$100 A Barrel Oil is on the Way

#627
#627
I just seen on the national news that gas could be $7 a gallon in 2 yrs. or less. The worlds economy would shut down if that happens.
 
#630
#630
wylievol said:
myrobbins what is keeping the powers from just over riding the drilling bans and other environmental crap?
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It isn't talked about much in the mainstream media, but for as much as we joke about the greenies, they're causing a legitimate negative impact on our society.
 
#632
#632
This is starting to get scary.

The dean of oil is prediction 12-15/dollar gallon gas in the next few years.

'Squawk Box' Guest Warns of $12-15-a-Gallon Gas

Robert Hirsch, Management Information Services Senior Energy Advisor, gave a dire warning about the potential future of gas prices on CNBC’s May 20 “Squawk Box”. He told host Becky Quick there was no single thing that would solve the problem, due to the enormity of the problem.

“[T]he prices that we’re paying at the pump today are, I think, going to be ‘the good old days,’ because others who watch this very closely forecast that we’re going to be hitting $12 and $15 per gallon,” Hirsch said. “And then, after that, when oil – world oil production goes into decline, we’re going to talk about rationing. In other words, not only are we going to be paying high prices and have considerable economic problems, but in addition to that, we’re not going to be able to get the fuel when we want it.”
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#636
#636
BigPapaVol said:
wonder how he handles the massively dwindling demand side of those economics or did he just omit the continued growing demand assumption from his discussion?
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I thought about that, also. At some point, these emerging economies will not be able to keep up with the rising price of energy, as well. Worldwide demand would drop.
 
#637
#637
droski said:
in my experience bubbles always run a lot longer than you think they will.
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There is no oil bubble as long as the inventories remain low. That's what's been driving the price up. Unless there is some change in demand, the price isn't going to fall IMO. Many people are predicting prices to go higher, much higher, 12-15/dollars a gallon.

The sad reality is this country has the oil reserves in oil shale in Utah, and Oil in Dakota to supply all this country's needs for the next 100/years.

Instead of developing those resouces, many of which are on govt land, we are investing billions in Iraq instead. The lack of leadership on this issue is mind-boggling.
 
#638
#638
The U.S. Is Poised to Hit a New Oil Gusher - Kiplinger.com

A new black gold rush is under way, this time in North Dakota. The potential payoff is huge -- up to 100 billion barrels of oil. That’s twice the size of Alaska’s reserves and potentially enough to meet all U.S. oil needs for two decades.
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Massive Oil Deposit Could Increase US reserves by 10x

America is sitting on top of a super massive 200 billion barrel Oil Field that could potentially make America Energy Independent and until now has largely gone unnoticed. Thanks to new technology the Bakken Formation in North Dakota could boost America’s Oil reserves by an incredible 10 times, giving western economies the trump card against OPEC’s short squeeze on oil supply and making Iranian and Venezuelan threats of disrupted supply irrelevant
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Utah sits on huge oil reserve
According to the U.S. Department of Energy, recoverable oil shale in the western United States -- located mainly in Utah, Colorado and Wyoming -- exceeds one trillion barrels and is the richest and most geographically concentrated oil shale and tar sands resource in the world. Hatch noted that Canada recognized the potential of the large tar sands deposits in the province of Alberta and developed a government policy to go promote their development -- increasing its oil reserves by more than a factor of 10.
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#639
#639
oklavol said:
There is no oil bubble as long as the inventories remain low. That's what's been driving the price up. Unless there is some change in demand, the price isn't going to fall IMO. Many people are predicting prices to go higher, much higher, 12-15/dollars a gallon.

The sad reality is this country has the oil reserves in oil shale in Utah, and Oil in Dakota to supply all this country's needs for the next 100/years.

Instead of developing those resouces, many of which are on govt land, we are investing billions in Iraq instead. The lack of leadership on this issue is mind-boggling.
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but where is that lack of leadership originating?

The Sierra Club has logged over 3000 lawsuits to prevent exploitation of our own natural resources. They're not what you'd call a GOP friendly organization. Jeb Bush, Ahnuld, and McCain don't help matters either, but a large part of our problems rest solely on the left side of the aisle.
 
#640
#640
Up one more dollar this AM (in FUT trading) again. I hope this isn't a trend we are getting into. Up a dollar every morning before trading really starts. *sigh* $134.40
 
#642
#642
is there any way to take oil out of the futures market? or is that the nature of the beast?
 
#643
#643
oklavol said:
There is no oil bubble as long as the inventories remain low. That's what's been driving the price up. Unless there is some change in demand, the price isn't going to fall IMO. Many people are predicting prices to go higher, much higher, 12-15/dollars a gallon.

The sad reality is this country has the oil reserves in oil shale in Utah, and Oil in Dakota to supply all this country's needs for the next 100/years.

Instead of developing those resouces, many of which are on govt land, we are investing billions in Iraq instead. The lack of leadership on this issue is mind-boggling.
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inventories are low compared to 2 months ago, but not on a historical basis at all. Supply is not a major issue.
 
#645
#645
MG1968 said:
is there any way to take oil out of the futures market? or is that the nature of the beast?
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well there are guys who are actually hedging oil positions rather than outright speculation. they've moved the margin rate up to 30% so that should help things.
 
#647
#647
droski said:
inventories are low compared to 2 months ago, but not on a historical basis at all. Supply is not a major issue.
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There are fears of oil shortages in 5 years and thats driving the price up:

FT.com / In depth - Shortage fears push oil futures near $140

Fears of a shortage within five years propelled long-term oil futures prices to almost $140 a barrel, further stoking inflationary pressures in the global economy
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TheSpec.com - BreakingNews - Oil shortage fears send price soaring

Wor
ries that world oil demand will outstrip global supplies intensified Thursday, sending oil prices higher, after the International Energy Agency warned about difficulties in expanding production
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#649
#649
Rasputin_Vol said:
Hypothetically, if I offered to give (sell) you a gas card that would lock you in at $3.80 a gallon from Memorial Day to Labor Day up to 300 gallons, would you pay $1140 for the gas card? You have to buy the card before this weekend...
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Any takers on getting locked in at $4.00 until Labor Day? :crazy:
 
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