[ex-Texan]

With the price of oil pegged above $ 50 per barrel, world economies are being strained. How much higher will oil go? Goldman Sachs predicted $ 105 a barrel two months ago.

Read More Reports About High Oil Prices?

[MikefromOhio]

Goldman Sachs was hoping to start a speculation war so they could sell off and make tons of money on it...

If it is at it's peak, then I wonder if it has stabilized?

[thoughtomator]

As an expert FReeper, I can confidently predict that the re-posting of this very same article is reaching a peak, as more FReepers learn to use the search function.

[expatpat]

I remember the same old story in the 70's. At the height of the scare, I had lunch with a geologist from Shell. He told me it was all BS, there was more oil we didn't know about than oil we did.

[Hodar]

The higer oil goes; the more worthwhile it is to go after previously 'unavailable' oil reserves. Simply stated, if there is easy oil to get, it's cheaper to drill it; therefore, it's an economically viable solution.

With oil at $50/barrel; now oil that was previously economically unavailable due to it's depth or location, becomes viable.

That said, we also now have incentives to work on fuel cells, and Thermal Depolymerization (TDP) plants, which can 'create' oil from practically any organtic waste we throw into the process. We currently have 2 plants up and running, producing over 10,000 barrels a day at a cost of $15/barrel.

[Fitzcarraldo]

Get ready. China and India have only had thier first, highly addictive, petroleum cocktail, and they are a lot closer to the liquor cabinet.

[Atheist_Canadian_Conservative]

Again? I mean, eventually they are going to be right, but it is meaningless because they keep saying it every 5 years.

The bright spot in this is that the majority of the research community in this area doesn't sound off the alarms - just the quacks.

[sgtbono2002]

As the price of oil goes up we will start looking for alternatives, Not so mch in alternative power , but in alternative means to get oil. Such as turning coal into oil synthetically, the oil shale rocks, bio-fuel, and other things. The internal combustion engine and heating homes isnt goig to change nuch except to get more expensive using these alternative means of getting something that burns like oil.

[o_zarkman44]

""Even in 30 to 40 years there's still going to be huge amounts of oil in the Middle East," said Daniel Sperling, director of the Institute of Transportation Studies at the University of California, Davis. ""

That don't mean the US is entitled to recieve any of that foreign oil so it is naive to include those reserves as "America's".

We were told 30 years ago oil was not infinite, and the naysayers sat on their hands and contributed nothing to
solving the problem. Now we are at the mercy of the speculators and the price they think they can get from oil.

We can't check the oil reserves because all the dipsticks are in Washington DC.

[Diddle E. Squat]

Goldman Sachs predicted $ 105 a barrel two months ago.

Goldman Sachs, the firm that laundered Corzine, Rubin, and various other Dems and Clintonistas, simply peddling their 'Peak Snake Oil'.

[claudiustg]

The obvious way to stay ahead of the curve is to make more efficient use of the oil we buy.

[upchuck]

We gotta figure out a way to get this AP/Yahoo article posted here on FR a few more times :)

[JOE6PAK]

I remember Bud was $1.75 a six pack.

[Camel Joe]

Drivel, pure simple and unadulterated drivel.

[Uncle Hal]

When I was in college, 1960 or so, some people were predicting that we would run out of oil by the year 2000. The reason we did not run out of oil is that have better equipment to get the oil, better science to discover oil, and we have become more efficient in our use of petroluem products. The law of supply and demand dictates that when the price of oil (or any product) becomes too expensive to use efficiently other sources will be developed that will take the place of oil, This point will come long before we are out of oil. In other words if the price of oil reaches say $5.00 a gallon at the pump, we will gradually switch to some other energy source. Maybe solar, hydrogen, atomic. who knows, may be it will be something we do not even know about at this time. That is the beauty of the free enterprise system. I grant you, the price of transition may be painful and uncomfortable at times but it will be done. I will be long dead before this happens. Any way, these are my thoughts.

[onedoug]

f(x) technolgy & private investment. It's near limitless.

[Petronski]

Goldman Sachs predicted $ 105 a barrel two months ago.

That was an obvious and clumsy attempt to manipulate the market.

[Lester Moore]

Lie #1: The only way to increase production capacity is to discover more oil.

I'm not a Petroleum Engineer but even I know that production capacity has been increased by technology & improved recovery techniques.

Lie #2: Yet with a few exceptions, there just isn't much left out there to be discovered.

This guys 'exceptions' must be known and are not new discoveries. What's left out there to be discovered is anybody's guess.

These people sound more & more like the "We're running out of oil!!" chicken littles of the 1970's. But if you really believe we are about to run out of oil you ought to buy the stocks of companies that are involved in oil exploration and off shore drilling, such as DO and RIG etc. because they are about to make a bundle.

[Sam Cree]

Read later.

[Red Sea Swimmer]

There is heaps of the stuff under the ground.

Read Thomas Gold's "Deep Hot Biosphere."

The problem regarding price is not one of supply, it is one of who owns and controls the distribution rights. With lots of good help, lots of cash, big supercomputers and the right amount of media brainwashing of the sheople it is not that difficult to corner the world oil market.

Do you think that Mr.Shell and Mr.Elf-Fina ever have dinner together ?

[hripka]

This article can't be correct. I thought that there was:

Oil, Oil Everywhere
The Wall Street Journal Opinion Journal ^ | Sunday, January 30, 2005 12:01 a.m. EST | PETER HUBER AND MARK MILLS
Posted on 01/30/2005 10:24:37 AM CST by Woodworker

http://www.freerepublic.com/focus/f-news/1331914/posts