Posted on 04/23/2008 6:47:43 AM PDT by thackney
Northwest and Delta reported 10.9 BILLION loss this qtr. 4 airlines went broke in last 3 weeks. The ripple effect of these prices is ruining our economy. Summer tourism season will be a diasaster IMHO. To hell with global warming, we are at the brink here ,no matter what the talking heads on CNBC and the Fed reserve tell us. Without cheap energy, our economy cannot prosper. We are selling our future to the Chinese and the Saudis, and when they realize our currency is worthless, the gig is up.
Record profits along with record taxes and record expenses. Profit Margins remain near average historical levels.
Record Taxes!!!! Hmmm, and those rascally Republicans want lower taxes? BS!
The European Central Bank hasn’t cut interest rates and hinted this week that it may raise rates to address inflation ...”
If that happens, the dollar will fall somewhere down around the peso, and crude will hit...what?...$150?
The fix is in, with or without McCain at the helm.
My bet, the Republicans will do nothing before the general election.
The answer is couage with resolve. The President should declare a national emergencey and mandate drilling in Anwar (sp?) inasmuch as the access to and price of oil constitute a clear and present danger to the country. When the Dems or Greeenpeace, etc. inevivetably go to Federal Court, direct the Solicitor General to tell the Court it is none of their business, this is a national defence order from the President. Also, include, shale oil, the deposits recently estimated in North Dakota, etc. Drill off California and Florida by Executive Order. Next problem?
Bush takes a complete hands off approach to just about everything and never pushes back against dems.
The other night listened to Michael Savage for a few minutes as I was driving out of range of local stations. He was ranting that the cause of the high price of crude oil was corrupt American contractors in Iraq and elsewhere. What a complete nutcase he is; no wonder Mark Levin calls that show “Wiener Nation.”
The question is, who do you trust? Newt should never be given a spot on any Fox programming, that is until he fully explains his bent over stance.
Americans are angry, at their government!
Exactly. You want to fix the oil problem, defend the dollar and get interest rates back up to a reasonable level. It will hasten the mortgage bloodbath, but that’s coming anyway.
OPEC has not decided to do so; a couple members of OPEC, Iran and Venezuela, have suggested it.
The price of oil is not all about oil. Jorge can disingenuously state that it is the policy of the United States to support the dollar and have a strong dollar. But the government’s policies and behaviors reflect the opposite. The weakness of the dollar has consequences, some of the consequences may be good. But the factor of a weak dollar plays a significant part in that 120 dollar price of oil.
The bubble will not burst. Oil reserves are essentially a determined finite resource.
Yes, it is true that exploration continues,but easily accessible oil is rarely found and the adddition to reserves is miniscule.
Where there is oil being discovered and added to reserves is somewhat limited in it’s impact as the oil found is either expensive to obtain (Alberta, CA), or is politically infeasible (ANWAR), or is impractical to obtain due to technology not being currently available (Pacific Basin).
Given those facts and that developing nations such as China and India are continually increasing their consumption, the price of oil is likely to increase until the day it runs out.
Like it or not the only technological and currently viable options for the world’s enery needs (next 25 to 50 years) is either coal fired or nuclear power plants.
Before one jumps onto the so-called ‘Alternative’ fuels bandwagon one needs to try and understand the laws of thermodynamics and the relationship of energy and matter.
Not to mention that ethanol is now being recognized as a significant contributor to world hunger (no corn meal to feed people) and that hydrogen comes from three primary sources - oil refineries, SMR’s (Steam Methane Reformers) and Electrolysis - regardless of the source it is taking more energy to make a fuel (efficiencies) that is more costly than oil, coal or nuclear energy production.
Rather than turn this into a dissertation on enrgy, suffice it to say that if you are waiting for the price of oil to go down - don’t hold your breath.
We need a Manhattan Project on fusion. We should nullify every damn earmark put in place in the past 4 years and put the money into research.
Thanks for the clarification.
I don't believe that is a true statement. Reserves on average grow faster than the worlds growing demand.
In 1980 those estimates said we had 27 years left.
In 1990 those estimates said we had 41 years left.
In 2000 those estimates said we had 36 years left.
In 2005 those estimates said we had 41 years left.
In 2007 those estimates said we had 43 years left.
On average, the petroleum industry meets the rising demand and still adds more to the proved reserves.
http://www.eia.doe.gov/pub/international/iealf/crudeoilreserves.xls
http://www.eia.doe.gov/emeu/ipsr/t44.xls
-—or is politically infeasible (ANWAR), or is impractical to obtain due to technology not being currently available (Pacific Basin).——
Those are not (yet) counted in the reserves. Proved reserves are only fields that have been drilled and wells flow tested. ANWR and the like are in addition to the world's proved reserves.
-—Rather than turn this into a dissertation on enrgy, suffice it to say that if you are waiting for the price of oil to go down - don’t hold your breath.-—
If you believe the boom and bust cycle of the oil industry has ended forever, I believe you are mistaken.
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