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Welcome to Fairfax Underground, a project site designed to improve communication among residents of Fairfax County, VA. Feel free to post anything Northern Virginia residents would find interesting.
Oil prices hit $90 milestone
Posted by:
pas'ion
()
Date: December 07, 2010 05:09PM
By CHRIS KAHN
The Associated Press
Tuesday, December 7, 2010; 3:50 PM
NEW YORK -- Oil prices on Tuesday jumped above $90 a barrel for the first time in more than two years, a key milestone for Wall Street analysts who say tightening supplies will eventually drive prices above the $100 mark next year.
The recent surge in oil pushed gasoline and other fuel prices higher as well. Average heating oil and diesel prices are expected to increase year-over-year for the first time since 2008, and the Oil Price Information Service said gasoline prices may hit a national average of $3 per gallon before Christmas day.
The price increases probably won't be enough to affect holiday shopping, but U.S. consumers will eventually pull back on spending at the start of 2011, OPIS chief oil analyst Tom Kloza said.
"This sets up a very shaky January," Kloza said. "People are still going to drive to grandma's house. They're going to take it out on the economy later."
Overnight, the national average pump price added less than a penny to $2.958 a gallon, according to OPIS, auto club AAA and Wright Express. A gallon of unleaded is 11 cents higher than it was a month ago and 32.6 cents higher than it was a year ago.
Kloza said gasoline could rise to between $3.25 and $3.50 a gallon by spring.
On Tuesday benchmark oil for January delivery gave up 69 cents to settle at $88.69 a barrel on the New York Mercantile Exchange. The contract hit $90.76 a barrel earlier in the day, the highest price since Oct. 8, 2008.
Oil prices had been relatively stable for more than a year, wavering mostly between $70 and $80 per barrel. They've moved higher since the Federal Reserve announced plans to inject $600 billion into the economy. Prices crossed the $90 mark early Tuesday as President Obama and Republican leaders hammered out an agreement to extend Bush-era tax cuts. A cold snap also swept through Europe and the U.S., lifting demand for fuel.
Wall Street analysts now predict that oil will hit $100 per barrel sometime next year. They point to rising demand from China and other emerging economies. OPEC countries can crank up production to meet that demand now, but their ability to do that is expected to decline over the next few years.
The Associated Press
Tuesday, December 7, 2010; 3:50 PM
NEW YORK -- Oil prices on Tuesday jumped above $90 a barrel for the first time in more than two years, a key milestone for Wall Street analysts who say tightening supplies will eventually drive prices above the $100 mark next year.
The recent surge in oil pushed gasoline and other fuel prices higher as well. Average heating oil and diesel prices are expected to increase year-over-year for the first time since 2008, and the Oil Price Information Service said gasoline prices may hit a national average of $3 per gallon before Christmas day.
The price increases probably won't be enough to affect holiday shopping, but U.S. consumers will eventually pull back on spending at the start of 2011, OPIS chief oil analyst Tom Kloza said.
"This sets up a very shaky January," Kloza said. "People are still going to drive to grandma's house. They're going to take it out on the economy later."
Overnight, the national average pump price added less than a penny to $2.958 a gallon, according to OPIS, auto club AAA and Wright Express. A gallon of unleaded is 11 cents higher than it was a month ago and 32.6 cents higher than it was a year ago.
Kloza said gasoline could rise to between $3.25 and $3.50 a gallon by spring.
On Tuesday benchmark oil for January delivery gave up 69 cents to settle at $88.69 a barrel on the New York Mercantile Exchange. The contract hit $90.76 a barrel earlier in the day, the highest price since Oct. 8, 2008.
Oil prices had been relatively stable for more than a year, wavering mostly between $70 and $80 per barrel. They've moved higher since the Federal Reserve announced plans to inject $600 billion into the economy. Prices crossed the $90 mark early Tuesday as President Obama and Republican leaders hammered out an agreement to extend Bush-era tax cuts. A cold snap also swept through Europe and the U.S., lifting demand for fuel.
Wall Street analysts now predict that oil will hit $100 per barrel sometime next year. They point to rising demand from China and other emerging economies. OPEC countries can crank up production to meet that demand now, but their ability to do that is expected to decline over the next few years.
Re: Oil prices hit $90 milestone
Posted by:
pas'ion
()
Date: December 07, 2010 05:17PM
"The U.S. has never spent Christmas with a $3-a-gallon average price for fuel," Oil Price Information Service said. The national average now is the highest since October, 2008, according to OPIS, and if oil prices linger near $90 a barrel, it could reach $3 before the end of the year, several analysts say.
