Well, in 1970 the US had not yet reached peak oil. Mexico and the UK had not peaked either, nor had Saudi Arabia. There may be remaining oil, but it won't be cheap. There is a limit to this planet, unfortunately.
werepossum
Elite Member
- Jul 10, 2006
- 29,873
- 463
- 126
I saw an article that predicted gasoline at $9/gallon this winter in Alaska. Alaska gets its gasoline by boat, and this year only one of the three regular barges (thankfully loaded with heating oil) made it in before brutal cold set in unseasonably early. Kinda shortsighted that Alaska didn't insist on pipelines into Alaska for refined products when they were laying the pipelines out of Alaska.
One good thing about high gas prices - they are driving us toward more efficient vehicles. I personally know several people who have sold gas guzzlers like fullsize pickups, large SUVs, and large automobiles and bought midsize or small automobiles, pickups, or SUVs. I support anyone's right to purchase whatever vehicle they desire and can afford (as long as it meets reasonable government standards), but most people would agree that the fewer people drive inefficient vehicles, the better off we all are.
One good thing about high gas prices - they are driving us toward more efficient vehicles. I personally know several people who have sold gas guzzlers like fullsize pickups, large SUVs, and large automobiles and bought midsize or small automobiles, pickups, or SUVs. I support anyone's right to purchase whatever vehicle they desire and can afford (as long as it meets reasonable government standards), but most people would agree that the fewer people drive inefficient vehicles, the better off we all are.
12-6-2011
http://finance.yahoo.com/blogs/dail...BzdGNhdANob21lBHB0A3NlY3Rpb25zBHRlc3QD;_ylv=3
Its Time To Start Freaking Out About Oil Prices
Right now, much of the global economy is weak... and oil is still over $100 a barrel!
A few years ago, when oil prices first hit this level, the news came as an absolute shock. And soon, when gas hit $4 a gallon, the entire national conversation changed.
Specifically, $100+ oil caused many Americans to buy different cars and drive less. And it put a choke chain on the economy, throttling growth. And, shortly thereafter, the economy tanked.
And if the economy ever threatens to start growing at its full potential, meanwhile, oil prices will likely keep right on going up.
Until they choke off growth again.
And so on.
It has gotten to the point, in fact, that oil prices may start to act as a natural Central Bank on the world economy--raising costs when the economy starts to heat up and cutting them when it cools.
And oil prices are already over $100 a barrel.
So we hate to think what will happen if and when we finally do see a vigorous economic recovery.
http://finance.yahoo.com/blogs/dail...BzdGNhdANob21lBHB0A3NlY3Rpb25zBHRlc3QD;_ylv=3
Its Time To Start Freaking Out About Oil Prices
Right now, much of the global economy is weak... and oil is still over $100 a barrel!
A few years ago, when oil prices first hit this level, the news came as an absolute shock. And soon, when gas hit $4 a gallon, the entire national conversation changed.
Specifically, $100+ oil caused many Americans to buy different cars and drive less. And it put a choke chain on the economy, throttling growth. And, shortly thereafter, the economy tanked.
And if the economy ever threatens to start growing at its full potential, meanwhile, oil prices will likely keep right on going up.
Until they choke off growth again.
And so on.
It has gotten to the point, in fact, that oil prices may start to act as a natural Central Bank on the world economy--raising costs when the economy starts to heat up and cutting them when it cools.
And oil prices are already over $100 a barrel.
So we hate to think what will happen if and when we finally do see a vigorous economic recovery.
cybrsage
Lifer
- Nov 17, 2011
- 13,021
- 0
- 0
We have been doing that for quite a while now. I am not sure about the recent increase but most of our gas exports go to Mexico who also happens to be one of our largest suppliers of oil.
They sell us their spare oil and in return we refine some into gas and sell it back to them.
- Oct 30, 2000
- 42,589
- 5
- 0
Post #2227
Look at where the refineries are; the cost would have been outrageous for the # people serviced to pump refined product up from the states.
