[OT] Gas Prices

[SCSabresFan!]

ANWR drilling could cut 75 cents from oil prices, DOE says

By Rex Nutting

Last update: 10:20 a.m. EDT May 22, 2008

Comments: 76

WASHINGTON (MarketWatch) -- Producing oil from the Arctic National Wildlife Refuge in Alaska could cut crude oil prices by about 75 cents per barrel by 2025, the Energy Department said Thursday in a special analysis prepared for Sen. Ted Stevens, R-Alaska. The price decline would be about 0.6% of the current spot price. Under federal law, no drilling is now allowed in ANWR. Under the most likely case, production would begin in 2018 and peak in 2027 at 780,000 barrels per day, with total production of 2.6 billion barrels. End of Stor

[Bmwolf21]

ANWR drilling could cut 75 cents from oil prices, DOE says

By Rex Nutting

Last update: 10:20 a.m. EDT May 22, 2008

Comments: 76

WASHINGTON (MarketWatch) -- Producing oil from the Arctic National Wildlife Refuge in Alaska could cut crude oil prices by about 75 cents per barrel by 2025, the Energy Department said Thursday in a special analysis prepared for Sen. Ted Stevens, R-Alaska. The price decline would be about 0.6% of the current spot price. Under federal law, no drilling is now allowed in ANWR. Under the most likely case, production would begin in 2018 and peak in 2027 at 780,000 barrels per day, with total production of 2.6 billion barrels. End of Stor

Yeah, that's about what I've read elsewhere - 75 cents off a gallon, but 10 years to make it happen.

[Guest Sloth]

Yeah, that's about what I've read elsewhere - 75 cents off a gallon, but 10 years to make it happen.

 

This bites for everyone, but it completely sucks for people on low wages. There is no type of fixation for our current health care system, and it does hurt to see more and more people not being on some type of health care plan. It blows to see so many families having both parents work odd hour jobs. Children, under those conditions, have a tough time growing up. Our society is slowly slipping into the dark abyss. I am thankful my wife and I have received a college education. Both of us teach and it'll enable us to have a middle income family that used to dominate our nation. The United States is on a dramatic downfall and I can only pray it'll turn around. China is predicted to be THE super power by the year 2025, if not sooner...

[SwampD]

Just a little Fun Fact - The amount of oil that they estimate is in ANWAR is the same amount that could be conserved if everyone just checked their tire pressure.(oops, I use the C-word, God forbid)

 

Another thing about our dollar, I think not having national health care really hurts us. Everyone was so eager to make fun of Hillary for having the gall to bring up national health care, but since then companies(like Ford) have chosen to build factories in European countries and Canada because they have it and would not have to pay for it themselves. It's only going to get worse until our dollar is so low that it will actually be cheaper to make things here again.

[Bmwolf21]

Nice to see Oil Prices shot up $7/barrel today... <_<

 

LINK

[Hawerchuk]

China is predicted to be THE super power by the year 2025, if not sooner...

 

How about China: The Super Polluter!! Their regulations are awful and they don't give a damn about the pollution/consequenses. :death:

[Bmwolf21]

Nice to see Oil Prices shot up $7/barrel today... <_<

 

LINK

:oops:

 

Make that up $11 in one day, the largest 1-day increase ever. Awesome. :wallbash: :wallbash: :wallbash:

 

 

LINK

Oil prices have shot up more than $10 to a new record above $138 a barrel after a Morgan Stanley analyst predicted prices could hit $150 by the Fourth of July. Traders were also rattled by rising tensions in the Middle East.

 

Sounds like more fear-mongering. Thanks a lot, Morgan Stanley analyst...

[Kristian]

How about China: The Super Polluter!! Their regulations are awful and they don't give a damn about the pollution/consequenses. :death:

 

Errm... Considering the US fleet of fuel guzzling 4x4's and other outdated, non particle-filter fitted vehicles labeled as "classics", I hardly think we have anything to blame the Chinese for, in terms of pollution.

 

Pretty much 90% of their population still ride bicycles. Granted, there's a heckuva lot of them, but still.

 

Look at the tin-cans some of the euro's drive - Some of those diesel driven kettles do 64 miles per gallon!! Ugly as sin, but cost effective in more ways than one.

[Guest Sloth]

Errm... Considering the US fleet of fuel guzzling 4x4's and other outdated, non particle-filter fitted vehicles labeled as "classics", I hardly think we have anything to blame the Chinese for, in terms of pollution.

