$5 a gallon oil in 2012

[westwall]

The moment things look like they're coming back, speculators start driving up the price of oil, thus depressing the economy.

This could go on for quite some time.

Eventually conservation and expansion of energy sources might help, of course, but those things take time to get online.

Until we change this fundamental factor driving our economic system I suspect we're reaching the limits of economic growth.

This is very true and makes me wonder if there might not be some external influence driving them.

 

[Oddball]

Combine the Hubbert Peak with the damage from AGW to agriculture, and one can see some real hard times for many nations. Even for an overextended, both militarily and economically, superpower.

[ame]http://www.youtube.com/watch?v=6TDqvD34hEA[/ame]

 

[mdn2000]

How many different formulas mandated by different laws across the country drive up the cost.

How MTBE, that drove up the costs as much as anything, not to mention letting Camel herders run countries and thus control oil they had no hand in producing.

 

[uscitizen]

"Speculators" make money whether oil goes up or down. Who drove oil to $10 back in ought-'99?

Some do, others lose money. It is the nature of the game, everyone cannot win.

 

[uscitizen]

The moment things look like they're coming back, speculators start driving up the price of oil, thus depressing the economy.

This could go on for quite some time.

Eventually conservation and expansion of energy sources might help, of course, but those things take time to get online.

Until we change this fundamental factor driving our economic system I suspect we're reaching the limits of economic growth.

This is very true and makes me wonder if there might not be some external influence driving them.

Umm yes an external influence called making money by producing no work.

 

[Intense]

The moment things look like they're coming back, speculators start driving up the price of oil, thus depressing the economy.

This could go on for quite some time.

Eventually conservation and expansion of energy sources might help, of course, but those things take time to get online.

Until we change this fundamental factor driving our economic system I suspect we're reaching the limits of economic growth.

This is very true and makes me wonder if there might not be some external influence driving them.

Umm yes an external influence called making money by producing no work.

Or OPEC is dicking around with us again? How's that moratorium doing?

 

[uscitizen]

This is very true and makes me wonder if there might not be some external influence driving them.

Umm yes an external influence called making money by producing no work.

Or OPEC is dicking around with us again? How's that moratorium doing?

I dunno have they reduced production causing a shortage?

 

[Intense]

Umm yes an external influence called making money by producing no work.

Or OPEC is dicking around with us again? How's that moratorium doing?

I dunno have they reduced production causing a shortage?

We have.

 

[uscitizen]

Or OPEC is dicking around with us again? How's that moratorium doing?

I dunno have they reduced production causing a shortage?

We have.

We have? the oil supply is low?
Or have "we" reduced refining to raise prices of refined products?

the Hugo gasoline seems to be the same price as the "US" gas does.

 

[mdn2000]

How about we are not building new refineries hence we buy more and more product that is refined and imported which costs us more.

 

[uscitizen]

We are building/have built a refinery in Wyoming I think it was to refine Tar Sands oil from Canada.

btw what ever happened to those refineries Bush promised to build on abandoned military base land?

I never heard about a single application being filed to build one.

 

[Intense]

I dunno have they reduced production causing a shortage?

We have.

We have? the oil supply is low?
Or have "we" reduced refining to raise prices of refined products?

the Hugo gasoline seems to be the same price as the "US" gas does.

CHAMPAIGN, Ill. – The Obama administration's decision to maintain a ban on oil drilling in the eastern Gulf of Mexico and off the Atlantic and Pacific coasts is a mistake, according to a University of Illinois expert who wrote a six-volume book series on marine pollution.

"It's a ridiculous decision on the part of the Interior Department," said John W. Kindt, a professor of business and legal policy at Illinois. "The previous 180-day moratorium really hurt a lot of businesses. Well, a seven-year ban is going to sting even more."

Kindt says giving the oil companies a public spanking through a seven-year ban isn't going to solve our energy problems, and that unreasonably prohibiting offshore drilling will not only exacerbate the region's economic woes, it also will strengthen U.S. dependence on foreign oil.

"Our motto should be 'Drill, Baby, Drill' but 'Safely, Baby, Safely,' " he said. "We have two wars in the Middle East, and while we do need alternate sources of energy, in the interim we still need to safely develop our off-shore resources. That means we need to open up both the East Coast and California for drilling, although California is not going to like that. But we've got to be able to walk and chew gum at the same time."

According to Kindt, the author of "Marine Pollution and the Law of the Sea," a six-volume series that examines protecting the world's oceans while encouraging development of essential resources, the real villain in the new contretemps is not BP (formerly British Petroleum), but the Department of the Interior, with the recently announced seven-year moratorium serving as yet another example of what he says is the department's shortsightedness and incompetence.

Expert: Seven-year moratorium on gulf oil drilling an unwise decision | News Bureau | University of Illinois

 

[DiveCon]

We are building/have built a refinery in Wyoming I think it was to refine Tar Sands oil from Canada.

btw what ever happened to those refineries Bush promised to build on abandoned military base land?

I never heard about a single application being filed to build one.

never heard that one
got a link?

 

[Intense]

We are building/have built a refinery in Wyoming I think it was to refine Tar Sands oil from Canada.

btw what ever happened to those refineries Bush promised to build on abandoned military base land?

I never heard about a single application being filed to build one.

We need more Refineries.

Top U.S. Refineries - Energy Information Administration. Energy Rankings

 

[JiggsCasey]

We have.

We have? the oil supply is low?
Or have "we" reduced refining to raise prices of refined products?

the Hugo gasoline seems to be the same price as the "US" gas does.

