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Could this make things worse?

2K views 21 replies 12 participants last post by  natestage3gt 
#1 ·
I read this on Reuters News Wire

WASHINGTON (Reuters) - The House of Representatives approved legislation on Tuesday allowing the Justice Department to sue OPEC members for limiting oil supplies and working to set crude prices, but the White House has threatened to veto the measure.

The bill would subject OPEC oil producers, including Saudi Arabia, Iran and Venezuela, to the same antitrust laws that U.S. companies must follow. The legislation also creates a Justice Department task force to aggressively investigate gasoline price gouging and energy market manipulation.

(Reporting by Tom Doggett; Editing by David Gregorio)


I think that this might pi$$ off OPEC, but what are they going to do, raise prices? Watched a report on the news this morning that said now $200.00 a barrel and 5.00 for gas (no mention of diesel) by this fall. Also, who sets the price for oil recovered in America? I keep hearing that its the speculators driving up the price so are we suing the wrong people?:dunno:
What are y'alls thoughts on this?
Craig
 
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#2 · (Edited)
This is merely the beginnings of world war three. As always we will side with Israel.
Bin Laden made the statement of causing the US to pay $200 for oil. He might not have caused it directly but he was right.

That's just the way it is. We have to accept it and move on.

The prices will go up when more oil is needed than what is for sale. Does not matter if it's real or not. We are in fact running out of usable oil and have been for some time but people choose not to believe this. The demand always goes up and the supply always goes down.
 
#8 ·
This is merely the beginnings of world war three. As always we will side with Israel.
And you drug Israel into this because............................?

Craig
 
#3 ·
we have the tech right now to turn coal and turn it into oil. there is enough coal in the country to last about 100 years. if we started on this right now, fuel prices would plummet over night.
 
#5 ·
Also did you know that there are billions of barrel of oil that are just sitting in the north the wells are drilled the oil is there justs waiting for the enviromental studies and impact studies and all the hoops it takes to build a pipeline up there, we just have to get the tree huggers to let the pipeline go through.
 
#7 ·
this is true. There are larger oil deposits under the ocean than kuwait etc... could ever dream of having. Problem is the depths. we will get to it eventually, and one day it will run out too but not anytime soon and for damn sure not soon enough for prices to be this high!
 
#9 · (Edited)
I didn't. They have been in it since Abraham (Abram) had to kick his maid Hagar out of the household to please his wife Sarai and began the separation of the brothers Isaac and Ishmael or the tribes of Israelites from the tribes of Ishmaelites (Arabs).

I'm not saying it's a good or bad thing. Just saying that's the way it is.
 
#11 ·
There's no shortage of oil,. Thats what that Shiek told Bush to other day.

Bloomberg.com: Worldwide

This whole article talks about the perception of Oil traders in the New York Mercantile Exchange. This appears to be whare the price of oil is set, not on supply-demand consuption market forces.

I don't know what to do about this. If the U.S. stops the trading of investment oil, trading would just merly move to another country.
As far as our Justice dept going after OPEC, I think there's a jurisdiction problem. Thay would just:hehe::hehe::hehe: at us. However if we drilled our own oil OPEC would be:bottom:
 
#13 ·
Well there is nothing stopping anyone from buying or selling oil stocks.

If you believe it's going down sell it to someone who thinks it's going up. If you think it's going up buy it from someone who thinks it's going down. Sounds simple and it is. The problem is nobody knows what it's going to do.

There is a shortage in the sense that the supply is limited. The light is at the end of the tunnel. We consume a lot and the supply is limited. The use of oil is increasing and will continue to do so until the cost is too high and at that point a colapse of the industrial age will be unpreventable.

But the good news is you can go down and buy all the fuel you want now, so have fun.
 
#15 ·
the government will do nothing about gas prices until they get high enough to severely cripple the economy, absolutely forcing our policies beyond bargaining and negotiating (and that may not be too far off, gasoline could be as high as $7.00 in the next 6 months). hillary and obama have commercials on t.v. all the time saying they will take control of washington and the oil monopoly but the fact is that the oil industry can charge as much as they want knowing that we will buy it at whatever the cost.

they have us by the ugly parts... and all we can do is try to cut back on our spending as much as possible (i drive a mercury sable when im not driving my truck).
 
#16 ·
we will all probably go broke at over $100 a fill up very soon. and it still doesnt make sense to anyone at why diesel is more expensive because gasoline is more refined. makes me feel bad to even drive my truck anymore
 
#17 ·
The problem is forward looking. There is not enough oil to keep up with the demand indefinitely. It is believed that we are near or at the peak of the oil supply. The peak being the point in time that discovery and production of oil increases until it starts to decrease. Also demand is on the increase.

Until now we have been seeing increased production and discovery and it has created the industrial age we now live in. The up side was good as there was lots of business success, advancement of technology, inventions, things that made people very successful. The down side is going to be a lot different. Collapse of the worlds industry as we know it. Wars over oil. Unemployment at all time highs. More people than ever will lose their homes and property and starve to death.

