Posted on 06/11/2009 5:16:54 PM PDT by WhiteCastle
Energy: Will oil hit $250 a barrel? The Russians think so, as crude prices climb to an eight-month high. Meantime, House Republicans advance a plan to help the administration keep a domestic energy promise.The cost of July deliveries of crude bounced over $73 Thursday as the American Petroleum Institute reported shrinking U.S. inventories as the dollar weakens against the euro. Alexei Miller, chairman of the Russian energy giant Gazprom, is repeating his prediction of a year ago that oil may eventually reach the $250 mark.
(Excerpt) Read more at ibdeditorials.com ...
I’m long tulip bulbs....and oil stocks.
Ping
More and more oil is being found and more and more is coming on line and less and less is being used.
And our dollar is worth less and less.
Seriously, buy something from out of the country right now. My daughters perform Polish Dance. Three years ago I bought them sparkly vests from Poland. They were 60.00.
This year the same vests were 170.00. The shipping has become astronomical. Our dollar is deflating fast.
Consumer demand isn’t there to support even $73.
"I think that I would have preferred a gradual adjustment. The fact that this is such a shock to American pocketbooks is not a good thing. But if we take some steps right now to help people make the adjustment, first of all by putting more money into their pockets, but also by encouraging the market to adapt to these new circumstances more quickly, particularly US automakers, then I think ultimately, we can come out of this stronger and have a more efficient energy policy than we do right now," Obama said Tuesday.All the more relevant now that Obama owns a car company. It's what they want.
(or do we have one)?
Then we need a CZAR CZAR to keep an eye on all the other CZARS!
I am totally convinced oil is produced by our own mother earth as a natural, ongoing product of its internal mechanism as well as a gift from our God to mankind. Due to geography, it’s just more accessible in certain areas.
Too bad so many gangsters and skallywags get in the mix of it good use.
If we had used wonderful developments like High Pressure Fuel Injection from when it was first invented over 60 years ago all cars would have doubled their MPG with emissions so clean we'd never have needed cat. converters.
VOTE THEM ALL OUT
Let the Tea Parties begin!
Drill, baby, drill. But we won’t. So we are f**ked.
The White House is working overtime to drive up the costs of oil, coal, natural gas and nuclear:
http://www.weeklystandard.com/Content/Public/Articles/000/000/016/588tpmuu.asp
Even if true [which I am reasonably certain is not true], it wouldn't change much.
Oil is very rarely if ever found below 17,000 feet below the surface as it breaks down at high temperatures into shorter chain molecules. Natural gas [mostly methane one of those simpler molecules] exists and has been produced commercially from much greater depths. Oil. Not really.
Beyond that, for a commercial oil deposit to develop, you need permeable and porous reservoir rock, a trap in that reservoir rock and a impermeable cap rock. Then of course you need a source for your postulated abotic oil [refer to the next paragraph for a description of a very plausible source for oil of organic origin].
The oil shales of Colorado, Wyoming and Utah are clear support for the conventional theory of oil. These clearly organicly rich deposits contain kerogen, which when exposed to heat for a period of time can be converted into a liquid that can be refined like crude oil into useful products. Phrased another way, oil shale deposits are immature source rock for oil deposits. They just weren't buried deep enough, long enough to turn the kerogen into oil which with an adequate reservoir rock, cap rock, trap and the efforts of man might someday in the far distant future become an oil field.
Accessible geography? Yes, I would use the term "favorable geology" and we are about out of new places to look that aren't in remote and hostile environments. Jack II in the Gulf of Mexico, and the sub salt Brazilian deposits are both in about 7 or 8 thousand feet of water and another 17,000 feet below the seabed. Phrased another way, these oil deposits are at or near the lower limit of the oil window, in god awfully remote and hostile environments. We are not in Kansas [or Oklahoma or onshore Texas] anymore. Don't get me wrong, we are finding oil every day in Texas and the other oil producing areas of the U.S. What we aren't doing is finding giant and supergiant fields. Every oil field in the world that has ever produced more than a million barrels a day is currently in decline [with the remotely possible exception of Gahwar in Saudi Arabia.] Cantarell in Mexico, Prudoe Bay in the U.S., Danquing in China, Burgan in Kuwait and the list goes on.
Carol “Brownout” Browner is Obama’s energy czar. I think she's from the wind/solar/biofuel school.
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