And the hassles of distributing to every geographic area from Anchorage. You would have eco-kooks up in arms all over. A second large pipeline back up to the North Slope and a second heading NW to Nome.
Major areas would be Nome, Barrow and Fairbanks. Kodiak and Juno will need tanker/barges anyhow.
werepossum
Elite Member
- Jul 10, 2006
- 29,873
- 463
- 126
Good points - and that's probably where I saw that article. LOL
As far as oil prices cooling off the economy - at least in the USA, that function is performed by the fed jacking up interest rates. High gas prices might well be better for the average middle class family, who typically have a mortgage and one or two car payments. The rich probably don't care either way, and the poor are getting hosed either way, so . . .
Born2bwire
Diamond Member
- Oct 28, 2005
- 9,840
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werepossum
Elite Member
- Jul 10, 2006
- 29,873
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guyver01
Lifer
- Sep 25, 2000
- 22,135
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There was a talking head on CNBC today who said U. S. would be largest exporter of oil in the world by 2017.
Regarding gas prices in the more immediate term, here is Sharon Epperson's 2012 prediction:
Regarding gas prices in the more immediate term, here is Sharon Epperson's 2012 prediction:
- Oct 30, 2000
- 42,589
- 5
- 0
so... we ran out of oil 11 years ago? what are they pumping up with the oil pumps?
Liquid black gold:whiste:
with all the ethanol being used; maybe white lightning? :hmm:
cybrsage
Lifer
- Nov 17, 2011
- 13,021
- 0
- 0
so... we ran out of oil 11 years ago? what are they pumping up with the oil pumps?
I know! Maybe the aliens are putting more oil in the ground for us because they love us or something. They did help us build the pyramids and all..
:ninja:
Oil back over $100 today
12-12-2011
http://finance.yahoo.com/news/futur...BzdGNhdANob21lBHB0A3NlY3Rpb25zBHRlc3QD;_ylv=3
Wall Street rises with oil prices
The market earlier rose as much as 1 percent as crude oil prices spiked above $100 a barrel.
U.S. crude oil futures prices rose more than 3 percent at the session high, trading above $100 a barrel, with traders citing tension between the West and Iran as a possible trigger.
12-12-2011
http://finance.yahoo.com/news/futur...BzdGNhdANob21lBHB0A3NlY3Rpb25zBHRlc3QD;_ylv=3
Wall Street rises with oil prices
The market earlier rose as much as 1 percent as crude oil prices spiked above $100 a barrel.
U.S. crude oil futures prices rose more than 3 percent at the session high, trading above $100 a barrel, with traders citing tension between the West and Iran as a possible trigger.
Londo_Jowo
Lifer
The US did peak in oil in 1970 and has never produced as much as it did back then, thats what the 1970 prediction was and it came true.
High prices forced further devolpment and exploration worldwide which created the next peak which was about 2005 or so
High prices forced further devolpment and exploration worldwide which created the next peak which was about 2005 or so
Last edited:
Londo_Jowo
Lifer
OMG!!!! Oil is dropping like a rock this morning, $3/barrel so far this morning.
Maybe, just maybe by the time I need to fill up it will be below $2.80.gal
Maybe, just maybe by the time I need to fill up it will be below $2.80.gal
I paid $2.29 for 91 octane premium this weekend in Wichita...
Then I went in and told the manager he needed to fix his pump pricing so he wouldn't get fired, it was supposed to be $3.29. (and yes, I have a high compression car)
Londo_Jowo
Lifer
Oil is down $5+/barrel ($94.65/barrel) and unleaded gas futures are down $0.13/gal ($2.50/gal). Guess we won't see too much of McOwned in the next day or so
The President really needs to launch an investigation into Chicago area.
Gas jumped yesterday 30 cents for regular from $3.39 to $3.69
Oil has dropped $6 today to $94 after hanging around $100 all week.
Gold dropped $100
Londo_Jowo
Lifer
Did the price of vinegar go up as well? Or did you have to show 2 forms of ID?
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