CNN Headline News story

That explains why the oil futures price went up another 4% today--defying the laws of supply and demand. And still no government action.

 

With the Bush's so heavy into oil, do you really expect the gov't to do anything...

 

I saw it too this on my lunch break at work. I think it was referring to the month of June.

 

Exactly what do you expect the government to do? The legislature here in Hawaii tried to regulate the price of gas a couple of years back. Caused nothing but problems for everyone, the gas price changed once every week by the government. There were gas lines the day before the price change if gas was going up and gas lines the day of the price change if they went down. It lasted about three months before they repealed the law because they knew they would not be reelected if they didn't.

 

3.3% down year over year in the US. Unfortunately, oil is a global market and since world demand is up significantly over last year, the laws of supply and demand are working perfectly. Expect oil to climb to $200+ in the short term. Oil is finite and makes the world go. Even with demand destruction, it will eventually climb to 5 or even $600 / barrel. Long before that happens, the US will enter a depression that will make the 30's look like the prosperous 50's by comparison as we enter a dark ages that will last 4 to 500 years.

 

@Jiipa
Do something with CNG conversion kits? Most of world can use legally CNG and LPG but we can’t. We have partial CNG infrastructure, but we almost don’t have cars.
I think EPA certifications are too expensive.

PS. Prius after conversion can be more environmentally friendly than is right now (and save more money on gas too).
PS2. Hi to everyone and sorry for weak English.

 

The Australian government research group, CSIRO (Commonwealth Scientific and Industrial Research Organisation) today released a study which shows petrol prices here in Australia may go as high as $8.00 per litre or at best $2.00 per litre. (Current price is $1.70 here.
Will petrol really top $8 a litre by 2018? -

 

Damn! President Bush and his cronies have a really far reach with their manipulating of oil prices.

Too bad the Liberals, Democrats, and activist eco-nuts here in the USA put up severe barriers to allowing our oil companies to drill for oil right here. At least we will still have the stuff in the ground for when oil hits $250/gallon.

 

How about trying to provide something constructive to the discussion besides easily disproven lies. Sorry, there's just not enough oil offshore or Alaska (ANWR) to solve our transportation fuel-related energy problems. By problems, I'm off course referring to the fact that the US is unsustainably consuming too much oil. Here's a link to an oildrum.com article with more details.

The Oil Drum | Peak Oil Overview - June 2008 (Pdf and Powerpoint available)

Another item of note regarding off-shore drilling is that even if the partial ban is lifted, apparently not enough drill ships are available.

 

Yes! I expect that crew to do the following, which will continue to drive prices way UP during this lame duck year:

- continue to saber rattle with Iran
- continue to partner with the the 9-11 terrorists (Saudi Arabia - duh) to drive supplies down
- use $4 - $5 gas to promote destroying natural areas in the states
- give yet more no bid contracts to Big Oil to take over the Iraq oil fields (what? you thought the people would benefit?)
- Figure-head Bush will kiss and hold hands with the Saudi King yet again

... Brad

 

Bush does have the bully pulpit, and that counts for something, and he has veto power; but he doesn't control Congress. What are the House and Senate up to these days?

It seems he is - once again - the "evil genius" ... that is, until he's branded a moron for something else.

 

Believe me I am no fan of President Bush, but come on people you are making him into a god. Does he also control the militants in Nigeria, the labor unions in Brazil along with the oil demand in China, India and the rest of the world?

Oil surges to new heights on supply concerns - Jul. 11, 2008

G

 

Up to?

Don't you mean "What are the House and Senate DOWN to these days?"

The answer . . . 9%. Great 'liberal' leadership there Reid and Pelosi.
Rasmussen Reports™: The most comprehensive public opinion coverage ever provided for a presidential election.


I can just hazard a guess what it will be when the next poll is done and the ultra liberals weigh in with their outrage of their leader Obama, and other far left flag bearers (Floppers) voting for the passage of FISA.
U.S. Senate: Legislation & Records Home > Votes > Roll Call Vote

You know this is just PISSING THEM THE HELL OFF! ound:
You can just hear them seethe with every keystroke they post here on PriusChat.

 

i think my quote of the day goes to my friend, whose Chevy Trailblazer got totaled a while back... so he took the insurance check and bought a Tahoe.

When I informed him that for the price of a Tahoe, he could have gotten a Prius AND a Smart ForTwo (which he is looking into buying) and that his Tahoe is contributing to the terrorists... (tongue-in-cheek) he replied with,

"Actually, I'm contributing to research for alternative fuels by using up all the oil."

he wasn't joking around, either...

 

OK, FINE.

DISPROVE THIS!

