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Old 04-30-2008, 12:16 AM
 
4,247 posts, read 9,366,766 times
Reputation: 1461

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Hi All,

Well, this is sobering news. Oil is to hit $200 pb between 2009 and 2012, probably 2009. This is the "crisis window."

We're in big trouble. How much have you modified your consumption of oil?

Quote:
OPEC SAYS OIL COULD HIT $200

By Carola Hoyos in London

Published: April 28 2008


Opecís president on Monday warned oil prices could hit $200 a barrel and there would be little the cartel could do to help.

The comments made by Chakib Khelil, Algeriaís energy minister, came as oil prices hit a historic peak close to $120 a barrel, putting further pressure on global economies.

His remarks suggest Algeria wants Opec to continue to resist calls by US and European leaders for the cartel to pump more oil to help ease prices. But Mr Khelil blamed record oil prices on the weak dollar and global political insecurity.
OPEC Says Oil Could Hit $200

Anyway, this means life as we know it is over. Things will come to a grinding halt and/or there will be more war as the remaining oil is fought over. We're done.

Opinions?
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Old 04-30-2008, 01:02 AM
 
1,572 posts, read 3,684,046 times
Reputation: 512
The global economy will collapse long before oil hits $200. OPEC is too optimistic about how much money they can squeeze out of a drop of oil.
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Old 04-30-2008, 01:03 AM
 
7,282 posts, read 13,521,972 times
Reputation: 3610
Yet another reason to move beyond oil. We have the technology.

As for modifications in my own oil use, I do drive less. Quite a bit less. I live in a place in which I can use public transit and, weather permitting, walk or ride my bike.
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Old 04-30-2008, 01:21 AM
 
4,247 posts, read 9,366,766 times
Reputation: 1461
Quote:
Originally Posted by Magnulus View Post
The global economy will collapse long before oil hits $200. OPEC is too optimistic about how much money they can squeeze out of a drop of oil.
You might be right. What leads you to believe this?
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Old 04-30-2008, 02:15 AM
 
Location: Ohio
2,178 posts, read 8,073,393 times
Reputation: 3910
I just read on the internet that there are over 2 billion barrells of oil in reserve in the U.S. and much more in the middle east and south American countries.
How factual this report is, I don't know.
Economists are saying we are in a "scarcity economy"
Suppliers are creating a false based supply and demand so they can charge more for the products.
Same thing is going on with rice and copper.
This was on the MSN homepage.
In my opinion, the baby boomer generation may be the last generation to know what real American life is. Or was.
Eventually there will only be two classes of people.
The very rich and the very poor.
And when the very rich bleed the very poor to the point there is no more to bleed out of them then the very rich will have complete control over everyone's lives.
I was born in 1947. I have had a good middle class life, and a good job that provided me with enough income to raise six kids. Not in luxury but able to have a decent home. My job provided me with a pension I can live on.
I can see the times changing where that type of life and security in old age will be very hard to obtain for the younger generations.
I worry about my kids even though they have pretty good jobs at the present. I fear for my grandkids. I'm glad I wont be around to see what they might have to face in their lifetime.
I think Movin'on is right. We are in trouble and it's only the tip of the iceberg. It won't be just oil.
I would like to take a trip out west like the wife and I have done in the past but can't afford to with the gas prices.
Not being able to do the trip is an inconvenience.
I feel the future is going to amount to more than just inconvenience. I think the future will amount to just being able to survive for the common person.
Power and money always win. They want a monoply on life just as they want a monopoly on business and control.
I look back at the past and how things were and have good memories. I look at the future and all I see is trouble.
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Old 04-30-2008, 07:22 AM
 
Location: Londonderry, NH
41,492 posts, read 51,354,718 times
Reputation: 24612
Please note the commodity speculators are having a party with these prices. They want the prices to inflate as much as possible for as long as possible so they can steal as much as possible. Their world is based on inflation and we all pay the inflated price for their party.

In the next couple of years oil prices will fall to a level just below the price that makes alternatives economically feasible. Until then we will have to pay the pumper of do without unless we have enough savings to join the speculators.
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Old 04-30-2008, 11:43 AM
 
2,693 posts, read 3,105,914 times
Reputation: 984
Quote:
Originally Posted by Robhu View Post
I just read on the internet that there are over 2 billion barrells of oil in reserve in the U.S. and much more in the middle east and south American countries.
How factual this report is, I don't know.
Economists are saying we are in a "scarcity economy"
Suppliers are creating a false based supply and demand so they can charge more for the products.
Same thing is going on with rice and copper.
This was on the MSN homepage.
In my opinion, the baby boomer generation may be the last generation to know what real American life is. Or was.
Eventually there will only be two classes of people.
The very rich and the very poor.
And when the very rich bleed the very poor to the point there is no more to bleed out of them then the very rich will have complete control over everyone's lives.
I was born in 1947. I have had a good middle class life, and a good job that provided me with enough income to raise six kids. Not in luxury but able to have a decent home. My job provided me with a pension I can live on.
I can see the times changing where that type of life and security in old age will be very hard to obtain for the younger generations.
I worry about my kids even though they have pretty good jobs at the present. I fear for my grandkids. I'm glad I wont be around to see what they might have to face in their lifetime.
I think Movin'on is right. We are in trouble and it's only the tip of the iceberg. It won't be just oil.
I would like to take a trip out west like the wife and I have done in the past but can't afford to with the gas prices.
Not being able to do the trip is an inconvenience.
I feel the future is going to amount to more than just inconvenience. I think the future will amount to just being able to survive for the common person.
Power and money always win. They want a monoply on life just as they want a monopoly on business and control.
I look back at the past and how things were and have good memories. I look at the future and all I see is trouble.
I agree, history has also shown that usually some sort of violent revolution will come with this. I doubt we'll do that though, too busy to see who gets voted off "American Idol" and "Dancing With the Stars"
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Old 04-30-2008, 12:19 PM
 
3,255 posts, read 4,582,572 times
Reputation: 546
Quote:
Originally Posted by GregW View Post
Please note the commodity speculators are having a party with these prices. They want the prices to inflate as much as possible for as long as possible so they can steal as much as possible. Their world is based on inflation and we all pay the inflated price for their party.

In the next couple of years oil prices will fall to a level just below the price that makes alternatives economically feasible. Until then we will have to pay the pumper of do without unless we have enough savings to join the speculators.
We do without, but if people keep going the way they are going, it will be bad. Our garden is planted and we are doing ok for the year! Time to start the Victory garden again and stop handing our money over to silliness. Does your food taste that much better from stainless steel dishwashers and granite countertops or if you bring it home in an SUV? We catch lots of fish in the ocean and we plant our own garden, so we cut back on the supply and demand economy. I telecommute so no expenses there.
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Old 04-30-2008, 12:27 PM
 
1,572 posts, read 3,684,046 times
Reputation: 512
Quote:
Originally Posted by movin'on View Post
You might be right. What leads you to believe this?
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.
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Old 04-30-2008, 12:30 PM
 
16,092 posts, read 36,565,737 times
Reputation: 6272
OMG all those people who fled to far-flung suburbs and exurbs to overgrown tract homes will now admit they were wrong?
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