Crude Oil price

[Smokey1226]

It was up 1.25/barrel, i just went out to ride my dirt bike came back in and now its up $5.50/barrel Get your gas within the next day and a half :wow

[LIZMO]

holy shizzz

[Todd Z]

A financial guru friend of mine said $5.00 to $7.00 a gallon by the end of the year. He was saying this back in february and I thought he was somewhat crazy. Now I 100% beleive it. I have changed my driving habits and other things to help offset costs. What has everybody else done thus far if anything?

[Silver03SRT]

Quit my job, sold my truck, moved out of my condo and live in a cardboard box and walk everywhere. I am in the greatest shape of my life tho. :rolf

[CobraSnake]

Quit my job, sold my truck, moved out of my condo and live in a cardboard box and walk everywhere. I am in the greatest shape of my life tho. :rolf

shit i'm really considering this. Almost like we need to go to the hippie lifestyle in order to stay sane.

Mark

[CPonyGo]

considering there was a drop and the price wasn't reflective of that...its 404 at howard and 76th cash or credit....Al Gore will see his 5 + a gallon

[SmokinRAM114]

FU<k this country

[Prince Valiant]

Here's why:



VIENNA: The head of the Organization of Petroleum Exporting Countries warned Thursday that oil prices would see an "unlimited" increase in the case of a military conflict involving Iran, because the group's members would be unable to make up the lost production.

"We really cannot replace Iran's production - it's not feasible to replace it," Abdalla Salem El-Badri, the OPEC secretary general, said during an interview.

Iran, the second-largest producing country in OPEC, after Saudi Arabia, produces about 4 million barrels of oil a day out of the daily worldwide production of close to 87 million barrels. The country has been locked in a lengthy dispute with Western countries over its nuclear ambitions.

In recent weeks, the price of oil has risen higher on speculation that Israel could be preparing to attack Iranian nuclear facilities. The saber-rattling intensified this week with missile tests by Iran. That has further shaken oil markets because of concerns that any conflict with Iran could disrupt oil shipments from the Gulf region.

"The prices would go unlimited," Badri said during the interview, referring to the effect of a military conflict. "I can't give you a number."

Analysts said the timing of Badri's remarks was noteworthy, given that the idea of an attack on Iran has been around for years. In addition, an attack on Iran would probably not specifically target oil facilities, said Johannes Benigni, managing director of JBC, an oil research and consulting firm in Vienna.

"Perhaps OPEC wants to say to the Americans in particular that there would be an economic price to be paid for an attack on Iran," said Daniel Gros, director of the Center for European Policy Studies in Brussels. "Gulf leaders also know that if a war broke out, the situation of some Gulf states also would become more uncomfortable and could have political difficulties for them domestically," he said, noting that some have their own Shia minorities.

Badri, a former oil executive who has headed the oil industry in Libya and also served as deputy prime minister of that country, called for a peaceful solution. He also suggested that an additional military conflict in the Middle East, besides the ongoing conflict in Iraq, would be severe and long-lasting.

"If something happened there, nobody would be able to solve it," he said.

The United States, Israel and other Western countries say Iran is seeking to develop nuclear weapons, but Iran says the program is only for civilian purposes.

Badri said that current geopolitical tensions were among the principal reasons why oil prices were so high.

He said that a shortfall in refining capacity and a weak dollar were other factors, and he reiterated OPEC's position that speculation on oil markets probably was the most important.

But he said that reserves of oil were plentiful and that worries about scarcity were misplaced.

Proven reserves of conventional oil worldwide rose slightly to about 1.205 trillion barrels in 2007 from 1.195 trillion barrels in 2006, according to one of two annual reports issued by OPEC on Thursday.

Supplies from Russia and Norway and other nations outside the 13-member OPEC are expected to keep growing, helped by technologies like turning gas and coal into liquid fuel and extracting oil from tar sands and shale.

Even so, Badri sought to assuage concerns about a supply shock, saying that OPEC members already were investing $160 billion in new production capacity up to 2012.

But he said additional investment in future production capacity could be limited, potentially sharpening a dispute with consuming nations about whether sufficient steps are being taken to meet demand over the next decade.

