Oil prices...

[Dr. Blutarsky]

Thought I'd start a thread devoted to oil prices. We are in a really bad situation. Granted the US is still paying less for oil than other countries, but it is getting really expensive. Particularly to those who's income depends on travel like myself.

So here is a thread where we can vent, come up with ideas, solutions and discuss how we can hold our leaders' feet to the fire on taking action to help the struggling economy, which oil prices, in my opinion, is directly affecting.

A little something to start things off.....

Oil hits another record high as dollar tumbles to record low

By PABLO GORONDI, Associated Press Writer 1 hour, 46 minutes ago

Oil prices hit all-time highs above $115 a barrel Thursday with reports that oil and gasoline stocks in the United States were lower than expected and as the dollar hit record lows.
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Light, sweet crude for May delivery rose as high as $115.52 a barrel in electronic trading on the New York Mercantile Exchange. It eased back to $115.23 a barrel by midday in Europe, up 30 cents.

On Wednesday, the contract settled at $114.93 a barrel.

In London, Brent crude futures were up 43 cents to $113.09 a barrel on the ICE Futures exchange in London.

Oil and other commodities continued to attract investors as the values of the dollar continued falling and as a hedge against inflation. A weaker dollar also makes oil cheaper to investors overseas.

The euro hit a new all-time high of $1.5982 on Thursday, its second record in as many days against the sagging greenback, and stood at $1.5966 by midday in Europe.

Concerns about sagging U.S. gasoline supplies ahead of the peak demand of the Northern Hemisphere summer also helped boost prices.

The U.S. Energy Department said Wednesday that inventories of gasoline fell 5.5 million barrels last week, a much bigger decline than forecast by analysts surveyed by Dow Jones Newswires.

Crude inventories fell 2.3 million barrels last week, the department's Energy Information Administration also reported, compared to the gain analysts expected.

"The market has focused on the substantial draw in gasoline in the U.S. and also the large crude oil draw," said Victor Shum, an energy analyst with Purvin & Gertz in Singapore. "The report has provided a knee-jerk reaction for the market and has driven oil to a new high."

The surge in oil prices reflected concerns about how much gasoline will be available during America's driving season.

But analysts said the U.S. inventory report also showed that the country's appetite for increasingly expensive gas is declining, noting that gasoline inventories remained at healthy levels despite the drop.

"Gasoline and crude inventories dropped primarily because refiners are not really ordering crude oil and they are also holding back on operating rates because demand is weak," Shum said. "The concerns about gasoline supply in the summer may be overdone."

The EIA report also said inventories of distillates, which include heating oil and diesel, unexpectedly rose last week by about 100,000 barrels. Analysts had expected a sharp decline.

In other Nymex trading, gasoline futures rose 2.92 cents to $2.9682 a gallon while heating oil futures gained 1.63 cents to $3.2993 a gallon. Natural gas prices were up 1.7 cents to $10.450 per 1,000 cubic feet.

[SLCPUNK]

You voted for it twice.

Enjoy it.

[Bodhi]

You voted for it twice.

Enjoy it.

you didnt....and you still get to enjoy it...that brings me such joy...

[Dr. Blutarsky]

You voted for it twice.

Enjoy it.

Something intelligent to add to this discussion rather than  attacking me would be a bit more meaningful. Then again you have no respect for those who do not agree with you and a lot of your criticisms are indeed meaningless..

One problem we have not built a refinery in the last 30 years. More refining capability would boost output. That is something that Democrats have opposed.

Also, more domestic oil production would lessen our reliance on imported oil. Recent discoveries of large sources in North Dakota may help in the long run.

Alternative energy sources such as Hydrogen and electric vehicles would be and should be a big part of the plan.

[sandman]

Obama voted for it too!


"I don't take money from oil companies."

What Obama doesn't tell you is that "no candidate does....they cant," according to the Annenberg Center's Factcheck.org...It's been against the law for companies to donate to candidates for a hundred years.

Listen to Barack Obama some more.

"Now Exxon's making forty billion dollars a year and we're paying three fifty for gas."

Obama also doesn't mention that he voted for the Bush Cheney energy bill.

It was called a pi?ata of perks and the best energy bill corporations could buy.

Hillary Clinton voted against that bill.

[Bodhi]

Obama voted for it too!


"I don't take money from oil companies."

What Obama doesn't tell you is that "no candidate does....they cant," according to the Annenberg Center's Factcheck.org...It's been against the law for companies to donate to candidates for a hundred years.

Listen to Barack Obama some more.

"Now Exxon's making forty billion dollars a year and we're paying three fifty for gas."

Obama also doesn't mention that he voted for the Bush Cheney energy bill.

It was called a pi?ata of perks and the best energy bill corporations could buy.

Hillary Clinton voted against that bill.

Obama fails to mention alot of things....

[Dr. Blutarsky]

Oil companies can't donate to campaigns but individuals in high places in Oil companies can.

If I am not mistaken some of these oil  related "individuals" have donated to Obama's campaign.

[sandman]

Oil companies can't donate to campaigns but individuals in high places in Oil companies can.

If I am not mistaken some of these oil  related "individuals" have donated to Obama's campaign.

you're right. i was unaware of that.

http://www.factcheck.org/elections-2008/obamas_oil_spill.html

In a new ad, Obama says, "I don?t take money from oil companies."

Technically, that's true, since a law that has been on the books for more than a century prohibits corporations from giving money directly to any federal candidate. But that doesn?t distinguish Obama from his rivals in the race.

We find the statement misleading:

- Obama has accepted more than $213,000 from individuals who work for companies in the oil and gas industry and their spouses.

