[aretardedorange]

Originally Posted by .:bHd:.

lol ur an idiot

I love you too <3

[bolinp78]

Originally Posted by pt

Do we have enough oil here to substantially move the needle? Serious question - I'm not sure how much untapped reserve is out there.

Natgas would be a reasonable transition fuel if people were serious about breaking the dependency on oil. This is certainly not the case though. (And the answer to the question above would determine the impact on oil prices if we started to turn to our supply of gas instead.)

There's as much or more oil in place in West Texas alone than currently in Saudi Arabia.

As technology advances it becomes more economical and possible to extract a greater percentage of the oil in place. It will continue to advance and more of this oil will be able to be extracted. The supply is definitely there.

The advancement of natural gas as a major source of energy in the U.S. has been hamstrung partly by environmentalists claiming that it is not a "bridge fuel" and the nation not having the foresight to realize that natural gas is a cleaner burning fuel (when compared to our current sources of energy) that we have a great abundance of (to put it mildly) that we now have the technology to extract economically. The fact that we have not begun more aggressively building the means so that we can export natural gas more efficiently in abundance is beyond me.

[Hawkeye]

Premium was only $3.65 here this morning when I filled up. That with my 5% cash back it is only $3.47 a gallon. Not TOO bad.

[pt]

Originally Posted by bolinp78

There's as much or more oil in place in West Texas alone than currently in Saudi Arabia.

As technology advances it becomes more economical and possible to extract a greater percentage of the oil in place. It will continue to advance and more of this oil will be able to be extracted. The supply is definitely there.

The advancement of natural gas as a major source of energy in the U.S. has been hamstrung partly by environmentalists claiming that it is not a "bridge fuel" and the nation not having the foresight to realize that natural gas is a cleaner burning fuel (when compared to our current sources of energy) that we have a great abundance of (to put it mildly) that we now have the technology to extract economically. The fact that we have not begun more aggressively building the means so that we can export natural gas more efficiently in abundance is beyond me.

Thanks! I wasn't aware we were sitting on that much (even with Bakken and the newer finds out west). I agree with your sentiment on the lack of foresight WRT gas. I've seen a few companies get licenses to export it; I figure it'll just take time to develop as an export industry as there's strong demand for it outside the US. It just seems that we're pissing away a good opportunity for diversification stateside though.

[Sara]

$3.85 for 93 at Shell

[1cleanm6]

gas prices are really horrible i paid 4.25 a gallon and it cost me almost 70 bucks for a tank of cost. I dont really mind paying extra for gas. However it effecting everything else is the problem! I hate it when gas prices go up, our car dealer sales go down quite a bit.

Btw a relative of mine owns a gas station and says prices will go up to 8 dollars a gallon by the end of 2011, and he seems very confident about it. Oh boy!

[jibaholic101]

Originally Posted by KingOfJericho

Nobody "sets" the price of oil. OPEC controls supply which can be used to manipulate prices to some extent but the open market dictates the price. We're talking about futures so if you think the price of oil will go up in the next several months (or supply will be disrupted) you would buy contracts now for a presumably lower price than you would in several months. More people trying to do that drives up the price. Uncertainty is what is currently driving up oil prices.

Maybe I phrased that wrong...

I'm a trader, so already taking advantage of the skyrocketing oil futures.

But what do you think happens when the largest oil port in the largest oil producing country in Africa gets taken over by pro-democracy rebels and basically shut down? A significant supply is cut out and OPEC gets to manipulate the supply which they already do in their advantage. You don't think a decent amount of the capital to buy the calls on oil isn't coming from middle eastern countries so they can enjoy the fruits of higher prices?

[blue2fire]

I still dont now why people cry all over the news. I wont give a fuck till it goes over $5.

No Seriously, you wont take your children out because it costs too much? Buy something other than a V8 Ford Exploder instead of moaning on air and ruining the lives of people around you.

[Seattle S65B40]

$8 gas by the end of 2011?? Your boy is trippin! We would be in terrible shape if that happened. You would think Obama would step in and prevent that from happening, but what do I know? Anything is possible.

I just enjoy life while it's peachy and hope I make it through when it's not one day.

[KingOfJericho]

Originally Posted by jibaholic101

Maybe I phrased that wrong...

I'm a trader, so already taking advantage of the skyrocketing oil futures.

But what do you think happens when the largest oil port in the largest oil producing country in Africa gets taken over by pro-democracy rebels and basically shut down? A significant supply is cut out and OPEC gets to manipulate the supply which they already do in their advantage. You don't think a decent amount of the capital to buy the calls on oil isn't coming from middle eastern countries so they can enjoy the fruits of higher prices?

Libya is the 18th largest producer and the 12th largest exporter. They represent 1.84% of global production. They're also the 4th largest producer in Africa, not the largest (behind Algeria, Angola, and Nigeria). It's not enough to justify the type of rapid price speculation and appreciation we've seen over the last several weeks.

[NYC6]

[KingOfJericho]

huh?

[Hawkeye]

^ +1, huh?

Also, jib, I really hope you are not investing cause you seem to have no idea what you are talking about.

[NYC6]

think hes talking about the middle east revolts

[jibaholic101]

Originally Posted by Hawkeye

^ 1, huh?

Also, jib, I really hope you are not investing cause you seem to have no idea what you are talking about.

<3 you too

I will admit my info was wrong i should probably not post faded, didn't really put much research into it aside from reading a few articles that obviously had wrong info. But I didn't need to on this situation, I bought contracts as soon as the middle east situation got started and I have been profiting handsomely. And when the prices normalize, I will make more money then on the short contracts because like mentioned above this jump is ridiculous and eventually reflexivity will kick in.

[jibaholic101]

+ any fluctuation in the supply or any tension in the middle east always always always causes huge speculation in the price of oil. it's a no brainer.

[FStop7]

This is yet another example of why poor people need to be deported. Less traffic and more plentiful gasoline for me. Come on.

[Mahmood07]

It's not only about libya. Saudi Arabia is going to have a huge uprising soon in its Eastern provinces where most of their oil is..

[Inspired]

$4.20 for premium here..Jumps 10 cents every few days.. ridiculous

[Freakazoid]

Originally Posted by 1cleanm3

Btw a relative of mine owns a gas station and says prices will go up to 8 dollars a gallon by the end of 2011, and he seems very confident about it. Oh boy!

That's gotta be the silliest thing I've heard.... 8 dollars a gallon? That's more than ANYWHERE in the world currently. The government would start hardcore subsidization before then....it would virtually almost shutdown the nation.

Gas station owners know nothing more about the prices than the general public does. The best they know is maybe a week or two in advance. They surely can't confidently speculate to 8 months down the road.

[TunedM2C]

Burning the midnight Libyan oil.

http://www.foxnews.com/world/2011/03...ight-fly-zone/

[Negotiator]

Whatever, this spike is already the worst of it. Saudis will not go down, and both Saudis and Russians are already compensating for the price hike. It's mostly investors freaking out, nothing significant is actually happening to the supply.