The International Energy Agency, an energy monitor based in Paris and financed by industrialized nations, warned in its annual medium term report this month that oil supplies would remain tight over the next few years, despite the record-high prices. The IEA noted low spare capacity from OPEC, among other factors. It said that prices were high mostly because of fast-growing demand from rapidly industrializing countries like China, rather than because of market speculation.

On Tuesday, leaders of the Group of 8 economic powers warned that surging oil prices could be a key factor undermining world growth and called on petroleum suppliers to increase production and refining and to increase investment in oil exploration and output over the medium term.

Some analysts have predicted that oil prices could reach $200 a barrel this year as oil consumption continues to rise rapidly while supplies lag.

Saudi Arabia has said it would raise output in July. But OPEC has not officially increased output since a meeting last September. The next meeting of the group is in September. Badri said it was too early to say whether OPEC would raise output then.

OPEC also reported Thursday that economic growth in emerging markets would ensure that consumption worldwide increased annually by 1.3 million barrels a day to 92.3 million barrels by 2012, 102.2 million barrels by 2020, and 113 million barrels per day by 2030. The figure for 2030 represented a downward revision of the expected oil demand, by four million barrels a day, from the previous year's outlook.

OPEC officials said that improving recovery and production processes would continue to enable efficient recovery of hydrocarbons. But because of the diverse sources of liquid fuels coming from sources like natural gas and coal, total demand for crude oil pumped from wells would not exceed 82 million barrels a day by 2030.

Total withdrawing from Iran

Total, the French oil giant, has decided to back away from planned investments in Iran because of political uncertainty, a company official said Thursday, David Jolly reported from Paris.

Total's withdrawal from Iran, including a planned huge gas project in the South Pars field, makes it the last major Western oil company to give up on Iran amid pressure from Washington.

"We think that under current conditions it is not possible in Iran just now," Patricia Marie, a spokeswoman for Total, said.

Speculators are BETTING that something will happen that'll diminish Iran's ability to produce oil...most likely an Israeli strike against it's nuclear enrichment facilities sometime after the election in November, and before the LIKELY start of an Obama presidency in Jan.

[HRSEPLA]

Watch your tongue youngin':thumbsup

[GRAMPS SS]

let it go up ....nothing we can do to change the fact of the prices going up...i'll still have to fill up 3 times a week no matter what the price is....

[Brandon W.]

let it go up ....nothing we can do to change the fact of the prices going up...i'll still have to fill up 3 times a week no matter what the price is....

WERD!!!!

and what do i do? i stick the 93 nozzle in the tank, and i close my eyes and fill it up.

[Reverend Cooper]

agreed wayne,untill theses fvckstains in office get their heads outta their collective ass' and start using all the oil derricks when half are shut down in texas and start drilling off shore shit is gonna be ****ed up,depression here we come

[Karps TA]

What's great about today's surge is it was brought on because Iran released a photoshopped picture of some missiles they said they were testing. Cept the picture was the same as one from 2 years ago, with a couple extra added in via a computer.

Apparently on the trading floor we need a forum, so that member's can explain to these people what a photochop is.

[GRAMPS SS]

WERD!!!!

and what do i do? i stick the 93 nozzle in the tank, and i close my eyes and fill it up.

but brandy...i don't make the BIG bucks you do...i'm poor and 2 steps from being a street person...

[Rocket Power]

considering there was a drop and the price wasn't reflective of that...its 404 at howard and 76th cash or credit....Al Gore will see his 5 + a gallon

Yeah it had dropped like $9/barrel over the previous 2 days, how come it only goes UP fast in reaction to a price change:goof

[GRAMPS SS]

^^^^^that's our politicians at work for your dollar.....lets give them a hand shall we....

[Z28Roxy]

I'm going to take the bus to graduate skool....

[PureSound15]

What's great about today's surge is it was brought on because Iran released a photoshopped picture of some missiles they said they were testing. Cept the picture was the same as one from 2 years ago, with a couple extra added in via a computer.

Apparently on the trading floor we need a forum, so that member's can explain to these people what a photochop is.

