Holy Sheet! Oil $65 A Barrel!

[laurejon]

Oil is cheap, dirt cheap its the Taxes put on it that make it expensive.

Global Warming if it does exist is a blessing in disguise as the North Pole is regarded as having some huge Oil Reserves.

I would think that Oil would have to hit 100 dollars a barrell to catch up with the good old days. Cheap Oil equals higher taxes weve seen it time and time again.

[laurejon]

Oil is cheap, dirt cheap its the Taxes put on it that make it expensive.

Global Warming if it does exist is a blessing in disguise as the North Pole is regarded as having some huge Oil Reserves.

I would think that Oil would have to hit 100 dollars a barrell to catch up with the good old days. Cheap Oil equals higher taxes weve seen it time and time again.

Here is a good link for Oil Prices

http://www.eia.doe.gov/emeu/cabs/chron.html

[North London Rent Girl]

You lot are pigged off?

I need a 4x4 and can't afford one! 

Do you know how stupid I look carrying a sheep around in the back of a diesel estate that's knee deep in sludge and gets stuck everywhere!!!!!

<{POST_SNAPBACK}>

No, no, dipstick, you're ok mate. Nobody would take their keys to a 4x4 that you owned. Just wish I could get the goon around the corner from me to give you his humvee - it's so wide he can't fit it into the parking line and has to park it half on the pavement. And, before anyone accuses me of being sexist, of course it's owned by a he!!

[OzzMosiz]

Oil is only around $2.70 per gallon in the US, as I understand!!

UK its just under $7 a gallon in US terms!

[Withnail]

I've been wondering that for some time... At least four years.  But I remember talking with my father longer ago than that about the absurdity of building new airports and designing new aeroplanes given that oil would become scarce in their lifetime.  It's only in the last two years that the subject became popular, Richard Heinburg's The Party's Over book had a lot to do with that.

<{POST_SNAPBACK}>

Since 2002 and the buildup to the Iraq War myself.

I have the Richard Heinberg book, also The Jim Kunstler book 'The Geography of Nowhere' and the DVD 'End of Suburbia'.

if you don't already read Kunstler's blog 'Clusterf.uck Nation' I recommend it. (www.kunstler.com).

Edited August 12, 2005 by Withnail

[Casual Observer]

Just another $15 to go and we hit the magic inflation adjusted $80 dollars abarrel the catalyist for the 1974 crisis.

It won't be as bad this time around because all our heavy industy has gone, but still £6 a gallon is going to pi$$ alot of people off.

<{POST_SNAPBACK}>

But since it takes half as much oil to produce the same amount of output as it did in the 70's, the actual trigger point is probably about $100. (twice as much above the "usual" price as was the increase in 1974)

[privatefraser]

The process has begun.

<{POST_SNAPBACK}>

it sure has., the first oil war was Iraq and the next oil ( and gas ) war is Iran.

when you Brits invade Iran then London will see revenge attacks every week.,

so really , really enjoy it,.

unless of course you get off your fat arses and stop the inexorable slide to war with Iran. stop it now. write to your MP and say we must oppose this drift to war with Iran.

protest .

tell everyone who will listen that we are being primed for another war and you wont stand for it,

have you wondered why the BBC and The Guardian and other papers are paying so much attention to Iran lately ?

but i doubt if you will do anything so just remember what i said when a suicide bomber blows your arm off on the piccaddily line.

Edited August 12, 2005 by privatefraser

[Guest Riser]

Since 2002 and the buildup to the Iraq War myself.

I have the Richard Heinberg book, also The Jim Kunstler book 'The Geography of Nowhere' and the DVD 'End of Suburbia'.

if you don't already read Kunstler's blog 'Clusterf.uck Nation' I recommend it. (www.kunstler.com).

<{POST_SNAPBACK}>

Thanks for the link, thought he was talking about the UK for a minute there

August 8, 2005,

    Has the world noted that the conservative establishment in America -- including the always prim George W. Bush and his buttoned-down minions, the heavenly hosts of mass-market evangelism, the zillionaire retired CEO authors of how-to-get-rich books, and the media tub-thumpers like David Brooks of the New York Times -- I repeat, has the world noted that they all preside over the most slovenly, undisciplined, and reckless economy the world has seen since mankind started bathing regularly?

    Many are amazed at the levitation of a financial system with no remaining reality-based understructure of value creation. Zero-percent financing. Loans to anybody with a pulse. Instant conversion of hallucinated house value appreciation into speedboats and Hummers, college kids declaring bankruptcy on graduation at unprecedented rates, the explosion of "creative" financial instruments conjured out of the promises of millions to pay back money that they will never earn, and swapped in a spiral of casino-like wagers into metaphysical ethers of delusion -- things like that. I sort of left out the pretend money that Mr. Bush's government itself affects to disburse, and the bond racket linked to that affectation.

