OPEC announces that the US can handle $100 / barrel of oil

[Jedidiah]

http://www.msnbc.msn.com/id/40811733/ns/business-oil_and_energy/

That's right Kielan.. I actually read liberal blogs and websites as well



I would love to have a rational conversation on the thought of some sheiks determining what fair value is for a barrel of oil, and why we (the US of A) have allowed them to control said oil, despite at one point having full control of the oil fields in KuWait after Desert Storm in the 90's?


Disclaimer: I know that everyone else in the world pays more for gas, and we are a whiny bunch of American assholes.. not that I have made that point, there is no need to use it in response to the above question.

[Kielan]

http://www.msnbc.msn.com/id/40811733...il_and_energy/

That's right Kielan.. I actually read liberal blogs and websites as well



I would love to have a rational conversation on the thought of some sheiks determining what fair value is for a barrel of oil, and why we (the US of A) have allowed them to control said oil, despite at one point having full control of the oil fields in KuWait after Desert Storm in the 90's?


Disclaimer: I know that everyone else in the world pays more for gas, and we are a whiny bunch of American assholes.. not that I have made that point, there is no need to use it in response to the above question.

<3 you too Ben.


I haven't been paying attention to oil prices recently, haven't they been up at this range for a while?

[Han]

I thought they were up to around $95/barrel last time I heard? How much increase will the consumer actually see with this ~$5 increase?

[Kielan]

My guess would be like 5-10 cents. At the very most.

[Jedidiah]

Don't get caught up in the numbers.. get caught up in the principles.. if you don't understand what OPEC is or by what merits they determine pricing, this thread will be useless to you.

[shogunner]

I don't think the OPEC move was arbitrary... world market demand is said to be increasing as developing nations...develop. China and Russia are playing games with the market as well, but its interesting how our currency is the only way to purchase oil from the OPEC regime and as long as it stays that way we can except lower cost oil than everyone else.

That being said, the US should truthfully threaten to start drilling even if it wouldn't be any time soon.. the mere threat would cause futures to change and then bring that barrel price back to reality...but not the 1990's reality of $30 a barrel

[shogunner]

btw, liberal blogs make me puke in my mouth... pure negativity and vitriolic **** for this country.

[Kielan]

I think that maybe a little far.. There are extremists for both camps that you will never please, unless you are reading an extremists blog, I can't say thats the case.

Especially here, this post was just a posting of news, I can't say I see any political sidings here..

Back on topic. I thought OPEC was an organization of the big oil companies.

[Jedidiah]

I don't think the OPEC move was arbitrary... world market demand is said to be increasing as developing nations...develop. China and Russia are playing games with the market as well, but its interesting how our currency is the only way to purchase oil from the OPEC regime and as long as it stays that way we can except lower cost oil than everyone else.

That being said, the US should truthfully threaten to start drilling even if it wouldn't be any time soon.. the mere threat would cause futures to change and then bring that barrel price back to reality...but not the 1990's reality of $30 a barrel

There is still talk of Opec ditching the dollar, but I doubt that would happen, simply because we wouldn't let it. The frustrating part, is that demand is going to rise very quickly, and yet they are saying there is a saturation in oil supplies, hence the increase in price per barrel. Brazil is expected to be the 3rd largest importer of oil this year. If that isn't a sign of emerging markets (and subsequently, demand), then I'm not sure what is.

I guess I'm partially pissed that we are taking this on the chin like a bunch of sallies, when we have far more influence on OPEC then anyone else. Raises questions and eyebrows, if you ask me.

btw, liberal blogs make me puke in my mouth... pure negativity and vitriolic **** for this country.

Now I remember why I liked you so much... knew there was some solid people in the NorthEast




Aaron -- get your ass in here.. I want to know what you think!

[Kielan]

Now I remember why I liked you so much... knew there was some solid people in the NorthEast

[Jedidiah]

Ha easy there Barack, just have a lil fun

[Kielan]

Ha easy there Barack, just have a lil fun

T'was a joke.

[Skibum291]

proven recoverable reserve for oil puts it around 45-55 years

countries in opec are looking to make more money as their only product is oil

charge more for item in limited supply

profit

[Skibum291]

inb4 drill in alaska- wahoo 90 billion barrels of oil- over a period of 50 years combined with 6-10 years of drilling and setting up infrastructure - that would put its peak production rate around 25 years into drilling- at which point based on the current consumption of petroleum products by America would put its total market share right around 1.4% of total US petroleum consumption per year

and no thats not from some libel blog- straight from a lecture of mine from Dr Cassidy Albright- lead project engineer for the Exxon Mobil corporation

there is a reason why Exxon Mobil is the largest hiring force for chemical engineers and environmental scientists- it because they realize that within this century the planet will be out of oil completely and that their business would be ruined- so when the oil does dry up- guess who is going to have all the patents to new plastics and fuels


Exxon Fucking Mobil

please someone try to say something stupid- this is what I live for- University of Vermont for my environmental studies degree and now GTown for Law-

[Francois Dillinger]

^this guy