- Status
werepossum
Elite Member
- Jul 10, 2006
- 29,873
- 463
- 126
I think you missed his point. No one denies that cheap energy is probably THE biggest factor in growth and quality of life. But the flip side of that is the long view. If we were paying Venezuela prices for gasoline and heating oil, certain other things would happen. Many more people would be driving much larger, less efficient cars, because the penalty for doing so would be much smaller. Buildings would be less well insulated and sealed, because the payoff for those measures would be much lower. People would be driving more, probably much more, because the penalty for doing so would be much less. Bottom line, we'd be consuming a lot more petroleum. To a degree, that's admittedly good; we could spend more money on other things. But it also has down sides. For one, a lot more pollution, because using less is the easiest and cheapest way to lower pollution. But there's a down side economically as well. Nothing lasts forever, and if oil was very cheap then we'd be using a lot more of it, and we'd be exhausting the supply more quickly. Even if one subscribes to a theory of abiotic production, we can certainly use it more quickly than it is replenished, even with our currently reasonably expensive oil.
Expensive energy is very damaging to economic growth and quality of life, but it isn't necessarily the most damaging factor. That would probably be running out of a necessary energy resource before you can technologically replace it, which is devastating because not only are the direct effects very harmful and disruptive but a civilization's ability to replace it is greatly hampered. That was his point, and it's a valid one. Imagine a world where we do not have enough petroleum for basic necessary services AND we've neglected research into using petroleum efficiently because it was not an economically feasible or necessary area of research AND we've neglected research into alternative energy because there was no need. Sure, we'd have had an absolutely unprecedented run of prosperity due to cheap energy, but now we would be going to crash and crash hard.
Meghan54
Lifer
- Oct 18, 2009
- 11,684
- 5,228
- 136
I'm normally very critical of Financial Journalists. I believe 99% of them are bought and paid for by the very same people they are writing about.
This guys is an exception. He bucks the usual fair of Oil Thug supporting writers.
Cheers to you matt :thumbsup:
6-14-2014
http://www.fool.com/investing/gener...her-reminder-that-exporting-oil-would-be.aspx
Iraq: Another Reminder That Exporting Oil Would Be a Bad Idea
By Matt DiLallo
A few weeks ago, Continental Resources applied to export some of its crude oil out of the United States. The company is pushing for America to end its more than 40-year ban on oil exports so that it can get its oil into refineries that can better processes it. While there are a number of positives to be gained from lifting the ban, the recent violence in Iraq reminds us that ending the ban could end up being a very bad idea.
There's certainly money to be made from ending our crude oil export ban. Not only will producers make more money on each barrel produced, but we would also be able to drill in new areas that aren't currently economical to drill. That said, we'd be exposing ourselves to the very same oil shocks that the country has spent decades seeking ways to avoid. That's why I still think exporting oil is just a bad idea at this point.
We'd be much better off increasing our own refinery capacity and exporting those higher-valued refined products than simply sending our oil overseas.
This guys is an exception. He bucks the usual fair of Oil Thug supporting writers.
Cheers to you matt :thumbsup:
6-14-2014
http://www.fool.com/investing/gener...her-reminder-that-exporting-oil-would-be.aspx
Iraq: Another Reminder That Exporting Oil Would Be a Bad Idea
By Matt DiLallo
A few weeks ago, Continental Resources applied to export some of its crude oil out of the United States. The company is pushing for America to end its more than 40-year ban on oil exports so that it can get its oil into refineries that can better processes it. While there are a number of positives to be gained from lifting the ban, the recent violence in Iraq reminds us that ending the ban could end up being a very bad idea.
There's certainly money to be made from ending our crude oil export ban. Not only will producers make more money on each barrel produced, but we would also be able to drill in new areas that aren't currently economical to drill. That said, we'd be exposing ourselves to the very same oil shocks that the country has spent decades seeking ways to avoid. That's why I still think exporting oil is just a bad idea at this point.
We'd be much better off increasing our own refinery capacity and exporting those higher-valued refined products than simply sending our oil overseas.
Yeah, 50 cent jumps. Because that is whats been happening. You might as well throw in that with the price jumps, we are all going to have to cut off a finger as well.
Londo_Jowo
Lifer
Paid $3.29/gal (after $0.10/gal Kroger discount) for the 3rd week in a row.
http://www.texasgasprices.com/Shell_Gas_Stations/Richmond/113096/index.aspx
http://www.texasgasprices.com/Shell_Gas_Stations/Richmond/113096/index.aspx
Londo_Jowo
Lifer
Imagine that McOwned supports exporting refined products which will keep gas prices in the US at the same levels as the supply/demand will remain the same.
