Oil Prices At All Time Record High

Admiral Valdemar · Post by **Admiral Valdemar** » 2004-06-01 11:28am

Just heard on BBC News 24 that oil now costs over $40/barrel with fears that it could pass $50 in the near future. I'm wondering if the events in Saudi are going to continue and hike up the prices because fears in London and NYC are affecting prices.

Chardok · Post by **Chardok** » 2004-06-01 11:38am

I swear to all christ if oil goes to 50.00, I'm buying a Vespa. Anyway, we all knew it would happen. On my way to work this morning, (7:30 EST) it had already, according to NPR, shot up 1.30 a barrel from it's closing on...get this...FRIDAY. Here comes that violent shove into the hydrogen economy we've all been looking forward to (Not. But it'd sure be nice). Personally, I'd like to see nuclear powered cars. wonder how safe that'd be? Anyway, Fuck oil. I'm almost tempted to ride a bike the ten miles it takes to get to work everyday.

BoredShirtless · Post by **BoredShirtless** » 2004-06-01 11:42am

Admiral Valdemar wrote:Just heard on BBC News 24 that oil now costs over $40/barrel

Where have you been? They've been over $40 for over two weeks now.

with fears that it could pass $50 in the near future. I'm wondering if the events in Saudi are going to continue and hike up the prices because fears in London and NYC are affecting prices.

If oil hits $50, next year will be a shocking year for the stock markets. Why? Because Richard Quest from CNN said so. So why did he say that? Buggered if I know.

RedImperator · Post by **RedImperator** » 2004-06-01 11:59am

You know, if we're going to launch imperialist wars of aggression for oil, it sure would be nice to at least see gas prices come down.

BoredShirtless · Post by **BoredShirtless** » 2004-06-01 12:07pm

RedImperator wrote:You know, if we're going to launch imperialist wars of aggression for oil, it sure would be nice to at least see gas prices come down.

That won't happen until the saboturs who keep on monkeying around with the infrastructure have had their hearts and minds filled with democracy.

Admiral Valdemar · Post by **Admiral Valdemar** » 2004-06-01 12:08pm

BoredShirtless wrote: Where have you been? They've been over $40 for over two weeks now.

They have, but they're over the original record now and have the possibility of going up further if the situation in the largest oil exporting country on the planet gets worse. Saudi is putting more security on alert, but anything could happen in the next few weeks.

Admiral Valdemar · Post by **Admiral Valdemar** » 2004-06-01 12:09pm

BoredShirtless wrote:
RedImperator wrote:You know, if we're going to launch imperialist wars of aggression for oil, it sure would be nice to at least see gas prices come down.
That won't happen until the saboturs who keep on monkeying around with the infrastructure have had their hearts and minds filled with democracy.

Or failing that, lead.

Post by **Edi** » 2004-06-01 02:12pm

The days of cheap oil and cheap gas for Americans and Candians are drawing to an unavoidable close. Oil is a steadily and increasingly diminishing limited resource that is going to run out in the next 50 years or so, especially if China keeps increasing its consumption at the rate it has been doing for the next couple of years. I've been intending to write a little essay on the subject some day soon, after having a long talk with my father and a friend of his who is a senior executive in the Finnish Fortum Ltd, an oil company. What he said was basically that at the latest within the next century either alternate energy supplies will be responsible for most of the energy needs for Joe Average or we'll be back to oil lamps and other such things. Probably both, but I'll write that little essay first so I can put what I want to say in a more cogent form.

The only sure thing is that you'd better start getting used to the idea of gas prices slowly inching up to European levels, because it is going to happen. Not quickly, because that's politically impossible, nor without a great hue and cry, but happen it will because of limited supply and insatiable demand.

Edi

Admiral Valdemar · Post by **Admiral Valdemar** » 2004-06-01 02:24pm

I'm already laughing at those fools that buy 4x4s and never need to use their power off-road. Sure, if they can afford a Range Rover or off-roader Lexus or BMW, then they can afford a few more pennies on diesel. But that's money they could otherwise dispose of elsewhere.

Post by **Sea Skimmer** » 2004-06-01 02:25pm

Such prices might be the highest ever, but I highly doubt they'd be that in real terms adjusted for infrlation. As it is the US is still IIRC paying less in real terms then it was at some points in the 1980's.

Ma Deuce · Post by **Ma Deuce** » 2004-06-01 02:25pm

I'm guessing it may not be too far iver the horizon that the US will have to start digging into it's shale deposits to get it's oil (a very time consuming and expensive process, which is why they prefer to get it from the Middle East). The US started development of shale-extraction methods after the 1973 embargo, but development was dumped when gas prices plummeted in the early '80s. One good thing will come from consistantly high gas prices: No more ridiculously huge SUVs. Yay!
And maybe we'll be seeing more hybrid vehicles as well...

Hamel · Post by **Hamel** » 2004-06-01 02:26pm

This is why I want to get a motorcycle. Fuck the dangers of exposed drivers, the price I pay for gas as it is will kill me sooner or later.

Alex Moon · Post by **Alex Moon** » 2004-06-01 03:39pm

Sea Skimmer wrote:Such prices might be the highest ever, but I highly doubt they'd be that in real terms adjusted for infrlation. As it is the US is still IIRC paying less in real terms then it was at some points in the 1980's.

The highest was in 1981 when the nominal price of oil was 31.77. That translates into a price today of 58.44 When I last checked, crude oil was going for 33.30 a barrel, so we've still got a long way to go.