CHAMPAIGN, Ill. – The Obama administration's decision to maintain a ban on oil drilling in the eastern Gulf of Mexico and off the Atlantic and Pacific coasts is a mistake, according to a University of Illinois expert who wrote a six-volume book series on marine pollution.

"It's a ridiculous decision on the part of the Interior Department," said John W. Kindt, a professor of business and legal policy at Illinois. "The previous 180-day moratorium really hurt a lot of businesses. Well, a seven-year ban is going to sting even more."

Kindt says giving the oil companies a public spanking through a seven-year ban isn't going to solve our energy problems, and that unreasonably prohibiting offshore drilling will not only exacerbate the region's economic woes, it also will strengthen U.S. dependence on foreign oil.

"Our motto should be 'Drill, Baby, Drill' but 'Safely, Baby, Safely,' " he said. "We have two wars in the Middle East, and while we do need alternate sources of energy, in the interim we still need to safely develop our off-shore resources. That means we need to open up both the East Coast and California for drilling, although California is not going to like that. But we've got to be able to walk and chew gum at the same time."

According to Kindt, the author of "Marine Pollution and the Law of the Sea," a six-volume series that examines protecting the world's oceans while encouraging development of essential resources, the real villain in the new contretemps is not BP (formerly British Petroleum), but the Department of the Interior, with the recently announced seven-year moratorium serving as yet another example of what he says is the department's shortsightedness and incompetence.

Expert: Seven-year moratorium on gulf oil drilling an unwise decision | News Bureau | University of Illinois

We don't drill off our shores because there is barely any oil off our shores. Certainly not enough to make the slightest dent in our 86 million barrel per day appetite (and growing).

That being said, if oil companies want to continue to bludgeon their profit margin building vast infrastructure for piddly kiddie pools of oil in our water, I think they should be allowed to do so. WITH abundant safety oversight and severe ramifications for screw ups. They'll learn soon enough there's barely any oil, as the USGS has known for decades.

 

[Intense]

We don't drill off our shores because there is barely any oil off our shores. Certainly not enough to make much of a dent in our 86 million barrel per day appetite (and growing).

That being said, if oil companies want to continue to bludgeon their profit margin building vast infrastructure for piddly kiddie pools of oil in our water, I think they should be allowed to do so. WITH abundant safety oversight and severe ramifications for screw ups. They'll learn soon enough there's barely any oil, as we've known for decades.

We have partial agreement there. Why is China in the Gulf if there is so little there? After the Spill I got the impression that we have barely touched on it.

 

[mdn2000]

We are building/have built a refinery in Wyoming I think it was to refine Tar Sands oil from Canada.

btw what ever happened to those refineries Bush promised to build on abandoned military base land?

I never heard about a single application being filed to build one.

Sinclair has two refineries in Wyoming, as far as i can tell both are well over twenty five years old. Maybe they modified a portion but no actual new refinery has been built in at least twenty five years.

 

[mdn2000]

Jiggs the expert, what a tired joke. Given the Gulf of Mexico is supplying over 30% of our oil and we are not producing the oil at half its potential there is enough proven reserves to keep pumping hundreds of years. Since drilling in the Gulf has begun its continually expanded.

Hell, BP just suffered what is literally known or previously known as a "Gusher".

Of course with Libya about to double the supply of oil they produce, Brazil producing oil with billions of dollars given by Obama, the world has more and more oil than ever before.

Oil Field Services: Libya Increases Proven Oil Reserves

Libya Increases Proven Oil Reserves
Source: Newswires 8/2/2010, Location: Africa
Oil Field Services

Share |

Libya's proven crude oil reserves rose to 46 billion barrels in the first half of this year after adding 612 million barrels from new fields, local daily Oea said on Friday, quoting the country's top oil official. OPEC member Libya has the biggest crude oil reserves in Africa.

'Libya's oil reserves will increase further in next months because the exploration efforts in the first half accounted for 40 percent of the hydrocarbons search programme for the year,' Oea quoted Shokri Ghanem as saying. 'We expect the discovery of 20 additional oil fields this year,' said Ghanem who is the chairman of Libya's National Oil Corporation (NOC) and top energy official of his country which does not have an oil minister.

 

[HUGGY]

Jiggs the expert, what a tired joke. Given the Gulf of Mexico is supplying over 30% of our oil and we are not producing the oil at half its potential there is enough proven reserves to keep pumping hundreds of years. Since drilling in the Gulf has begun its continually expanded.

Hell, BP just suffered what is literally known or previously known as a "Gusher".

Of course with Libya about to double the supply of oil they produce, Brazil producing oil with billions of dollars given by Obama, the world has more and more oil than ever before.

Oil Field Services: Libya Increases Proven Oil Reserves

Libya Increases Proven Oil Reserves
Source: Newswires 8/2/2010, Location: Africa
Oil Field Services

Share |

Libya's proven crude oil reserves rose to 46 billion barrels in the first half of this year after adding 612 million barrels from new fields, local daily Oea said on Friday, quoting the country's top oil official. OPEC member Libya has the biggest crude oil reserves in Africa.

'Libya's oil reserves will increase further in next months because the exploration efforts in the first half accounted for 40 percent of the hydrocarbons search programme for the year,' Oea quoted Shokri Ghanem as saying. 'We expect the discovery of 20 additional oil fields this year,' said Ghanem who is the chairman of Libya's National Oil Corporation (NOC) and top energy official of his country which does not have an oil minister.

proven reserves to keep pumping hundreds of years

WOW!

 

[Trajan]

That will be the end of the recovery.

there's a recovery?

damn it , you didn't wake me up~!!!!!