Crude futures prices tap $75 for first time ever in NY

CBS Marketwatch ^ | 4/21/2006

[NormsRevenge]

No intent to poo poo renewables, just bring some common sense to the debate.

In time, many of the new technologies may well flourish and be made much more economical as the scale of production expands and costs to manufacture same decrease.

I am not willing to subsidize every tom dick and harry widget and gadget endeavor in that process however, when we have mature technologies available, be it natural gas or nuclear.

The obstacles placed in their paths the last few decades are nothing short of criminal, in my opinion.

[Arizona Carolyn]

He could call Harry Reid and the Rino's on their blocking any hopes for energy policies as forcefully as he did last week on the illegal immigration issue -- seems to the administration is more concerned with having illegals made legal than doing something about our pathetic energy situation.

[Arizona Carolyn]

The other countries with high prices are socialist and pay a lot of their socialist agendas with high gas prices... this isn't a fair measure.

[Royal Wulff]

1. Ghawar Unknown

2a. Burgan CONFIRMED DECLINE ~14%

2b. Cantarell CONFIRMED DECLINE ~14%

3. Bolivar Coastal Unknown

4. Safaniya-Khafji Unknown

5. Rumaila Unknown

6. Tengiz Unknown

7. Ahwaz CONFIRMED DECLINE ~64%

8. Kirkuk CONFIRMED DECLINE

9. Marun CONFIRMED DECLINE

10. Gachsaran Unknown

11. Aghajari CONFIRMED DECLINE

12. Samotlor CONFIRMED DECLINE ~ 9%

13a. Prudhoe Bay CONFIRMED DECLINE ~11%

13b. Kashagan Unknown

14. Abqaiq Unknown, but have you seen the cross section? It's all water!

15. Romashkino Unknown

16. Chicontepec Unknown

17. Berri Unknown

18. Zakum Unknown

19. Manifa Unknown

20. Faroozan-Marjan Unknown

21. Marlim, Campos CONFIRMED DECLINE ~8%

1. Ghawar, Saudi Arabia 75-83 billion barrels

2a. Burgan, Kuwait 66-72 billion barrels

2b. Cantarell, Mexico (often listed as a large complex of multiple smaller fields) 35 billion barrels

3 Bolivar Coastal, Venezuela 30-32 billion barrels

4 Safaniya-Khafji, Saudi Arabia/Neutral Zone 30 billion barrels

5 Rumaila, Iraq 20 billion barrels

6 Tengiz, Kazakstan 15-26 billion barrels

7 Ahwaz, Iran 17 billion barrels

8 Kirkuk, Iraq 16 billion barrels

9 Marun, Iran 16 billion barrels

10 Gachsaran, Iran 15 billion barrels

11 Aghajari, Iran 14 billion barrels

12 Samotlor, West Siberia, Russia 14-16 billion barrels

13a.Prudhoe Bay, Alaska, USA 13 billion barrels

13b. Kashagan, Kazakhstan 13 billion barrels

14 Abqaiq, Saudi Arabia 12 billion barrels

15 Romashkino, Volga-Ural, Russia 12-14 billion barrels

16 Chicontepec, Mexico 12 billion barrels

17 Berri, Saudi Arabia 12 billion barrels

18 Zakum, Abu Dhabi, UAE 12 billion barrels

19 Manifa, Saudi Arabia 11 billion barrels

20 Faroozan-Marjan, Saudi Arabia/Iran 10 billion barrels

21 Marlim, Campos, Brazil 10-14 billion barrels

[M. Espinola]

August 1941, gas rationing, and the Japs had not attacked Pearl Harbor - yet. History repeats itself (Iran)

[M. Espinola]

You have printed excellent research regarding the world's oil fields.

