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

[Stephanie]

Okay, now it was down to $3.85.

The Sunoco stations on the AC Expressway and Garden State Parkway can only raise their prices once a week. Last week they were at $3.99 and today they changed it to $4.01. Maybe they're hedging their bets.

It's been an interesting game comparing prices daily to see which gas station I'm going to fill up at. Thursday nights when the Expressway's gas is cheaper, there are long lines of cars/trucks waiting to fill up.

[HURAKAN]

The gas station near my house remains at $4.07.

[cycloneye]

Saudi Arabia will increase Oil Output



Will this be enough to cause oil prices to turn down?

[HURAKAN]

At least it's good news.

[Cryomaniac]

Saudi Arabia will increase Oil Output



Will this be enough to cause oil prices to turn down?

To some extent maybe. Although the attack on the Nigerian pipeline will probably offset that.

[feederband]

Saudi Arabia will increase Oil Output



Will this be enough to cause oil prices to turn down?

Dont know ....But it sucks we have to rely on them to increase oil supply...We should be able to do it here...But we cant.

[DanKellFla]

Saudi Arabia will increase Oil Output



Will this be enough to cause oil prices to turn down?

Dont know ....But it sucks we have to rely on them to increase oil supply...We should be able to do it here...But we cant.

We could drill, pump and dig all the oil that this country has and it would still be a fraction of what the middle east has in reserve. Until somebody figures out a way to get the a barrel of oil from oil without using more than a barrel of oil, we are stuck.
The Saudis have found the "Sweet Spot" finally. Now they know how much can be charged for oil before it affects the demand for oil. But, they may have unleashed something they can't control. This county may have a public transportation revolution.

[Matt-hurricanewatcher]

We have no choice but to go to Nuclear power NOW. We already power 20% of our needs with nuclear power. It's time to rise that to around 80+ percent, so we can power our hybrid cars, and to get away from the middle east forever!

Anything less is spitting in the wind.

[Derek Ortt]

the reserves from the shale reserve are said to be far greater than anything the Saudis have.

Why are we not taping the shale?

[george_r_1961]

the reserves from the shale reserve are said to be far greater than anything the Saudis have.

Why are we not taping the shale?

That may actually bring prices down and we cant have that now can we?

[Skyhawk]

the reserves from the shale reserve are said to be far greater than anything the Saudis have.

Why are we not taping the shale?

Because the method of production that is currently technically feasable involves strip mining. Many people find that unaceptable.

[Derek Ortt]

The method does not matter to me.

What matters is if we can get our resources and lower the price at the pump

[senorpepr]

Saudi Arabia will increase Oil Output



Will this be enough to cause oil prices to turn down?

To some extent maybe. Although the attack on the Nigerian pipeline will probably offset that.

Shoot... a sneeze from cycloneye would probably offset the price--anything to make the speculators jump.

[cycloneye]

Saudi Arabia will increase Oil Output



Will this be enough to cause oil prices to turn down?

To some extent maybe. Although the attack on the Nigerian pipeline will probably offset that.

Shoot... a sneeze from cycloneye would probably offset the price--anything to make the speculators jump.

lol

[Ed Mahmoud]

the reserves from the shale reserve are said to be far greater than anything the Saudis have.

Why are we not taping the shale?

Because the method of production that is currently technically feasable involves strip mining. Many people find that unaceptable.

Strip mining isn't what it used to be. Big draglines are operating along I-45 South of Dallas, and by Texas law (enforced by the Texas Railroad Commission), the strip mines must be restored to pristine conditions when operation cease.


I'm sure oil shale mining in the Rockies would have similar Federally enforced environmental protection.

[cycloneye]

NEW YORK (CNNMoney.com) -- Oil settled higher on Monday after a day of volatile trading following a weekend meeting in Saudi Arabia that failed to yield concrete solutions to the world's energy problems.

U.S. crude for August delivery settled up $1.38 to $136.74 on the New York Mercantile Exchange.

http://money.cnn.com/2008/06/23/markets ... 2008062315

The Saudi Arabian output last weekend didnt helped bring down oil prices today.

[george_r_1961]

NEW YORK (CNNMoney.com) -- Oil settled higher on Monday after a day of volatile trading following a weekend meeting in Saudi Arabia that failed to yield concrete solutions to the world's energy problems.

U.S. crude for August delivery settled up $1.38 to $136.74 on the New York Mercantile Exchange.

http://money.cnn.com/2008/06/23/markets ... 2008062315

The Saudi Arabian output last weekend didnt helped bring down oil prices today.

I think it may be several weeks or longer before prices fall, IF they fall at all.

In my opinion this isnt about supply and demand its about price manipulation(also known as speculation). Until something is done about this gouging prices wont drop and in fact may continue to climb, regardless of how many barrels of oil are produced.

[Stephanie]

NEW YORK (CNNMoney.com) -- Oil settled higher on Monday after a day of volatile trading following a weekend meeting in Saudi Arabia that failed to yield concrete solutions to the world's energy problems.

U.S. crude for August delivery settled up $1.38 to $136.74 on the New York Mercantile Exchange.

http://money.cnn.com/2008/06/23/markets ... 2008062315

The Saudi Arabian output last weekend didnt helped bring down oil prices today.

I think it may be several weeks or longer before prices fall, IF they fall at all.

In my opinion this isnt about supply and demand its about price manipulation(also known as speculation). Until something is done about this gouging prices wont drop and in fact may continue to climb, regardless of how many barrels of oil are produced.

I agree and that's pretty much what the Saudis have been saying as well. HOWEVER, I will add that the demand for oil has gone up but the supply has not, which will entice speculators. So, it's either we had WAY TO MUCH supply to begin with or probably not enough. Either way, we won't find out for sure. The speculation was helped by both the falling dollar and the increased demand but steady supply. Instant price increase and instant $$$ for the making.

[DanKellFla]

the reserves from the shale reserve are said to be far greater than anything the Saudis have.

Why are we not taping the shale?

Because the current process requires more energy to get the oil than the oil contains. It is like buying $100 for $110 dollars.

[Skyhawk]

Because the current process requires more energy to get the oil than the oil contains. It is like buying $100 for $110 dollars.

Simply not true. After the hydrocarbons have been driven off by heating there remains residual carbon, which is combusted to provide energy to run the process plus excess energy that can be used to generate electricity.

http://www.shaleoilinfo.org/library/cit ... 5Jul09.php

The barriers to production come from pressure exerted by enviromentalists.

BTW the term is a misnomer. Oil shale doesn't contain oil but kerogen, and it is not shale.