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Oil rises above $90 amid US crude supply drop

True that the Gulf does not come close to Saudi Arabia's oil reserves, but 3,828,000,000 barrels of proven reserves is nothing to sneeze at.

That's about almost 200 days worth of oil at current US consumption.
 
That's about almost 200 days worth of oil at current US consumption.

The flaw in your reasoning here is that this would be the only oil the US is using until used up.....That is flat out crap.


j-mac
 
The flaw in your reasoning here is that this would be the only oil the US is using until used up.....That is flat out crap.


j-mac

How much do you think 200 days worth of oil would effect the price of a globally traded and priced commodity especially when consumption is only set to rise, and how do you stop some of that oil going overseas if a company chooses to do that?

I think there's a flaw in your reasoning.

Because you see, in my case, Im not saying Companies shouldn't be allowed go drill again, i think maybe they should.

Im just arguing against all of ou thinking that ut would effect the price of oil, it won't,
 
How much do you think 200 days worth of oil would effect the price of a globally traded and priced commodity especially when consumption is only set to rise, and how do you stop some of that oil going overseas if a company chooses to do that?

I think there's a flaw in your reasoning.

Because you see, in my case, Im not saying Companies shouldn't be allowed go drill again, i think maybe they should.

Im just arguing against all of ou thinking that ut would effect the price of oil, it won't,

It most certainly would. That one particular announcment may not have a huge effect, but if you could couple that with an announcment that America was going to ramp up exploration, and drilling to search out known, as well as unknown deposits of oil, in conjunction with continuing our search, and devolopment of new, and promising sources of energy, speculators would definately drop the price.

But to take your line of thought, ah, what's the use? right?


j-mac
 
It most certainly would. That one particular announcment may not have a huge effect, but if you could couple that with an announcment that America was going to ramp up exploration, and drilling to search out known, as well as unknown deposits of oil, in conjunction with continuing our search, and devolopment of new, and promising sources of energy, speculators would definately drop the price.

But to take your line of thought, ah, what's the use? right?


j-mac

Yes because during the 2008 spike, when Saudi Arabia said they would boost production in effected it tremendously...

You know what actually brought down the price of oil that year?

It was the fact that americans were losing their purchasing power by a massive extent, and therefore wouldn't be able go consume as much oil.
 
That's about almost 200 days worth of oil at current US consumption.

Ahh, well in that case we should shut down drilling in the gulf forever right ???

I wonder what Florida will do when one of Cuba's new drill rigs leaks oil that floats up on their beaches??? Sue Castro maybe ?? The USGS estimates that Cuba has over 9 billion barrels of oil although Cuba is claiming 20 billion. And Venezuela has discovered 513 billion barrels according to the USGS. Guess you'd rather buy oil from Castro and Chavez than drill our own.
 
Ahh, well in that case we should shut down drilling in the gulf forever right ???

I wonder what Florida will do when one of Cuba's new drill rigs leaks oil that floats up on their beaches??? Sue Castro maybe ?? The USGS estimates that Cuba has over 9 billion barrels of oil although Cuba is claiming 20 billion. And Venezuela has discovered 513 billion barrels according to the USGS. Guess you'd rather buy oil from Castro and Chavez than drill our own.


That's not what im saying lol.

Drill away!

Wont effect the price by **** all.
 
Thats not enough supply to effect pricing by very little.

Well, I guess we can discount the news reports that claim oil prices went up because Libyan oil supplies were affected by the war. Include Nigeria in that class too.

Hmmm, wonder why oil prices spike every time a hurricane gets within a thousand miles of the Gulf??? Someone sure thinks our Gulf oil production has an affect on world oil prices.
 
why would secretary chu actually WANT eight dollar gas?

that's what most americans want to know
 
Cat... my arguments hold water upstairs, and that is why I Libs get all excited downstairs.

I haven't seen evidence of that but I'll keep looking out for it. :sun
 
Yes because during the 2008 spike, when Saudi Arabia said they would boost production in effected it tremendously...

You know what actually brought down the price of oil that year?

It was the fact that americans were losing their purchasing power by a massive extent, and therefore wouldn't be able go consume as much oil.

From the AP:

The 574 million acres of federal coastal water that are off-limits are believed to hold nearly 18 billion barrels of undiscovered, recoverable oil and 77 trillion cubic feet of natural gas, according to the Interior Department.


How does that make sense?


j-mac
 
People on here, for the most part, have no idea what drives the price of oil and gas.

Although it is "supply and demand" driven to a point, its one of the only things out there whose price is based on PERCEIVED levels of the above. Look, they're saying gas might come down 50 cents a gallon due to demand decrease. Well, we'll see if that ever happens but the speculators drove it up, they can drive it down.

If we have rigs off our coasts punching holes in the earth, there will be a perceived increase in supply in the future. That means the value of a barrel of oil now is less, because in the future there will be more out there. Same goes when there is a perceived shortage in the future, makes the prices go up now.

Oil is future driven pricing. So what we do today effects prices 5 to 10 years down the road. But to say that based on raw numbers that drilling here in the USA wont bring down the cost of fuel is ridiculous. Of course it will.
 
and devaluation of the dollar is the most insidious of all

why does the energy secretary PREFER eight dollar gas?

why do so many obama supporters want to FORCE us out of our cars?

why did the slasher tell the chronicle he would ACTIVELY bankrupt coal?

know the man!

vote obama 2012!
 