Maybe you should explain why the price may have gone up.
It only jumped for the mid-West. And in some places could not crack 3.99 no matter what brand.
Yet Iowa is well below $3.40 and Nebraska is below $3.50.
Denver area has it under $3.30
Meghan54
Lifer
- Oct 18, 2009
- 11,684
- 5,228
- 136
Wife paid $3.19 yesterday for reg., Anderson, SC.
http://www.greenvillegasprices.com/Anderson/index.aspx
Meghan54
Lifer
- Oct 18, 2009
- 11,684
- 5,228
- 136
And again, I'll ask how do you accomplish this part of your sig:
How are you going to force oil companies to drop gas prices outside price controls or essentially nationalizing the oil companies in the U.S.?
But of course, you'll never answer this because you cannot.
How are you going to force oil companies to drop gas prices outside price controls or essentially nationalizing the oil companies in the U.S.?
But of course, you'll never answer this because you cannot.
Cool, Eastern Canucks are getting scammed by the Oil Thugs too
6-14-2014
http://www.examiner.com/article/hey-eastern-canada-how-bout-those-gas-prices
It's not merely coming soon. It's already come to a gas station near you: record highs at the pump.
In Toronto, to buy a litre of gas today would cost you $1.409 -- in order words, practically $1.41 per litre. How you like that?
So what's the deal?
Well, it's pretty complicated. One of the big factors driving the increase is what's happening in Iraq right now -- Al Qaida has pretty much turned vast portions of the country into an Islamofascist mosh pit. That hurts the supply of middle eastern oil -- or as I (and many others) call it, middle eastern conflict oil -- and drives up the price.
And while oil price isn't the sole driving factor of gas prices, it's a pretty big one.
So as debate over the Line 9 and Energy East pipelines heats up -- with the far-left determined to halt the two lines -- Ontarians (and Quebeckers) need to ask themselves a very important question:
Do you want your gasoline to continue to be made out of middle eastern conflict oil, with all the unsavory things it funds -- including terrorism and the oppression of women -- or from Western Canadian ethical oil?
And not just because it's produced in a manner that is far more respectful of the environment, far more respectful for the well-being of workers, in a region where human rights actually carry value, where the local population actually gains great advantage from the sale of publicly-owned resources.
Not just for that: but because it's (for now) far cheaper to buy Canadian ethical oil than middle eastern conflict oil, and even when the per-barrel purchase price isn't, it will still be far less expensive to transport -- especially via pipeline.
Now think about this: you, the Ontarian consumer, have far more power to influence the Line 9 and Energy East decisions than the far-left cabal determined to sabotage it. There is far, far more of you than there are of them.
In a democracy, that counts for something.
So the next time you fuel up, think about your choice. And choose wisely.
6-14-2014
http://www.examiner.com/article/hey-eastern-canada-how-bout-those-gas-prices
It's not merely coming soon. It's already come to a gas station near you: record highs at the pump.
In Toronto, to buy a litre of gas today would cost you $1.409 -- in order words, practically $1.41 per litre. How you like that?
So what's the deal?
Well, it's pretty complicated. One of the big factors driving the increase is what's happening in Iraq right now -- Al Qaida has pretty much turned vast portions of the country into an Islamofascist mosh pit. That hurts the supply of middle eastern oil -- or as I (and many others) call it, middle eastern conflict oil -- and drives up the price.
And while oil price isn't the sole driving factor of gas prices, it's a pretty big one.
So as debate over the Line 9 and Energy East pipelines heats up -- with the far-left determined to halt the two lines -- Ontarians (and Quebeckers) need to ask themselves a very important question:
Do you want your gasoline to continue to be made out of middle eastern conflict oil, with all the unsavory things it funds -- including terrorism and the oppression of women -- or from Western Canadian ethical oil?
And not just because it's produced in a manner that is far more respectful of the environment, far more respectful for the well-being of workers, in a region where human rights actually carry value, where the local population actually gains great advantage from the sale of publicly-owned resources.
Not just for that: but because it's (for now) far cheaper to buy Canadian ethical oil than middle eastern conflict oil, and even when the per-barrel purchase price isn't, it will still be far less expensive to transport -- especially via pipeline.
Now think about this: you, the Ontarian consumer, have far more power to influence the Line 9 and Energy East decisions than the far-left cabal determined to sabotage it. There is far, far more of you than there are of them.
