Oil rises near $64; gasoline hits record high

AP WorldStream via COMTEX ^ | Aug 08, 2005

[KevinDavis]

Why yell at me.. I agree with you..

[MNJohnnie]

Funny, how some people think this is crippling, but those of us in the oil exploration industry are not only grateful for steady work, but for pay raises which were virtually nonexistent from 1982 to 1996.


Yeah, funny how no one was worried when you were all going in the toilet then. Same people who scream bloody murder about "Benedict Arnold CEOS" didn't raise a peep at %.99 a gallon gas.

[softwarecreator]

LOL! The italics were the comment I was responding to, not my statement

Yeah, I know I realized it after I posted it and was hoping you wouldn't notice!  =)

[NC28203]

One of the President's first veto threats was actually over a Senate version of an Iraqi aid bill that would have required the Iraqis to pay back part of the cost with the proceeds from oil revenues. The House had made it a grant and that was the version actually passed.

[tobyhill]

Tax cuts equals pay more at the pump. The bill should have never included incentives for companies making record profits, it's corporate welfare.

[softwarecreator]

Why yell at me.. I agree with you..

Touchy subject, huh?  =)

[KevinDavis]

It makes me touchy when people here call for more Government regulation..

[sandbar]

>>>Why yell at me.. I agree with you..

Sorry, didn't mean to direct it at you.

[simon says what]

Can someone here educate me to as to why it is this high? I keep hearing about how we don't have refineries, blah blah blah. That has nothing to do with the price of crude oil. I do think that the government needs to step in at some point and attempt to do SOMETHING. It's going to cripple our country if it doesn't stop.

In a nutshell... world oil production is peaking while world oil demand continues to rise. North Sea oil production for Great Britain dropped 10% last year. Norway's oil exports are at an 11 year low. The majority of the world's oil production comes from a few large oil fields that are over 50 years old and nearing the end of peak production. There has not been enough oil found the past 25 years to replace these fields once they go into decline. The price of oil is more than likely going to continue to rise until it has an effect on our oil consumption habits.

[technochick99]

Good points!

[softwarecreator]

It makes me touchy when people here call for more Government regulation..

I'm not sure if they are talking about Gov't Regulation as much as they are suggesting that Bush & friends start twisting some arms or whatever to get these prices back in line.

[KevinDavis]

Quiet alright.. I get touchy when some freepers call for more Government action..

[Phantom Lord]

Norway's high gas prices are caused by onerous taxes.

[Smokin' Joe]

Actually, we are keeping tribes of lawyers from joining the ranks of the trial (tort) types by keeping them busy doing title searches for mineral rights at courthouses across the oil-producing states.

That alons should e worth something...

Fleets of commercial grade vehicles will be purchased and/or replaced, heavy equipment, tubular steel goods (drill pipe, casing, and pipeline), miles of wire rope, oceans of diesel fuel, and a lot of fairly good paying jobs created.

All so folks who live in the hinterlands on $80,000 a year can pay taxes and support the 'homeless' in Silicon Valley who only make $300K...

[dznutz]

You could be paying $6.70 a gallon in Norway. Gas is still cheap by historic standards. Be glad you're living in America.

Does this oil/gas come from Norway or do they import it?Point being we don't have to be paying higher prices. If the tree huggers would stop their B.S. we wouldn't be importing as much oil or paying more for special summer blends of gas. you can't compare our situation to Norway's.

[Phantom Lord]

The price of oil is more than likely going to continue to rise until it has an effect on our oil consumption habits.

In America at least it has a long way to go then. Even at the higher prices that everyone is bitching about, gasoline consumption is up 8% from last year at this time.

[Servant of the 9]

The upside is that at $100.00/bbl enough shale oil, coal gassification and more difficult tar sands deposits will be economicall viable to make us not only energy independant, but net exporters.

You're thinking in constant dollar terms. It very well may be that when oil hits $100/bbl that $100 has the purchasing power of $70 today meaning these techniques will not be viable.

I think oil will hit $100.00/bbl within 18 months. I don't see any significant inflation out there in that time frame.

SO9

[softwarecreator]

If the tree huggers would stop their B.S. we wouldn't be importing as much oil or paying more for special summer blends of gas

What do the libbies have to do with this?  Trust me, though, I am NOT sticking up for them, I am just curious what you mean by this.

[ARCADIA]

I don't give two shits what gas cost in 1973 either. But I do care about accuracy and honesty.

How does the price per gallon 1980 vs. today compare as a percentage of median income?

[AdamSelene235]

I think oil will hit $100.00/bbl within 18 months. I don't see any significant inflation out there in that time frame.

Er, ok. Do you work for the BLS?