News on CNN tonight. Oil closed at $73 a barrel today. But for the first time in ten months worldwide demand for oil has increased. At the same time consolidated reports of known oil reserves has shown a decline. Most experts believe that oil will reach $100 a barrel very soon. The head of the Russian national oil company predicted today that oil could reach $250 a barrel.

I think if I calculate things correctly that would make gas cost about $14 a gallon before taxes (or before the effect of speculative buying pressure and a dollar that won't buy as much next year as it does now).

From the reports, the actions of speculators and the weak U.S. dollar has had a greater effect on oil prices than consumption, even though consumption is up slightly. Greater increases in consumption in China offset reduction in U.S. consumption.

If these reports and projections are right, we'll have a whole lot more pressing issues to discuss here than how much CEO's are paid, who's running the banks and auto companies, whether the government decides to get into the health insurance business, which of several over-qualified candidates should be on the Supreme Court, or whether we can continue to afford the wars we've got going on in a couple of places.

Why do I even mention this stuff, when I live here in the bubble of prosperity, running around in my electric golf cart?

but if cap and trade goes through the cost of electricity may make your little electric golf cart a lot more expensive, too...there is no escape!

I was discussing some issues with a friend earlier and we both agree that this assumption that we will come out of the recession soon and everything will be alright again is maybe hooey.
I compare this administration with the Carter era and really think that a turn around will only happen after this administration leaves office.

Short memory!


Maybe this will help:

http://www.flickr.com/photos/ososment/3216580478/


.

the oil dependence/supply capability since last year? Ah the fickle Americans...pain at the pump is gone....ahhhhh!!! All is OK!!! We the people are kidding right?

And how about the whiz kids in the WH? Do ya think in their brain storming sessions they could have reviewed what to do if oil prices take off? What impact will it have on the magic being applied to the election winning issue of the economy? Ha! I see the problem....BRAIN storming.

Now I wonder what the next town hall meeting will be about? Probably a no problem....no worry speech about oil availability.

Come on $4-$5-$6 per gallon gasoline. It is so unfortunate that will be the only way to get the priority assigned it deserves. Let's see what Obama can come up with that is outside his control or ability to take over.

I don't mean to be cynical but the recurring energy on again off again crisis and the so far unproductive roller coaster bail outs and take over knee jerking has done it to me.

The energy crisis will dwarf all other issues on the Obama feel good agenda.
Now the rubber will hit the road!! Finally.

btk

The energy problem has been a long time in the making. Does my memory serve me that the first President who proposed energy independence was Jimmy Carter? Nothing happened on his watch or during any of the four administrations, covering almost 30 years since. Now we're blaming the current resident of the White House for not getting the energy thing under control? Whaaat?

At least on his watch, he took over two big car companies and told them in no uncertain terms that they won't be making big cars or trucks in the future. And "his" Congress finally passed a meaningful increase in the fuel economy requirements for U.S.-made cars and trucks. In a little more than 100 days, he's accomplished more to achieve energy independence than in the last 30 years, methinks.

If his efforts don't keep the price of gas low and availability high because the Chinese are using more oil and driving the price up, or because the speculators are using financial derivatives as investment vehicles and are driving the price of oil up, will we blame him for that too?

has been (no matter whose party is in the WH) we fickle Americans and permissive/lotta talk-no-action-lawmakers have done nothing but talk about we need to do something about energy independence. Now 30 -40 hence our consumption is multiple times higher and the price of gasoline and ALL OTHER ENERGY RELATED goods and services are going up....AGAIN!

IMHO opinion the looming energy crisis which will explode/implode our way of life with no QUICK fixes available to ease the pain....is much more significant than the current economy....banking....auto, et al monetary crisis of the day.

As I have said repeatedly over the years....just wait till there is a serious oil availability interruption. With NO short term solutions our way of life is to be more severely impacted than any of the current monetary inconveniences.

It has been there staring us all in the face.....and as long as we have the calming effect of what ever happens to be a reasonable price at the pump, we the people keep plodding along as though the problem did not exist and so do the 545 in Washington, DC.

The actions taken thus far by the new POTUS are notable. They do nothing to address the pending bigger problem. Sooner or later we will employ our age old "crisis of the day mentality" to address the real problem. I am amazed at the lax sense of urgency on a subject that has no contingency planning....no short term capability. Yes we have the emergency oil reserve that is good for how many days? When the impact has potential to take years!!!

btk

At least on his watch, he took over two big car companies and told them in no uncertain terms that they won't be making big cars or trucks in the future. And "his" Congress finally passed a meaningful increase in the fuel economy requirements for U.S.-made cars and trucks. In a little more than 100 days, he's accomplished more to achieve energy independence than in the last 30 years, methinks.

Sounds like a dictator to me...Lets see if anybody buys these GM cars that our comrade CZAR Obama authorizes. Why aren't we digging for our own oil??????

As I said in an earlier post I don't believe this oil rally has those kind of legs. I would be betting the other way. But maybe that's why I'm not rich!

