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Old 04-30-2008, 05:17 PM
 
Location: Houston, Texas
10,425 posts, read 44,672,510 times
Reputation: 10382

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Quote:
Originally Posted by KevK View Post
It won't go that high that fast. It is too political and the US government would not allow such a thing.
Tell us you do not believe that. Tell us your are kidding.

The Govt will not allow? If it makes the Govt money you can bet your bottom dollar they will indeed do it and do it so fast you won't know what hit ya.

Remember, the Govt makes more money in federal oil taxes then all the oil companies combined. What makes you think they won't want more? They are a greedy bunch of criminals over there.

Please do not trust them.
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Old 04-30-2008, 05:26 PM
 
Location: Great State of Texas
86,093 posts, read 72,556,082 times
Reputation: 27566
Why do you think we're at war in Iraq ? To bring democracy ? No..it's the oil.
Iran is next on the list.
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Old 04-30-2008, 05:41 PM
 
Location: Charlotte, NC (in my mind)
7,946 posts, read 15,053,596 times
Reputation: 4482
I doubt oil gets to $200. Peak oil aside, people aren't realizing this is a bubble. Very similar to the tech bubble and the housing bubble that just collapsed. The Fed is fueling this bubble by continuing to cut rates in hopes of propping up home prices but is really damaging the economy further by creating an oil bubble. I agree the prices will go much, much higher but eventually there is going to be a collapse.

Peak oil has been discussed many times throughout our history, and this time could very likely be the same.
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Old 04-30-2008, 06:11 PM
 
4,247 posts, read 9,374,087 times
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Quote:
Originally Posted by bchris02 View Post
I doubt oil gets to $200. Peak oil aside, people aren't realizing this is a bubble. Very similar to the tech bubble and the housing bubble that just collapsed. The Fed is fueling this bubble by continuing to cut rates in hopes of propping up home prices but is really damaging the economy further by creating an oil bubble. I agree the prices will go much, much higher but eventually there is going to be a collapse.

Peak oil has been discussed many times throughout our history, and this time could very likely be the same.
Yes, I know peak oil has been discussed before. However, China and India are two major players and their need for oil is only going to increase....

Quote:
Wednesday, 30 April 2008

When this wave of higher oil prices subsides, is it going to be business as usual? After the oil shocks of the 1970s and early 1980s, the oil price came back down and we went pretty much back to our bad old ways.

But this time it feels different. It is true that all the attitudes that characterised previous surges in the oil price are evident now. There is the resentment against the oil companies at their profits. There is the cockiness of Opec, with its president warning on Monday that the price might go to $200 a barrel. And there are the exhortations to conservation, but without much follow-up.
So supply will remain tight for the foreseeable future. It may become very tight indeed if the "peak oil" advocates are right. These are geologists who believe that the world is close to the technical limits on what can be produced and that oil production is set to reach a peak and then to decline in the next few years. Most people in the big oil companies disagree but even "big oil" would acknowledge that the age of easy oil is past. That is materially different from the situation in the 1970s and 1980s.

Tight supplies clash with strong demand. The burgeoning demand from China for all sources of energy has been widely recognised, with China last year becoming a net importer of coal for the first time. (It has been a net importer of oil since the early 1990s.)

The point about oil, of course, is that it is not just a source of energy but also a feedstock for many chemicals, so while China is scooping up world coal and gas supplies too, it cannot carry on growing without relentlessly, year after year, importing more oil.

Add in demand from India and the consumption situation is utterly different from every previous global downturn. Every time up to now, and particularly in the 1970s and 1980s, a slowdown in the developed world economy fed through into a decline in demand, or at least a slowing in rate of growth. That does not seem to be happening now.
Hamish McRae: We will never have cheap oil again - Hamish McRae, Commentators - The Independent
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Old 04-30-2008, 07:33 PM
 
3,255 posts, read 4,585,145 times
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Quote:
Originally Posted by HappyTexan View Post
Why do you think we're at war in Iraq ? To bring democracy ? No..it's the oil.
Iran is next on the list.

Wow if we hit iran it will go to 300 since it is going to 200 with our great plan in iraq
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Old 04-30-2008, 07:41 PM
 
4,247 posts, read 9,374,087 times
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Quote:
Originally Posted by janeannwho View Post
Wow if we hit iran it will go to 300 since it is going to 200 with our great plan in iraq
And that is what that link I posted earlier is forecasting - $300 per barrel but I didn't want to bring that up, as people think the concept is so outrageous.
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Old 04-30-2008, 08:14 PM
 
3,255 posts, read 4,585,145 times
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Quote:
Originally Posted by movin'on View Post
And that is what that link I posted earlier is forecasting - $300 per barrel but I didn't want to bring that up, as people think the concept is so outrageous.
Well I feel bad for people who were convinced it was ok to have 11 mile to the gallon cars. The memories of the 70s haunted me everytime i went for a car. I like my manual hyundai with its great mileage.
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Old 04-30-2008, 08:15 PM
 
Location: Great State of Texas
86,093 posts, read 72,556,082 times
Reputation: 27566
Quote:
Originally Posted by movin'on View Post
And that is what that link I posted earlier is forecasting - $300 per barrel but I didn't want to bring that up, as people think the concept is so outrageous.
A few years ago $100 was outrageous.
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Old 04-30-2008, 08:26 PM
 
1,486 posts, read 4,029,609 times
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Quote:
Originally Posted by Magnulus View Post
At some point, paying more for oil just won't be possible. People will start conserving- doing without. You'll see people that used to drive SUV's contemplating riding a bicycle, or even walking a few miles because gas prices will be so painful. This leads to reduced demand and prices fall. It will also cause at-least-temporary economic pain as people try to reshuffle their lives to live with less oil.
This assumes a closed system, i.e. a fixed demand in the market.

Unfortunately, there are two words that throw that assumption out the window. And those words are China and India.
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Old 04-30-2008, 08:32 PM
 
1,486 posts, read 4,029,609 times
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Quote:
Originally Posted by texdav View Post
The UK has gotten by on $8.00 plus gasoline quite well.
People in the UK (and Europe generally) don't drive anywhere near the amount that people in the US do.

UK cities have pretty extensive public transit and even in cities that don't, people walk. In the US, people drive miles just to get out of their neighborhood.

The UK has a well established passenger train system. If you want to travel to another city it is fairly common to take the train. In the US we have largely destroyed our passenger rail service. Many Americans have never even been on a train.

The UK and Europe are in great shape to absorb the rising price of oil. Here in the US, after years of complacency and frankly, stupidity, we are on the edge.
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