Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Even ANWR iis nothing compared to the oil in suadi araba. They pump about 10 million barrels a day;the largest of any country. We use 20.7 million barrels a day in the USA. The biggest known new field is in the deep gulf and that is expensive to drill. It will be probaly 10years to get it going. In the mean time the world will increase usage by 2.4% pre year estimated. The chinese in coming years could use all the oil produced now for the entire world. Their usage has double in just a few years time. Oil experts say we don't need more refineries as the woirld has plenty of refining capacity for the oil producted and some refineries on the coast will double capacity in the next ten years. besides no one want s to build a new refinery cost wise as it is not a good future investment; the total cost and time being a unknown factor.
Sir Richard Branson fears global oil prices will hit $200 per barrel by 2010, putting the future of a number of underperforming airlines in doubt.
The founder of Virgin Group and president of Virgin Atlantic - who was in Nairobi to promote Nigeria's tourism market following political unrest after last year's elections - said airlines operating older, less fuel-efficient fleets, such as United Airlines and American Airlines, could be forced into administration as a result of the relentless rise in oil prices.
As the price of oil drops dramatically, some analysts wonder if the bubble is bursting
NEW YORK (AP) -- A stunning sell-off dragged oil prices to their biggest weekly drop ever and gas at the pump slipped by the more than it has in months, giving consumers a rare breather in a year of record fuel prices.
"If this is not the bubble's implosion, than it's a reasonable facsimile," analyst and trader Stephen Schork said in his daily market commentary. "Time will tell. Nevertheless, for the time being we no longer care to hold a bullish view."
Oil falls again: Is the bubble bursting?: Financial News - Yahoo! Finance (http://biz.yahoo.com/ap/080718/oil_prices.html - broken link)
$70 a barrel is being thrown around by many as the incremental cost of production these days. Take out the geopolitical risk and the speculative premiums and that's where you'd be...
Is this prospect bad news? I have a hard time understanding why high prices of anything is a good thing and lower prices is a bad thing.
I don't get the liberal elitist attitude. $2 gas would mean consumers would have money to spend on other things, helping our economy recover. Without the consumer, our economy fails. Liberals seem to want that to happen.
Well, with oil dropping like a paralyzed falcon, View once again shows he doesn't have the slightest understanding of economics. Nice prediction. Maybe, if you get or two right, you'll improve your percentage to that of Jeanne Dixon's.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
News, Sir Richard Branson: $200 oil on way.
