet Repairman]

"Clean coal, nuke, hydrogen, electric, etc. will become affordable, or the research will. "

Biodiesel technology is the way to go. But "BIG OIL" has a strangle hold on the government. So we will have an oil induced inflation-thus our dollar will buy less and the American dream becomes smaller.

[Dane]

But "BIG OIL" has a strangle hold on the government. So we will have an oil induced inflation-thus our dollar will buy less and the American dream becomes smaller

Rolling eyes, it's those evil oil companies. If they are so draconian how come they haven't shut down this web site. Loosen the tin foil a bit.

National Biodiesel board

[American Vet Repairman]

"Rolling eyes, it's those evil oil companies. If they are so draconian how come they haven't shut down this web site. Loosen the tin foil a bit."

Gentleman's bet. Ten years from now we will be paying $125 per barrell and biodiesel will still be on the backburner. And the oil companies will still dictate our national energy policy.

[Dane]

Yeah Bush and those evil oil companies are trying to shut down biodiesel.(/sarcasm)

Visiting a biodiesel plant near Richmond, Virginia on May 16, 2005, President Bush called biodiesel “one of our nation’s most promising alternative fuel sources” and discussed the importance of a comprehensive energy plan to wean the United States from foreign petroleum.

“Biodiesel is one of our nation’s most promising alternative fuel sources, and by developing biodiesel you’re making this country less dependent on foreign oil,” Bush said, while speaking to a crowd gathered at Virginia Biodiesel Refinery, LLC, a biodiesel plant that began operating in March of 2004.

Link

[biblewonk]

OK already, start the drilling in ANWAHR !!!! It is high time we divorced ourselves from the extortion of the OPEC countries.

Yes, when a resource is getting used up, we always rush to use it faster.

[Dane]

See reply #29.

[American Vet Repairman]

"Yeah Bush and those evil oil companies are trying to shut down biodiesel.(/sarcasm) "

You are reading something that I am not saying. Put your straw man away and read. We are in a pivotal spot in our energy technology. We have oil and we have biodiesel along with a few other energy options.Biodisel is an easier change to make. But Bush does not have to suppress BioD and I never even spoke of Bush.

Our nation needs to understand the our allegiance to oil is a weakness that will be used against us when the Islamofascists are in the final throws. I say tap ANWAR and the stateside wells pump'em dry and be ready with BioD, and Hydrogen. Then tell the oil nations to go away. But many of us feel that it is more important to make money than plan out the next 100 years and leave the grandkids better off than we are.

[KevinDavis]

God forbid a company makes a profit..

[GOP_1900AD]

We need a RICO investigation of institutional speculators and of the "Peak Oil" movement who they use to help create panic and manipulate public opinion.

[GOP_1900AD]

$60 oil means that there are an amazing number of suckers, as well as far too many speculators laughing all the way to the bank. $100 oil means that the mother of all crashes is coming in the oil business. Worse than the 1980s ...

[GOP_1900AD]

$50 per barrel would be a gift. $40 (or even $30) per barrel would be a tragedy. So many suckers, so little time ..

[GOP_1900AD]

For once, we agree! :-)

[BeHoldAPaleHorse]

"$60 oil means that there are an amazing number of suckers, as well as far too many speculators laughing all the way to the bank. $100 oil means that the mother of all crashes is coming in the oil business. Worse than the 1980s ..."

The only reason that oil prices dropped as much as they did in the 1980s is that the US government got the Saudis to flood the market.

The result was (a) the Soviet Union's export revenues collapsed (oil was a sizable chunk), and (b) the Saudis took it in the shorts.

Who do you see reprising the role of the Saudis this time out?

[OB1kNOb]

Kentucky Jelly?

[GOP_1900AD]

Hate to break it to you but oil is an innately speculative commodity. It is one of the few cases where not only futures markets speculate, but the actual commodity channels do as well. Those on the sh@# end of the stick are the oil companies themselves. The capital investment is huge and the unstable nature of the prices can wipe them out. If oil were purely supply and demand driven you would not see all these short term movements in price.