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Oil is a depleting resource. Short of massive repowering most transportation and changing the composition of most plasticts, and finding comparable lubricants - one day oil will cost more than gold.
I agree, this is temporary. And we will see $90 a barrel and maybe even $200 in the next 5-15 years. I dont' think we will ever see $17 a barrel, or $8 like in the 60's.
I can remember when I was told we would never see $50 a barrel again. I was booted from a previous site when I made the same arguments I am still making.
Using up every single drop is not a bad thing as only then will we really care about finding an alternative.
Making hydrocarbon oils from coal is an old and proven technology. (Many Coal to "Town gas = methane + Carbon monoxide" plants were used before pipelines brought cheap Natural Gas to the northern cities in the early 20th century.) The product is far more expensive than pumping the stuff out of the ground.
Oil is a depleting resource. Short of massive repowering most transportation and changing the composition of most plasticts, and finding comparable lubricants - one day oil will cost more than gold.
I agree, this is temporary. And we will see $90 a barrel and maybe even $200 in the next 5-15 years. I dont' think we will ever see $17 a barrel, or $8 like in the 60's.
It's under $8 in 1965 purchasing power right now.
~$8 in 1965 = ~$60 in 2015
It's almost half that now.
Now, I'm not crediting the President with the price of oil in 2016. But then, I wasn't three years ago, either.
Last edited by Ibginnie; 02-07-2016 at 03:25 PM..
Reason: off topic
Oil is a depleting resource. Short of massive repowering most transportation and changing the composition of most plasticts, and finding comparable lubricants - one day oil will cost more than gold.
I agree, this is temporary. And we will see $90 a barrel and maybe even $200 in the next 5-15 years. I dont' think we will ever see $17 a barrel, or $8 like in the 60's.
We will get to "peak demand" before we get to "peak oil".
Oil is a cyclical industry as the global demand has pushed prices higher in general over the last 15 years is being outstripped due to the supply glut. Once we work through the supply glut, prices will increase once a gain.
There's probably one or two more "boom and bust" cycles left depending how quickly places like India, Africa (yes it's a continent), and SE Asia in general develop.
When oil was back up to near $100 I said it was in another bubble because of the Fed's actions and as soon as those actions stopped it would collapse.
That's exactly what happened. We paid $4.00 a gallon to re-inflate Wall Street. A huge tax on the poor to benefit Wall Street.
That doesn't make sense. Oil rose because of demand and lack of supply (Arab Springs slowed down oil production in a few countries and Iran had sanctions) and crashed because of a supply glut from North America production reaching historic levels while production in the Middle East rose as those previous trends reversed.
High oil prices cut into the profits of other companies that rely heavily on logistics, so I'm not sure how you are connecting the dots to higher oil prices "re-inflating" wall st. Major banks are in trouble because oil companies are looking at bankruptcy sooner than later if oil stays this low.
Quote:
It can't just go on forever and it's going to be the lower and middle classes expected to cover it.
Nothing can last forever, but that debt isn't as much as a problem as you think.
Thats what you get when your dear Marxist leader backs the Eco freaks agenda...This is only the beginning "You Ain't Seen Nothing Yet!!!....Hello $10 a gallon coming soon to station near you....Don't touch that dial..Stay tuned for the continuing saga of Our Dear Marxist Leader and The Left Destroying America!!!
I just paid 99 cents a gallon to fill up my tank. Thanks Obama!
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