Oil Ends ABOVE $50/barrel for First Time EVAR! Edit: Almost $53 now

[ReiAyanami]

http://biz.yahoo.com/ap/041001/oil_prices_5.html


the other thread is bloated with over 40 pgs, although still less than 1pg/$

Edit: hit $50.73 Tues Oct 5th
Edit: tops $52 Wed
Edit: $52.92 Thur, almost $53

do we hit $60 next week?

 

[XZeroII]

less than 1pg/$ ???? What does that mean? Those are some pretty expensive pages.

 

[dmcowen674]

Originally posted by: XZeroII
less than 1pg/$ ???? What does that mean? Those are some pretty expensive pages.

He means my long running Oil thread.

Glad to see it closed over $50, hopefully soon we'll see $3 and $4 a gallon gas shortly.

How long can the Oil Thugs sandbag the price holding it back artificially???

They'll shoot the price to at least close to $4 a gallon after the election no matter which one gets elected, guaranteed.

 

[Genx87]

You think 50 bucks a barrel hurts the oil tycoons?

ROTFLMAO!

btw

hey'll shoot the price to at least close to $4 a gallon after the election no matter which one gets elected, guaranteed.

Keeping this in my vault for after the election.

 

[AndrewR]

That's what happens when there's serious instability in one of the major oil producing countries. Well, ok, in FOUR oil producing countries, Nigeria just cropped up recently.

 

[Genx87]

Yeah and I think OPEC scaled production back a year ago or so and China is a resource eating giant now.

Time IMO to start drilling in the artic and ween ourselves off foreign oil.

 

[sillymofo]

Originally posted by: Genx87
Yeah and I think OPEC scaled production back a year ago or so and China is a resource eating giant now.

Time IMO to start drilling in the artic and ween ourselves off foreign oil.

No, time to invest in alternative energy sources. If "we" (oil tycoons and Co.) are not so greedy, "we" would have water powered cars by now.

 

[Genx87]

No, time to invest in alternative energy sources. If "we" (oil tycoons and Co.) are not so greedy, "we" would have water powered cars by now.

Easier said than done. In case you havent noticed while Oil is at 50 bucks a barrel. It is still cheaper than any alternatives. Hell at this point a gallon of gas is still cheaper than a gallon of Milk.

 

[sillymofo]

Originally posted by: Genx87

No, time to invest in alternative energy sources. If "we" (oil tycoons and Co.) are not so greedy, "we" would have water powered cars by now.

Easier said than done. In case you havent noticed while Oil is at 50 bucks a barrel. It is still cheaper than any alternatives. Hell at this point a gallon of gas is still cheaper than a gallon of Milk.

So, uh.... how many gallons of milk do you drink a week?

 

[Genx87]

not the point.

Point is the price of milk costs less than a price of gas.

 

[JustAnAverageGuy]

Originally posted by: Genx87
not the point.

Point is the price of milk costs less than a price of gas.

It IS the point.

I use much more gas than I drink milk.

arbitrary numbers:

A gallon is Robitussin is $130, but how often do you use a gallon?

 

[CycloWizard]

Originally posted by: AndrewR
That's what happens when there's serious instability in one of the major oil producing countries. Well, ok, in FOUR oil producing countries, Nigeria just cropped up recently.

Nigeria has been unstable for years. Their offshore platforms have actually been hijacked by rebels on numerous occasions, going back to at least 2001.

Originally posted by: sillymofo
No, time to invest in alternative energy sources. If "we" (oil tycoons and Co.) are not so greedy, "we" would have water powered cars by now.

There's no such thing as a 'water powered car.' If you're referring to a hydrolysis fuel cell (splits water to H2 and O2, then gets energy from their recombination), then you're still putting in electricity to cause the separation and only getting back a fraction. How do I know? I built such a car.

I agree that alternative fuels are necessary, but not for the reason that most people think. Most viable alternative fuels will still use components that we get from oil. The 'alternative fuel' really is just taking a different cut of that oil (e.g. hydrogen gas rather than octane/decane mixture). However, we have ways of using these fuels more efficiently, thereby decreasing the demand on oil. The demand won't go away.

 

[ciba]

Originally posted by: sillymofo

Originally posted by: Genx87
Yeah and I think OPEC scaled production back a year ago or so and China is a resource eating giant now.

Time IMO to start drilling in the artic and ween ourselves off foreign oil.

No, time to invest in alternative energy sources. If "we" (oil tycoons and Co.) are not so greedy, "we" would have water powered cars by now.