    We're a country with no discipline, led by fake scoutmasters, moneygrubbing ministers, chiseling accountants, and oversexed schoolmarms. The new national motto: Something for Nothing. The new spiritual capital: Las Vegas.

    Now, it's my personal opinion that we really are headed for crash central this fall. The price of oil is entering uncharted territory. Natural gas has virtually tripled in price since 2003. People are beginning to fear that the heating season will be brutal for those in the employ of WalMart and worse for those in the employ of nobody. Magical as this phony-baloney over-leveraged economy has seemed, whatever remains of real life will be affected by higher gasoline prices. I know it sounds absurd to say that, because so far Americans have seemed to absorb a one year price doubling without complaint. But we're hostages to motoring, whether we like it or not, and when the price of gasoline goes north of $3 a gallon (coming very soon) yowls will be heard even in the soundproofed sanctums of Karl Rove's west wing headquarters.

    Trouble is brewing with WalMart's chief partner, China. They are ticked off that they are prevented from acquiring hard strategic assets, such as US owned oil companies, with all those US dollars we have snookered them into hoarding from the sale of their plastic-ware. Together with Russia, China is egging on the former soviet-o-stans to kick out our military bases. China is inking long-term supply contracts with the people we desperately depend on for our oil: Venezuela and Canada. China is tired of our tendentious jive. Pretty soon they are going to want to try to kick our ass. Let's hope they don't try that by making moves in central Asia, where our prospects for fighting a land war with them are not promising.

    Meanwhile, at home, we will come to grips with the sheer fact that a society unable to produce things of real value must contend with a tanking of those financial markers pegged to the expectation that a society can produced things of value. When that recognition hits, there will be far fewer zero percent loans and no money down ghost condo sales. The unwinding will begin. America will be reunited with it's long-lost biological parent: reality. What will the despondent public think of the conservative establishment then?

Edited August 12, 2005 by Riser

[Casual Observer]

but i doubt if you will do anything so just remember what i said when a suicide bomber blows your arm off on the piccaddily line.

<{POST_SNAPBACK}>

Could you elaborate a little on this? Am I safe on the Central Line?

[privatefraser]

Could you elaborate a little on this?  Am I safe on the Central Line?

<{POST_SNAPBACK}>

If Blair and Bush stay at the helm then all lines lead to catastrophe,

[pod]

Just heard on News 24 oil is $67.10 a barrel...

[Casual Observer]

If Blair and Bush stay at the helm then all lines lead to catastrophe,

<{POST_SNAPBACK}>

I thought it was Ongar.

[brainclamp]

Oil has moved from under $59 on Monday to $65 this Friday morning to near $67 this Friday afternoon!

My petrol bills care starting to make me wince. If this isn't inflation I don't know what is.

However I can see the spin coming - "its really Asian demand and therefore not inflationary, and its not appropriate to raise interest rates to cool domestic demand".

[Smurf1976]

I've been wondering that for some time... At least four years.  But I remember talking with my father longer ago than that about the absurdity of building new airports and designing new aeroplanes given that oil would become scarce in their lifetime.  It's only in the last two years that the subject became popular, Richard Heinburg's The Party's Over book had a lot to do with that.

<{POST_SNAPBACK}>

1988. Started doing some proper research into discovery rates, decline rates etc. around 1993. Made first public comments in general terms 1995 in relation to the need to avoid reliance on oil/gas for electricity.

Released an energy strategy one week before the government in 1997. The government refused to discuss it apart from a few enquiries from individual employees and opposition Members of Parliament. No political accptance of the validity of oil/gas shortage in the future although there was some foreseeing of the geopolitical situation and an acceptance that oil was likely to be too expensive to use for baseload electricity generation "because the Arabs will put the price up again".

Took an interest in the PRICE of oil around 1998 and made comments to colleagues, friends etc. that oil was likely to become very much more expensive in the coming years. Only two could accept it as even remotely possible and only one of those could accept the consequences for aviation etc.

Did consulting work in the oil industry 1999/2000 and became very aware that junior oil companies were actively pursuing very low grade (extra heavy) oil, upgrading processes etc. and saw this as the future. They seemed very aware that the "easy" oil was a sunset industry, involvement with which wasn't likely to be a "company maker" project.

Started doing serious modelling trying to predict actual peak date in 2000. The only substantial change over that time is to bring the date forward due to geopolitical factors.

Took a serious interest in the financial markets in 2002. Had previously only invested via managed funds etc. and wasn't doing very well...

