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Oil Prices Spike as Iraq Violence Flares

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  • Sculptor
    replied
    Originally posted by EmmaPeel View Post
    Oil prices spike today as Iraq violence flares


    Our isolationist friends and neighbors need to realize we're all impacted by what goes on in the Middle East.
    Yeah well, the OIL companies don't even need an excuse any more to jack prices up anyway, this is all just another lame excuse for them to start pushing the gas prices up again. They pull this stunt all the time, we are being held hostage by a tiny handfull of American oil cartel magnates because they know we need gas to get to work and everything else and have us over the barrel.
    Our biggest mistake was even becoming so dependent on oil and building up cities and infrastructure around it and the gasoline driven automobile in the first place!

    Thankfully, for the last 2+ years I ride a 49 cc scooter everywhere- work, supermarket, post office, errands, I've even hauled up to 100# of bagged plaster on it, and even rode when it was down near zero degrees as long as there wasn't actual hard ice on the pavement.

    It gets around 80 mpg v/s about 20 for my car, I've already racked up 3400 km on it ( about 2100 miles) so doing the math I used around 30 gallons of gas instead of about 105 gallons in the car- saving around $275 in gas and a lot of short trip wear and tear on the car which already has high mileage on it.
    Last edited by Sculptor; 07-03-2014, 09:31 PM.

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  • Seventy2002
    replied
    Originally posted by Cannady View Post
    Thanks.

    Note the fine print: "Technically recoverable" resources are those that are producible using current technology without reference to the economic viability thereof. (Emphasis mine.) Oil that's too expensive to burn is not an asset.

    Almost 90% of that technically recoverable oil is in "Unproven reserves" with at best a "a 50% confidence level of recovery."

    Oil exploration is an ongoing activity and we're continually making new finds. Nevertheless, our proved reserves are about what they were in 1969. I don't believe the wells will go dry any time soon but neither do I think we're set for a thousand years.

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  • Cannady
    replied
    Originally posted by Seventy2002 View Post
    Source for those numbers?
    Here's a quick google link. http://www.eia.gov/totalenergy/data/....cfm?t=ptb0401

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  • Gradient Shift
    replied
    Post retracted.

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  • Gradient Shift
    replied
    Post retracted.
    Last edited by Gradient Shift; 06-24-2014, 03:03 PM.

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  • Seventy2002
    replied
    Originally posted by Cannady View Post
    There's enough recoverable oil in the U.S. to fuel the current consumption rates of our country for a thousand years.
    Source for those numbers?

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  • Rudy8116
    replied
    Don't forget to mention the oil boom in west Texas has been going on for about a century

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  • Cannady
    replied
    Originally posted by Seventy2002 View Post
    Yes, I do realize. About 30,529 million barrels. If we stopped importing oil, we'd go through that in about 4 1/2 years at current consumption rates.
    And based on your statistics, we'll be importing 100% of our oil in about 7 years at current rates, if we use the oil we have. Spreading that sort of information is ignorant at best and dishonest at worst. We have billions of barrels of oil in the ground in the United states. There's enough recoverable oil in the U.S. to fuel the current consumption rates of our country for a thousand years and it's obtainable with current technologies. Your profile says you live in the Pacific Northwest. I live in west texas, where there's a current oil boom going on. There's one going on down in the San Antonio/Austin area as well. There's another one in the Dakotas that is bigger than the ones down here. The oil companies wouldn't be shipping in people and their higher ups in their companies buying houses for the long haul if they were going to be out of oil in the next decade.

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  • steve354
    replied
    . Why Does the U.S. Export Fuel When Prices Keep Climbing?

    http://wallstcheatsheet.com/business...tml/?a=viewall

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  • steve354
    replied
    http://www.slate.com/blogs/moneybox/...america_s.html

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  • Seventy2002
    replied
    Originally posted by Rudy8116 View Post
    You do realize how much we have in this country that we refuse to drill for?
    Yes, I do realize. About 30,529 million barrels. If we stopped importing oil, we'd go through that in about 4 1/2 years at current consumption rates.

    Leave a comment:


  • steve354
    replied
    Gas prices here have been at $3.67 for the last 8 weeks.

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  • EmmaPeel
    replied
    Gas prices at my nearest gas station are up 11 cents from a week ago.

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  • steve354
    replied
    Originally posted by Seventy2002 View Post
    Because we consume 18.49 million barrels of oil a day and produce 11.1 million barrels of oil a day.


    How about trying to it from a very friendly neighbor like Australia. Reason I that is because a lot of their oil comes from the Bass Strait which lies between the Australian maine land and Tasmania http://www.mapsofworld.com/australia/

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  • EmmaPeel
    replied
    Originally posted by Rudy8116 View Post
    You do realize how much we have in this country that we refuse to drill for?
    Yes, but it's still in the ground...not produced yet. I thank Robert Redford more than anyone for that.

    Leave a comment:

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