For every penny the price at the pump increases, U.S. consumers pay an additional $4 million, according to Cameron Hanover energy analysis agency. The 10-cent a gallon increase from a week ago cost consumers about $40 million. On an individual basis, a motorist who bought 10 gallons of gas Monday, on average, paid about $3.20 more than a year ago.
For every penny the price at the pump increases, U.S. consumers pay an additional $4 million, according to Cameron Hanover energy analysis agency. The 10-cent a gallon increase from a week ago cost consumers about $40 million. On an individual basis, a motorist who bought 10 gallons of gas Monday, on average, paid about $3.20 more than a year ago.
Re: Oil prices hit $90 milestone
Posted by:
Britdrnva~
()
Date: December 07, 2010 05:17PM
pas'ion wrote:
"OPEC countries can crank up production to meet that demand now, but their ability to do that is expected to decline over the next few years."
This is called "peak oil" - tis an elusive number but many think its already come and gone others think that peak will hit very soon. After which time - the ability of oil producers to meet the demand will start to slack off at a fairly alarming rate. What happens when demand exceed supply? Price goes up.
There was a good film I watched a while ago called Collapse - a man just talks for ~80minutes but honestly it will hold you tight. It make senses and I believe our world is heading into that collapse he talks about. What can be done on an individual level...not much and there is no will on a national or global level either...should be an interesting ride - here is the link to that film if you're interested:
http://www.imdb.com/title/tt1503769/
Edited 1 time(s). Last edit at 12/07/2010 05:18PM by Britdrnva~.
"OPEC countries can crank up production to meet that demand now, but their ability to do that is expected to decline over the next few years."
This is called "peak oil" - tis an elusive number but many think its already come and gone others think that peak will hit very soon. After which time - the ability of oil producers to meet the demand will start to slack off at a fairly alarming rate. What happens when demand exceed supply? Price goes up.
There was a good film I watched a while ago called Collapse - a man just talks for ~80minutes but honestly it will hold you tight. It make senses and I believe our world is heading into that collapse he talks about. What can be done on an individual level...not much and there is no will on a national or global level either...should be an interesting ride - here is the link to that film if you're interested:
http://www.imdb.com/title/tt1503769/
Edited 1 time(s). Last edit at 12/07/2010 05:18PM by Britdrnva~.
Re: Oil prices hit $90 milestone
Posted by:
Warhawk
()
Date: December 07, 2010 06:12PM
Britdrnva~ Wrote:
-------------------------------------------------------
> pas'ion wrote:
> "OPEC countries can crank up production to meet
> that demand now, but their ability to do that is
> expected to decline over the next few years."
>
> This is called "peak oil" - tis an elusive number
> but many think its already come and gone others
> think that peak will hit very soon. After which
> time - the ability of oil producers to meet the
> demand will start to slack off at a fairly
> alarming rate. What happens when demand exceed
> supply? Price goes up.
>
> There was a good film I watched a while ago called
> Collapse - a man just talks for ~80minutes but
> honestly it will hold you tight. It make senses
> and I believe our world is heading into that
> collapse he talks about. What can be done on an
> individual level...not much and there is no will
> on a national or global level either...should be
> an interesting ride - here is the link to that
> film if you're interested:
> http://www.imdb.com/title/tt1503769/
I don't know if we've hit peak oil yet, but there haven't been any supergiant oil fields discovered in quite some time. Basically, new sources of the easy to access (i.e. cheap) oil are getting harder to find. Yeah, they find some shit off Brazil or in Africa somewhere, but those are smaller fields and have maybe a 5-10 year supply. Nothing like the large fields in Saudi Arabia.
There's a lot of unconventional oil out there - oil shale, deep water, oil sands, but that's so expensive to refine that stuff. While the theory of peak oil is debatable, it's becoming clear that the era of cheap oil is ending.
__________________________________
That's not a ladybug, that's a cannapiller.
Edited 1 time(s). Last edit at 12/07/2010 06:21PM by Warhawk.
-------------------------------------------------------
> pas'ion wrote:
> "OPEC countries can crank up production to meet
> that demand now, but their ability to do that is
> expected to decline over the next few years."
>
> This is called "peak oil" - tis an elusive number
> but many think its already come and gone others
> think that peak will hit very soon. After which
> time - the ability of oil producers to meet the
> demand will start to slack off at a fairly
> alarming rate. What happens when demand exceed
> supply? Price goes up.