Supplied a detailed 15 year global production forecast and analysis to a local major energy user in 2003. (an Australian Stock Exchange top 200 company in the mining and metal smelting business).

[laurejon]

As usual when the Oil runs out the Government will be safe as they will convert their vehicles to run on Hot Air and ******** something they have an abundance of.

[laurejon]

As usual when the Oil runs out the Government will be safe as they will convert their vehicles to run on Hot Air and ******** something they have an abundance of.

[Smurf1976]

it sure has., the first oil war was Iraq and the next oil ( and gas ) war is Iran.

when you Brits invade Iran...

<{POST_SNAPBACK}>

There is an urgent need to move away from such heavy reliance on gas for electricity in the UK (and elsewhere). It may well be "clean" but it leads to all kinds of other problems. War being one of them.

[clv101]

Oil has moved from under $59 on Monday to $65 this Friday morning to near $67 this Friday afternoon!

<{POST_SNAPBACK}>

Okay, this is getting a bit scary now... lets hope for a quiet weekend.

Edited August 12, 2005 by clv101

[Smurf1976]

Oil has moved from under $59 on Monday to $65 this Friday morning to near $67 this Friday afternoon!

<{POST_SNAPBACK}>

If you look at just how quickly we've "gone through" prices in the 60's then it seems that there's a LOT of momentum behind the oil price at least in the short term.

[OnlyMe]

Fertiliser prices rising, farmers seemingly depleting the reserves in the soil to hold off having to purchase at current prices which potenitally will inhibit yields.

Food prices to start to increase? Costs more to produce AND transport.

http://www.fwi.co.uk/Articles/2005/08/01/8...longside+AN.htm

[Culpability Brown]

There's gonna be no attacks on Iran.

With oil at $67 the US couldn't afford the further spike in oil an Iranian attack would cause.

Why do you think Iran have reopened their reactors?

[OnlyMe]

New high on the CRB commodity index today I think.

http://quotes.ino.com/chart/?s=NYBOT_CRY0&v=d6

[clv101]

There's gonna be no attacks on Iran.

With oil at $67 the US couldn't afford the further spike in oil an Iranian attack would cause.

Why do you think Iran have reopened their reactors?

<{POST_SNAPBACK}>

An attack on Iran is impossible, it would be global economic suicide. Iran produces ~4million barrels per day, losing that in today's flat-out global production would be a disaster.

The reason for Iran's nuclear programme? They know that their own oil is in trouble, 7.5% decline last year. Iran doesn't have much else to offer the world, dates and carpets just won't cut it. Iran knows the whole world will (rightly or wrongly) look to nuclear as oil depletion set in and Iran wants a new export. Their research will allow them to be a regional exporter of a lucrative technology.

[privatefraser]

I thought it was Ongar.

<{POST_SNAPBACK}>

It will just feel like Ongar - only a bit hotter.,

[Withnail]

Fertiliser prices rising, farmers seemingly depleting the reserves in the soil to hold off having to purchase at current prices which potenitally will inhibit yields.

Food prices to start to increase? Costs more to produce AND  transport.

http://www.fwi.co.uk/Articles/2005/08/01/8...longside+AN.htm

<{POST_SNAPBACK}>

See 'Eating Fossil Fuels' by Dale Allen Pfeiffer

To give the reader an idea of the energy intensiveness of modern agriculture, production of one kilogram of nitrogen for fertilizer requires the energy equivalent of from 1.4 to 1.8 liters of diesel fuel. This is not considering the natural gas feedstock.9 According to The Fertilizer Institute (http://www.tfi.org), in the year from June 30 2001 until June 30 2002 the United States used 12,009,300 short tons of nitrogen fertilizer.10 Using the low figure of 1.4 liters diesel equivalent per kilogram of nitrogen, this equates to the energy content of 15.3 billion liters of diesel fuel, or 96.2 million barrels.

Of course, this is only a rough comparison to aid comprehension of the energy requirements for modern agriculture.

In a very real sense, we are literally eating fossil fuels. However, due to the laws of thermodynamics, there is not a direct correspondence between energy inflow and outflow in agriculture. Along the way, there is a marked energy loss. Between 1945 and 1994, energy input to agriculture increased 4-fold while crop yields only increased 3-fold.11 Since then, energy input has continued to increase without a corresponding increase in crop yield. We have reached the point of marginal returns. Yet, due to soil degradation, increased demands of pest management and increasing energy costs for irrigation (all of which is examined below), modern agriculture must continue increasing its energy expenditures simply to maintain current crop yields. The Green Revolution is becoming bankrupt.

More...

http://www.fromthewilderness.com/free/ww3/...eating_oil.html