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  1. #1

  2. #2
    Join Date
    Sep 2003
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    Wink

    Kind of like what is going on with this thread??

    Oil is obviously not high enough yet.......

  3. #3
    Join Date
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    I remember the liberals hollering that when gasoline prices reached $2.00/gal that we would all use less, and the air would clean up, and we would be back to normal.....

    Those who dance, appear insane to those who do not hear the music.
    Those who believe, appear ignorant to those who do not know God.

  4. #4
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    Originally posted by cehs
    I remember the liberals hollering that when gasoline prices reached $2.00/gal that we would all use less, and the air would clean up, and we would be back to normal.....

    We have a lot of stuborn conservatives, and liberals joy riding!

  5. #5


    You can see how oil prices spiked in 1991 with the first gulf war. Oil prices almost doubled.

    Now jump forward to 2003 and you can see that oil prices have almost tripled since the start of the campaign to spread democracy to Iraq. The longer the Iraq/Iran situation remains unstable the more exspensive oil will get.

    $73/barrel today.

    [Edited by refrigeration mafia on 04-21-2006 at 12:08 AM]

  6. #6
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    The reason for the surge in the oil price is because of the increase in demand of China,and India.Iraq's oil production has been off-line,or diminished since the early 1990's.Lets see a chart of when China and India started to increase their demand,and compare it to your chart,and I bet they will look similar.

  7. #7
    Originally posted by alpha480v
    The reason for the surge in the oil price is because of the increase in demand of China,and India.Iraq's oil production has been off-line,or diminished since the early 1990's.Lets see a chart of when China and India started to increase their demand,and compare it to your chart,and I bet they will look similar.
    Oil demand by country (in millions of barrels/day)

    Country 2000 2001 2002 2003 2004
    ----------------------------------------------

    USA 19.70 19.65 19.76 20.03 20.52

    China 4.80 4.92 5.16 5.55 6.63

    India 2.05 2.10 2.10 2.20 2.30



    Clearly demand for oil in china and india are growing, but it isn't until 2015 that they will start using amounts of oil that even come close to US consumption.

    [Edited by refrigeration mafia on 04-21-2006 at 11:16 AM]

  8. #8
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    Let's see, for each barrel of oil used by China/India, that is one less barrel for us to consume in the rest of the world.

    It doesn't really matter that China/India is not yet using the quantities we consume here in the US, the demand is growing. If they were using what we did, which approaches 20 million barrels/day out of about 82-84 million barrels/day produced worldwide, oil would be $160/bbl.

    There is no more surplus to be produced! OPEC and non-OPEC producers don't have it...the tap is pretty much wide open. The record $72/bbl didn't last but about a day, and $80 is coming. Prepare for it.

    Edit: updated world production numbers.

    [Edited by player89 on 04-21-2006 at 11:35 AM]

  9. #9
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    Sep 2003
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    You Heard it Here First-$80 Oil

    Crude futures above $75, record close

    Price up 6% on week; traders keep eye on supply and Iran
    By Myra P. Saefong, MarketWatch
    Last Update: 3:42 PM ET 4/21/06

    SAN FRANCISCO (MarketWatch) -- The front-month contract for crude futures closed above $75 per barrel Friday for the first time ever in New York, scoring a gain of more than 6% for the week on concerns about tensions surrounding Iran's nuclear activities, violence in Nigeria and tight U.S. supplies of unleaded gasoline.

    "We often see this sort of short covering in a record-setting bull market ahead of a weekend, since nobody is sure where we may be Monday," said trader Kevin Kerr, who is also editor of Global Resources Trader, a newsletter service of MarketWatch (the publisher of this report).

    "Traders are still stinging from the terrible inventory data Wednesday and in this climate, it's hard to deny that $75 is now here and $80 may not be far off," he added.

    Wednesday's Energy Department report showed an unexpected decline in crude supplies, along with a seventh-weekly fall in gasoline inventories. See full story.

    Crude for June delivery closed up $1.48 at $75.17 a barrel Friday -- the highest closing level for a front-month contract on the New York Mercantile Exchange. Prices touched an intraday record of $75.35 earlier to mark a complete reversal from the session's low of $73.05.

    The previous record intraday level for a front-month contract was $72.40, a level that the May contract reached Wednesday. The June contract closed at $70.82 last Thursday, which was the last trading day of that week.

    "If the stock market were not making five- and six-year highs, Iran and the United States were fast friends and the militants were stuffing flowers in the gun muzzles of the Nigerian army -- then we might be worried about a reversal, but not now," Michael Fitzpatrick, an analyst at Fimat USA, wrote in a research note issued early Friday.

    Traders are keeping an eye out for fresh developments having to do with Iran, which has less than a week to comply with the U.N. Security Council's order to stop its nuclear-enrichment activities. The International Atomic Energy Agency, the United Nations' nuclear watchdog, will present the Security Council with an assessment of Iran's nuclear activities next week.

    Western governments are seeking trade sanctions against Iran to pressure it to cease research, fearing it's planning to develop nuclear weapons. Iran has insisted its program is aimed solely at generating power for civilian use.

  10. #10
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    maybe China and India are sitting on vast reserves of oil. we should invade.

  11. #11
    Originally posted by acmanko
    maybe China and India are sitting on vast reserves of oil. we should invade.
    Oil - proved reserves (bbl)

    China 18,260,000,000 - 1% of the worlds oil reserves

    India 5,700,000,000 - <1% of the worlds oil reserves

    World 1,349,000,000,000

    The middle east has a little better than 50% of the worlds strategic oil reserves. By occupying Iraq we are smack dab in the middle of the middle east which sits on 1/2 of the worlds oil supply.

    Directly invading China would have been a bad move. Why wag the dogs tail when you can wag the entire dog instead?

    [Edited by refrigeration mafia on 04-21-2006 at 11:16 PM]

  12. #12
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    17% of Texas oil rigs not producing due to government need to buy oil from other countries.

    But, new natural gas rigs are every few feet in counties close to Dallas-Fort Worth area.One of the service techncians who lives on 1.5 acre near Fort Worth was offered $$$$$ to let Star Petroleum drill for natural gas with them control mineral rights.NO Thanks>>
    "Everyday above ground, is a good day".
    "But everyday that you have made a difference in someones life, may insure you stay above ground a little longer".<aircooled>

  13. #13
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    Originally posted by aircooled53
    17% of Texas oil rigs not producing due to government need to buy oil from other countries.

    But, new natural gas rigs are every few feet in counties close to Dallas-Fort Worth area.One of the service techncians who lives on 1.5 acre near Fort Worth was offered $$$$$ to let Star Petroleum drill for natural gas with them control mineral rights.NO Thanks>>
    Probably a bad move on his part. If others around him have leased, any gas produced will be depleted under his property and he won't receive anything for it.

    As property owner, he retains the mineral rights. By leasing, he allows a producing company to operate the well on or near his property. If he only had an 1.5 acres, it is doubtful a well would be drilled on his property, it would be communitized with other blocks of property around him.

    Do you have any information to show that the 17% of oil wells in Texas that are not producing are economical to produce?

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