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

[Matt-hurricanewatcher]

By not being allowed to drill for our resources, we are hurting our economy. That is already "weak" at this day and age, with all the screaming of recession. I can't believe how foolest some people are in this country, kind of reminds me of the roman republic. I mean we can't build nuclear power plants; one fact you never hear about, is France uses Nuclear power for 70-80 percent of their energy needs, and they are one of the european country's that has lowered their Co2 output over the last 20 years. If I remember correctly.

Get ready for $5.00/gallon gas if we can't drill for our oil. But hey, lets just destroy all the advancements, and to be damned with the free market system that has made us 'clean' overall for what we produce and has bettered our lifes to the point that we are at the top of the world. Hey lets just ban all oil drilling while we are at it. Yes, new energy sources are good, but we have to be careful, because some of those have had bad side effects to; for one less food and another some of them release huge amounts of co2,ect. I say we need to think, not use are feelings or we will really hurt our selfs in the coming years.

I predict that we will have $4.00 avg gas this summer in the United states.

[Ed Mahmoud]

$4 gas assumes no major hurricane hits coastal Louisiana, or worse, parallels the big oil fields offshore Louisiana and makes landfall somewhere in the refinery and petrochemical territory from South of Houston over to Lake Charles.

[feederband]

By not being allowed to drill for our resources, we are hurting our economy. That is already "weak" at this day and age, with all the screaming of recession. I can't believe how foolest some people are in this country, kind of reminds me of the roman republic. I mean we can't build nuclear power plants; one fact you never hear about, is France uses Nuclear power for 70-80 percent of their energy needs, and they are one of the european country's that has lowered their Co2 output over the last 20 years. If I remember correctly.

Get ready for $5.00/gallon gas if we can't drill for our oil. But hey, lets just destroy all the advancements, and to be damned with the free market system that has made us 'clean' overall for what we produce and has bettered our lifes to the point that we are at the top of the world. Hey lets just ban all oil drilling while we are at it. Yes, new energy sources are good, but we have to be careful, because some of those have had bad side effects to; for one less food and another some of them release huge amounts of co2,ect. I say we need to think, not use are feelings or we will really hurt our selfs in the coming years.
0
I predict that we will have $4.00 avg gas this summer in the United states.

Agree 100% of your post....

$3.75 in my hood now.......

I also bet most of the world laughs at us on our energy policy's...


I forgot to say Diesel was at $4.45 we are all paying for part of that at the grocery store...

[gtalum]

To state that opening ANWR will reduce oil prices is to ignore the realities of a world commodities market.

There may be an argument to open drilling in ANWR and more drilling in the Gulf. I am not opposed to those measures by any means. They will not cause oil prices to drop, though. There is already an abundance of supply and the prices rise anyway. There is another argument to save those reserves for when there is a true supply emergency, but even in that case we should have the infrastructure in place so that we can start the supply chain at a moment's notice.

The better solution would be to divert a chunk of the government's currently wasteful spending to research and infrastructure for alternative energy sources.

[feederband]

To state that opening ANWR will reduce oil prices is to ignore the realities of a world commodities market.

There may be an argument to open drilling in ANWR and more drilling in the Gulf. I am not opposed to those measures by any means. They will not cause oil prices to drop, though. There is already an abundance of supply and the prices rise anyway. There is another argument to save those reserves for when there is a true supply emergency, but even in that case we should have the infrastructure in place so that we can start the supply chain at a moment's notice.

The better solution would be to divert a chunk of the government's currently wasteful spending to research and infrastructure for alternative energy sources.

Drill everywhere is my argument...And why make so many countries rich when we could be making the money here...And the goverment has already wasted a ton of money on research how to research for alternatives...I just feel it would help the US period to be drilling for are own oil..Not that it will help with price..

[gtalum]

Drill everywhere is my argument...And why make so many countries rich when we could be making the money here...And the goverment has already wasted a ton of money on research how to research for alternatives...I just feel it would help the US period to be drilling for are own oil..Not that it will help with price..

That's a fair enough argument, and one I tend to agree with. I just don't want people disillusioned into thinking the price would drop because we drill more here.

As for government-sponsored research, they haven't spent much on alternative energy. It will take a Manhattan Project type of effort to get us running primarily on clean renewable energy. Clean renewable energy is the only way we can become self-sufficient as a nation in the long term. We simply cannot plan to run on fossil fuels forever.

Further, our government's failure to invest in alternative energy is putting us behind the rest of the developed world in the various technology fields.