I think you have your information a bit confused. They did launch test missiles, they photo-choped in a 4th one because it had actually failed.

http://www.news.com.au/perthnow/story/0,21598,24002810-5005361,00.html


IRAN apparently doctored photographs of missile test-firings and exaggerated the capabilities of the weapons after one failed to fire, fooling the world's media and intelligence for at least a day.

Iran on Wednesday test-fired nine missiles - including a Shahab-3 it said was capable of reaching Israel - angering the US amid fears that the standoff over the Islamic republic's contested nuclear drive could lead to war.

Four missiles appear to take off from a desert launch pad in one image of the test published on the Iranian Revolutionary Guards website.

But a similar image has emerged that shows one missile still in its launcher after apparently failing to fire.

Analysts said that in the image apparently showing four missiles taking off, one of the projectiles was added using elements from the smoke trail and dust clouds from two of the other successfully launched missiles.

The image said to have been digitally altered was distributed by the Agence France-Presse news agency and used on the front pages of The Los Angeles Times, The Financial Times, The Chicago Tribune and several other newspapers as well as on BBC News, MSNBC, Yahoo! News, NYTimes.com and many other major news websites, before questions about its authenticity were raised.

It can be seen that parts have been edited, with smoke trails and parts of the foreground being cloned.

AFP said it had obtained the image from the website of Sepah News, the media arm of the Iranian Revolutionary Guards, on Wednesday.

http://www.news.com.au/common/imagedata/0,,6140315,00.jpg

[Karps TA]

That's not what they were saying on NBC this evening. They said the photos were from a launch 2 years ago.

[Brandon W.]

but brandy...i don't make the BIG bucks you do...i'm poor and 2 steps from being a street person...


haha. i wont complain about the $$$ i make thats for sure. but im sure you make more then me. granted, i dont have anything to pay for:rolf:rolf

[PureSound15]

That would be the media for you, I apologize then. I saw that on MSN this morning and CNBC this afternoon.

who knows whats right :rolleyes:

[Karps TA]

Who know's what right anymore. Makes you just want to stop reading everthing. Everyone lies to you. sux.

[GRAMPS SS]

there messing with our minds....

[Karps TA]

there messing with our minds....


Ha, well little do they know I don't have a whole lot of mind to mess with. So jokes on them!

[OxmanWI]

That's why we need to drill our own oil off our own coastlines as well as drilling in Alaska so we don't have to depend on the middle east for oil. If the USA could be more dependent on oil then think how much the gas prices would be.

[GRAMPS SS]

i'm older.....less of a mind...screw them as well...

[GRAMPS SS]

That's why we need to drill our own oil off our own coastlines as well as drilling in Alaska so we don't have to depend on the middle east for oil. If the USA could be more dependent on oil then think how much the gas prices would be.

did you ever think why there not opening the oil fields we have....there getting rich on the gas prices now...you make toooo much gas...the price goes down as well as profit margin for them....JMO

[GRAMPS SS]

http://www.pissedonpolitics.com/mad_cow.jpg


need we say more..............

[Nix]

I'm just plain sick and tired of hearing about this crap. It's gonna happen wheather we want it or not.

Its fact that gas is and will from this day on be wayyy more expensive than ever and also the fact that our goverment is totally corrupte. Basically what I'm saying is that we are ****t and crying isn't going to do anything about it.

With these missles and shit being launched in the middle east now we have to be pretty damn confident that there is going to be some type of war now for sure bewteen Iraq and Israel and whoever that fuk else.

We are screwed regardless and YES it will get worse than it is now.

Crying and boycotting will not help it. Iam feeling the pain as much as everyone else. We are all going through it togther make no mistake about it.

It sucks but we will have to ride this one out, we are making history people.

Jimmy MF'ng Johnson! I agree with you completley on your depression statement. People keep talking about a recession and yes we are either in one or approaching it depending on how you look at it. But sadly this is just the begenning.

Wait till Obama and the Clintons get elected into office. Or McCain, like said before in so many threads, We are FUKED any way you look at it.

end rant/ :(

*(also yes I know my gramma and spelling sucks. If that bothers you then don't read my shitty posts)