In a democracy, that counts for something.
So the next time you fuel up, think about your choice. And choose wisely.
Londo_Jowo
Lifer
Oh my Gosh, two Journalists in one day.
This guys comes clean about how any given day you can't predict the Oil Thugs.
6-15-2014
http://www.fool.com/investing/gener...now-the-price-of-oil-and-neither-does-an.aspx
You Don't Know the Price of Oil, and Neither Does Anyone Else
By Tyler Crowe
A couple days ago, I read a fascinating piece by an analyst who predicted that the price of oil would plummet. He covered every possible angle that supports this idea: increasing short positions, fiscal policy changes, increasing production in the U.S. and in other parts of the world, and slowing demand in Organization for Economic Cooperation and Development nations, to name just a few. The article went into extreme detail on each of these points and explained why they were a signal that oil was headed nowhere but down.
Then, in the very same week, a group of militants called the Islamic State of Iraq and Syria captured the city of Mosul, Iraq, thus threatening the nation's oil production. I'll give you one guess where oil prices have gone since then.
I'll confess to having succumbed to the stupid notion that I knew where oil prices were headed. Of course, I have been wrong so far. My folly as an oil price prognosticator, and other analysts being just as wrong, has taught me a very valuable lesson: No matter how smart and thorough an analysis may be, any prediction about the price of oil is a blind guess and anyone who is right just got lucky.
This guys comes clean about how any given day you can't predict the Oil Thugs.
6-15-2014
http://www.fool.com/investing/gener...now-the-price-of-oil-and-neither-does-an.aspx
You Don't Know the Price of Oil, and Neither Does Anyone Else
By Tyler Crowe
A couple days ago, I read a fascinating piece by an analyst who predicted that the price of oil would plummet. He covered every possible angle that supports this idea: increasing short positions, fiscal policy changes, increasing production in the U.S. and in other parts of the world, and slowing demand in Organization for Economic Cooperation and Development nations, to name just a few. The article went into extreme detail on each of these points and explained why they were a signal that oil was headed nowhere but down.
Then, in the very same week, a group of militants called the Islamic State of Iraq and Syria captured the city of Mosul, Iraq, thus threatening the nation's oil production. I'll give you one guess where oil prices have gone since then.
I'll confess to having succumbed to the stupid notion that I knew where oil prices were headed. Of course, I have been wrong so far. My folly as an oil price prognosticator, and other analysts being just as wrong, has taught me a very valuable lesson: No matter how smart and thorough an analysis may be, any prediction about the price of oil is a blind guess and anyone who is right just got lucky.
A) Canada get's very little of it's imported oil from the Middle East.
B) Tar Sands oil ain't 'ethical oil'. That phrase is nothing more than oil company/Harper govt. propaganda.
What? You don't support getting scammed by the Oil Thugs?
Shirley you must support their agenda just like Jowo, ReliBrad etc support them state side.
Meghan54
Lifer
- Oct 18, 2009
- 11,684
- 5,228
- 136
I don't think that article says what you think the headline means. Did you read it?
What I find interesting is that gas prices in Indiana are just about what they were a year ago, or +/- five cents of last year's prices.
http://www.gasbuddy.com/GasPriceReport.aspx?state=IN&site=All
mmntech
Lifer
- Sep 20, 2007
- 17,501
- 12
- 0
Gas was $1.42/L here over the weekend, which works out to be about $5.32US/gal. New record high price for Toronto.
Energy costs are starting to become an area of major concern in Canada. Especially outside of Alberta. Of course, Ontario just reelected a government who's doubled electricity rates over the last few years, and slapped an new 8% sales tax on gasoline a couple years ago. We really should only be paying $1.30/L. This is a country where you can form a majority government with the approval of only 18% of eligible voters.
Energy costs are starting to become an area of major concern in Canada. Especially outside of Alberta. Of course, Ontario just reelected a government who's doubled electricity rates over the last few years, and slapped an new 8% sales tax on gasoline a couple years ago. We really should only be paying $1.30/L. This is a country where you can form a majority government with the approval of only 18% of eligible voters.
6-16-2014
http://finance.yahoo.com/news/oil-rises-above-107-iraq-084449355.html
Oil rises above $107 as Iraq turmoil intensifies
The northern town of Tal Afar became the latest to fall to the militants, who have already captured a vast swath of territory including Iraq's second-largest city, Mosul. The militants vow to march on Baghdad.
http://finance.yahoo.com/news/oil-rises-above-107-iraq-084449355.html
Oil rises above $107 as Iraq turmoil intensifies
The northern town of Tal Afar became the latest to fall to the militants, who have already captured a vast swath of territory including Iraq's second-largest city, Mosul. The militants vow to march on Baghdad.