Stats > Energy > Oil refining ability

Rank	Country	Amount  (top to bottom)
#1	Russia	6,600,000 barrels per day
#2	Japan	4,800,000 barrels per day
#3	China	4,500,000 barrels per day
#4	Korea, South	2,600,000 barrels per day
#5	Italy	2,300,000 barrels per day
#6	India	2,100,000 barrels per day
#7	France	1,900,000 barrels per day
#8	Brazil	1,800,000 barrels per day
#9	Saudi Arabia	1,750,000 barrels per day
#10	Mexico	1,700,000 barrels per day
#11	Singapore	1,300,000 barrels per day
#12	Spain	1,300,000 barrels per day
#13	Taiwan	1,220,000 barrels per day
#14	Ukraine	1,150,000 barrels per day
#15	Indonesia	992,745 barrels per day
#16	Kuwait	889,200 barrels per day
#17	Australia	846,250 barrels per day
#18	Egypt	726,250 barrels per day
#19	Turkey	719,275 barrels per day
#20	Thailand	681,750 barrels per day
#21	United Arab Emirates	514,750 barrels per day
#22	Malaysia	514,500 barrels per day
#23	South Africa	468,547 barrels per day
#24	Azerbaijan	442,000 barrels per day
#25	Nigeria	438,750 barrels per day
#26	Kazakhstan	427,000 barrels per day
#27	Greece	406,500 barrels per day
#28	Libya	343,400 barrels per day
#29	Norway	310,000 barrels per day
#30	Portugal	304,172 barrels per day
#31	Colombia	285,850 barrels per day
#32	Bahrain	248,900 barrels per day
#33	Syria	239,865 barrels per day
#34	Pakistan	238,850 barrels per day
#35	Israel	220,000 barrels per day
#36	Peru	190,950 barrels per day
#37	Ecuador	176,000 barrels per day
#38	Yemen	130,000 barrels per day
#39	Jordan	90,400 barrels per day
#40	Oman	85,000 barrels per day
#41	Korea, North	71,000 barrels per day
#42	Bolivia	63,000 barrels per day
#43	Panama	60,000 barrels per day
#44	Qatar	57,500 barrels per day
#45	Cameroon	42,000 barrels per day
#46	Bangladesh	33,000 barrels per day
#47	Guatemala	22,000 barrels per day
#48	Gabon	17,300 barrels per day
#49	Brunei	8,600 barrels per day
#50	Paraguay	7,500 barrels per day
#51	Iran	1.47 barrels per day
	Total:	46,332,805.47 barrels per day
	Weighted average:	908,486.4 barrels per day

DEFINITION: Crude oil refining capacity

SOURCE: Energy Information Administration, US Department of Energy via NationMaster.com

In terms of Arabia's Ghawar field, the alarming potential Iranian/al-Qaida, anti-Western 'economic' target of preference, which if ignited into an incontrollable inferno, panicking the international energy markets as never seen previously, rocketing crude prices between $125 to $200, coupled with plummeting stock indexes to record lows.

[LambSlave]

Your system works great if you're in the investor class.

Please... It is a choice, not a birthright. How many have been $90,000 in debt with no job prospects and no assets? I was a poor schmuck who coudln't pay his bills... I had to live on $40/week for food/household expenses, no cell, no cable, no internet for years... Five years from the start of my financial problems (medical bills w/ no insurance), my market assets were worth $50,000 and my net worth went from -$90,000 to +$65,000. It is a choice that anyone can make, if they are willing to seek opportunity instead of security, and to make the sacrifice and educate themselves-- seek opportunity in every challenge...

[jude24]

It is a choice that anyone can make, if they are willing to seek opportunity instead of security, and to make the sacrifice and educate themselves-- seek opportunity in every challenge...

In my experience, based on my observations, education is only possible if
1.) you have some aptitude for education. A lot of people, whether by virtue of a poor underlying education or because they just aren't the intellectual type.

2.) You must have a support system to make it possible - a spouse willing to work through school, parents who can at least partially support you, or need-based aid from the university. With the skyrocketing cost of education, it's becoming more and more impossible to work your way through school - even in public universities.

[Ptaz]

Most people are but this is a free market economy. We know we're being price gouged, but what can we do about it? We've let the environmental whackos get away with this for so long that we've boxed ourselves into a hole. We've got the biggest reserve of oil possibly bigger than the middle east sitting under Colorado and we cannot drill because of regulations. If the Republican Party doesn't take up the call and publicize the fact that because of all the regulations we're in this mess and the Democratic Party has aided and abetted the enviornmentalists, they are the stupidest part who has ever lived and they deserve to lose.

[curiosity]

I agree with you about nuke power. We need to aggressively expand it.

Wind has also reached a point where it can be economical in some places. It's already providing a significant amount of power in the California deserts. There's a huge wind farm on the way from LA to Palm Springs, if you ever plan on taking that drive.

They wanted to put in a wind farm off the coast of Cape Cod, but the Kennedys and their limousine liberal buddies blocked it because they didn't want their view to be damaged. Amazing hypocrisy, no?

[Brellium]

The funny thing is, that's correct, for the last 5 years every industrialized nation or third world nation industrializing, has stock piled up oil. National Oil stocks (for all countries) are at the highest levels ever.