Why is oil below $50 right now?

[Yonivore]

It is time... , it's way past time.

Lift the contemptible moratorium, open ANWR, and let our oil industry loose.

, you want a government jobs program I can get behind, start building ing refineries!

Lets go!

[Cant_Be_Faded]

bad bump, considering the OP


This run on oil is to completely expected. Anyone with a decent head was already holding at least some oil stocks for quite some time now. This ain't hurtin me

[johnsmith]

Stop pretending this is about supply and demand.............IT'S ING NOT!!!!

[Cant_Be_Faded]

Actually it is

It's about the fear of lower supply

[johnsmith]

Actually it is

It's about the fear of lower supply

Really? So you think the price of a barrel of oil as it is currently being traded, is justified?





I hope you get hit by a car.

[ChumpDumper]

Little known fact that the last oil refinery built in the US started up in 1976.

It's quite well known.

If somehow you are trying to suggest that the US has not increased its refining capacity since 1976, you are simply lying.

[Cant_Be_Faded]

Really? So you think the price of a barrel of oil as it is currently being traded, is justified?





I hope you get hit by a car.

Who said that?
The price of oil is going up because of fear of lower supply and speculation based on that fear.

[ChumpDumper]

It is time... , it's way past time.

Lift the contemptible moratorium, open ANWR, and let our oil industry loose.

, you want a government jobs program I can get behind, start building ing refineries!

Lets go!

Why do people think that new drilling automatically means significantly lower oil prices?

Or that US refineries always work at 100% capacity?

Or that petroleum companies want to add significantly more capacity when they aren't using all that is already available?

[johnsmith]

Ok Captain Emotional, you are right, it's about fear......and that fear is clearly justified, even though plenty of supply exists to meet demand and we all know will continue far beyond what the "futures" call for.......and weird that you are justifying the price right after you speak about making money off of it..........How very "conservative" of you.

[johnsmith]

Why do people think that new drilling automatically means significantly lower oil prices?

Or that US refineries always work at 100% capacity?

Or that petroleum companies want to add significantly more capacity when they aren't using all that is already available?

Exactly right. The price of oil has very little to do with whether or not we "drill now".

[Wild Cobra]

if we put half the money into green technology as we do into other bull we'd be using much less oil by now

bas s don't want that though because the US has been run by big oil companies for years now

Can you show evidence for that contention, or are you increasing global warming with all that hot air?

[RandomGuy]

Little known fact that the last oil refinery built in the US started up in 1976.

Relevance fail:

Little known fact among people who about that fact is that expansions in existing refinery capacity and efficiency gains have added at least the equivalent of a medium-sized capacity refinery every year since 1976, despite the closing of older, outdated refineries since then.

[RandomGuy]

It is time... , it's way past time.

Lift the contemptible moratorium, open ANWR, and let our oil industry loose.

, you want a government jobs program I can get behind, start building ing refineries!

Lets go!

The US holds 2% of known proven global oil reserves.



Go for it.

Just how many jobs do you think would be created?
How much of a difference in oil/gasoline price would there be if we went all out?
How long would that oil last if we did?

[CosmicCowboy]

The US holds 2% of known proven global oil reserves.

Go for it.

Just how many jobs do you think would be created?

Uhhh...Eagle Ford play alone had a 3 Billion impact in South Texas last year.

[RandomGuy]

Uhhh...Eagle Ford play alone had a 3 Billion impact in South Texas last year.

Yoni's point was that we haven't "let our oil industry loose" and need to do something different to create tons of jobs.

Thanks for helping me deflate that.

We are already drilling here and drilling now.

Now, can you tell me how many jobs that means? (always good to have solid data on these things)

[Yonivore]

Yoni's point was that we haven't "let our oil industry loose" and need to do something different to create tons of jobs.

Thanks for helping me deflate that.

We are already drilling here and drilling now.

Now, can you tell me how many jobs that means? (always good to have solid data on these things)

How many jobs were lost due to the moratorium? How many jobs are lost due to the failure to drill in ANWR or any of the so-called "no go" zones off our coasts?