 

Pretty much 90% of their population still ride bicycles. Granted, there's a heckuva lot of them, but still.

 

Look at the tin-cans some of the euro's drive - Some of those diesel driven kettles do 64 miles per gallon!! Ugly as sin, but cost effective in more ways than one.

 

I think I'm going to buy a gas guzzling SUV because it'll be a collectible in 20 years. Who will have one?

[Bmwolf21]

Ugh...$52 for 13 gallons of gas today... :wallbash: :wallbash: :wallbash:

[FogBat]

The reason:

 

ARTIFICIAL SCARCITY. There are a lot of people making a lot of money on the backs of hard-working Americans. Thats my opinion based on what I consider to be true.

It's all based on speculation, not on actual stockpiles. AFAIAC, there is no political affiliation. As it is, just like there are people who benefit from economic booms, there are obviously those who benefit from recessions as well.

[stenbaro]

Ugh...$52 for 13 gallons of gas today... :wallbash: :wallbash: :wallbash:

I fill my tank up 3 times a week mon through friday for my business..17 gal tank....I stopped being mad at 3.50 a gallon..I was on my way to a heartattack

[Bmwolf21]

I fill my tank up 3 times a week mon through friday for my business..17 gal tank....I stopped being mad at 3.50 a gallon..I was on my way to a heartattack

This was the first nearly-full tank we've put in since the prices passed $3.50 or so...until now we were doing a good job of not letting the tank get below half, so to see that $52 receipt - well it really stung.

 

I'm just glad I haven't had to put a full tank in my pickup yet - with the 24-gallon tank.

 

The only upside is that I can write the mileage off on my taxes, and the mileage rate is going to keep climbing. The downside is paying for it until tax time...

[Eleven]

Supply and demand determine the price of everything. In June of 2007, we were paying roughly 75 cents less per gallon than we are today. The supply is the same, but demand has officially been declared down. Since demand is lower, why have gas prices gone up in the last year?

 

Oil doesn't operate on a free market basis, so the normal supply & demand rules don't apply. Oil is largely controlled by a cartel (that's illegal in the US, but we're not talking about the US), nicknamed OPEC here ("Oil Producing and Exporting Countries"). Throw out Adam Smith's book on this one.

[Bmwolf21]

Oil doesn't operate on a free market basis, so the normal supply & demand rules don't apply. Oil is largely controlled by a cartel (that's illegal in the US, but we're not talking about the US), nicknamed OPEC here ("Oil Producing and Exporting Countries"). Throw out Adam Smith's book on this one.

Yep. The latest articles say that worldwide demand has exploded since 2005, but OPEC's output ("supply") has remained steady at 85 million barrels per day. There are a lot of other factors to consider when it comes to gas prices - refining capacities, commodities speculators, etc. - but I don't think it would hurt if OPEC kicked the production up a notch or two.

 

But OPEC says they won't even discuss changing their production levels until their September 9th meeting - which is ironically one week after the unofficial end of summer, Labor Day.

 

LINK

[Guest Sloth]

Do the people among OPEC understand the effect they are having not only the U.S. economy, but the world's economy? We are all experiencing the domino effect. It doesn't matter who you are. You will affected in some form or fashion. The cost of almost everything has gone up. We just had the highest unemployment increase,5.5%, in 22 years from one month to another. More and more people are literally unable to afford to eat properly or have health insurance. Numbers on unemployment, simple item cost, etc...will continue to rise. When, and if, the gas prices stabilize, how is our economy supposed to function w/ the current prices? Can the economy be fixed or will it continue to have some type of downfall. I know people are going to say I'm stupid for saying this, but the entire world is in trouble. When I say trouble, I mean eventual depression. Supply has to be increased. That'll fix things. Why won't OPEC do this? I just cannot imagine the consequences the entire world could possible face.

I don't know what can be done w/ OPEC. I don't know how the negotiation process works. Eventually, I say screw them and do whatever is necessary. If it takes a some type of force then so be it. If the world joined and used force, it would be a SCARY thought. It just feels too much like the end of days.

I'm sure I'm looking into this WAY too deep. I'm just curious though. What do you guys think could be the worst case scenario? What do you think are the odds of it? :unsure:

[inkman]

I'm just curious though. What do you guys think could be the worst case scenario? What do you think are the odds of it? :unsure:

 

Something between The Matrix and Road Warrior...and I would count on it.

[spndnchz]

Something between The Matrix and Road Warrior...and I would count on it.

