Oil jumped over $4 to a new record high near $146 a barrel on Friday, spurred by growing worries of threats to supplies from Iran and Nigeria and a strike of Brazilian oil workers next week.
everyone get your “rally caps” on. :bloated:
Remember Ross Perot wanted to put an additional 5 cent tax to pay off the deficit in just a few short years?(A lot of you were shitting in your pants back then but…)
It is pretty funny that people bitched about 5 cents back then.
Will we see $150/barrel by end of day today?
dont you know we will all be gone on 12-21-2012
im gonna say 148 or 149 for sure. $150 will be next week
If oil does crash are we going to bail out the speculators like we are the housing investors that got stung?
penfold,
wasnt their an oil discovery of the coast of cali and one in the gulf of mexico?
and what about the saudis upping production like we asked?
links to anything that says gas is driven by supply and demand?
::Edit:: you say no discoveries in 40 years
we cant drill off the coast of cali.
And that Gulf field is sweet for long term, but it does nothing for the immediate future.
Prices have actually been dropping slowly throughout the day from their highs this morning
Same thing they said 10 years ago. Had we not listened to that BS argument back then we’d be pumping that oil today.
And if supplies keep going down eventually CA will be told go fuck off and the decision to drill their oil will be made at a national level.
I was talking about its relation to prices at this minute. Not the pros and cons of tapping that oil.
wow, enough oil to supply america for less than one year at CURRENT use! Now figure in the steady climb in oil use and tell that it is a large find…
I didnt say there havent been small finds…
And what about the tar sands?
Oil sands may represent as much as two-thirds of the world’s total petroleum resource, with at least 1.7 trillion barrels (270×109 m3) in the Canadian Athabasca Oil Sands and perhaps 235 billion barrels (37×109 m3) of extra heavy crude in the Venezuelan Orinoco tar sands [6]. Between them, the Canadian and Venezuelan deposits contain about 3.6 trillion barrels (570×109 m3) of oil in place, compared to 1.75 trillion barrels (280×109 m3) of conventional oil worldwide, most of it in Saudi Arabia and other Middle-Eastern countries.
We aren’t going to run out of oil in the next 10 year, or even the next 20 years. There is plenty of time to invest in alternative energy and find ways to cut our need for oil long before it runs out.
I could understand prices going up the way they have in the last year if we were on the verge of running out, but that’s simply not the case.
Oil closed at $145.08.
Wild day for the market. Freddie/Fanny drop 48% at open, have gained almost all of it back.
Dow dropped almost 250, but is now down just 2.
You know, while we’re looking for people to bomb to make the country more stable, might I suggest the NY Times? Today’s wild ride was entirely their fault for leaking that the government was considering what they would do if Freddie/Fanny went under.
must have been a slow news day. Their other big story was going after Charlie Rangel saying that he should give up his rent controlled apartment and pay market price. His press conference was pretty funny.
And every other left wing paper.
It’s scary how many copies of that garbage(NYT) is printed/purchased.
I have a clue. The Murdoch empire is a much bigger threat. Regardless of your political affiliation, their tactics, and the stuff they present to the ignorant as fact, are worse than anything the left-leaning print papers do by a long shot.