Gasoline Expected to Rise to $5.00 to $6.00 a gallon

Discussion in 'Energy' started by Philobeado, Feb 24, 2011.

  1. Philobeado
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    Philobeado Active Member

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  2. strollingbones
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    strollingbones Diamond Member

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    i was visiting a conservative friend of mine...who worked the oil field in the gulf for years.....he swears all we have to do is uncap the wells already there...and when i mentioned the bp disaster...he pointed out that was drilling....not uncapping....how much of this is true? i am not sure....after all he is a conservative
     
  3. Mr. H.
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    Mr. H. Diamond Member

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    What makes anyone think that Obama, or any other President, has sway over world oil pricing?
     
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  4. Philobeado
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    Philobeado Active Member

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  5. thereisnospoon
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    thereisnospoon Gold Member

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    Geo political events are driving commodities traders into a form of panic buying.
    They have run up the price of crude oil( West Texas Intermediate crude) on the New York Mercantile Exchange( NYMEX) has run up from $84 per barrel three weeks ago to over $100 per barrel before settling today with a slight drop.
    The price yesterday fell due to a news story alleging Libyan leader Kadhafi had been shot and killed.
    Although Other OPEC nations have pledged ot make up for the roughly 1.5 million barrel daily output form Libya's wells, commodities traders continue to fear anti- government strife will spread to other Gulf Arab nations and most importantly, Saudi Arabia.
    Unfortunately with the US and other economies on shaky ground, this does not bode well for any kind of economic recovery. In fact some analysts have stated that if the present spike in oil and gasoline prices continues, it could send the US and European economies into a second tail spin.
    In any event, there is no end in sight of the current run up in prices.
     
  6. thereisnospoon
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    thereisnospoon Gold Member

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    Yeah...Obama and his pie in the sky ideas about solar and wind energy and his idiotic drilling bans.
    Clinton and his seizing of lands under which there are billions of barrels of unharvested oil and natural gas.
     
  7. MikeK
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    MikeK Gold Member

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    Jimmy Carter put in place a plan that would by now have made us at least competitive with Germany in its development of solar technology which presently supplies over 25% of their electrical energy. Because we import only 20% of our energy (oil) from the Middle East we would by now be totally independent of that source.

    But Ronald Reagan scrapped Carter's solar energy plan and he removed the solar panels that Carter had installed on the White House roof.

    mediastudy.com
     
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  8. Old Rocks
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    Old Rocks Diamond Member

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    The best place to look for the truth on how much oil there is available are the USGS figures. You see Conservatives claiming 400 billion to a trillion barrels for the Bakken formation, then read from the USGS that the field has about 3 1/2 to 4 billion recoverable barrels. Since we use between 10 and 20 million barrels a day of oil in this nation, that is about a years supply for us.

    World production has flatlined for a while now in the face of rising demand. On a demand and supply market. Come on, now, you free market mavens, doesn't that have a certain meaning?
     
  9. Dont Taz Me Bro
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    Dont Taz Me Bro USMB Mod Staff Member Gold Supporting Member Supporting Member

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    I just find it interesting that the same people who were blaming Bush for the high gas prices three years ago are steadily mum over the current rapid increase. If it was Bush's fault then, is it not Obama's fault now?
     
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  10. Old Rocks
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    Bush created much of the problems that drove the oil prices up with his incompetant and idiotic adventures in the Mideast. Today, the problems are created by the people in the Mideast that wish to have a say in their own government.

    In both cases, there is also the background fact of rising demand and declining production.
     

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