Now SA wants to look at oil prices (OPEC)

[Wagner]

http://money.cnn.com/2008/06/09/news...ex.htm?cnn=yes

Hmm, oddly reminiscent of the late '70's when the US and world reacted to oil by coming up with alternatives...all the sudden oil gets cheaper...amazing.

Sort of doesn't matter if you are an oil rich nation if the world stops using oil..now if they could only sell the sand

Go 1970's style reactions on the US side http://en.wikipedia.org/wiki/Project_Independence

This wiki is totally worth the read: http://en.wikipedia.org/wiki/1973_oil_crisis

[motordavid]

Good reads, BigR...

vectoring, I was reading an art. by some scientist/predictor/futurist,
(whom has almost always nailed it per his rep), and he suggested
solar cells will be "cheap", plentiful, and ubiquitous within the decade.

Doesn't make for an F Car with panels, but if most of us had affordable
solar sourced electricity/heat, it would put a dent in the situ.
I'm gonna dig for the art.

On another side note, I wonder how many of those daily petro options/trading
deals done on NYMEX,CBOT, ICE, et al, are pumped or supported or financed by
the big oil producers...seems to me those mideast oil producers/sheiks,
(and nut jobs like Chavez), have little to lose in the short run by bidding up/pumping
up the price per bbl this past year. The US$ sucks, so why not get "more" via false
support? If oil stays up, or hits 150 or, 2 Bens...it's gonna be hell on the econ and
maybe some way(s) of life for many of us.
BR,mD

[Meiac09]

How about we regulate these hedge funders.
They f*cked over the american public with their stock bubbles
They f*cked over the american public reinvesting in real estate
They are f*cking over the american public on oil futures.
Require the speculators to take delivery. Oil will plummet.

Obama just said he plans to tax the hell out of ExxonMobil, et al.
Maybe he isn't that bad after all...

Fuel is $4.30 a gallon. I know my driving has changed. We cut down long commuting to one trip to boston a week from 3. We hangared the guzzler T'Reg and are using our old brick wagon for around town crap, Schools have been cutting down empty busses, and the train is actually being used.
I think that the bubble is inflating a little too fast, and its November 2005 all over again.
I hope so, Oil contracts are at $4.80, and there are a lot of people who are already at 60º in the winter.

[Meiac09]

"Theres no place to put your money besides oil, and if oil fails, then theres nothing" -CNBC Prompterreader

No, there is making money the good, old fashioned, HONEST way!

[E61Silver]

So has the increase cost of gas reduced consumption?

Here is a positive side effect
http://freakonomics.blogs.nytimes.co...cans-skinnier/

[Wagner]

Originally Posted by Meiac09

"Theres no place to put your money besides oil, and if oil fails, then theres nothing" -CNBC Prompterreader

No, there is making money the good, old fashioned, HONEST way!

Amazing isn't it, down sides of the free-market I guess. Bush et al are attempting to intervene now as Euro nations are feeling the US econ pain. Should be interesting...hey remember 99-2001 when a Euro was worth change compared to a dollar, imagine that the monetary unit of 15 nations worth cents on the dollar. Now back then the US sold out greenbacks to prop up the Euro, lets see if they return the favor.

[drex]

Originally Posted by Meiac09

How about we regulate these hedge funders.
They f*cked over the american public with their stock bubbles
They f*cked over the american public reinvesting in real estate
They are f*cking over the american public on oil futures.
Require the speculators to take delivery. Oil will plummet.

Obama just said he plans to tax the hell out of ExxonMobil, et al.
Maybe he isn't that bad after all...

Fuel is $4.30 a gallon. I know my driving has changed. We cut down long commuting to one trip to boston a week from 3. We hangared the guzzler T'Reg and are using our old brick wagon for around town crap, Schools have been cutting down empty busses, and the train is actually being used.
I think that the bubble is inflating a little too fast, and its November 2005 all over again.
I hope so, Oil contracts are at $4.80, and there are a lot of people who are already at 60º in the winter.

if eXXon gets taxed, who do you think will actually be FOOTING THE BILL?

[Wagner]

exactly, the Dems keep preaching tax the oil companies...who will directly add that to the price of gas...dooooooommmmaaaassssss

[rastaFarai]

Originally Posted by wiki

Project Independence was an initiative announced by U.S. President Richard Nixon on November 7, 1973, in reaction to the OPEC oil embargo and the resulting 1973 oil crisis. Recalling the Manhattan Project, the stated goal of Project Independence was to achieve energy self-sufficiency for the United States by 1980[1] through a national commitment to energy conservation and development of alternative sources of energy.[2] Nixon declared that American science, technology and industry could free America from dependence on imported oil. [3] Some of the important initiatives to emerge from Project Independence included lowering highway speeds to 55 MPH, converting oil power plants to coal, completion of the Trans-Alaskan pipeline and diverting federal funds from highway construction to mass transit.[4]

LOL.. so umm.. what happened?

[Wagner]

What happened....OPEC slashed oil prices is what happened. And in all our infinite wisdom, we stopped investing in getting off oil.

When OPEC realized that nations were really going to do something to get off oil, they went ahead and dropped the price by nearly half.

They will do the same thing this time