I'd go Mad Max 2. Matrix too philosophical. With a little Neon City mixed in.

[Guest Sloth]

I'd go Mad Max 2. Matrix too philosophical. With a little Neon City mixed in.

 

The Postman could work.

[ROC Sabres]

I'd go Mad Max 2. Matrix too philosophical. With a little Neon City mixed in.

Mad Max 3, beyond Thunder Dome

 

TWO MEN ENTER, ONE MAN LEAVES!!!!

[MattPie]

Do the people among OPEC understand the effect they are having not only the U.S. economy, but the world's economy? We are all experiencing the domino effect. It doesn't matter who you are. You will affected in some form or fashion. The cost of almost everything has gone up.

 

The reason that all the prices are going up is the value of the dollar vs. other currencies is going down. If you haven't been watching things from overseas, that means everything that we import becomes more expensive. In the past two years (according to Yahoo finance), the dollar has gone from $1.25 == 1 euro to $1.55 == 1 euro. (I use the euro as an example, it's the same with just about every currency, that's why the CAN$ is roughly at par with US$ now). Many of the world's exchanges use the US dollar as their currency, that's why oil is always $/barrel. If you convert cost of oil into another currency the rise hasn't seemed as bad. It's just that oil (and therefore gasoline) is one of the few things commonly used in the US that is directly tied to international markets, so everyone sees it.

 

I don't know what can be done w/ OPEC. I don't know how the negotiation process works. Eventually, I say screw them and do whatever is necessary. If it takes a some type of force then so be it. If the world joined and used force, it would be a SCARY thought.

 

Yeah, because fighting in the Middle East, where most of OPEC is, has been working *so* well thus far.

 

I'm just curious though. What do you guys think could be the worst case scenario? What do you think are the odds of it? :unsure:

 

Realistically, there's some simple things that can (or will) happen which will fix a lot of the issues.

- One is that people actually conserve energy in general, and oil specifically. Yes, that means you won't be able to drive your giant pickup truck with one person in it every day. You may like having a giant pickup truck, but odds are slim you actually need it. Suck it up and get something more suitable to what you *need*, not what you *think* you need. Also, check your tire pressure and take that flag off your car. Combined, those two things can cost upwards of 20% of your fuel mileage.

- Out of season food will disappear from grocery stores. Think about the energy cost that goes into shipping vegetables in from a different country so you can have something in January when they're not growing locally.

[Bmwolf21]

It seems Operation "Make them wish for $3 Gas" is running full steam ahead:

Energy Department says get used to $4 gas

Official says it will continue into next year; oil continues to trade higher

 

Today show

updated 5:18 p.m. ET, Wed., June. 11, 2008

 

NEW YORK - Motorists can expect gasoline prices around $4 gallon through next year, the Energy Department said Wednesday, while oil prices regained their stunning upward momentum.

 

The biggest drivers of crude?s increase ? a weak dollar and supply concerns ? brought buyers back in force. At the pump, gas prices rose to a new record over $4.05 a gallon.

 

Gasoline prices are likely to peak at $4.15 a gallon in August and won?t go down much after that, the agency projected in a report. Gasoline was forecast to average $3.92 a gallon through 2009, Guy Caruso, head of the department?s Energy Information Administration, told a House hearing.

 

Crude oil prices are likely to average $126 a barrel in 2009, $4 higher than this year, as oil supplies and demand are expected to remain tight, he said.

 

The agency said that the high price of gasoline has reduced expected demand for this summer, but not enough to dampen prices.

 

LINK

[BamBam]

Far be it from me to agree with Management.... But.... I think its time to overthrow the government and get to brass tax on this crap. I vote we send Inkman in, drop a couple people's elbow's on our leaders in congress, and get back to the the days of $2.00 a gallon.

[Bmwolf21]

Far be it from me to agree with Management.... But.... I think its time to overthrow the government and get to brass tax on this crap. I vote we send Inkman in, drop a couple people's elbow's on our leaders in congress, and get back to the the days of $2.00 a gallon.

If we send inkman in, it's not gonna be the People's Elbow - he'll be bringing the Hulk Hogan leg drop and planting those big old calves across someone's throat...

[BamBam]

If we send inkman in, it's not gonna be the People's Elbow - he'll be bringing the Hulk Hogan leg drop and planting those big old calves across someone's throat...

 

lol

I was saving the Inkman leg drop as the secret weapon.

They are the "Weapons of MASS Destruction" :thumbsup: