Rise of oil: the cost to US economy

[Mr. H.]

One guarantee 10 years from now the price of oil will be higher than now.
And even higher 20 years from now.
I think we need to more fully utilize our natural gas far more than we have been.
We vent and burn off more natural gas than some countries use.

If you really believe that, then I strongly suggest you buy massive quantities of oil futures.

Natural gas good (better anyway).

Venting (flaring) natural gas at onshore production facilities is necessary to bring the crude to the surface and into the tanks (or pipeline). The amount flared is often minimal compared to the value of the oil. Besides, to get that gas into a pipline (if there's a pipeline) requires a very expensive contract, pressurization, and (often) de-watering and de-sulphering equipment.

Nat gas is flared offshore during production tests. Or testes .

 

[uscitizen]

I am investing in nothing. I have no future.

but do you actually think that oil will not cost more in 10 or 20 years than now?
Look at where it has gone in the last 20 years.
And with the 2 most populous countries upgrading and demanding more....

 

[Mr. H.]

I am investing in nothing. I have no future.

but do you actually think that oil will not cost more in 10 or 20 years than now?
Look at where it has gone in the last 20 years.
And with the 2 most populous countries upgrading and demanding more....

That's got to be one hell of a reality to deal with. You have my respect and admiratiion.

Everyone's future ends with an exhale. We're all the same.

In my life, I've seen $2 oil and $140 oil. And all points in between. (Queue ZZ Top).

I certainly don't bet on the oil markets, but I live by them. Like the guy farming 40 acres lives off his crops. And that's all I've got to say about that.

Not too recently, oil sank from $140 to $30 in a matter of months. It's such a complex commodity - affected by and effecting so much and so many the world over. What makes it important and coveted also makes it reviled. When it's cheap no one notices it. Yet it's propelled mankind to heights not seen since aliens visited the ancient Phoenecians.

Sorry- it's late. I'm drunk and tired LOL. I dunno. Hey there's something I've not read on these boards since I've joined- "I don't know". Is that so hard to say?

Life's a bitch and then you exhale.

 

[HUGGY]

This is hilarious. We lease land to foreign oil companies like BP. They find oil and put it on the open market to be bid on by the rest of the world. The price starts to go down, so the oil companies hold back until the price goes back up. Then the right wing screams we need to "Drill baby, drill".

Why do they think we get the oil? Republicans will make sure that never happens. That's the legacy of the Bush/Cheney energy policy. That and the oil subsidies.

The only energy we "get to keep" is energy we develop here. Republicans will block that. They are too heavily invested in oil companies. Or, maybe I should say, the oil companies have heavily invested in them. This is the truth. Nothing will change unless the right wing votes Boehner, the guy who apologized to BP and others of that ilk out of office. Won't happen. They totally support the white people who are in office for one single reason. They're white.

Do the majority of Republicans really believe that after the deaths of nearly a dozen people and millions of oil blasted into our Gulf Coast that we should apologize to BP? Seriously? I don't think so. In fact, Senate Republicans have voted three times I know about to block the president from subpoena power to investigate BP. Perhaps it was simply part of the "apology"?

Americans are stupid. They have been molded into perfect consumers. They(we) will always pay whatever is asked by whomever is selling and still think they are getting a great bargain... and for the dumbest of all reasons ..."because we are the best country in the world." That's it. We believe if we are doing it ...it is smart and right. OMG!!...we are some DUMB motherfuckers.

 

[uscitizen]

We are a well programmed nation.

 

[Terral]

Hi zzzz:

Saw this explanation that related the rise of oil to the econmomy.

“A one-dollar, one-day increase in a barrel of oil takes $12 million out of the U.S. economy,” said Jason S. Grumet, president of the Bipartisan Policy Center, a Washington research group. “If tensions in the Mideast cause oil prices to rise by $5 for even just three months, over $5 billion dollars will leave the U.S. economy. Obviously, this is not a strategy for creating new jobs.”

... The price of oil will determine America's economic recovery or slide back into recession. If, as I foresee, oil continues to rise we are doomed to endure another recession which we cannot afford.

There is no 'recovery' and the USA is already in Depression with a 23 percent unemployment rate and no bottom in the housing market that is going to crash for sure. You are confusing economic activity from the 'bailout/stimulus' bubble and real supply/demand economic consumer-based activity. Oil is going to continue the upward spiral, because Quantitative Easing is destroying the value of your fiat dollars, which means you need more worthless dollars to buy the same commodities. The price of gasoline will go from 3 bucks to 4 bucks to 5 bucks and beyond with the rising price of each barrel of oil.

