Oil price over $147 for the first time-now above $80

[HURAKAN]

I know it's not an easy decision. I feel that's more important to protect that untouched land than to drill for oil that may only provide one year or less of the US needs.

But that's just my opinion. Lets see what the government decides.

By the way, drilling in ANWR won't resolve the major problem that's affecting us. We must change our way of life and become ever less dependent on fossil fuels. That's the answer to the problem, not drilling for more oil. Oil will have an end, sooner or later, and we (humans) will most likely stay here for a longer period of time.

[cycloneye]

I hope it eases off, because oil price tends to be volatile, swinging above the value that supply and demand would assign it, causing economic slowdown, and then plunging to a price well below what it is worth, and at those times, like the mid 1980s and the late 1990s, hundreds of thousands of American oil field workers get laid off (Mid East oil has a much lower "lifting cost" than American oil on average, and their wells stay economic at $15 and $20 oil while American wells are bleeding money) and thousands of American oil wells get plugged.

And when supplies get tight again, those plugged wells are gone.

And imagine if a strong hurricane moves into the gulf,how those prices will shoot up.

[cycloneye]

Oil Prices=Wall Street Game



At link above is a must read analysis about what is going on with the continuous spike in oil prices.

[george_r_1961]

Even if we decide to start new drilling now it could be years before it actually starts. Oil rigs cost big $$ to build and set up. This money will likely come from gas prices that will go higher yet.

There is no quick fix my friends. Gas and diesel will continue to skyrocket and so will everything else that is moved by anything powered by them. And there isnt a whole lot the government or anyone else can do about it.

[HURAKAN]

It takes just $100 million to drill the hole.

[Dionne]

It takes just $100 million to drill the hole.

That's the prevailing estimate for deep water wells in the GOM. In other parts of the world the numbers are much lower. Even if it did cost 100 million to drill in ANWR it would be financially viable. Conservative estimates anticipate 7 billion barrels under ANWR. Imagine 7 billion times $127. With that much revenue I could take my wife to dinner, fill up my work truck and redecorate the West Wing of the White house.

[Ed Mahmoud]

On a strictly party line vote, Congress extends moratoriun on oil shale development in Colorado and Utah.


Not a good move in my opinion, as the US needs more secure domestic energy supplies, but I won't go further, already have a board warning for being too political.



It is a little hard to discuss AGW or energy policy and oil prices without slipping into politics, but I must try.

[gtalum]

Ed, on this we agree. It's illogical to prevent development of new oil technology.

[Ed Mahmoud]

Ed, on this we agree. It's illogical to prevent development of new oil technology.

I agree.


Anyway, I really am trying to keep my political views stifled. Two weeks to hurricane season, and the models hint at beginning of the season activity in the Caribbean. I'd hate to get beaten with the ban stick now.


I guess I should visit the Southern Hemisphere tropical threads off season, but I live in the United States, I have been on the fringes of typhoons in the South China Sea (Typhoon Skip, in the mid 1980s (don't remember the year), which actually put a hole in the carrier above the waterline near the foc'sle and damaged some antennaes) and have been in ports around the South China Sea, and I've been to Australia.


The only Southern Hemisphere cyclones I get excited over either are near Australia or have an awesome satellite presentation.

[feederband]

Well since its going to take a effort on the politicians there is no way this thread can not be political...But we should be able to discuss since it is effecting everyone here..



I tired of hearing we cant pump more oil , no new nuclear plants , no new refineries ,Shale , etc...These rich politicians that drive around in their limos and fly around in their planes can really give a rats a$$ about us people suffering in their states...Its not going to be much longer before somethings got to happen..

[HURAKAN]

I think politicians forget that we're the ones that put them where they are and that we have the power, the right, to remove them.

Politicians have to stop arguing about their interests and work together to find a solution. Whatever it's. I mean, a resonable one.

Political parties mean nothing when everyone is affected.

[Cryomaniac]

I think the reason we don't build more nuclear plants is because too many people worry about a repeat of Chernobyl or Three-Mile Island. I'm sure if you asked people whether they would rather have an oil refinery or a nuclear plant, they'd say oil.

[Dionne]

Nuclear plants don't fuel our vehicles. Nuclear plants here in the states provide electricity. The spent fuel rods become projectiles in our weapons. Most Americans cannot afford hybrid vehicles.....so much for plugging in the car. We're oil dependent. It could become our demise.

[feederband]

Nuclear plants don't fuel our vehicles. Nuclear plants here in the states provide electricity. The spent fuel rods become projectiles in our weapons. Most Americans cannot afford hybrid vehicles.....so much for plugging in the car. We're oil dependent. It could become our demise.

I was reffering to our energy policy's as a whole...But yes we are oil dependent right now and should drill the crap out of it...And at the same time go all out on finding the right alternatives and develope them..

[feederband]

I think the reason we don't build more nuclear plants is because too many people worry about a repeat of Chernobyl or Three-Mile Island. I'm sure if you asked people whether they would rather have an oil refinery or a nuclear plant, they'd say oil.

Problem is they are saying neither right now...

[Cryomaniac]

That goes along with my opinion that we should have more research into electric vehicles.

[george_r_1961]

Ed, on this we agree. It's illogical to prevent development of new oil technology.

Its not illogical from the standpoint of Big Oil. I mean the prices could actually come down and the working man wont have to make a choice every day: Eat or fill gas tank..

Nothing will happen anytime soon to bring the price of a barrel of oil down and plenty will happen to keep boosting prices. The US hasnt shut down. The economy while sluggish isnt a total disaster. People are cutting spending elsewhere to compensate for higher gas prices and the resulting increased price of many goods and services. As long as the investors see this futures will continue to skyrocket.

Y'all aint seen nothing yet. Six dollar a gallon gas may soon be coming to a pump near you.

[feederband]

Y'all aint seen nothing yet. Six dollar a gallon gas may soon be coming to a pump near you.

I don't see why not....

[HURAKAN]

Y'all aint seen nothing yet. Six dollar a gallon gas may soon be coming to a pump near you.

The reality is that as oil prices continue to increase, Americans will have less money to pay their debts and we will continue to see more foreclosures and bankruptcies. Therefore, the economy will continue to sink. There is no other way.

[Cryomaniac]

The thing is, gas prices aren't an entirely American problem. I went past 2 gas stations tonight, the prices were £1.13 / litre and £1.12 / litre (diesel was £1.25 at both) , which is about £4.40 / Gallon. I remember when I was at high school (class of '04, the school was opposite a gas station) the price was about £0.75 / litre.

Ok, we pay much more fuel tax than a lot of places, but the government are hardly going to lower that anytime soon (although the £0.02 increase this year was postponed by 6 months) so it is an integral part of the price.