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Oil reaches 100 dollars a barrel: new record - 1/2/2008 4:39:39 PM

dolceservo

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Joined: 10/26/2005
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quote:

The price of oil reached the record mark of 100 dollars a barrel on Wednesday.
The price for a barrel (159 litres) for delivery reached exactly 100 dollars Wednesday afternoon on the New York commodities market.
Upward pressure on the price has increased along with growing concern over the adequacy of oil reserves as well as the weakness of the US dollar.

How will we get the energy we need in order to continue living according to our lifestyles?
I hope to hear your opinions on that!

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RE: Oil reaches 100 dollars a barrel: new record - 1/2/2008 5:38:42 PM

Griswold

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Joined: 2/12/2007
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quote:

ORIGINAL: dolceservo

quote:

The price of oil reached the record mark of 100 dollars a barrel on Wednesday.
The price for a barrel (159 litres) for delivery reached exactly 100 dollars Wednesday afternoon on the New York commodities market.
Upward pressure on the price has increased along with growing concern over the adequacy of oil reserves as well as the weakness of the US dollar.

How will we get the energy we need in order to continue living according to our lifestyles?
I hope to hear your opinions on that!

(I'm sorry...having pulled your post...I actually thought you had a question).

Is there one? Or a point?

(in reply to dolceservo)

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RE: Oil reaches 100 dollars a barrel: new record - 1/2/2008 5:48:02 PM

slaveboyforyou

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Joined: 1/6/2005
From: Arkansas, U.S.A.
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You should see how they are reacting to this news in Australia.

http://www.youtube.com/watch?v=Bmf-HCCZYOg

(in reply to Griswold)

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RE: Oil reaches 100 dollars a barrel: new record - 1/2/2008 9:55:06 PM

Termyn8or

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Joined: 11/12/2005
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sb4u, is that from Mad Max ? Been a while since I saw it.

Anyway, yup, this is what we are paying for. Our tax dollars going into the toilet and it seems the whole reason was to hike the price of oil, because that is what happened. I thought we took over Iraq, we should be getting the oil for free for helping them.

Oh wait we are, they are just CHARGING a hundred bux a barrel for it.

Pay up.

T

(in reply to slaveboyforyou)

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RE: Oil reaches 100 dollars a barrel: new record - 1/2/2008 10:15:12 PM

angelikaJ

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Does anyone else here think it is just a wee bit suspicious that this happened right before IOWA?

(in reply to Termyn8or)

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RE: Oil reaches 100 dollars a barrel: new record - 1/2/2008 10:18:48 PM

farglebargle

Posts: 10715
Joined: 6/15/2005
From: Albany, NY
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Gold's 27.6 a key in Zurich....

_____________________________

It's not every generation that gets to watch a civilization fall. Looks like we're in for a hell of a show.

ברוך אתה, אדוני אלוקינו, ריבון העולמים, מי יוצר צמחים ריחניים

(in reply to angelikaJ)

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RE: Oil reaches 100 dollars a barrel: new record - 1/2/2008 10:27:05 PM

Muttling

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I really don't know much of anything about the oil markets, but............

From what I have been reading, it is the capacity to refine sweet crude into gasoline and diesel (e.g. fuel oil) that is the REAL problem in the system.   There is a lot of focus on the price of sweet crude, but the more I read the more fret I hear about refinery capacity.

This is particularly frightening to me as you can drill more wells and open up the taps a LOT easier than you can expand refineries.    (Don't even think about building a new one as that takes 15 to 20 years from concept proposal to actual production.)

This is the exact same thing that drove the oil crisis during the Carter administration.   The only difference is that we had PLENTY of diesel at that time and it was only gasoline was totally screwed. Now were bouncing off bottom for both.

Concerning times ahead and I'm not sure what to think of them (especially with Iran's sabre rattling.)   I'm not a fan of the administration, but I did hear today that they are continuing to purchase more oil to put in the strategic reserve instead of letting oil out of the reserver.   I think that is a great long term play.

(in reply to farglebargle)

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RE: Oil reaches 100 dollars a barrel: new record - 1/2/2008 10:56:59 PM

Termyn8or

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Mutt, you are right, oil is refined damnear immediately into gasoline. It's like "just in time" delivery of goods in business if you are familiar with that term.

But what you did not mention are all the other uses for oil. Most people have some brains, and might even sit down with a calculator and try to figure out what the oil companies are making. A hundred bucks a barrel and they get X gallons of fuel out of it, and charge X dollars a gallon or liter for it.

But that is nowhere near the whole story. That is what makes petroleum so alluring for the big money people, because they know.

In the petroleum cracking process there are many products which come out even before our beloved gasoline. Acetylene, propane, all kinds of things. Then come the solvents like acetone and whatever else. Then it gets down to our gas and then deisel fuel.. Then comes kerosene, and shortly thereafter the motor oil we need for our cars.

Then somewhere around that time comes, believe it or not, vaseline, and of course all the products made with it. And then it won't be too long before it is something else, petroleum distillates are a big part of making plastic, and as you may have noticed damnear everything is made of plastic now.

Think we are done ? Nope. Then comes tar and all that entails, and finally, that kitchen floor of yours (unless it is ceramic or something) is nothing but the shit they scrape out of the vessel which was used to crack the petroleum. They just put it through some rollers and then paint it, and some components of that paint are also petroleum derivitaves.

If the truth be known, if I had the facility to crack petroleum I would surely pay the hundred bick a barrel, and I would make plenty of money.

Now do you know why wars are started ?

T

(in reply to Muttling)

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