Posted on 06/25/2008 5:49:51 AM PDT by kellynla
THERE is no pleasing oil traders. Or so King Abdullah of Saudi Arabia must think. No sooner had he pledged to pump more oil in a bid to lower the price, than the price began rising. On Tuesday June 24th it approached $138 a barrel.
There were two main reasons for the market’s sceptical response. Saudi Arabia has only offered to boost its output by 200,000 barrels a day (b/d), about 0.2% of the world’s current consumption of 87m b/d. Worse, its leaders had told various foreign grandees about their plans in the preceding weeks, so oil traders had already digested the news and were looking for more.
(Excerpt) Read more at economist.com ...
They had a guy on the radio who said that even if they reined in speculators (not sure how they’d do that), oil would still be over $100/barrel.
So yes, we need to increase domestic supply.
They had a guy on the radio who said that even if they reined in speculators (not sure how they’d do that), oil would still be over $100/barrel.
So yes, we need to increase domestic supply.
They had a guy on the radio who said that even if they reined in speculators (not sure how they’d do that), oil would still be over $100/barrel.
So yes, we need to increase domestic supply.
WE JUST MIGHT AS WELL FACE THE TRUTH OF THE MATTER AND THAT TRUTH IS WE ARE ALL F’D......
WE JUST MIGHT AS WELL FACE THE TRUTH OF THE MATTER AND THAT TRUTH IS WE ARE ALL F’D......
Ah! Judging by the double & triple posts, it’s not just my pc . FR is acting squirrelly this morning. :0)
Speak for yourself, I survived the oil embargoes of the 1970’s and prospered; I'll survive and prosper through this too!
DRILL HERE! DRILL NOW!
ping
we’d best develop our own sources quickly because at $200+ a barrel it will be prohibitively expensive to even develop new ones .... we are being led into a trap
and so did i but what you have to remember is that this is 30 years later and our gov’t has become more corrupt with each passing year and the factors that are creating this mess have changed greatly. don’t hide behind rose tinted glasses or when you come out you may be greatly dissapointed with what you see. imho
It is hard to know why Saudi Arabia does not do so. Perhaps it is not as sympathetic to hard-pressed oil consumers as King Abdullah claims.
Oh, perfect. Let's ask an OPEC country to feel sorry for us and fix the problem for us. Yeah, that's going to happen. And Congress's solution: Hold hearings on regulating oil speculators. Or, levy a windfall profits tax. Can you be any more stupid? If you want to impact the current spot price for oil, all Congress needs to do is:
1) Announce that ANWR, the OCS, and all federal lands for exploration and drilling.
2) Announce that the permitting process for new power plants and refineries will be reduced from 8+ years to 90 days.
3) Announce that the EPA has restricts the "blends" of gasoline from 38 to 3 (regular, high-test, and diesel).
4) Announce that Maxine Waters (et al) will be prosecuted for high treason for suggesting nationalization of the oil or any other industry.
5) Announce that a windfall profits tax, wage and price controls, and other measures of this ilk will never again be permitted in the US economy.
Now, stand back lest you be crushed by falling oil prices...
Definately. Republicans should be shouting at the top of there lungs every day about this. They shouldn’t pigeonhole themselves into drill, drill drill either. Republicans should be talking about a $300B subsidized package that includes skilled job creation for nuke plants, coal liquification plants, expansion of biodiesel, drilling, plug-in electric cars and yes, prizes for innovation for plug-ins.
I agree. Let’s say worst case scenerio occurs. A black swan event where the U.S. dollar collapses. First six months let’s hope you are all armed and have three months food supply. After that, a year off from work, wheat pasta and government cheese rations. Radical realignment of our nation’s entitled, wrotten attitudes, neighbors helping one another and creating local committees to deal with problems. Government officials who voted against energy creation or have shown any propensity toward corruption run out of Washington. By 2013 you’ll begin to the see the start of the biggest bull run and technology boom ever seen in history with American becoming fully energy independent and a new prospective on how precious our nation and ideas of freedom really are, a renewed focus on family and each other. I prefer the easier road of creating solutions RIGHT NOW but to avoid such events, but from here it will April 2009 before policies are enacted. Economically, deep recession with brief months non-recessionary is 100%. Depression level conditions based on my numbers are 50%-50%.
A trap for most Americans that will have no luxuries and awful quality of life for a short time but we do create enough of our own energy to create more WITHOUT external help. Do you think our own oil we create would be put on the global free market in a national emergency such as a dollar/financial collapse? I don’t.
I think so too. My hubby and I can reduce our gas consumption. No problem. We live within 5 minutes of everything we need. The problem is the price of everything we need is going up. And we can't reduce that.
This is going to be a very long, tough time and we might as well accept it.
i know what you mean, i work 45 miles from home. can’t afford to take a paycut to work where i live even with the price of gas what it is. if i work close to home for less i am still in the same boat with everything else going up. and my fiance’ already takes the bus to school and work as it is.
Amen!
$100/barrel, while still stratospheric, is still better than $138/barrel.
But I’ve definitely started seeing “Drill Here and Drill Now” bumper stickers on cars. A Justice of the Peace even made the comment to his court as an aside.
mark
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.