>
> There was a good film I watched a while ago called
> Collapse - a man just talks for ~80minutes but
> honestly it will hold you tight. It make senses
> and I believe our world is heading into that
> collapse he talks about. What can be done on an
> individual level...not much and there is no will
> on a national or global level either...should be
> an interesting ride - here is the link to that
> film if you're interested:
> http://www.imdb.com/title/tt1503769/
I don't know if we've hit peak oil yet, but there haven't been any supergiant oil fields discovered in quite some time. Basically, new sources of the easy to access (i.e. cheap) oil are getting harder to find. Yeah, they find some shit off Brazil or in Africa somewhere, but those are smaller fields and have maybe a 5-10 year supply. Nothing like the large fields in Saudi Arabia.
There's a lot of unconventional oil out there - oil shale, deep water, oil sands, but that's so expensive to refine that stuff. While the theory of peak oil is debatable, it's becoming clear that the era of cheap oil is ending.
__________________________________
That's not a ladybug, that's a cannapiller.
Edited 1 time(s). Last edit at 12/07/2010 06:21PM by Warhawk.
Re: Oil prices hit $90 milestone
Posted by:
Gravis
()
Date: December 07, 2010 09:16PM
i'm sick of hearing, "oh noes, no moar oilz!" we need more money in research to produce a battery with higher efficiency and/or more efficient ways of extracting hydrogen fuel. both hydrogen and batteries require power and i'm sick of hearing, "but we have to burn oil to get electricity!" because it's a lie. the hoover dam produces a LOT of power and that's with half the turbines inactive. i'm tired of the lies and the excuses. the only problem here is greed and i'm tired of feeding the greedy.
"the wisdom of the wise will perish, the intelligence of the intelligent will vanish."
"the wisdom of the wise will perish, the intelligence of the intelligent will vanish."
Re: Oil prices hit $90 milestone
Posted by:
Cheeney
()
Date: December 08, 2010 09:03AM
Gravis Wrote:
-------------------------------------------------------
> i'm sick of hearing, "oh noes, no moar oilz!" we
> need more money in research to produce a battery
> with higher efficiency and/or more efficient ways
> of extracting hydrogen fuel. both hydrogen and
> batteries require power and i'm sick of hearing,
> "but we have to burn oil to get electricity!"
> because it's a lie. the hoover dam produces a LOT
> of power and that's with half the turbines
> inactive. i'm tired of the lies and the excuses.
> the only problem here is greed and i'm tired of
> feeding the greedy.
What you fail to realize is that we, the United States are a hydrocarbon based society. So it's blatantly apparent that the answer to our problems is simple. More Oil. Of course some research should be focused on alternative energy sources but first our foremost for the safety of our nation we must secure as much oil as possible. Any other focus aside from that would be foolhardy, Oil must be obtained, secured and refined no matter the consequences or the cost, if the masses must be lied to so be it, but for the greater good of our nation men in charge have to be shrewd enough to realize this or there are serious consequences. The world is an ugly place, and we often forget we are still subject to the rules of nature, competition for resources has weeded out the weak since the beginning of life. We must not be weeded out, if we are to continue to exist we must adapt if this requires a change in social moors and taboos so be it. More Oil at any cost for the United States of America, and thats from a citizen as patriotic as they come. I would die for my country and kill for it, and if oil is what we need to survive then we will kill for that. God Bless America.
-------------------------------------------------------
> i'm sick of hearing, "oh noes, no moar oilz!" we
> need more money in research to produce a battery
> with higher efficiency and/or more efficient ways
> of extracting hydrogen fuel. both hydrogen and
> batteries require power and i'm sick of hearing,
> "but we have to burn oil to get electricity!"
> because it's a lie. the hoover dam produces a LOT
> of power and that's with half the turbines
> inactive. i'm tired of the lies and the excuses.
> the only problem here is greed and i'm tired of
> feeding the greedy.
What you fail to realize is that we, the United States are a hydrocarbon based society. So it's blatantly apparent that the answer to our problems is simple. More Oil. Of course some research should be focused on alternative energy sources but first our foremost for the safety of our nation we must secure as much oil as possible. Any other focus aside from that would be foolhardy, Oil must be obtained, secured and refined no matter the consequences or the cost, if the masses must be lied to so be it, but for the greater good of our nation men in charge have to be shrewd enough to realize this or there are serious consequences. The world is an ugly place, and we often forget we are still subject to the rules of nature, competition for resources has weeded out the weak since the beginning of life. We must not be weeded out, if we are to continue to exist we must adapt if this requires a change in social moors and taboos so be it. More Oil at any cost for the United States of America, and thats from a citizen as patriotic as they come. I would die for my country and kill for it, and if oil is what we need to survive then we will kill for that. God Bless America.