[RandomGuy]

Just how many jobs do you think would be created?
How much of a difference in oil/gasoline price would there be if we went all out?
How long would that oil last if we did?

1)How many jobs were lost due to the moratorium?
2) How many jobs are lost due to the failure to drill in ANWR or any of the so-called "no go" zones off our coasts?

1) Best guess seems to be on the order of about 12,000-20,000, although such losses are probably temporary, to my understanding.

2) Probably very few, seeing as how the oil companies have not even begun to explore even a small fraction of the area they are allowed to go now.

Your turn. I would like my questions answered, please.

1) Just how many jobs do you think would be created?
2) How much of a difference in oil/gasoline price would there be if we went all out?
3) How long would that oil last if we did?

[boutons_deux]

Oil in US areas has become so scarce, so hard to find, so expensive to extract that the oilcos are instead raping Mother America by fracking for natural gas.

While gaining $Bs in gas, they will of course externalizing all the collateral damage to taxpayers. Private gain, public expense.

[Yonivore]

1) Best guess seems to be on the order of about 12,000-20,000, although such losses are probably temporary, to my understanding.

Best guess? Your understanding?

2) Probably very few, seeing as how the oil companies have not even begun to explore even a small fraction of the area they are allowed to go now.

Probably?

Your turn. I would like my questions answered, please.

Okay.

1) Just how many jobs do you think would be created?

Best Guess seems to be on the order of a ing butt load.

2) How much of a difference in oil/gasoline price would there be if we went all out?

Probably a whole of a lot more than we're seeing now.

3) How long would that oil last if we did?

You didn't provide me with a third indefinite non-answer.

Your turn.

[RandomGuy]

Best guess? Your understanding?


Probably?


Okay.


Best Guess seems to be on the order of a ing butt load.


Probably a whole of a lot more than we're seeing now.


You didn't provide me with a third indefinite non-answer.

Your turn.

Translation:
"Randomguy, I have no clue what I am really talking about, and am more interested in making emotional arguments than rational or logical ones based on actual data."

Ok then.

Carry on, jester. Dance!

[Nbadan]

Oil could explode....Gaddafi is bombing his ...

The Libyan air force has bombed the oil refinery and port town of Marsa El Brega as battles between forces loyal and against Muammar Gaddafi raged in several towns across the North African country.

"We just watched an air force jet ... fly over Brega and drop at least one bomb and huge plumes of smoke are now coming out ," Al Jazeera's Tony Birtley said on Wednesday.

Link

There is no telling where this could drive prices....even worse, groups are organizing in Saudi Arabia as we lean on the Saudi to open the pumps...

[Wild Cobra]

5/21/11 is the rapture. Heard it on Coast to Coast AM yesterday, must be true.

[RandomGuy]

It is time... , it's way past time.

Lift the contemptible moratorium, open ANWR, and let our oil industry loose.

, you want a government jobs program I can get behind, start building ing refineries!

Lets go!

As long as those refineries are over your drinking water, and you are forced to drink the resulting well water.

Then I would be on board.

[RandomGuy]

Oil is at 80 bucks a barrel now, a few short years later, even in the middle of a US economic downturn.

One of my favorite failed "ha ha!" moments.

85 by the middle of next year, even in a slow US economic environment, according to the Economists' commodities guy, who predicts swings above 100 or so will happen then too.

That is generally in line with my moderate 6-7% per year prediction for the next 15-20 years.

I will check back in after another year or two.

One year price check:

http://www.reuters.com/finance/commodity

$100.98

Give or take a buck or two, a year later.

Looks like $100/bbl is sustainable, although costs at the pump have been coming down.

[RandomGuy]

What a difference a fracking boom makes.

Looks like oil falls back down from its highs back down to below $50 the other day for US crude.

Funny is that it happened on a Democratic presidents watch, much to Yonivore's chagrin, I'm sure.