Money – Oil prices jumped sharply Wednesday, once again approaching $100 a barrel on supply concerns sparked by renewed violence in Nigeria and a warning that OPEC may not be able to meet its share of global oil demand by 2024.
Cheer up people. Its only going to get a lot worse. If possible, scrap the gas guzzling vehicles you have and buy a hybrid or hopefully wait until the hydrogen fuel cell vehicles hit the market later this year. We all need to change our way of thinking. Bigger is not best in regards to SUV's or pickup trucks. Lucky for me, I live in the largest E-85 fuel state. There are over 500 E-85 stations, all of which happened quite rapidly. Many people have said that the change over to Hydrogen fuel cells would take time and money. Well, that's not what happened with E-85 fuel. Hopefully, the independently owned stations will changeover rapidly to hydrogen fuel cells beginning this year, becase Japan is introducing its hydrogen fuel cell cars on the market this year. We are being held hostage by Big Oil and we need to make efforts to leave them behind.
im all for alternative fuels, but before you start singing the praises of corn based ethanol, understand this...
yes, you may use less imported oil, which is definately a good thing.... and you may THINK thats saving you money, but those savings will be eaten up by the rising costs of many, many other products...
because of ethanol production there are record demands for corn, as we all know supply/demand drives price... the price of corn is climbing... obviously an ear of corn will cost more, but so will beef, because beefcows are fed corn... cereal may hit $7 a box. look for vegetable oil to go up too.. get the picture? the $$ you save on gas will just be spent on other things...
the solution for ethanol is hemp. all the scientists say that corn is a very poor fuel source, and that hemp is ideal (something to do with cellulose content) its easier to grow, and uses far less water. AND its doesnt drive up the prices of all those corn based products.
Maybe, you should read what I said. I said that I am lucky because in my state we have 500 E-85 stations and the price of corn based products has not gone up as a result. What happens in your state I don't give a rat's a$$. In fact, I hope your state never sees the light of E-85. The price of E-85 in my state is $2.09 per gallon. Oh yeah, the price for a 20 ounce box of corn flakes is $1.99 in my state and the price of 93% lean ground beaf is $1.99 per pound. I hope only a handful of states use E-85 while the rest can continue with your oil.
The Brazilians know all about this. They took a short term hit for the long term benefit. The longer we rely on petroleum the further we get behind.
We will soon realize that we should have taken the trillion dollars we have tossed away in Iraq and instead invested in a Manhattan Project style project to resolve our energy needs. Have we lost our edge in innovation? Do Americans no longer believe we can solve these problems? Instead we have invested in protecting and controlling oil supplies that don't even belong to us. This will insure we are at the mercy of OPEC and the oil speculators for decades to come. The large oil companies will still get rich importing and refining this oil creating a continued disincentive for them to expand into alternative energy sources.
...and if you happen to have a patch growing in your backyard..."but, seriously officer, I was going to fuel my car with it."
The spike in oil prices are also because of the fear of shortage of oil in 2024. Holy cow, let's hope that we no longer need oil by then or even after 2009.
no oil imports in america after 2009? hey, nothing sounds better than that to me, but 2009? thats YEARS ahead of when we can REALISTICALLY free ourselves of imported oil. but let me guess, as long as YOUR state stops using imported oil by then (which it most definately will NOT) the hell with the rest of us right?
Someone is getting mighty rich with this and isn't the average Joe who is paying up the nose for oil. Where is this infinite supply of oil that the misguided people are saying. It doesn't exist in an infinite supply! We must elect people who will put the highest priority on developing alternate energy sources and do it now before this situation becomes untenable(and it will).
Enron-ish Trading , keep supply low and prices up .
Alternative Fuel is more of a SCAM than the Oil Prices , all cost more to produce or are deadly or the source that is used to produce it , corn for one , will be bought from foreign sources a well , no win for the general public , only fools (or those whom stand to profit from them) push AF (alternative fuels) .
Every time the Stock Market falls Oil Commodities rise , hmmmm , Consumers didn't buy this Season , Housing is down , but look what is up , making it both ways Heating Oil and Gasoline .
S.O.S.,S.O.S.a.D.
We have paid for Katrina , Christ , lower the prices .