[Hybridstorm_November2001]

Still I think increasing demand from China and India will eventually make up the difference, not right away but eventually. After all China now produces more CO2 than America, and a major European car firm has entered into a deal to create cheaper cars so that more Indians can afford to drive. Two billion people in rapidly industrializing countries, the majority of which have yet to reach their maximum level of oil and other fossil fuel consumption can, and will, make a huge difference to the equation within the next several years. It is no longer like the Western countries are their (OPEC's) only costumers. Increased competition for decreasing resources equals higher, and sustained higher on average, prices. Same goes for metal prices as for energy prices, like copper and stele, India and China are pushing demand for these commodities through the roof too.

[Derek Ortt]

we'd have to dramatically increase demand to drop oil prices (and raise interest rates)

as for not caring about plant life, I value the security of the USA more. We must be prepared for our pipeline to the mid east being cut off, and drilling Anwar would help s if that emergency arises

[Ptarmigan]

We have plenty oil. Oil companies right now do not have the incentives to get oil with new technology. There is a lot of oil yet to be tapped in this world. We have plenty of oil here in America.

[Cryomaniac]

http://www.kitco.com/market/

Oil price is now above $127

[cycloneye]

Here is more information about why the new record high oil price occured this morning.

BANGKOK, Thailand (AP) -- Oil prices spiked up to set a new record high price Friday morning after a whipsaw overnight session which saw the expiration of options and a mix of news.

Light, sweet crude for June delivery was up $3.31 to $127.43 a barrel in electronic trade on the New York Mercantile Exchange in early morning trading. Oil has since retreated below $127.


http://money.cnn.com/2008/05/16/markets ... 2008051608

[feederband]

I wonder if there is a point where gas prices because of the oil get so high that it could be a Threat to our nations security and what would we do...

[Ed Mahmoud]

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.

[coriolis]

One way to look at the ANWAR issue is that we are using up the oil in the middle east and saving our own for later.

[feederband]

One way to look at the ANWAR issue is that we are using up the oil in the middle east and saving our own for later.

Ok ..So lets at least drill it and have it waiting...

[HURAKAN]

ANWR is one of the few spots in North America in which animals can continue their way of life undisturbed by humans and it should remain that way. That's why the "R" stands for refuge.

Humans always move to one spot, destroy it and take all the resources, and then move to another. We're very selfish as a specie. No one cares that we're not the only specie sharing this planet.

[Ed Mahmoud]

ANWR is one of the few spots in North America in which animals can continue their way of life undisturbed by humans and it should remain that way. That's why the "R" stands for refuge.

Humans always move to one spot, destroy it and take all the resources, and then move to another. We're very selfish as a specie. No one cares that we're not the only specie sharing this planet.

You should do a little research about how small a footprint oil companies can have in environmentally sensitive areas. Oil can be drained from under tens of thousands of acres of land by a couple of dozen extended reach directionally drilled wells on a pad only a few acres in size. Plus, if/when drilling is allowed in ANWR, it will be regulated like other environmentally sensitive sites that have oil production, activity will not be permitted during critical times if it will interfere with breeding or migration patterns of certain animals, the government will monitor and approve all development plans, etc.


I worry about people who have grown up watching 'Captain Planet and the Planeteers' cartoons from Ted Turner and almost all Hollywood movies where oil companies and their people are nearly universally depicted as evil people who will do anything to make a profit.

Not sure at all if you fall into that group, Hurakan, but the main stream media and popular entertainment do not offer a balanced view on a lot of things.

[feederband]

ANWR is one of the few spots in North America in which animals can continue their way of life undisturbed by humans and it should remain that way. That's why the "R" stands for refuge.

Humans always move to one spot, destroy it and take all the resources, and then move to another. We're very selfish as a specie. No one cares that we're not the only specie sharing this planet.

I agree...But not unless we have a huge population loss. We are going to need this oil...If its them or us it will always be them...We do way more damage everyday in Florida then will could ever do in ANWR and no one is barking about that...We are very selfish just think of how many animals we kill a day just for food...It is the human way...I am human...Drill away...

[HURAKAN]

Drilling for oil always have an effect on the surroundings. The only thing I critize about the oil exploration is tapping into places that were designated areas to protect other species and even humans, because there are villages of Eskimos that live in ANWR.

I'm watching a program right now in NGC called "Alaska's Last Oil," and a representative of the Eskimos living in the refuge say that in a recent vote between his people, most didn't want oil companies to drill in their land. The program was done this year.

[feederband]

Drilling for oil always have an effect on the surroundings. The only thing I critize about the oil exploration is tapping into places that were designated areas to protect other species and even humans, because there are villages of Eskimos that live in ANWR.

But if thats where the oil is thats where we have to get it...Like I said putting a subdivision up will have a huge impact of the surrounding area...We have the technologies now to leave a very small foot print drilling for oil...