Howedar · Post by **Howedar** » 2004-06-01 03:52pm

The frigging opening post, had you read it, states that crude is well above US$40/barrel.

phongn · Post by **phongn** » 2004-06-01 04:24pm

Howedar wrote: The frigging opening post, had you read it, states that crude is well above US$40/barrel.

Yes, but not the 1981 price of $58/barrel. IIRC, that translated to gas prices well over $2.50/gallon.

Howedar · Post by **Howedar** » 2004-06-01 04:27pm

Maybe I should have quoted this part:

Alex Moon wrote:When I last checked, crude oil was going for 33.30 a barrel, so we've still got a long way to go.

Gil Hamilton · Post by **Gil Hamilton** » 2004-06-01 04:29pm

I think they are factoring in inflation, Howader.

CrimsonRaine · Post by **CrimsonRaine** » 2004-06-01 04:29pm

This may be more of a scientific question rather than political, but as these gas prices continue to raise and we're simply running out of the stuff, are there developments on engines to use other fuels rather than gasoline? If so, when can we expect to see them?

Also, here's another thought I had. Before the prices really flew up, I remember that in Pennsylvania, gas was abot 20 cents more than the prices in New Jersey. Now, they're just about the same: As the closest one near our house was 1.91, I've seen prices here for 1.95-1.98. Does this mean that this state has lowered it's gas tax? Or am I missing something completely?

'Raine

Elfdart · Post by **Elfdart** » 2004-06-01 04:40pm

I'm surprised the suicide bombers haven't started attacking oil facilities sooner and with more effort, instead of pointless ambushes of soldiers. But then, they only recently figured out that you don't have to blow yourself up with a bomb.

The only reason I haven't bought a Prius or a Civic Hybrid is that the waiting lists are several months long. Toyota and Honda both have several other models of hybrids coming out later this year. What is Detroit offering? More SUVs. And then they bitch when people buy Japanese.

I was wondering, since people on this site are more science-savvy than I am, is "biodiesel" for real or is it just another form of snake oil?

phongn · Post by **phongn** » 2004-06-01 04:51pm

Howedar wrote:Maybe I should have quoted this part:
Alex Moon wrote:When I last checked, crude oil was going for 33.30 a barrel, so we've still got a long way to go.

Perhaps I should have noted that yes, I knew that

Elfdart wrote:The only reason I haven't bought a Prius or a Civic Hybrid is that the waiting lists are several months long. Toyota and Honda both have several other models of hybrids coming out later this year. What is Detroit offering? More SUVs. And then they bitch when people buy Japanese.

You should be aware that while hybrid cars offer improved mileage, typical use is nowhere near the 'sticker' MPG.

I was wondering, since people on this site are more science-savvy than I am, is "biodiesel" for real or is it just another form of snake oil?

It works, but we aren't going to be able to produce enough biodiesel to really make a difference.

Shinova · Post by **Shinova** » 2004-06-01 06:09pm

Well I won't be getting a car for.....God knows how long. In the meantime next year, you'll find me biking 5 miles to campus and 5 miles back nearly every day. Meh.

MKSheppard · Post by **MKSheppard** » 2004-06-01 06:27pm

Admiral Valdemar wrote:Just heard on BBC News 24 that oil now costs over $40/barrel with fears that it could pass $50 in the near future. I'm wondering if the events in Saudi are going to continue and hike up the prices because fears in London and NYC are affecting prices.

Wait wait wait, I thought we invaded Iraq to STEAL THEIR OIL!. If we're stealing their oil, why the fuck are oil prices possibly going
to hit $50 a barrel?

Andrew J. · Post by **Andrew J.** » 2004-06-01 06:56pm

MKSheppard wrote:Wait wait wait, I thought we invaded Iraq to STEAL THEIR OIL!. If we're stealing their oil, why the fuck are oil prices possibly going to hit $50 a barrel?

Because America sucks at imperialism. Seriously. The last time we tried it, we decided to let Cuba go and keep the Phillipines when it would have been easier to do it the other way around, and we were so bad at stomaching the fighting in the Phillipines that we eventually decided to let it go anyway.

Alex Moon · Post by **Alex Moon** » 2004-06-01 08:04pm

Howedar wrote: The frigging opening post, had you read it, states that crude is well above US$40/barrel.

Go fuck yourself. I did read the opening post, then I went online to look up the price of oil and got $33. I realize where I made my mistake in looking up the price and yes, I concede that it is at $40 a barrel. However, my point still stands, the cost of oil is still not at an all time high when you factor in inflation. In fact, it's not even close.

Alex Moon · Post by **Alex Moon** » 2004-06-01 08:07pm

BoredShirtless wrote:
If oil hits $50, next year will be a shocking year for the stock markets. Why? Because Richard Quest from CNN said so. So why did he say that? Buggered if I know.

Because oil is vital to every major industry and any shocks in the price are passed along to those consumers. Higher prices to run your equipment and ship your goods translates into lower profits and businesses going belly-up. That tends to scare investors. Not to mention that if oil hits $50/barrel, then it already means that investors are nervous about the world security situation.

StarDestroyer.Net BBS

Oil Prices At All Time Record High

Oil Prices At All Time Record High

Re: Oil Prices At All Time Record High

Re: Oil Prices At All Time Record High

Re: Oil Prices At All Time Record High

Re: Oil Prices At All Time Record High

Re: Oil Prices At All Time Record High