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Oil prices surge to record $65 a barrel (Crude overunning dollar again)
MSNBC ^ | August 10, 2005 | Staff

Posted on 08/10/2005 12:33:42 PM PDT by Jomini

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Joe Six-Pack can cry every conspiracy theory in the book but his lament cannot refute the basic laws of commodity supply and demand. When demand swamps supply the price will rise -- when the currency is debased by the federal government this process will be accelerated.

When the opposition in the Third World War produces said commodity, they will use it as a weapon. The dollar, and the West, suffering a nonlinear assault far more dangerous than a few suicide bombers.

Suicide bombers can't beat the West. Oil can.

J

1 posted on 08/10/2005 12:33:43 PM PDT by Jomini
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To: Jomini

It's going to keep going up until y'all stop buying gas.


2 posted on 08/10/2005 12:35:26 PM PDT by Brilliant
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To: Jomini
I don't understand why people can't distinguish between Crude and gasoline. Why does a problem with refining capacity drive up crude prices?
3 posted on 08/10/2005 12:37:46 PM PDT by River_Wrangler (You can't be lost if you don't care where you're at !)
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To: Jomini
The market was used to having 4 to 5 million barrels in spare capacity some 10 years ago

World demand is approaching 84 million barrels a day. World production is also about 84 Mb/d and can't be increased appreciably. Not a lot of slack.

4 posted on 08/10/2005 12:38:25 PM PDT by RightWhale (Withdraw from the 1967 UN Outer Space Treaty and open the Land Office)
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To: Brilliant

It's those wacky SUV's acting up again.


5 posted on 08/10/2005 12:39:46 PM PDT by GaltMeister (“All that is necessary for the triumph of evil is that good men do nothing.”)
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To: Brilliant; Jomini; Dog Gone; SierraWasp; Huck; Grampa Dave; expat_panama; Ernest_at_the_Beach

I'm buying more gas.

http://quotes.ino.com/exchanges/?e=NYMEX


6 posted on 08/10/2005 12:40:18 PM PDT by BOBTHENAILER (One by one, in small groups or in whole armies, we don't care how we do it, but we're gonna getcha)
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To: BOBTHENAILER

I'm thinking that the high oil prices are going to cut off the world economy before they cut off ours.


7 posted on 08/10/2005 12:42:15 PM PDT by Brilliant
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To: RightWhale

Well, the economies of China and India are in desperate need of hydrocarbons. That in effect has made the prices of crude oil go up drastically in the past several years. And the prices will keep going up because there will most likely be more growing economies in the future. So unless more oil can be pumped out (for example, there are many Iranian oil fields that have been left untouched), the prices of crude oil will keep going up.


8 posted on 08/10/2005 12:42:42 PM PDT by crazyinsane105
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To: Jomini

It isn't supply and demand, it's greed. There is no reason that oil should be this high.


9 posted on 08/10/2005 12:45:21 PM PDT by Perdogg
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To: Brilliant

That would be most likely. Developing countries can least afford the downturn that would make Euros and Americans just b*tch louder. China is riding the wave, hanging ten; they would crash hard. Indonesia, Africa, forget it.


10 posted on 08/10/2005 12:46:50 PM PDT by RightWhale (Withdraw from the 1967 UN Outer Space Treaty and open the Land Office)
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To: Brilliant

That is precisely when you will see them go down. The sellers can't kill the goose that lays the golden egg.


11 posted on 08/10/2005 12:48:22 PM PDT by BOBTHENAILER (One by one, in small groups or in whole armies, we don't care how we do it, but we're gonna getcha)
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To: River_Wrangler
I don't understand why people can't distinguish between Crude and gasoline. Why does a problem with refining capacity drive up crude prices?

Probably because too many people haven't a flippin CLUE about the supply chain.

They think that a guy can drill a hole in the ground, and the output goes right into a gas-o-leen truck headed to the nearest filling station.

They also do not understand demand beyond their own mailbox.

(shaking head)

12 posted on 08/10/2005 12:51:04 PM PDT by Cobra64
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To: BOBTHENAILER

Check this out.

http://quotes.ino.com/chart/?s=NYMEX_CLU5&v=d12&w=1&t=l&a=200


13 posted on 08/10/2005 12:55:18 PM PDT by Perdogg
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To: Cobra64
September 05 ($US per bbl.) 8/10 64.90 1.83

Up nearly $2 today. Going slowly insane.

14 posted on 08/10/2005 12:55:34 PM PDT by RightWhale (Withdraw from the 1967 UN Outer Space Treaty and open the Land Office)
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To: Jomini

Could easily get to $80/brl by year-end.

Expect higher interest rates and the dollar losing more value to other major currencies. In the mean while all our tradable jobs are being exported oversee.


15 posted on 08/10/2005 1:00:23 PM PDT by TAquinas (Demographics has consequences.)
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To: Jomini

Where are all the democrats running around saying we could solve the problem if we just took oil out of the Strategic Petroleum Reserve?

Oh that's right, it's not an election year.....


16 posted on 08/10/2005 1:01:30 PM PDT by CharlesWayneCT
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To: Perdogg

It's a great site ain't it.


17 posted on 08/10/2005 1:02:11 PM PDT by BOBTHENAILER (One by one, in small groups or in whole armies, we don't care how we do it, but we're gonna getcha)
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To: crazyinsane105

Exactamundo.

The demands of China and India are going to keep increasing. Those countries - especially China - were locked into archaic economies while were were furiously expanding here. There was no energy supply crunch at that point. Our energy needs have not decreased, now add in China and India using resources like the U.S. after WWII, and this is just the beginning of a bona fide crisis.

It will be very interesting if we go toe-to-toe with Iran. Don't think for a second that China will allow Iran to invite an invasion. They need that oil, too, and if Iran isn't careful, they could be facing an axis-of-consumers demanding regime change, or else.


18 posted on 08/10/2005 1:02:56 PM PDT by Rutles4Ever
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To: CharlesWayneCT
It actually surged to $67!


19 posted on 08/10/2005 1:03:26 PM PDT by Fitzcarraldo
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To: BOBTHENAILER
The sellers can't kill the goose that lays the golden egg.

You can't kill the goose....people will keep paying for it.

20 posted on 08/10/2005 1:04:12 PM PDT by Fitzcarraldo
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