Russ

Originally Posted by billethkid

has been (no matter whose party is in the WH) we fickle Americans and permissive/lotta talk-no-action-lawmakers have done nothing but talk about we need to do something about energy independence. Now 30 -40 hence our consumption is multiple times higher and the price of gasoline and ALL OTHER ENERGY RELATED goods and services are going up....AGAIN!

IMHO opinion the looming energy crisis which will explode/implode our way of life with no QUICK fixes available to ease the pain....is much more significant than the current economy....banking....auto, et al monetary crisis of the day.

As I have said repeatedly over the years....just wait till there is a serious oil availability interruption. With NO short term solutions our way of life is to be more severely impacted than any of the current monetary inconveniences.

It has been there staring us all in the face.....and as long as we have the calming effect of what ever happens to be a reasonable price at the pump, we the people keep plodding along as though the problem did not exist and so do the 545 in Washington, DC.

The actions taken thus far by the new POTUS are notable. They do nothing to address the pending bigger problem. Sooner or later we will employ our age old "crisis of the day mentality" to address the real problem. I am amazed at the lax sense of urgency on a subject that has no contingency planning....no short term capability. Yes we have the emergency oil reserve that is good for how many days? When the impact has potential to take years!!!

btk

And as much as I beat the drum about improving our health care system, the issue of energy independence and shedding the shackles of our reliance on foreign oil should be the number one agenda item for Congress and The President.

Originally Posted by rshoffer

And as much as I beat the drum about improving our health care system, the issue of energy independence and shedding the shackles of our reliance on foreign oil should be the number one agenda item for Congress and The President.

We are nothing without a form of energy.

Originally Posted by billethkid

the oil dependence/supply capability since last year? Ah the fickle Americans...pain at the pump is gone....ahhhhh!!! All is OK!!! We the people are kidding right?

And how about the whiz kids in the WH? Do ya think in their brain storming sessions they could have reviewed what to do if oil prices take off? What impact will it have on the magic being applied to the election winning issue of the economy? Ha! I see the problem....BRAIN storming.

Now I wonder what the next town hall meeting will be about? Probably a no problem....no worry speech about oil availability.

Come on $4-$5-$6 per gallon gasoline. It is so unfortunate that will be the only way to get the priority assigned it deserves. Let's see what Obama can come up with that is outside his control or ability to take over.

I don't mean to be cynical but the recurring energy on again off again crisis and the so far unproductive roller coaster bail outs and take over knee jerking has done it to me.

The energy crisis will dwarf all other issues on the Obama feel good agenda.
Now the rubber will hit the road!! Finally.

btk

THE PROBLEM AS I SEE IT IS THAT NO ONE WANTS TO SPEND MORE FOR RENEWABLE ENERGY...EXAMPLE CONGRESS IS ALREADY WHITTLING AWAY AT THE GOALS FOR OIL INDEPENDENCE. DRILL DRILL DRILL.... GLOBAL WARMING IS REAL... AND WE HAVE SOMETHING TO DO WITH IT, MAYBE NOT ALL, BUT A GOOD PART. BUT KNOW ONE WANTS TO MAKE SHORT TERM SACRIFICES FOR LONG TERM GOALS. WE MUST HAVE INSTANT GRATIFICATION OR NOTHING WORKS. I PITY THE WORLD OUT CHILDREN AND GRANDCHILDREN WILL HAVE IF WE DO NOT ACT NOW....... VOTE OUT THE LIFERS IN CONGRESS AND THE SENATE AND GET SOME NEW BLOOD... CAN'T BELIEVE HOW MANY MILLIONAIRES ARE IN THE CONGRESS AND SENATE. AREN'T THEY SUPPOSED TO REPRESENT THE PEOPLE.. I'M NOT A MILLIONAIRE OR NOR DO I LOBBY HUNDREDS OF THOUSANDS OF DOLLARS FOR WHAT I BELIEVE IS BEST FOR THE COUNTRY. I JUST GET ONE VOTE.

There is tons of money being spent on research for energy. Alot of the solutions are still many years away. In the short term, digging for more energy is prudent. Still need better ways to allocate research money as too many scientists are wasting time and money on unnecessary and fruitless projects.(global warming)
In the short term...you need a short term as a bridge for the long term. Term limits are the only( well, one very good one) solution as career politicians was not envisioned by the founding fathers. After so many years politicians are too entrenched into the system to be of any benefit to the citizens. IMHO

Originally Posted by Keedy

There is tons of money being spent on research for energy. Alot of the solutions are still many years away. In the short term, digging for more energy is prudent. Still need better ways to allocate research money as too many scientists are wasting time and money on unnecessary and fruitless projects.(global warming)
In the short term...you need a short term as a bridge for the long term. Term limits are the only( well, one very good one) solution as career politicians was not envisioned by the founding fathers. After so many years politicians are too entrenched into the system to be of any benefit to the citizens. IMHO

Sorry ..what is IMHO ?

Originally Posted by GrayGoose

Sorry ..what is IMHO ?

In My Humble Opinion...