6-16-2014
http://www.bloomberg.com/news/2014-...il-surges-on-violence-in-iraq.html?cmpid=yhoo
Pump Price Climbs as Oil Surges on Violence in Iraq
Retail gasoline prices in the U.S. climbed for the third time in four weeks, boosted by the crisis in Iraq that sent oil futures surging.
The pump price averaged $3.686 a gallon today, up 1.2 cents from a week earlier, data posted on the Energy Information Administrations website show. Oil, which accounts for two-thirds of the retail price of gasoline, gained $2.49 a barrel on the New York Mercantile Exchange in the same period and $4.88 in the past month.
The jump in crude, driven by concern that tension in Iraq will disrupt supplies, threatens to further raise gasoline prices at a time when they normally drop.
Pump prices are 6 cents above year-earlier levels, EIA data show. Should gasoline remain above $3.652 a gallon next week, itll surpass 2011 levels and hit the highest seasonal price since 2008.
http://www.bloomberg.com/news/2014-...il-surges-on-violence-in-iraq.html?cmpid=yhoo
Pump Price Climbs as Oil Surges on Violence in Iraq
Retail gasoline prices in the U.S. climbed for the third time in four weeks, boosted by the crisis in Iraq that sent oil futures surging.
The pump price averaged $3.686 a gallon today, up 1.2 cents from a week earlier, data posted on the Energy Information Administrations website show. Oil, which accounts for two-thirds of the retail price of gasoline, gained $2.49 a barrel on the New York Mercantile Exchange in the same period and $4.88 in the past month.
The jump in crude, driven by concern that tension in Iraq will disrupt supplies, threatens to further raise gasoline prices at a time when they normally drop.
Pump prices are 6 cents above year-earlier levels, EIA data show. Should gasoline remain above $3.652 a gallon next week, itll surpass 2011 levels and hit the highest seasonal price since 2008.
http://www.fuelgaugereport.com/
Regular Mid Premium Diesel
Current Avg. $3.664 $3.850 $4.020 $3.892
Yesterday Avg. $3.662 $3.853 $4.022 $3.890
Week Ago Avg. $3.646 $3.836 $4.006 $3.900
Month Ago Avg. $3.647 $3.833 $4.004 $3.934
Year Ago Avg. $3.611 $3.790 $3.945 $3.850
How is it possible the year ago avg was only 5 cents less?
Londo_Jowo
Lifer
No change in prices where I live, still the same price ($3.39/gal) it's been for the last 3 weeks.
http://www.texasgasprices.com/Shell_Gas_Stations/Richmond/113096/index.aspx
Looks like it's all California and Obama's fault
6-17-2014
http://finance.yahoo.com/news/us-consumer-prices-rise-0-123653136.html
US consumer prices rise 0.4 percent in May
U.S. consumer prices increased in May by the largest amount in more than a year as the cost of food and gasoline showed big gains and airline fares jumped by the largest amount in 15 years.
"We're seeing more signs that the days of low inflation are behind us," said Jennifer Lee, senior economist at BMO Capital Markets.
"The Fed will have to acknowledge in tomorrow's policy statement that price pressures are growing," said Paul Dales, senior U.S. economist at Capital Economics. "The chances that it will raise interest rates before the middle of next year are increasing."
Food costs have been driven higher this year by an unusually harsh winter and a drought in California.
6-17-2014
http://finance.yahoo.com/news/us-consumer-prices-rise-0-123653136.html
US consumer prices rise 0.4 percent in May
U.S. consumer prices increased in May by the largest amount in more than a year as the cost of food and gasoline showed big gains and airline fares jumped by the largest amount in 15 years.
"We're seeing more signs that the days of low inflation are behind us," said Jennifer Lee, senior economist at BMO Capital Markets.
"The Fed will have to acknowledge in tomorrow's policy statement that price pressures are growing," said Paul Dales, senior U.S. economist at Capital Economics. "The chances that it will raise interest rates before the middle of next year are increasing."
Food costs have been driven higher this year by an unusually harsh winter and a drought in California.
Oil Oil everywhere but Americans have to pay pay pay
6-17-2014
http://www.bloomberg.com/news/2014-...-tops-1-million-barrels-a-day.html?cmpid=yhoo
North Dakota Production Tops 1 Million Barrels a Day
North Dakota, home to the Bakken shale formation, became the fourth state in U.S. history to produce more than 1 million barrels of oil a day in April.
