Saudi Prince Says We’ll ‘Never’ See $100 Oil Barrels Again

Time Magazine ^ | January 12, 2015 | Laura Stampler

[M Kehoe]

"Never?"

Nuke the Strait of Hormuz and watch the price go to a $100 bbl in a New York minute.

5.56mm

[cuban leaf]

I think that rumor of oil and gas below eastern KY has been around for awhile.

---

SharprightTurn mentioned that it is the Rome trough and the strike is just a few weeks old.

In all seriousness, new techniques not only seems to allow us to more accurately find oil, but also more cost effectively extract it.

I also think Thomas Gold may have been on to something.
http://en.wikipedia.org/wiki/Abiogenic_petroleum_origin

[bigbob]

If so it’s against Iran, Iraq, and Russia.

[nascarnation]

Just think

Makers Mark
Corvettes
cheap oil

[cuban leaf]

BTW, I linked to that article because it has a comical trait. Every single reference to Abiogenic petroleum origin being wrong, fallen out of favor, discredited, etc. includes a reference that says, “citation needed”.

:-D

[biff]

SA is trying to destroy the Russian economy leading to the downfall of Putin in the next election. Putin has been increasing his sphere of influence in that part of the world. Just look at what has happened in the last few years in the middle east, politically and militarily.

He has for years provided material and knowledge to Iran for their nuclear program as well as weapons. SA and Iran do not get along with the exception of past OPEC activities and before long they will be facing a nuclear Iran.

Putin was on the wrong side of the Syrian mess and still is. He has been providing weapons to that campaign. He also had his fingers on Libya as well as working on Iraq.

The Ukrainian debacle was all over the pipelines that supply Europe natural gas and I feel was the final straw with Obama with Putin.

Putin made a huge long term deal with China with natural gas.

Putin has been stealing SA petroleum customers for the last two years.

SA has been warned by the ISIS that the crown’s days are limited as they will be coming after SA.

This is the only way SA can try to take three enemies off their radar, starve the ISIS, Iranian and Putin to the point of financial ruin and the question is, can and will Putin use the Russian military and risk a world war. We know that SA absolutely cannot survive a war with Russia, ISIS and Iran. They have a decent regional war machine but have not fought a real war, ever.

My one and only question is how involved has Obama gotten our country involved with this mess.

We tried decades ago to limit Japans influence in their neck of the woods and look where that ended.

[thackney]

http://www.mineralrightsforum.com/group/lawrence-county-ky-oil-gas

http://wfpl.org/fracking-coming-cumberlands/

[St_Thomas_Aquinas]

Lies. Peak oil said we’d hit it in 1979. Along with global warming.

Back in the late '70s National Geographic claimed that oil would be GONE by 1999. Gone. Nada. Zilch. Zip. I wish I saved the issue.

[cuban leaf]

Live is VERY good here!

[nascarnation]

Good for you, man!

[OrangeHoof]

I’d be happy if that were true but I don’t believe it.

As one FReeper so clearly put it, the biggest reason prices go down is when there is more product than demand and the biggest reason prices go up is when there is more demand than product.

Once the market has adjusted, prices will start climbing again. In the meantime, we are making Russia and the Saudis suffer worse than Texas and North Dakota so I’m okay with the prices being so low.

[cuban leaf]

Very interesting info. Thanks. BTW, the first link site has only about ten members. :-)

[BlackVeil]

Those are good points - and I would add a third. A burst of inflation would send the “price” in dollar terms, of oil soaring.

[thackney]

Yeah, there are a LOT of those type web sites.

The result is participation in one too diluted.

[thackney]

first link site has only about ten members.

That is only for that particular county discussion group. Since it hasn’t been an active area yet, it is still small.

Looks like ~1,000 in the web site.

http://www.mineralrightsforum.com/

Individuals then sign up for specific counties so they can get notified whenever there is a post in their interest.

[RayChuang88]

Fortunately, battery companies are going to start soon producing batteries based on dry-electrode lithium-ion technology using graphene sheets and ultracapacitor technology using carbon nanotubes, which may increase the per charge range of an electric car by three to four times without going to a larger battery pack. Also, we may see a switch from AC charging to DC charging, which means instead of waiting 3 to 7 hours, it could be as short as under ten minutes! :-)

In short, within the next 20-25 years the technology will have matured enough that most personal vehicles will long-range electric drive systems.

[riverdawg]

I agree with most of what you wrote, but the analogy between the current situation and the lead-up to Pearl Harbor might be a bit stretched. Japan was waging aggressive war on China (a U.S. ally at the time) for three years prior to the initiation of economic sanctions and the oil embargo.

[biff]

I agree, however, when we cut the oil off to Japan is when they decided to go into the south Pacific territories to take those oil fields. Resulting in them striking us first to keep us from preventing them to take those oil producing areas.

My point was wars start over economics and this time may be no different.

[nothingnew]

Never say never.

I will. One of my rules, after 63 years on this planet, is Never Underestimate Anyone.

It's worked pretty well so far.

FMCDH(BITS)

[bgill]

But you’ll see that check the usurper is sneaking to you under the table. Give it six months and you’ll see prices go up plus that check.