Another Obama tax on the middle class


Absolutely...Businesses like mine that deliver goods that make their way to your grocery store for direct purchace have a sercharge added when fuel costs go up. These are direct drivers to pricing on the shelves. And a wonderful example of how Obama is selling the public a huge lie concerning energy pricing.


j-mac
 
Absolutely...Businesses like mine that deliver goods that make their way to your grocery store for direct purchace have a sercharge added when fuel costs go up. These are direct drivers to pricing on the shelves. And a wonderful example of how Obama is selling the public a huge lie concerning energy pricing.


j-mac

And how again has Obama increased the world pricing of oil?
 
666. Explanation to high price of oil and gold (4/28/2011)


Every American feels the hurt of the rising price of gasoline. It accelerates its inflation step from later last year. Here are two news.

Oil rises above $90 a barrel in Asia as US crude supply drop suggests demand improving
Alex Kennedy, Associated Press, On Wednesday December 22 (2010)

SINGAPORE (AP) -- Oil prices rose above $90 a barrel Wednesday in Asia after a report showed U.S. crude supplies dropped more than expected for a second week, which suggests demand is improving.

Oil rises above $90 amid US crude supply drop - Yahoo! Finance

Saudis Slash Oil Output, Say Market Oversupplied

Published: Monday, 18 Apr 2011 | 5:40 By: Reuters

Consumers have urged the exporters' group to pump more crude to put a cap on oil, which surged to more than $127 a barrel this month, its highest level in 2 1/2 years amid unrest in North Africa and the Middle East.

News Headlines

In four months, the oil price increases more than 25%. It follows the steps of persecution the Feds applies on me.

1. From the news we know the high oil price is not out of "supply and demand". It's out of the "speculation". The big bankers manipulate oil price high to save Dollar. (Iran abandoned dollar in oil trading. See “556. Petro-dollar, the cause of Iran war (7/4/08)”)

2. The high oil price will also justify Iran war. After the war, the oil will return to normal. (Around $30/barrel) Then the media will tell people, "You see. We are right to go war on Iran. So you all can enjoy a low price gas now." So the anti-war mood will be minimized.

3. The plotter used to make money on war crisis. So they accumulate the oil future options to push up the price. Once the war happens, they can make huge profits. (They had done so in 911 attack when they made money in stock option market.)


4. In 2007 and 2008, when there was a plan to war on Iran - the plot was signaled by a B-52 loaded with nuclear missiles flied over US continent, oil had been pushed up to $147/barrel. Now it is in a similar situation.

5. The model will be: False flag terror attack happens in US and European countries.(likely nuclear bombing or dirty bomb attack). It will justify war on Iran because Iran is accused of developing nuclear weapons. During the war crisis, under the propaganda of the media, the price of oil and gold will go up like crazy. That is the time the mastermind to unload their stock (the oil future option and gold) to public.

Iran war plot has been in plan since Bush’s second term. It was delayed again and again because the Feds also project it as a distraction on a framed drug case so I can have the above conclusions through my observation.
 
Ahh, well in that case we should shut down drilling in the gulf forever right ???

I wonder what Florida will do when one of Cuba's new drill rigs leaks oil that floats up on their beaches??? Sue Castro maybe ?? The USGS estimates that Cuba has over 9 billion barrels of oil although Cuba is claiming 20 billion. And Venezuela has discovered 513 billion barrels according to the USGS. Guess you'd rather buy oil from Castro and Chavez than drill our own.

We already buy oil from Chavez, why not Castro?
 
Well, I guess we can discount the news reports that claim oil prices went up because Libyan oil supplies were affected by the war. Include Nigeria in that class too.

Hmmm, wonder why oil prices spike every time a hurricane gets within a thousand miles of the Gulf??? Someone sure thinks our Gulf oil production has an affect on world oil prices.

Every time a hurricane comes close? got links ?
 
Every American feels the hurt of the rising price of gasoline.

The price of gas has more than doubled since Obama bbecame president.

Are you guys just noticing that gas prices have been going up shaply for the last decade?

History-of-Oil-Prices-Chart-07.gif

The History of Oil Prices - Oil and Gasoline Economics - The Politics eZine

See the warning by the US military last year: "The US military has warned that surplus oil production capacity could disappear within two years and there could be serious shortages by 2015 with a significant economic and political impact."
US military warns oil output may dip causing massive shortages by 2015 | Business | The Guardian
 
Just keep googling, there are several long range oil price charts to be seen.
The price of oil was relatively stable for long periods of time, and at low prices.
What happened? speculators? politicizing the issue? certainly not hurricanes....unless we didn't have hurricanes before the late 70's or so....
 
Are you guys just noticing that gas prices have been going up shaply for the last decade?

History-of-Oil-Prices-Chart-07.gif

The History of Oil Prices - Oil and Gasoline Economics - The Politics eZine

See the warning by the US military last year: "The US military has warned that surplus oil production capacity could disappear within two years and there could be serious shortages by 2015 with a significant economic and political impact."
US military warns oil output may dip causing massive shortages by 2015 | Business | The Guardian

Thats not the point they have doubled in the last two years. We expect some rise but not to double in that short of time.
 
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