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F**K this, Oil closes at $55 a barrel

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  • ptbodale
    replied
    Is the price of oil not determined by the brokers? Every time they hear a rumour they drive the price up.

    Tonights news said that "a rumour about home heating oil reserves has the brokers speculating on shortages". That was from CBS News.

    Leave a comment:


  • FlyingPhotog
    replied
    Originally posted by FlyCharlestonSC
    Hmm...sounds like a smart time to replace our suburban with that volvo my parents have been talking about!
    My father in-law traded his H2 for a Suburban. I don't know if that's an improvement in fuel economy or not...

    Leave a comment:


  • FlyCharlestonSC
    replied
    Hmm...sounds like a smart time to replace our suburban with that volvo my parents have been talking about!

    Leave a comment:


  • FlyingPhotog
    replied
    I sold my 5.3L V8 GMC truck for a 1.8L 4cyl. Turbo VW Passat. MUCH better gas mileage!

    Leave a comment:


  • Chris Kilroy
    replied
    I love my BMW.

    Leave a comment:


  • DeltaASA16
    Guest replied
    I love my bike right now

    Leave a comment:


  • MD11Forever
    replied
    I'm not looking forward to filling up the tank Sunday for my spotting trip to ORD...not at $2.10 a gallon. Ugh.

    Leave a comment:


  • Crazy764
    replied
    Originally posted by Leftseat86
    Take the bus, ride your bike.
    The combination of the two is how I got to the airport today. Took a hell of a long time!

    Leave a comment:


  • Leftseat86
    replied
    Take the bus, ride your bike.

    Leave a comment:


  • UFOSPACE99
    replied
    The simple fact is that we are at 'peak oil' guys. OPEC can ramp up production only so much (and trust me, I am no fan of OPEC). Until you take the speculators out of the loop, oil is only going to go higher. Indeed while the US is still the largest consumer of oil in the world, with China and India's growing dependence on imported oil, this is having a huge effect the price of a barrel of crude. IMO, traders are still the driving force for these huge price gains that we are currently seeing. To many like myself it seems that speculators crave and even go out of their way and seek the slighest bad news from the oil patch. Take oll off the spot market, then there might be some relief, but it would only be a short term temporary solution.

    At the risk of sounding cliche, the bottom line is we need to break our dependency from this crap. Hopefully an enlightened energy company will see the light before and make a serious investment into alternative/ renewable forms of energy before it is too late, but I am not getting my hopes up too high.

    Aldo

    Leave a comment:


  • A340_flyer
    replied
    Originally posted by chrisburns
    China accounts for something like 45% of the worlds demand for oil alone.
    Er, no. It's not that high. The US alone consumes more than half. Basic arithmetic says that the rest of the world would not be consuming only 4% of the world's supply.

    The sooner the world breaks its thirst for oil and switches to alternative fuel sources the better. It's time to heed to the wake up call.

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  • Longreach747
    replied
    Originally posted by chrisburns
    Originally posted by Longreach747
    man your $2.10 a gallon is cheap, that equals about 66AUD cents a litre, cost of fuel here is about $1.15 a litre, they can't pull oil from the ground fast enough to meet the demand.

    maybe if people in china and the US had less demand then there'd be less burden to produce. they rekon it could go as high as $70-$80USD, but it should return down to $40 odd sometime in the coming month or so.
    As usual, its always the US fault

    China accounts for something like 45% of the worlds demand for oil alone.

    As for the taxes you talked about, you basically implied that the 55% tax you pay is also the US and china's fault
    errr, i clearly said OUR GOVT has a 55% tax on fuel, nothing to do with the US or China or anyone else except our GOVT, but the shortage of oil atm is to do with the US and China whether you like it or not, the demand has increased in both and the supply from Nigeria, US and Iraq has slowed, so whethere you like it or not that's the way it is.

    Leave a comment:


  • FlyCharlestonSC
    replied
    Originally posted by chrisburns
    As usual, its always the US fault
    Well it is.
    We consume so much more fuel per person than any other large country.


    Anywhoo...this isn't good for my family...we drive a toyota sequoia and a suburban

    Leave a comment:


  • chrisburns
    replied
    Originally posted by Longreach747
    man your $2.10 a gallon is cheap, that equals about 66AUD cents a litre, cost of fuel here is about $1.15 a litre, they can't pull oil from the ground fast enough to meet the demand.

    maybe if people in china and the US had less demand then there'd be less burden to produce. they rekon it could go as high as $70-$80USD, but it should return down to $40 odd sometime in the coming month or so.
    As usual, its always the US fault

    China accounts for something like 45% of the worlds demand for oil alone.

    As for the taxes you talked about, you basically implied that the 55% tax you pay is also the US and china's fault

    Leave a comment:


  • babypurin
    replied
    Originally posted by Longreach747
    to pick up 17 y/o chix perhaps?

    airlines usually hedge there fuel costs, qantas hedged there barrell of oil cost at $32USD a barrell, so makes no difference to them.

    our govt has a 55% tax on fuel, thats why we pay so much.
    55% perecent ?!?! thats way too much!

    Leave a comment:

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