139 and climbing

[woodchip]

Oil has hit a new record high of 139 with what was once considered impossible...a looming 150.00 per barrel.
The 139.00 has sent the dow jones tumbling 400.00.

Now a few things to watch for. As in any rapidly escalating commodity, there will come a day when profit takers will all cash in and cause a collapse in the bubble. The question here is when and how soon for oil?

The Federal govt is looking into possible market manipulations. If they find foreign investors or even foreign govts (what a sweet way to attack a country. drive the cost of a lynch pin to their economy so high that recession sets in. Only problem here is this attack would have world wide effects) what would or could America do about it.

Drive the cost of oil high enough and it could trigger a world wide depression. For speculation, at what price per barrel would oil have to climb to before countries start reacting in a rather un-salutatory manner? Better yet, how many of you are prepared for a possible collapse in the world economy? How many of you applauded when the environmentalist blocked oil drilling here in America? At what stage will have you have second thoughts about keeping our country \"pristine\" by letting other countries supply our oil needs?

In short, if oil keeps having a meteoric rise in price, watch how the dow jones reacts. Then watch the thrill seeking news organs scare everyone into a depression.

[Cuda68]

This has been a concern of mine over the last 6 months. Hate to sound like a loon but I have stocked up on food and drinking water and I also stocked up on ammo for hunting.

Unemployment has reached %5.5 which is only the number of people on unemployment, not the one's who have dropped off and with the large number of lay-off's taking place in manufacturing I fear its only going to get worse with sky rocketing fuel costs.

This is one of the reasons I really feel we need to cut back on all the aid we give away and start investing some of that money in our own infrastructure before it collapses and no one gets any aid for many years to come.

[CDN_Merlin]

For the last 20 years I've been saying we need to cut back on foreign aid and start worrying about our own country. These high gas prices will bite us in the arse in no time. Everything is going up, not because it costs more to make it but it costs more to ship it.

[Kyouryuu]

This is one of the reasons I really feel we need to cut back on all the aid we give away and start investing some of that money in our own infrastructure before it collapses and no one gets any aid for many years to come.

Damn straight. There are many cases where I have to wonder what some of these countries we give aid to ever do for us. The Middle East is rolling in revenue from oil costs. They don't need our "help," period.

[fliptw]

cutting foreign aid won't do a lick to the price of oil...

[Cuda68]

cutting foreign aid won't do a lick to the price of oil...

No it wont, but we can use the money here to rebuild our infrastructure, put people back to work etc etc

I said it before and I will say it again, you can't keep taking from the pot with out putting something back in or the pot will soon be empty and no one gets anything.

[Top Wop]

Start drilling for oil in OUR region and build the goddamn refineries. Europe is drilling off of their coasts for oil, yet we allow the few and vocal environmental loonies destroy our economy.

[TIGERassault]

I'd say government-funded research into designing solar-powered cars and supply the plans to major car producers would be the best move now IMO, considering that most of the panic about a lack of oil is for cars. And the sooner the better, because forcing a change in fuel source for aviation is going to cause a heck lot more trouble!

[Spidey]

Solar powered cars are a joke, with a bad punch line.

Yea, I have to agree with anybody else that advocated getting off oil for the last, how many years.

But what do we hear…

Nuclear is to dangerous…
Solar is not feasible…
Ethanol is a bad idea…
Wind takes too much land…
Etc etc. Blah Blah…

Now there is a real enery crisis, not a fake perpetrated one like in the 70s, and now we are going to pay the price.


Oh..but ya know what, they will take these windfall profits for so long, then just before the world gets really serious about dumping oil for good, they will increase production, bringing the price down, everyone will become complacent again………till we run out for good.

Or, we have an energy war.

[Cuda68]

I'd say government-funded research into designing solar-powered cars and supply the plans to major car producers would be the best move now IMO, considering that most of the panic about a lack of oil is for cars. And the sooner the better, because forcing a change in fuel source for aviation is going to cause a heck lot more trouble!