Nothing we build and use is possible without oil. We will be back to the stone age without oil.

What will likely happen is the other alternatives that are too expensive now will become the more affordable option. That don't mean it's gonna be cheap. Just more economically feasible given the cost of oil. As this change takes place the oil supplies will replenish to a point where there is a surplus again and things will cycle along for a while back and forth.

Lets say it's coal. We replace oil with coal to an extent. This is only temporary because we will run out of that too. However since it will function the same as oil the infrastructure we now have will not cease to exist. What about when all the coal is gone. By then we should have had time to develop another source of power.

People got by before oil and they will get by after. The hard part is having something taken away that you have grown used to. Billionaires are not likely to ride of into the sunset on a horse and buggy. We will be at war over the black stuff.

If we use up the other countries oil first we will have it longer. They will run out eventually. Then we have ours at a time when it is most valuable. If we use ours up first then they will have us by the balls.

The EPA could very well be in force to save the oil for later use. There is a lot of government land that can produce oil as it is needed. The US Government is not likely to run out of oil.

You can't blame oil companies for making a profit. They are publicly owned companies that are legally obligated to make a profit. There are millions of people who invest in oil company stocks and want them to go up.
 
#18 ·
Diesel cost is part of why I stopped driving my truck. My SUV gets the same mileage and gas cost less, even though diesel should be basically given away for free... Oil prices have little to do with diesel costing so much. Of course, addatives are a big bump in production costs, but that's not my fault...

FUTURES are the biggest problem. That is to say, GREED!

We're running out of oil, and will probably be out of oil.... In 400yrs.

We've got plenty of ways to save consumption of oil, like nuclear power, wind power, solar power. There's so much to this problem, we'll never cover all the bases here.

We need to drill in OUR country as well as offshore. Instead, we're paying huge prices to buy most of our oil from other countries. There was a stategic value to this, but it isn't worthy any longer, thanks to nukes, etc.

We should forget about the government doing anything to help. They haven't done much to help America in 40 plus yrs. They're not responsible for oil prices either, and any lawsuit against a foreign nation is laughable, as we have not soveriegnty over any other nation. If they did something like that, all it could do is prevent them from selling us oil(which would suit me). The Democrats campaigned in large part with promises of helping reduce oil prices during '06 campaigns... And oil is UP about a buck-fiddy since they took power. So we know where they stand. Republicans before them did little, and they've done nothing to hold prices at a reasonable mark.

At some point, prices may get out of hand to the point of the early 1970's. At that point, OPEC and so forth will fall down, just as they did in the 70's. With their fall, the price of oil will fall. Of course, I'd still like to see us re-open old refineries as well as build new ones and build more nuke plants, but that's just me. :crazy: :tard:
 
#19 ·
All this talk about OPEC is nice and dandy BUT we get most of our oil from our neighbor to the North, Canada. I'm a coal miner and would love for them to start turning coal into oil, problem is that the process is long and expensive and you would pay more for a gallon of gas created from coal than coming out of a barrel of oil. I was in a meeting with some of the head honcho's of one of the top coal producers in the country and was listening to their analysts and guys with a lot of experience and degrees and this came straight from their mouths. And trust me, no one wants coal to oil worse than the coal companies but even they realize that at this point in time it's not cost effective. There's a lot of EPA and emissions stuff that needs to be worked out also but they are at least trying it but it may be a while before we start hearing any effect that coal to oil will have on the market.
 
#20 ·
Everything should be fine and dandy until the last drop rolls out of the pipeline?

We won't be out of oil even in 400 years. It's going to be too expensive to buy long before it runs out so it will always be around.

I work in oil and gas exploration. The strange thing is we just had to shut down some crews and lay people off because of lack of work.
 
#22 ·
Everything should be fine and dandy until the last drop rolls out of the pipeline?

We won't be out of oil even in 400 years. It's going to be too expensive to buy long before it runs out so it will always be around.
I'm not talking about the pipeline, I'm just talking about the fact that the government wants to sue OPEC nations over this but what about Canada? That's the country we get most of our oil from anyhow so shouldn't we worry more about them than the Saudi's? Unless oil from Canada comes in cheaper, but like I said I don't know much about that whole issue.
 
#21 ·
To clarify a bit more, at the current prices it would be cheaper to make coal to diesel and gas but that's at "current prices". Look at what happened to the price of corn when people started to realize it coule be made into ethanol, that's the same thing that could and more than likely would happen with coal, thus raising the price of a barrel of fuel and costing at the pump. One thing is for certain, the bigger coal companies in the country are dumping cash into programs to help get CTL ( coal to liquid ) up and running in the US. Of course, I'm all for this as it would ensure my future as a miner and keep my hourly rate high.
 
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