Output increased by 2.5 percent from March to 1,001,149 barrels a day, the states Department of Mineral Resources reported today. Texas, California and Alaska have crossed the million-barrel mark. Only Texas remains above it, at almost 3 million barrels a day.
Oil and gas from the Bakken and other shale formations helped the U.S. produce the equivalent of 87 percent of its energy needs in 2013, the highest level since 1985, according to data from the Energy Information Administration. The U.S. imported 7.7 million barrels of crude a day in 2013, the least since 1996.
6-17-2014
http://www.bloomberg.com/news/2014-...-tops-1-million-barrels-a-day.html?cmpid=yhoo
North Dakota Production Tops 1 Million Barrels a Day
North Dakota, home to the Bakken shale formation, became the fourth state in U.S. history to produce more than 1 million barrels of oil a day in April.
Output increased by 2.5 percent from March to 1,001,149 barrels a day, the states Department of Mineral Resources reported today. Texas, California and Alaska have crossed the million-barrel mark. Only Texas remains above it, at almost 3 million barrels a day.
Oil and gas from the Bakken and other shale formations helped the U.S. produce the equivalent of 87 percent of its energy needs in 2013, the highest level since 1985, according to data from the Energy Information Administration. The U.S. imported 7.7 million barrels of crude a day in 2013, the least since 1996.
Get over it Canucks, money for oil trumps all.
6-17-2014
http://finance.yahoo.com/news/canada-oks-oil-pipeline-pacific-211519974.html
Canada OKs oil pipeline to the Pacific Coast
Canadian government Oks pipeline to Pacific Coast that would allow oil to be shipped to Asia
The northern Alberta region has the world's third largest oil reserves, with 170 billion barrels of proven reserves.
Enbridge's pipeline would transport 525,000 barrels of oil a day from Alberta's oil sands to the Pacific to deliver oil to Asia, mainly energy-hungry China. About 220 large oil tankers a year would visit the Pacific coast town of Kitimat and opponents fear pipeline leaks and a potential tanker spill on the pristine Pacific coast.
Conservative Prime Minister Stephen Harper has said Canada's national interest makes the pipelines essential.
He was "profoundly disappointed" that U.S. President Barack Obama has delayed a decision on the Texas Keystone XL option, and spoke of the need to diversify Canada's oil industry. Ninety-seven percent of Canadian oil exports now go to the U.S.
China's growing economy is hungry for Canadian oil. Chinese state-owned companies have invested more than $40 billion in Canadian energy in the past few years.
The fear of oil spills is especially acute in the pristine corner of northwest British Columbia, with its snowcapped mountains and deep ocean inlets. Canadians living there still remember the Exxon Valdez oil spill of 1989.
Hundreds of people protesting the decision blocked streets in downtown Vancouver, British Columbia by late afternoon. Police circulated through chanting crowds beating aboriginal drums and carrying anti-pipeline and anti-tanker banners.
6-17-2014
http://finance.yahoo.com/news/canada-oks-oil-pipeline-pacific-211519974.html
Canada OKs oil pipeline to the Pacific Coast
Canadian government Oks pipeline to Pacific Coast that would allow oil to be shipped to Asia
The northern Alberta region has the world's third largest oil reserves, with 170 billion barrels of proven reserves.
Enbridge's pipeline would transport 525,000 barrels of oil a day from Alberta's oil sands to the Pacific to deliver oil to Asia, mainly energy-hungry China. About 220 large oil tankers a year would visit the Pacific coast town of Kitimat and opponents fear pipeline leaks and a potential tanker spill on the pristine Pacific coast.
Conservative Prime Minister Stephen Harper has said Canada's national interest makes the pipelines essential.
He was "profoundly disappointed" that U.S. President Barack Obama has delayed a decision on the Texas Keystone XL option, and spoke of the need to diversify Canada's oil industry. Ninety-seven percent of Canadian oil exports now go to the U.S.
China's growing economy is hungry for Canadian oil. Chinese state-owned companies have invested more than $40 billion in Canadian energy in the past few years.
The fear of oil spills is especially acute in the pristine corner of northwest British Columbia, with its snowcapped mountains and deep ocean inlets. Canadians living there still remember the Exxon Valdez oil spill of 1989.
Hundreds of people protesting the decision blocked streets in downtown Vancouver, British Columbia by late afternoon. Police circulated through chanting crowds beating aboriginal drums and carrying anti-pipeline and anti-tanker banners.
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