[Old Sarge]

In 2008, prices at the pumps RISE to $1.89 - “It’s all the fault of evil-stupid-genius George W Bush and his oil buddies!”

In 2015, prices at the pumps FALL to $1.89 - “Thank you, Obama, Our Appointed and Annointed!”

And yes, I actually heard those exact words from one of Holder’s People at Thornton’s.

[sickoflibs]

January or Spring 2016 would be a good time for them to go up.

[ilovesarah2012]

Doing a quick search on “new oil finds” makes me skeptical of this report.

[Paladin2]

Nuke U Lee ear power must come eventuaĺly.

[econjack]

So much of this analysis ignores the impact of politics. Back when Eisenhower was President, the world market price of oil was under $3/bbl. Domestic oil producers could not compete at that price because of the new, and huge, Mideast oil discoveries. So those companies approach Ike and, for strategic reasons, convinced him we could not rely on them for stable oil, so Ike imposed import quotas to drive up domestic oil prices. The result was the formation of OPEC. Had we been smart, and even buying into the military reasons and Ike's experience seeing Hitler's problems without domestic oil production, we should have capped our well back then, sucked the Mideast dry of crude and simply refined it here. In times of crisis, we could have uncapped our wells and continued to refine distillate products.

Politics matters. Obozo has blocked every attempt to increase domestic oil production from restricted offshore leasing, ANWAR, the Keystone pipeline, and using the EPA to kill off energy industries (e.g., coal). Then, despite every roadblock he has built, he has the gall to say:"Average Americans are enjoying the lowest gas prices in a decade...you're welcome." The man has no morals.

The fix? An Executive Order that says:

"Effective today, the federal gov't will no longer restrict oil exploration on federal lands, including offshore and ANWAR, will encourage the Keystone pipeline and similar endeavors. Also effective today, the maximum tax rate on corporations and personal income will be 15%. The EPA permitting process will be streamlined to a maximum of three months. If EPA officials cannot do this, I will find people who can. Finally, any gov't spending that produces a deficit of greater than 3% in any given year disqualifies those members of Congress and the Executive Branch from reelection. Have a nice day."

The unemployment rate would drop like a stone, as would oil prices, and you would need to jump out of the way of the influx of capital from the Pacific Rim and the rest of the World. Yeah, I know it will never happen, but one can dream.

[gogeo]

Of course oil prices will go up. Increased US production has disrupted market equilibrium and the short term pricing news is favorable. But long term oil prices will set a floor above the replacement cost of new supply.

Prior to the recent US production boom OPEC favored a price range of $100-$125 bbl. I think the market will settle (excepting short term noise) in the range of $75-$100 bbl.

This is, of course, dependent upon political factors.

[ckilmer]

Moreover, with rapid decline rates, the shale revolution is expected to fade away in the 2020’s,

if those investments are not made today we will not see that badly needed production growth around the 2020s,
...................
Tesla wants to be producing 500,000 cars a year by 2020. The rest of the world’s auto makers will likely kick in another 500,000 cars annually. That number will go up from there.

The auto industry is moving toward much more serious investments in alternative fuels.

Then there’s this that’s started making the papers in the last month or so.

Meet the guy who’s reportedly running the secret Apple car project

http://www.businessinsider.com/steve-zadesky-apple-car-profile-2015-2

[ckilmer]

imho the big revolution in the next five years will be that batteries and maybe even fuel cells will be ready for prime time. In the next five years there will be a rapid change of the auto infrastructure over to alternative fuel vehicles.

[ckilmer]

between now and about +-2025 oil prices will gyrate wildly.

[spokeshave]

The industry did not log a single “giant” oil field. In other words, oil companies are finding it more and more difficult to make new oil discoveries as the easy stuff runs out and the harder-to-reach oil becomes tougher to develop.

According to the USGS the Green River Formation weighs in at 3 TRILLION Barrels, with 1 Trillion barrels recoverable with todays technology.

The known worlds reserves of oil are about 1 Trillion barrels.

[GeronL]

blah blah blah