UH OH!!! Oil will hit $150/bbl tomorrow (March, Kentucky, world)

[kentuckydad95]

http://www.nytimes.com/2011/03/28/wo...er=rss&emc=rss

Wait...someone farted in the desert. Might as well add another $10 to that mark. I am so sick of speculation, oil, etc. It's a damn shame we will have to have it until the end of days.

[Brill]

.someone farted in the desert.

I'm sorry, I just really wanted a burrito for lunch.

[archineer]

Originally Posted by kentuckydad95

http://www.nytimes.com/2011/03/28/wo...er=rss&emc=rss

Wait...someone farted in the desert. Might as well add another $10 to that mark. I am so sick of speculation, oil, etc. It's a damn shame we will have to have it until the end of days.

Speculation (you're talking about the futures market) cannot affect the price you pay at the pump- it is purely a bet on what the future price will be. The spot price (price on delivery) is what counts and that is dictated primarily by supply and demand. We are 6 years past world peak oil, the media is trying to deny this as the implications of it are too horrific, but the facts are there if you bother to look.

IEA acknowledges peak oil | Energy Bulletin

The Oil Drum | World Oil Production Forecast - Update November 2009

[kentuckydad95]

Originally Posted by archineer

Speculation (you're talking about the futures market) cannot affect the price you pay at the pump- it is purely a bet on what the future price will be. The spot price (price on delivery) is what counts and that is dictated by supply and demand. We are 6 years past world peak oil, the media will try to deny this (as the implications of it are too horrific) but the facts are there if you bother to look.

IEA acknowledges peak oil | Energy Bulletin

The Oil Drum | World Oil Production Forecast - Update November 2009

So that's why when oil goes up at the market, the same day the gas station raise the prices. Oil is a crooked game.

[archineer]

Originally Posted by kentuckydad95

So that's why when oil goes up at the market, the same day the gas station raise the prices. Oil is a crooked game.

No, they're anticipating a reduction in supply due to war in Lybia, 2% of world oil production is alot in such a tight market.

[kentuckydad95]

Originally Posted by archineer

No, they're anticipating a reduction in supply due to war in Lybia, 2% of world oil production is alot in such a tight market.

What was the excuse before Libya and Japan?

[archineer]

Lack of supply due to world oil production peaking- read my links.

[kentuckydad95]

Actually, I am not sure why I am so worked up about this. I get paid for every drop of fuel I use anyway.

[archineer]

For the uninitiated, an explanation of what peak oil is:

Peak oil - Wikipedia, the free encyclopedia

[archineer]

This might be of some interest too:

The Oil Drum | Drumbeat: March 26, 2011