What percentage of your investment portfolio is in "green" fuels?

 

[dmcowen674]

Originally posted by: JustAnAverageGuy

Originally posted by: Genx87
not the point.

Point is the price of milk costs less than a price of gas.

It IS the point.

I use much more gas than I drink milk.

arbitrary numbers:

A gallon is Robitussin is $130, but how often do you use a gallon?

He won't be able to answer you JAAG.

 

[AndrewR]

Nigeria has been unstable for years. Their offshore platforms have actually been hijacked by rebels on numerous occasions, going back to at least 2001.

Fine, the situation has worsened and made international headlines, causing flutters in the oil market. Combined with Venezuela's ongoing saga with Chavez, Iraq's problem with insurgents threatening the oil lines, and Iran's issues with their nuclear program AND China's increased demand, higher prices aren't too surprising. Add to that the lack of any new refineries in the US since the '80s (I think), and the "gasoline blend soup" among the various States, and gas prices are insane.

I remember paying $0.61/gallon one time in 1987 -- filled my tank for less than $5! Ah, those were the days.

 

[0marTheZealot]

the only true alternatives to oil are coal or natural gas.

 

[Vic]

Oil companies rejoice! Both of them.

There are more than 2 oil companies. Actually 5, I think

 

[dmcowen674]

Gas starting to go up here in Louisiana. Was hanging around $1.81 now jumped to $1.84 overnight.

Thats's usually a sign they will jump the price up 3 - 5 cents every two days for a while.

Will it go to $3 before the election???

 

[CycloWizard]

Originally posted by: AndrewR
Fine, the situation has worsened and made international headlines, causing flutters in the oil market. Combined with Venezuela's ongoing saga with Chavez, Iraq's problem with insurgents threatening the oil lines, and Iran's issues with their nuclear program AND China's increased demand, higher prices aren't too surprising. Add to that the lack of any new refineries in the US since the '80s (I think), and the "gasoline blend soup" among the various States, and gas prices are insane.

I remember paying $0.61/gallon one time in 1987 -- filled my tank for less than $5! Ah, those were the days.

:thumbsup: I filled mine up in 1998 for $0.49/gal, but that was part of a radio promotion.

Originally posted by: 0marTheZealot
the only true alternatives to oil are coal or natural gas.

Wrong. A variety of alcohols are one possibility, and should be available in the not-so-distant future (ethanol/methanol fuel cells).

One thing we can do to decrease our dependency on foreign oil is increase money for coal liquefaction plants. The US has an astronomical oil-equivalent of coal - more than any two nations combined IIRC.

 

[Ultima]

Originally posted by: dmcowen674

Originally posted by: XZeroII
less than 1pg/$ ???? What does that mean? Those are some pretty expensive pages.

He means my long running Oil thread.

Glad to see it closed over $50, hopefully soon we'll see $3 and $4 a gallon gas shortly.

How long can the Oil Thugs sandbag the price holding it back artificially???

They'll shoot the price to at least close to $4 a gallon after the election no matter which one gets elected, guaranteed.

Gas is already close to $3 a gallon in Canada. Well, it's $2.72 a gallon here in Montreal. But its been around there for a long time, even when oil prices were much lower.

 

[ReiAyanami]

another record high today: http://biz.yahoo.com/ap/041005/oil_prices_11.html

$50.73

 

[ReiAyanami]

http://biz.yahoo.com/ap/041006/oil_prices_24.html

An Energy Department report that showed domestic oil supplies grew for the second week in a row provided little comfort to traders, who instead focused on declining heating oil inventories.


Light crude for November delivery rose 93 cents to $52.02 a barrel on the New York Mercantile Exchange, a record settlement high. "


even when there's more oil, prices go up

 

[Stunt]

I hope it keeps going up!...i'm raking in the cash!!

 

[lozina]

I think I will invest in oil... lemme see how many drums I can fit into my shed..

 

[ElFenix]

Originally posted by: dmcowen674

Originally posted by: XZeroII
less than 1pg/$ ???? What does that mean? Those are some pretty expensive pages.

He means my long running Oil thread.

Glad to see it closed over $50, hopefully soon we'll see $3 and $4 a gallon gas shortly.

How long can the Oil Thugs sandbag the price holding it back artificially???

They'll shoot the price to at least close to $4 a gallon after the election no matter which one gets elected, guaranteed.

have any evidence that the saudis et al are sandbagging, or are you just ranting irrationally? the saudis dont even want high oil prices. there are a lot more wells that are profitable at $50 a barrel than $35.