Oil hits another record

[Ollie]

The G-8 are meeting in japan. They put out a statement of intent that will scare the chit outta OPEC.

"The G-8 countries - the United States, Russia, Japan, Germany, France, Italy, Canada and Britain - laid out in a statement ways of cutting their dependence on oil."

If they succeed OPEC will loose most if not all of it's control and power. Oil is the one thing keeping their countries afloat. I think you will see the softer gentler side of OPEC in the next few weeks. They will step up and help the world (their so nice). Increase production and drive down the price of crude. That or expose the traders for the frauds they are.

There is no way they will sit back and watch their power go away. They will do what ever they need to try and keep the world dependent on oil.

 

[Mafesto]

The G-8 are meeting in japan. They put out a statement of intent that will scare the chit outta OPEC.

"The G-8 countries - the United States, Russia, Japan, Germany, France, Italy, Canada and Britain - laid out in a statement ways of cutting their dependence on oil."

If they succeed OPEC will loose most if not all of it's control and power. Oil is the one thing keeping their countries afloat. I think you will see the softer gentler side of OPEC in the next few weeks. They will step up and help the world (their so nice). Increase production and drive down the price of crude. That or expose the traders for the frauds they are.

There is no way they will sit back and watch their power go away. They will do what ever they need to try and keep the world dependent on oil.

That's some interesting stuff.
What are your sources?
I'd like to read more.
Thanks!

 

[Supplicate]

The G-8 are meeting in japan. They put out a statement of intent that will scare the chit outta OPEC.

Good stuff

That's some interesting stuff.
What are your sources?
I'd like to read more.
Thanks!

World news is the best place to find info on anything like that these days.

Group of Eight meet in Japan as oil price soars
Oil price to slow world economy
OPEC needs real supply threat to meet
Apply the blowtorch to OPEC, Australian PM urges G8

This one really gets me, who says these bastards aren't a criminal organization?

OPEC sees no need to pump more after price surge

DUBAI (Reuters) - OPEC members saw no need on Sunday to pump more oil in response to last week's double-digit surge in oil prices to over $139 a barrel that top exporter Saudi Arabia described as unjustified.

Of course they don't see a need to pump more, if they pump more it means their profit per barrel drops significantly. Those boys should be nuked.

 

[jsledder]

The G-8 are meeting in japan. They put out a statement of intent that will scare the chit outta OPEC.

"The G-8 countries - the United States, Russia, Japan, Germany, France, Italy, Canada and Britain - laid out in a statement ways of cutting their dependence on oil."

If they succeed OPEC will loose most if not all of it's control and power. Oil is the one thing keeping their countries afloat. I think you will see the softer gentler side of OPEC in the next few weeks. They will step up and help the world (their so nice). Increase production and drive down the price of crude. That or expose the traders for the frauds they are.

There is no way they will sit back and watch their power go away. They will do what ever they need to try and keep the world dependent on oil.

Either that or they will force the rest of us to change our lifestyles until that happens, 10 years a good minimum???? Right now, they are controlling us and they are watching their TV's and laughing at how the US is changing because of them. If they see an end to our dependance on foreign oil then I think they'll try and get as much out of us as they can for what we need until we can become self sufficient.

 

[Snowman28]

What do you think will actually be the next move to get atleast a baby step in the direction of recovery??

 

[03rmking]

Tighten the screws on OPEC? We don't even need to leave domestic soil to find the problem. We need to take a stab (perhaps literally?) at the greedy bastages commonly called oil speculators that analysts are saying are the cause for 1/3 of the overinflated price of oil. Yea that's $45 per barrel of greed driven over inflation. So next time Goldman Sachs sends out the mass hysteria press release, such as $150 oil by July 4st, we need bust some heads on our own soil. They and others are doing nothing but manipulating (& cashing in) the market at the expense & demise of an entire continent. Makes me sick

 

[line8]

Our dependence on oil stretches a lot further than just for our vehicles. Practically everything we use requires the use of oil. Changing our lifestyles definitely can't hurt but it isn't going to solve this in my opinion. We have enough oil for a long time. There is oil we could have and use here and there. Why would anyone in power want to give up the power they have had for years. Huge profits and taxation, etc. is tough to give up. I think it is going to take large measures for a REAL change that B. husein Obama is NOT talking about or making a difference that the other one is talking about.

 

[line8]

I was watching the news the other morning when oil was having a record day. They were so excited that by the end of the morning that oil was probably going to climb nearly $11.00 for the day. Interesting that they had an exciting news topic of something that didn't happen yet but probably would and then it did. Wow!

 

[snowmobiler]

 

[MARCUSO]

Actually yes.
There is a major piece of the puzzle missing.
That is, we can produce all the oil we need right here.
The US has had and will always have the ability to adapt. I am not talking about paying more. I am talking about the ability to figure out other ways to get things done. We are the most adaptive country in the world.

E-85, hydrogen plus the oil reserves we will then tap, and make no mistake about it, when gas gets too high, we will tap anwar as well as anyplace else we need.

