Oil Price jump. What's your opinion?

Oil Price jump. What's your opinion?

This is a discussion on Oil Price jump. What's your opinion? within the Off Topic & Humor Discussion forums, part of the The Back Porch category; http://finance.yahoo.com/tech-ticker...tt_535920.html The International Energy Agency raised its crude oil demand forecast this week; at the same time, the IEA noted inventories in the developed world ...

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  1. #1
    Member Array UnklFungus's Avatar
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    Oil Price jump. What's your opinion?

    http://finance.yahoo.com/tech-ticker...tt_535920.html

    The International Energy Agency raised its crude oil demand forecast this week; at the same time, the IEA noted inventories in the developed world are their lowest in two years. To deal with this imbalance, OPEC is promising to increase oil production by 400,000 barrels per day.

    Unfortunately, raising production might not be enough to stop prices from spiking this year, says Stephen Leeb, chairman of the Leeb Group and author of The Coming Economic Collapse: How You Can Thrive When Oil Costs $200 a Barrel. "What's really important for investors to realize is how sensitive oil prices are to changes in demand," he says in the accompanying video.

    The big issue is that OPEC might not have the capacity to keep up with rising demand for long, Leeb says. "There's much less excess capacity in OPEC than people believe and that, I think, is exactly why you're seeing this incredible relationship between small increase in demand and large increase in oil prices."

    His theory is corroborated by a Wikileaks report released this week, published by The Guardian, claiming U.S. officials think Saudi Arabia may be over estimating its reserves by up to 40%. In cables with a U.S. diplomat, Sadad al-Husseini, a geologist and former head of exploration for Saudi oil monopoly Aramco, warned in November 2007 that Saudi production is likely to hit peak (time of maximum production) as early as 2012.

    If this or any scenario rattles the markets and drives up demand, prices could spike as high as $150, warns Leeb. "You're going to see oil prices go up very, very fast; much faster than people think," he says. That would likely "lead to a real terrible decline in the market and real hardship in the economy." Since the 1970s, every time oil prices rose 80-100% in one year, it's resulted in market or economic calamity, Leeb notes.
    “The Constitution is not an instrument for the government to restrain the people, it is an instrument for the people to restrain the government.”

    Patrick Henry
    Quote Originally Posted by UnklFungus
    If it is ok to disarm legal citizens to reduce crime, then doesn't it stand to disband the military to prevent war?


  2. #2
    Senior Member Array Tala's Avatar
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    As it is, I already find myself considering anything more than 5-6 miles to be a "big trip"
    I won't be wronged, I won't be insulted, I won't be laid a hand on. I don't do these things to other people and I expect the same from them. -- John Wayne as John B. Books in "The Shootist"

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    Member Array UnklFungus's Avatar
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    This is why I am getting a bike, cuz my 12 mile 45+ minute commute each way is going to drive me nuts. I hate idling and knowing that I am getting 0 miles per gallon. My wife is gonna drive my Saturn because the Explorer is getting really thirsty and $70 a week in fuel is ridiculous!
    “The Constitution is not an instrument for the government to restrain the people, it is an instrument for the people to restrain the government.”

    Patrick Henry
    Quote Originally Posted by UnklFungus
    If it is ok to disarm legal citizens to reduce crime, then doesn't it stand to disband the military to prevent war?

  4. #4
    Senior Member Array Tala's Avatar
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    We no longer go to Sam's Club because it's ~20 miles away.
    I deliver pizza for a living, so gas price does affect me some. But cops drive a lot more than I do, and already at least 3 of our small towns are without their own police (county picking up the slack) so I imagine it will affect them even moreso. On the other hand, I'm rather enjoying the lack of speed traps in Bauxite
    I won't be wronged, I won't be insulted, I won't be laid a hand on. I don't do these things to other people and I expect the same from them. -- John Wayne as John B. Books in "The Shootist"

  5. #5
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    Array RETSUPT99's Avatar
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    Will gasoline prices increase?
    If they dont' really have a reason, they'll make one up.

    If you really want to know the truth, call the nearest oil company and just ask for Mr. Ben Dover...he makes all the price decisions.
    The last Blood Moon Tetrad for this millennium starts in April 2014 and ends in September 2015...according to NASA.

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    VIP Member Array zacii's Avatar
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    It's only a matter of time. I'm in construction, so I have to drive quite long distances, it's getting very painful.
    Trust in God and keep your powder dry

    "A heavily armed citizenry is not about overthrowing the government; it is about preventing the government from overthrowing liberty. A people stripped of their right of self defense is defenseless against their own government." -source

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    Member Array JonB's Avatar
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    I currently drive about 200 miles a day for my job. I have a company card so my gas is paid for...I just hope that doesn't change as gas prices get higher.

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    Prediction: Gasoline prices will be at least $5 per gallon by Mid-Summer.

  9. #9
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    Quote Originally Posted by QKShooter View Post
    Prediction: Gasoline prices will be at least $5 per gallon by Mid-Summer.
    I was going to say 4. I guess its time to make my bike street legal again.
    "Just blame Sixto"

  10. #10
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    This "administration" seems to want gas prices at least at $5.PG in order to push people over into their stupid government owned green cars...which in reality are not very green at all.

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    I agree with the prediction that gas will be 4-5 this summer. It goes with the fact that I was planning to drive 2000 miles to the East Coast for a long vacation away from the Texas heat.

    These price changes if they occur, will make our national economic situation even worse. More people will need to choose between paying debt and buying gas, or buying gas and buying ammo (economic downturn for this industry segment), and we might slide into a worse recession or into a bad bout of stagflation.

    There is no answer. We had 40 years almost to see this coming and do something. We didn't. Now hang on for the ride.

    BTW, I support the Pickens plan to rapidly built huge amounts of wind generating capacity as a replacement for the use of natural gas in electric generation, and the use of natural gas for transportation fuel, especially in long haul trucks.

    I don't generally care for the guy, but I'd rather he become the worlds first trillionaire than our money continue to flow overseas. Every billion dollars that stays in the US can increase our domestic employment by at least 2-4 thousand employees.

  12. #12
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    Birds get killed when they fly into the spinning wind propellers. They are out.
    The enviro-logheads are now strongly against the planned desert solar panel project because the solar panels will disrupt the natural environment of The Desert Tortoise.
    So...that project is finished before it got started.

  13. #13
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    in order to push people over into their stupid government owned green cars...which in reality are not very green at all.
    And to support the idiotic "High Speed Rail" Boondoggle proposed by the White House. Dah.

    Actually, despite our desire to blame politicians and oil companies, the stuff is remarkably market driven.

  14. #14
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    Coming Economic Collapse: How You Can Thrive When Oil Costs $200 a Barrel.
    At $200 per barrel that is $4.76/gal. for the crude. That does not include refining, transportation and profit through the supply chain.
    Last edited by ksholder; February 14th, 2011 at 01:43 PM.
    It's the Land of Opportunity, not the Land of Entitlements - Vote America!!!

    "When governments fear the people there is liberty. When the people fear the government there is tyranny." Thomas Jefferson

    You are only paranoid until you are right - then you are a visionary.

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    VIP Member Array glockman10mm's Avatar
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    At least during the warm months, I can ride my Harley to work, it gets around 40 Mpg, so that helps. If worse comes , at least I have a couple of good horses!

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