"A Houston oil company has agreed to shut down its offshore oil production off Santa Barbara County decades early in exchange for approval this year to drill into untapped undersea reserves and cash in on the nation’s record oil prices."
Oil firm, foes strike major deal - Los Angeles Times

Tell me. In our age of massive oil imports, HOW does it make economic sense to this country to shut down offshore oil PRODUCTION (!!!! ) decades early (!!!!! ).

Not only that, the oil company was also forced to pay a huge ransom.

And people wonder why we import so much oil and gas prices are so high.

[this post is good enough for its own thread]

 

I'm not sure you understand how government works. the democrats do not have a solid majority, thus Bush can veto any bill they try to pass. There is no way a politician can expect to get re-elected by saying no to that FISA act unless they are in an extremely liberal voting area. That would allow the other side to question their patriotism and make re-election impossible.

 

If you want to know the truth (which in your posts I've seen in this topic and your knee jerk signature I highly doubt it). The truth is that oil companies do NOT want to explore in the US. They instead want to go to the cheap labor markets of the world to drill.

Also, it doesn't matter how much domestic drilling the US does. As long as the price of oil is set on the world market (and influenced mainly by OPEC) no amount of domestic drilling would be able to deflate the price of a barrel.

 

Here, let me make the concept easier for you to follow.

You live in a remote house out in the desert. Years ago, you drilled a water well which provided all the water you needed when you lived there alone as a bachelor.
Now that you are married and have a family, and a couple of dogs, and flower beds . . . that poor ignored well only provides 30% of your family's water needs.
Your neighbor a few miles down the road thought ahead and sank several wells and has an abundance, so . . . you are now paying him $3.57 per gallon (cost of oil) to fill up your water jugs which you have in the back of your truck.
You have now come to the realization that you can't afford to pay him $3.57 per gallon, because you use several thousand gallons per month.

So what do you do? Can you conserve your way out of your mess?
Do you get rid if the dogs, kids, wife?
Or do upgrade the well you have been ignoring and sink another?
Bottom line . . . it IS cheaper and quicker to conserve, to upgrade and drill another well, AND invest in alternative energy.
And, oh, by the way . . . wasting that expensive water like you do to turn a wheel on your water powered micro electric generating system is idiotic. Solar and wind power will work much better for your situation.

DO YOU REALLY CARE WHAT THE PRICE OF WATER IS IN ANOTHER COUNTRY IF YOU ARE PRODUCING YOUR OWN? SURE YOU DO . . . IF YOU CAN GET TO THE POINT WHERE YOU PRODUCE MORE THAN YOU NEED AND CAN HAVE THEM PURCHASE YOUR ABUNDANCE AT $3.57 PER GALLON.

 

It's unclear (to me) how drilling off of Santa Barbara will both reduce the price of gas as well as provide a viable domestic source of oil that will allow America to reduce it's dependence on imported oil. The image shown below indicates that report reserves off the coast of southern California are less than 6 billion barrels. That's less than a one year supply (of oil) at current consumption rates. What's also interesting in the image that the oil companies (and their advocates) seem to neglect to mention is that the largest off-shore reserves are already available for leasing (i.e., drilling). Is there a reason why these much larger know oil reserves are not currently being exploited (pumped out)? As mentioned in an earlier post, off-shore drilling equipment (ships in this case) appear to be in very short supply. It looks like with the recent run up in the price of oil, oil companies and national governents around the world are not surprisingly drilling like crazy (to make lots of money) and all of the available off-shore drilling equipment has been snatched up. So, it's becoming clear that the Bush Admins push to open up more of the US coastlines for offshore drilling is simply a political ploy to create the illusion that the only reason gas prices are high is those 'greenie' environmentalist wacko Democrats have been obstructing drilling. Another reason, may be simply to open up some new off-shore areas for drilling as a final 'gift' to the oil companies. Hypocrites to say the least.

As for the actual reason why oil prices have climbed, the world is beginning to learn that demand (for oil) is now exceeding supply. Obviously it's not the fault of a few 'greenies' trying to save a seal or two.

What's missing is an honest debate regarding what America should do with peak oil looming. Recommending that off-shore regions be opened for drilling in the not too distant future is a fair question since it looks like we'll eventually need (desparately) the oil. Framing or starting the debate with easily disproven lies isn't in Americas best interests. Gas prices aren't going to drop to $2 a gallon - tomorrow - if we only could drill off the coast of Santa Barbara. Obviously, an intelligent debate should include a discussion what we can be done to reduce consumption. For example, should the minium CAFE standard be 50mpg in a few years, followed by 80mpg a few years later? Is this possible, what are the costs, can we afford it, and so on? As T. Boone Pickens just said, we can't drill our way out of this problem.