The Saints are playing football , so everything must be fine , don't tell me they would put a Football team ahead of rebuilding !
time to lower the price of foreign oil i think a barrel of oil should be about 1 bushel of wheat,corn or soybeans we could use our domestic reserves till that price is agreed upon or let them eat their oil. Ihear it goes well over sand
Mialguy, ive been saying for years that the four leading wheat producers should form WPEC. then we tell the arabs, no more money.. we'll trade you a bushel of wheat for a barrel of oil. oh, you dont like that deal? wellll, tell ya what, if we HAVE to, we can ride horses again and heat our homes with fireplaces, but never in a million years will you be able to eat sand or drink your oil...... call us when youre hungry!
Hillary said if she's elected, the price will drop by up to 40%.
Any takers?
that shouldn't be too hard since it means she's promising to bring gas prices down to what they were in April 2004.
avg. price in the US on 12/31/07 was $3.28/gal
40% x $3.28 = $1.31
$3.28 - $1.31 = $1.97
the avg. price in the US on 04/12/04 was $1.97/gal
so, its obviously do-able - just like the price of your house, thats falling back to its april 2004 price as well.
but I still ain't voting for her.
note: these are prices for premium gas.
note: when bush took office the avg. price in the US was $1.66/gal, which means gas prices have gone up approx. 100% under bush.
If she has the power to control OPEC, why stop at 40%?
Does she really control OPEC? Nigerian unrest? Storms in Mexico? Indian or Chinese consumption demands?
If she can't control those things, and I doubt anyone can, is she just appealing to the stupid people?
here's bush's plan to curb gas prices from april 2006:
http://www.pbs.org/newshour/bb/economy/jan-june...
I guess bush was only appealing to the stupid people.
doh!
Saneman, You should run for President. You would probably be to good at it.
I like being just a patent attorney, a procurer of inventions. Tell that to Grrr, he always likes it when I bring up the fact that I am a patent attorney. It ruffles his chicken feathers.
an attorney, that explains a lot! ill skip the whole education vs intelligence discussion and go straight to economics 101...
supply and demand WORKS. it ALWAYS works, always will too. the prices in your area may not have gone up YET, but they surely will (without subsidies, that is). there maybe a delay. but its simple, when the demand for ANY product goes up, so does the price.
demand for corn is at all time record highs. consequently, according to the USDA, the last two years have seen a record number of acreage planted in corn.
all that extra farmland didnt magically appear. it was converted from SOMETHING to corn. so guess what, not only is the price of corn effected, but whatever crop USED to be grown on those acres that were switched to corn production will see price increases as well.
again, i AM for alternative fuels, but corn alone is NOT the answer. it will be part of the solution, but hemp is a much better fuel source.
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"Bands of armed men invaded Port Harcourt, the center of Nigeria's oil industry Tuesday, attacking two police stations and raiding the lobby of a major hotel. Four policemen, three civilians and six attackers were killed. The Niger Delta Vigilante Movement claimed responsibility for the attack."
"Although the violence has not impacted oil flow out of the country, it has reignited supply concerns as militant attacks have reduced Nigeria's crude output by roughly 20 percent since 2006."
Since the supply of outgoing oil flow, this seems like an excuse to rake in more money for the oil companies.
They look for any excuse to raise it..
Ah, yes, all part of the overall scheme. If all goes as planned, we'll have the price at or above $120 by spring. Supply and demand is wonderful! Especially since the supply is so easily controlled. But, with a little "luck", say some problems in Iran, or Saudi Arabia, or Venezuela...$150 per barrel by spring would not be out of the question. And, since we also get to "bid" on the "open" markets, and since we know where the price will eventually go, we can keep increasing the bid price with no fear of being caught short. Sweeeet.
If we can squeeze the supply enough to cause people to panic and start lining up at the pumps and shooting at each other to get gas, like the 80's, they'll forget about the $5.75 per gallon gas price we'll be getting and be glad to pay ANY price. We DO need some refinery "maintenance" and should there be a little "accidental" fire or explosion at one of those refineries.....oh, my, the profits!
It will drop this summer in time for the elections. The only country with enough excess capacity to lower prices is Saudi Arabia. Bush's friends in Saudi can drop the price on que from Bush. But they won't be able to keep the price down for more than 6 months so look for high prices in 2009 no matter who wins the US election.
Can't anyone see their own nose? Yhe real reason the price of oil is rising on the world market is because the value of the dollar is decreasing globally at a rapid rate - leading to the rise in oil prices on a per dollar basis, but actually remaining the same or lower using previous years as the base value of the dollar.
Has the dollar fallen in comparison to Middle Eastern currencies? I know that the Euro is riding high but I haven't followed the dollar's movement with respect to other currencies.
Most Middle East currencies are tied to the dollar so the declining dollar is hurting them. That's why the price of oil is going up.