As for the US dollar being weaker than the Euro, in my opinion that would be a good thing for us. The Dollar being stronger than any currency in the world has driven our manufacturing out of the country. We have no industrial base left to speak of. We need to rebuild the infastructure of this country and the best way to do that is to weaken the dollar and make it profitable to make stuff here again.

The U.S. is the most dependant country in the world for oil.... not sure how the adaptation would work... it would take a MAJOR reconstruction of energy use. The U.S. import

Heck, the metric system is a major hurdle for the U.S.,... even though the industrial sector uses it.

As for the Euro, I think it always had more value... dollar wise.

 

[Ollie]

The U.S. is the most dependant country in the world for oil.... not sure how the adaptation would work... it would take a MAJOR reconstruction of energy use. The U.S. import

Heck, the metric system is a major hurdle for the U.S.,... even though the industrial sector uses it.

As for the Euro, I think it always had more value... dollar wise.

We could cut our dependence on oil by 60% in 3 years.
it's called E-85.
The cost to convert a car to burn E-85 will cost an average of 400 dollars (varies a little by car type).
It would be cheaper to offer a tax cut (deduct the cost of the conversion) to convert your car or truck to burn E-85 than to continue to deal with the cost of foreign oil.

We can implement a supply and demand system for the cost of oil. Same as we used to have. Get it off the stock market.
Further, freeze how much demestic oil can be sold outside the US. We purchase our own oil at cost + and then allow the oil companies to sell off the excess. Oil drilled inside the US belongs to the US people. It doesn't belong to the government or the oil companies. It belongs to the US people. The government is only the steward and the oil companies only the merchant.

E-85 is not the end all. It is the first step. hydrogen is a good way to go IMO.

Also, a lot of the stuff make with oil and oil byproducts can be made with other materials. The problem is it will cost more. The american people don't like the idea of things costing more. Well then, we need to find a substitute for oil. It's there, we just need to figure it out.

 

[Ollie]

Oh, one last thing.
it is so easy for the rest of the industrialized world to look at the US and say how wastefull we are.

Of cource, what they don't tell you is. If we hadn't done it first, they wouldn't have known there WAS a better way. Someone has to be first. As with anything (sleds being a good example), a first anything is never the best of it.

They look at our power systems and generator plants and ask why we didn't make them better. That would be because there was no "better" when they were built. The other countries looked at what we did and we helped them make it better.

As with cars. they took our designs and made them better. Then whine about our bad cars.

 

[winter brew]

Or we could just get Wal-Mart to buy all the oil and sell it cheap.....they've done it with everything else.

 

[hilinerider]

if every damm thing wasn't made of plastic we wouldn't be using as much oil

 

[Ex-Member]

Or we could just get Wal-Mart to buy all the oil and sell it cheap.....they've done it with everything else.

'cept they'd get it from china's 12-year-old roughnecks...

hmm...

i don't think i've ever seen a pic of a 12-year-old roughneck... Anyone?

 

[Fordman]

Predictions on Monday????? Anyone??? I say Oil drops sharply.

And it did..... Down over 4 bucks

 

[Ollie]

And it did..... Down over 4 bucks

Only 50 more to go and it will be close to where it is supposed to be.

 

[03rmking]

And it did..... Down over 4 bucks

Uh, 2.8% is hardly down 'sharply'.

 

[POLZIN]

Ollie I am sorry to disagree but using 30% of our corn to make 3 % of our fuel is hardly the answer in any form its just stupid! I will walk before in burn 1 drop of that crap. increased production will lower fuel prices but it will cause the price of other good made from corn to rise ( supply and demand ) the end result will be of little or no benifit to the american consumers bottom line. sure gas will be cheaper but a trip to the grocery store will make up the difference .

 

[Mafesto]

Ollie I am sorry to disagree but using 30% of our corn to make 3 % of our fuel is hardly the answer in any form its just stupid! I will walk before in burn 1 drop of that crap. increased production will lower fuel prices but it will cause the price of other good made from corn to rise ( supply and demand ) the end result will be of little or no benifit to the american consumers bottom line. sure gas will be cheaper but a trip to the grocery store will make up the difference .

*Diverting corn for ethanol is not cutting in to food production, he says. “Here are the facts,” he told me in an email. “In 2002, the United States grew 9.0 billion bushels of corn, and turned 1.1 billion bushels into . . . 3 billion gallons of ethanol. In 2007, US farmers grew 13.1 billion bushels of corn, turned 3 billion bushels of it . . . into 8 billion gallons of ethanol,” leaving 10.1 billion bushels for food, more than the 7.9 billion bushels in 2002. Do the math: “despite the nearly three-fold growth of the corn ethanol industry,” Zubrin writes, “the net corn food and feed product of the USA increased 34% since 2002. Furthermore, contrary to claims in many articles, this has not been done at the expense of soy or wheat production. In fact, U.S. soy plantings this year are expected to be up 18% to a near record of 75 million acres, wheat plantings are up 6%, and overall, U.S. farm exports are up 23%.”