- Two of Obama's bundlers are top executives at oil companies and are listed on his Web site as raising between $50,000 and $100,000 for the presidential hopeful.

[sandman]

one other interesting point.....McCain voted against the energy bill.

[TAP]

Thought I'd start a thread devoted to oil prices. We are in a really bad situation. Granted the US is still paying less for oil than other countries,

My mother was visiting from the UK - we worked out that gas/petrol is around $11/gallon over there right now.

[Dr. Blutarsky]

Thought I'd start a thread devoted to oil prices. We are in a really bad situation. Granted the US is still paying less for oil than other countries,

My mother was visiting from the UK - we worked out that gas/petrol is around $11/gallon over there right now.

Holy shit! I would imagine things are even more difficult for the Brits. Are there any counter measures the UK are trying to implement to address that?

Hey Punk, is that Bush's fault also?

[TAP]

Thought I'd start a thread devoted to oil prices. We are in a really bad situation. Granted the US is still paying less for oil than other countries,

My mother was visiting from the UK - we worked out that gas/petrol is around $11/gallon over there right now.

Holy shit! I would imagine things are even more difficult for the Brits. Are there any counter measures the UK are trying to implement to address that?

Not really, it's always been expensive as long as I remember. It hit 1 pound/gallon back in the 70s I think (=$2/gallon), and in '94 the last time I was working/driving there it was over $5/gallon. Less than a third is the cost of oil, duty/tax is close to two thirds and the rest is profit for the retailer/supplier- that's around 10%

Actually, I just worked it out again and it's really just over $8/gallon there right now.

Also, the weak dollar makes the prices sound a little crazier than they really are.

[SLCPUNK]

You voted for it twice.

Enjoy it.

Something intelligent to add to this discussion rather than  attacking me would be a bit more meaningful. Then again you have no respect for those who do not agree with you and a lot of your criticisms are indeed meaningless..

One problem we have not built a refinery in the last 30 years. More refining capability would boost output. That is something that Democrats have opposed.

Also, more domestic oil production would lessen our reliance on imported oil. Recent discoveries of large sources in North Dakota may help in the long run.

Alternative energy sources such as Hydrogen and electric vehicles would be and should be a big part of the plan.

I'm not attacking you. But you voted for a president who created a shit storm smack dab in the middle east. Speculation of unrest alone, can cause a spike in prices, and we're well beyond that. There are plenty of other factors, but political "tensions" play a role in it all, you better believe it.

What was the price of oil per barrel when Bush began his term?

What is it now?

Not really, it's always been expensive as long as I remember. It hit 1 pound/gallon back in the 70s I think (=$2/gallon), and in '94 the last time I was working/driving there it was over $5/gallon. Less than a third is the cost of oil, duty/tax is close to two thirds and the rest is profit for the retailer/supplier- that's around 10%

Actually, I just worked it out again and it's really just over $8/gallon there right now.

That includes tax for healthcare and other services as well, correct?

you didnt....and you still get to enjoy it...that brings me such joy...

What brings you joy?

You don't see my complaining about any of it. I hope it goes higher. It may wake some people the fuck up.

[TAP]

Not really, it's always been expensive as long as I remember. It hit 1 pound/gallon back in the 70s I think (=$2/gallon), and in '94 the last time I was working/driving there it was over $5/gallon. Less than a third is the cost of oil, duty/tax is close to two thirds and the rest is profit for the retailer/supplier- that's around 10%

Actually, I just worked it out again and it's really just over $8/gallon there right now.

That includes tax for healthcare and other services as well, correct?

I honestly don't know what the petrol duty is used for, or if it just goes into the treasury. They pay national insurance which is an income linked tax of (I think 11% these days) which funds the national health service, state pensions, unemployment and disability benefits. I guess that's like the payroll taxes we pay here for social security and medicaid/care. But I only worked there less than 2 years in total, and a long time ago, so I really don't know exactly how the system works.

[Dr. Blutarsky]

You don't see my complaining about any of it. I hope it goes higher. It may wake some people the fuck up.

 Gas prices are affecting everybody from their immediate travel expenses down to freight costs on pretty much all goods. 

People are becoming more aware of the fact we need to get off our addiction to middle eastern oil. It is an economic and a national security issue as well.

[SLCPUNK]

You don't see my complaining about any of it. I hope it goes higher. It may wake some people the fuck up.

 Gas prices are affecting everybody from their immediate travel expenses down to freight costs on pretty much all goods. 

People are becoming more aware of the fact we need to get off our addiction to middle eastern oil. It is an economic and a national security issue as well.

It's not enough yet to make a difference.

I've been saying this for years now, and as usual you guys are late to the table. If I remember last time I brought this all up, everybody on the right (wrong) side of the aisle called me names, and told me oil would last forever. That if Americans wanted to be wasteful, that was their right to do so. Being wasteful is yet another reason we are where we are today.

[Dr. Blutarsky]

A big factor is that nations such as China and India are becoming more affluent than previous years, two of the largest populations of the world. More people are now able to afford cars and the demand is affecting the supply side of the world's oil production.

[GNRreunioneventually]

why in the blue HELL can't we dig for oil in alaska and utah

[Dr. Blutarsky]

Alaska is a touchy thing. Its one of the last places in this country where vast areas remain untouched by development. An oil spill could ruin an ecosystem there. Anwar so desolate we wouldn't have the means to respond quickly and in great numbers to any accident.

The lower 48 obviously has the infrastructure to handle any crisis fairly quickly should something happen, so why we are not drilling for oil in Utah if it indeed  has any large reserves is beyond me.

[Bodhi]

why in the blue HELL can't we dig for oil in alaska and utah

because the far left environmentalist douchebags wont let us....