Crude Oil Prices Hit New Record of $62.69 a Barrel on Supply, Geopolitical Worries

AP ^ | 8/7/05 | Gillian Wong

[IMAO-Podcast]

IMAO, a politically conservative group of satirists, are poking fun at oil prices, alternative energy sources, and the government bureaucrats that drive up energy costs in this week's MP3 at:

http://www.imaopodcast.com/podcast/IMAO-Aug8.mp3

The August 8 show (TO LISTEN, YOUR PC MUST HAVE SPEAKERS) features:

• IMAO strikes oil but will the money change them?
• Dubya poses as a Canadian to bring oil prices down in the USA
• Alternative energy sources from Frank, Sarah, SpaceMonkey, Harvey, and RightWingDuck
• Laurence Simon updates "Jack and the Beanstalk" with a pot-smoking Willie Nelson
• Harvey has Fun Facts about Hawaii
• Buck the Marine reviews "Tom Clancy's Ghost Recon 2: Summit Strike"
• RightWingDuck answers listener questions on the energy industry

Turn it up! It's safe for work Freeper-Friendly conservative funny!

[upcountryhorseman]

If you can't beat 'em, join 'em! Buy oil company stock.

[Fitzcarraldo]

What do you feed these hampsters?

[tobyhill]

"What do you feed these hampsters?"

Ethanol

[Kuehn12]

Regardless the various reasons for the prices, demand pressure, oil refineries problems or political hiccups. The fact remains that we are in the worse energy crisis since the 70s. We could have been the instigators of change, but now change might be forced upon us. We held onto the combustion engine, and not invest big into what comes next. If we had, I know it would be ready by now. However, we choose the expedient path, and now the chickens come home to roost.

[WOSG]

December 2005 price predictions anyone?

[RightWhale]

If oil hit $64 today on geopolitical worries, we have a bumpy ride ahead. Things are going to get more worrisome as time goes by.

[WOSG]

Energy is abundant. 6 trillion barrels of oil are out there
that are eventually recoverable at these prices, according to exxon/mobil.

At 80 million barrels a day, we consume about 3 billion barrels a year. So there is another potential 100-200 years of the stuff. Or if you use just the known reserves, still about 40 years of it.

"We held onto the combustion engine, and not invest big into what comes next. "

Sure we did. ... we spent billions on fuel cell cars, electric cars and other gizmos.

what came next was the SUV after all.
but people buy cars that are convenient... not the cars the social engineers want them to buy.

[WOSG]

"Things are going to get more worrisome as time goes by."

Nah, things will almost certainly get less worrisome for the simple reason that right now there is an abundance of 'worry' in the market.

Example: Fear of terrorist attack. Yet likelihood that a terrorist attack could impact oil market tangibly is practically nil.
thus it is a 'fear factor' only.

The real issue is how long will it take for plain ol supply and demand to kick in ... seems to be taking a long while.

[Darnright]

>This time it REALLY is Bush's Fault.<

Ok, how is it Bush's fault the 84 year old Saudi King died, leaving the stage set for massive instability in the kingdom?

[Darnright]

>hey, maybe Prince Bandar will get diarrhea this week, we could see $70 on that.<

ROFL! Man the lifeboats if that happens. I'll just have to go out and buy a moped.

[Hammerhead]

hmmmm....seems about average considering what we're getting (or able to get) on MPGs.


close to paying the same price per gallon that we were 25 years ago. (maybe slightly higher).

[kittymyrib]

Faud's been disabled with a stroke for 10 years and his 82 yr. old half-brother, Abdullah, has been running Saudi all this time. There is NO change in leadership. What we do have is a bunch of greedy speculators in the commodity markets who are bidding up the price and a do-nothing administration in bed with the oil companies. If W doesn't bring this to a halt by releasing oil from the Strategic Oil Reserve, which is bulging at the seams, he can kiss the Republican majority in the House goodbye next year. Voters will get even at the polls for having to put $60 in the pickup truck so they can drive to work to pay more taxes. When the big truckers start to jack up their prices to pay for $3 diesel, inflation will show up in everything we buy very shortly now. That's when the excrement will hit the fan for the Republicans.

[Darnright]

>Faud's been disabled with a stroke for 10 years and his 82 yr. old half-brother, Abdullah, has been running Saudi all this time. There is NO change in leadership.<

I understand what you are saying, but it's perception. The old king is now actually dead, setting the stage for the wolves to attack. Abdullah is himself an old man. He cannot rule for that long, and the Arabs are nothing if not patient people.

I agree with your points about greedy speculators and do-nothing Republicans.

There is NO reason whatsoever, beyond taxes and greed, for diesel to cost so much more than unleaded regular.

That is, unless you take into consideration the fact that the American sheeple don't realize that every extra cent the truckers have to pay, comes out of their wooley, complacent hides.

[Kuehn12]

I think you are right most people aren't will to change, so why bother. Lets continue to use fossil fuels and not worry about tomorrow. Drink, eat and be marry; don't be concern. As soon as I can, I am going to buy me Hummer which gets under 10 miles to the gallon, or maybe an old fashion muscle car. I hope we quit our experimentation with hybrid cars, and everyone can but a SUV or Muscle Car. During the winter we should use as much fuel oil as possible, damm the price. After all we have hundreds of years of supply, and there is no cause for concern there is always going to be more oil.

[WOSG]

"I think you are right most people aren't will to change, so why bother. Lets continue to use fossil fuels and not worry about tomorrow. Drink, eat and be marry; don't be concern. "

Actually, I kind of agree with you and was playing devil's advocate. Oil prices will change beahvior a lot more than lectures in sweaters will. We should be concerned, not because we will run out of oil (we wont), but because the oil lies under some other countries soil where paying for it is unhealthy for our peace and prosperity.

I'll tell you one thing that is absurd.
All the Democrats want to 'invest' in alternative energy. Well, the Republicans pass a bill doing that: money for ethanol, wind mill farms, solar, hybrids, etc.
What do the Democrats do? They complain about the cost of the tax breaks!

You know what is worse? The cost is $1 billion a year in direct spending.

And we just left $900 BILLION WORTH OF OIL IN THE GROUND IN ANWR!!!

In other words, enough to pay for the next millenia of our 'fuel cell car' initiative. ... or enough to build 1,000 nuke plants and end fossil fuel use for electricity.
... or enough to make the whole US car fleet hybrids

... left it in the ground.

You tell me if we are really serious about energy, when we leave $900 billion worth of energy in the ground just to avoid putting wellheads on frozen tundra.

[WOSG]

"What we do have is a bunch of greedy speculators in the commodity markets who are bidding up the price and a do-nothing administration in bed with the oil companies."

I expect this kind of idiocy in DU not in FR.

Oil is lower now than in 1979... I guess Carter was in bed with oil companies ... LOL.

[Kuehn12]

I just asking us as a people not to be so stubborn, and I glad no matter who initiates change. I don't want us to put our hand over our eyes to see no evil and over our ears to hear no evil. I would like to see change quicker. I don't blame any particular party because the Democrats have been in power and did nothing. All they do in race bait, and play the rich against the poor. They saw generation after generation become slaves to the welfare state. All of which was designed to merit power. The Republican were just as guilty when it came to deficit spending, they told us it didn't matter how much debt we had. While they spent and continue spend billions. National missile defense is a good idea, but the President wants us to go the moon and mars as well as have a robust defense. He has done nothing short of promising the world on a poor man's purse. That is why is so hard to fund programs like the F-22.