Crude Oil Over $90 per Barrel

[david gibson]

We started running out of gas the day Francis Drake struck oil in Titusville, Pa. The question is WHEN will we run out? As far as I know, most estimates have not taken into account the exploding demands that India and China are creating.

francis drake discovered oil in titusville, pa?

did you forget your medicine today??? j/k

it was edwin drake, and he just is credited with the first commercial oil well.

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"347 Oil wells are drilled in China up to 800 feet deep using bits attached to bamboo poles.
1264 Mining of natural oil seeps in medieval Persia is witnessed by Marco Polo on his travels through Baku.
1500’s Seep oil collected in the Carpathian Mountains of Poland is used to light street lamps.
1594 Oil wells are hand dug at Baku, Persia up to 35 meters (115 feet) deep.
1735 Oil sands are mined and the oil extracted at Pechelbronn field in Alsace, France.
1815 Oil is produced in United States as an undesirable by-product from brine wells in Pennsylvania.
1848 First modern oil well is drilled in Asia, on the Aspheron Peninsula north-east of Baku, by Russian engineer F.N. Semyenov.
1854 First oil wells in Europe are drilled 30- to 50-meters deep at Bóbrka, Poland by Ignacy Lukasiewicz.

Oil historians in the USA give credit for the first modern commercial oil well to Colonel Edwin L. Drake. His well reached a depth of 22m (72-ft). It was drilled in “Oil Creek” near the town of Titusville, slightly east of Pittsburgh, Pennsylvania, USA and started producing oil on August 28,1859. There were no automobiles in those days; the main market for petroleum was for medicine. It was called Rock Oil and sold for about $40 a barrel, which is about the same as a barrel of oil costs today, so it would have been worth a lot of money in 1859."
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[mjh345]

.
. It was called Rock Oil and sold for about $40 a barrel, which is about the same as a barrel of oil costs today, so it would have been worth a lot of money in 1859."
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I wish oil cost $40 today

[depittydawg]

That may sound great on paper but unfortunately there are NO efficient alternative power sources here now. Yes we should be striving towards that but manipulation by the administration(or those this administration put in power) to raise gas prices is a great case for getting government out of the business of oil. Alternative energy isn't a reality no matter what libs would like us to think.

Two things will always weigh heavy on Government subsidizing in a modern world. Energy and Transportation. These are fundamental requirements for economic activity. US government policy is NOT the reason for escalating energy costs. In fact, it dwarfs the actual costs of energy delivered by all means of production. Here is a good graphic on what that impact it.
http://awesome.good.is/transparency/...this/flat.html

Here is a pretty good analysis of what the true cost of gasoline might be.
THE REAL PRICE OF GASOLINE
125
Low estimate: $5.60/gallon
High estimate: $15.14/gallon
W/price spike: $15.37/gallon
http://www.icta.org/doc/Real%20Price...20Gasoline.pdf

[Buzz]

Two things will always weigh heavy on Government subsidizing in a modern world. Energy and Transportation. These are fundamental requirements for economic activity. US government policy is NOT the reason for escalating energy costs. In fact, it dwarfs the actual costs of energy delivered by all means of production. Here is a good graphic on what that impact it.
http://awesome.good.is/transparency/...this/flat.html

Here is a pretty good analysis of what the true cost of gasoline might be.
THE REAL PRICE OF GASOLINE
125
Low estimate: $5.60/gallon
High estimate: $15.14/gallon
W/price spike: $15.37/gallon
http://www.icta.org/doc/Real%20Price...20Gasoline.pdf

I would like to see how they arrive at those subsidy numbers. For example, do subsidies to oil include military spending to keep oil shipments flowing around the globe?

[Cody Covey]

I see. So I guess my job and my paycheck that I cash every to weeks isn't real then? Alternative energy isn't the answer today. But it is under way. And it will become more of an alternative as time marches on. Meanwhile, it isn't the government that controls the price of oil / gas. It is the oil industry. There is plenty of oil out there available. There is plenty of refining capacity. Why are they running at 50%?

You quoted me and yet still had to make shit up to make a point? Where did I say there are no alternative energy jobs? I said there are no efficient options. I then said that we need to be pursuing making these better more efficient options.

The fact remains that saying we shouldn't drill or refine more oil because we should be using alternative energies makes no sense because those energies aren't available in a way that makes it a viable option.

[depittydawg]

You quoted me and yet still had to make shit up to make a point? Where did I say there are no alternative energy jobs? I said there are no efficient options. I then said that we need to be pursuing making these better more efficient options.

The fact remains that saying we shouldn't drill or refine more oil because we should be using alternative energies makes no sense because those energies aren't available in a way that makes it a viable option.

Now who's making shit up. I never said we shouldn't drill. On the contrary, drill to your hearts content. It won't make a bit of difference. That's what the data says.

[road kill]

Now who's making shit up. I never said we shouldn't drill. On the contrary, drill to your hearts content. It won't make a bit of difference. That's what the data says.

Then why is the price of crude going up???


RK

[depittydawg]

Then why is the price of crude going up???


RK

From what I have learned and heard, I'd say the price of crude is pretty much dictated by supply side manipulation by OPEC. There is little that can be done in the near or long term by changing domestic production rates. That's what the data indicates. Since there is little we can do to impact the market price of crude, the biggest challenge for America is to reduce consumption rates.

[Buzz]

Then why is the price of crude going up???


RK

Because a lot of people think the price is going to go up and they are buying futures either to make money off of selling the oil later at a higher price, or they are hedging against paying more later on.

[road kill]

From what I have learned and heard, I'd say the price of crude is pretty much dictated by supply side manipulation by OPEC. There is little that can be done in the near or long term by changing domestic production rates. That's what the data indicates. Since there is little we can do to impact the market price of crude, the biggest challenge for America is to reduce consumption rates.

So, if we drilled, wouldn't we solve that supply side issue?

In fact, wouldn't the mere threat of drilling cause those greedy bastards to let more crude flow to market?

I thought so..........

RK