The price of diesel fuel going up to 5 bucks per gallon will see the trucking industry suffer losses, which will lead to non-delivery of food to the local grocery stores. That will lead to escalating food prices like you see in Egypt, until the store shelves are empty and the food riots begin. Then truckers will be forced to stay home and defend their families amid rising turmoil and chaos, which will spread to hospital workers and police officers; as the fabric of society breaks down and Martial Law becomes the New World Order reality.

That is why Obama needs the Internet Kill Switch that will keep real American Patriots from mounting a legitimate and lawful New Revolution to throw the crooks in Washington DC out for the establishment of a new American Constitutional Government. The Fed is printing the fiat dollar to oblivion, which debases the currency that leads to inflation and hyperinflation, which will send oil/gas prices up and ultimately destroy the purchasing power of all Americans.

Buy survival food stocks, plenty of water, guns and ammo, and then, buy silver to hedge against the coming crash (my Topic). Get those things in your possession NOW, before hyperinflation destroys the value of your currency and you need an entire wheelbarrow of worthless bills to buy a single loaf of bread. ;0)

GL,

Terral

 

[william the wie]

This price move will drive research into various forms of bio-crude.

You really need sustained high prices to support continued R & D into alternatives- at least from the investment community. All you need to finance research from the government is scare tactics- like the ones perpetuated by the liberals.

True but this era of oil prices is pretty sustained.

 

[editec]

"And just what is the arguement? Cheaper oil or the sustained availability of oil?"

We would get neither one.
In my opinion we should save our oil to use when it gets scarcer and more countries start keeping their oil vs selling it. That will happen.
Kind of an untapped strategic reserve.

Yeah, here's the problem...its not OUR oil, is it?

So drill baby drill is nothing but a goofy GOP screaming point.

Now if you proposed that all natural resources in the US were owned by the people of the USA, then that drill baby drill demand might make sense.

 

[Mr. H.]

"And just what is the arguement? Cheaper oil or the sustained availability of oil?"

We would get neither one.
In my opinion we should save our oil to use when it gets scarcer and more countries start keeping their oil vs selling it. That will happen.
Kind of an untapped strategic reserve.

Yeah, here's the problem...its not OUR oil, is it?

So drill baby drill is nothing but a goofy GOP screaming point.

Now if you proposed that all natural resources in the US were owned by the people of the USA, then that drill baby drill demand might make sense.

Federal lands/waters are owned by da peeps. Why are the majority of both off-limits?

 

[uscitizen]

"And just what is the arguement? Cheaper oil or the sustained availability of oil?"

We would get neither one.
In my opinion we should save our oil to use when it gets scarcer and more countries start keeping their oil vs selling it. That will happen.
Kind of an untapped strategic reserve.

Yeah, here's the problem...its not OUR oil, is it?

So drill baby drill is nothing but a goofy GOP screaming point.

Now if you proposed that all natural resources in the US were owned by the people of the USA, then that drill baby drill demand might make sense.

Federal lands/waters are owned by da peeps. Why are the majority of both off-limits?

Why? Becuase the majority of the powerful people lifing on the shores of those areas are of the mind of not in my back yard.
No tar balls on my beach or drilling rigs in my view.
Why did Jeb and George both agree on banning offshore FL drilling?

Yeah right blame it on the greenies, I am sure they all live in coastal mansions.

 

[bugs]

that Egypt thing Ain't Helping Much.. Energy & Oil Prices: Natural Gas, Electricity and Oil - Bloomberg

 

[Mr. H.]

Yeah, here's the problem...its not OUR oil, is it?

So drill baby drill is nothing but a goofy GOP screaming point.

Now if you proposed that all natural resources in the US were owned by the people of the USA, then that drill baby drill demand might make sense.

Federal lands/waters are owned by da peeps. Why are the majority of both off-limits?

Why? Becuase the majority of the powerful people lifing on the shores of those areas are of the mind of not in my back yard.
No tar balls on my beach or drilling rigs in my view.
Why did Jeb and George both agree on banning offshore FL drilling?

Yeah right blame it on the greenies, I am sure they all live in coastal mansions.

I thought it was Pres Bush that wanted to lift the coastal ban, but Jeb that kept it?

Anyhow- I think it's not so much testament as to who's living on the coast as to the power of the environmenta movement/lobby. An Oregon senator's vote carries as much weight as one from Oklahoma.