I agree completely but its a solution that needs to be started now for a down the road or a long term solution. To much research needs to be done for it to be thrown into use now. But it needs to be done or started, and soon.
We need to get diesel fuel prices down for goods and commodities pricing and people need to walk more and use public transit more. The private auto mobile needs to be a special use vehicle and not every day transportation or an everyday need type of vehicle.

[Spidey]

The long term solution, IMHO is Nuclear power, and electric cars. But we can’t use electric cars yet, because most of our electricity is still produced by oil & coal.

I’m not refering to Solar cars BTW. (I still laugh at those)

[Top Wop]

I'd say government-funded research into designing solar-powered cars and supply the plans to major car producers would be the best move now IMO, considering that most of the panic about a lack of oil is for cars. And the sooner the better, because forcing a change in fuel source for aviation is going to cause a heck lot more trouble!

Not a practical idea. A much better and more practical solution is the Chevy Volt. I dont understand why this was never attempted before, but its the same principle the diesel train runs on. An electric car with the batteries being powered by a generator. Go the first 40 miles on battery, and if you need extended range have a generator kick in for a very efficient trip. Or just plug it in to the wall where a clean power source could be from a nuclear plant. Plus the car is less complicated and easy to maintain. Solar power on a car isnt as practical since very little energy is produced.

[TIGERassault]

Not a practical idea.

Yes, I didn't think so either. But I couldn't see any other alternative besides just electricity, which AFAIK is a considerably more expensive fuel for cars than oil.

Solar power on a car isnt as practical since very little energy is produced.

I was thinking of one that generates energy just by being outside when it's not being used. Which would also be hooked up to a regular electric-car type of battery system for if and when the solar energy system fails.

[dissent]

Start drilling for oil in OUR region and build the **** refineries. Europe is drilling off of their coasts for oil, yet we allow the few and vocal environmental loonies destroy our economy.

Yep. Two solutions to these higher prices,
(1) increase supply
(2) reduce demand
At this point, a combination of the two is certainly in order. (Senator Obama; please note that increasing taxes on the oil companies appears nowhere in either of these two solutions.)

I'd say government-funded research into designing solar-powered cars and supply the plans to major car producers would be the best move now IMO, considering that most of the panic about a lack of oil is for cars. ...

I don't think we should be relying on just government funded research. We should also be harnessing all of our commercial, private enterprise and entrepreneurs into finding, developing and implementing solutions to these problems. The government can help, but oftentimes the government just gets in the way. If the government wants to really jump start solutions, then our crack(ed) politicians in Washington will have to find ways to craft incentives that will stimulate the marketplace.

... And the sooner the better, because forcing a change in fuel source for aviation is going to cause a heck lot more trouble!

Very interesting point.

[woodchip]

When McCain referred to Obama as being the 2nd term of Jimmy Carter, he is not far wrong. Carter tried the same liberal \"lets look good to our liberal base\" technique of taxing our oil companies more. Result, oil companies stopped producing and the long lines at the gas pumps icon was born. Secondarily, anyone want to guess to whom the tax increase a corporation is handed is passed on to?

[Krom]

If you go from the way people drive around on the streets near my house, a lot of Americans could make a huge difference in fuel demand if they would just lay off the damn accelerator. It would also be a hell of a lot quieter without these idiots gunning their engines every few minutes. Perhaps I also find it annoying since I see no point in racing their engines on a street in the middle of town rated at 25 MPH, plus little kids often play near the street and sometimes these people fly through upwards of 40 MPH.

[TIGERassault]

I don't think we should be relying on just government funded research. We should also be harnessing all of our commercial, private enterprise and entrepreneurs into finding, developing and implementing solutions to these problems. The government can help, but oftentimes the government just gets in the way. If the government wants to really jump start solutions, then our crack(ed) politicians in Washington will have to find ways to craft incentives that will stimulate the marketplace.

Well, I couldn't think of any way to get the enterprises to do the research too in a capitalist economy, and I didn't know what power other countries' politicians had over enterprises.