$100 oil is now here

Peak Oil is here. Life as we know it is about to change.

As Prius owners, we did our part in conserving oil but it is not enough just to drive a hybrid. We will soon be forced to live a low-energy lifestyle in a world without easy access to light sweet crude oil.

 

And the sky is falling.

Well it is but slowly so you hardly notice it and it will most likely land on your kids kids or even their kids.

Won't it be great to be remembered as the generation who knew but did nothing?

 

<div class='quotetop'>QUOTE(IndyDoug @ Nov 7 2007, 02:25 AM) [snapback]536048[/snapback]</div>

What a name for something that messy! And "sweet"??? Gimme a break!

<div class='quotetop'>QUOTE(patsparks @ Nov 7 2007, 02:38 AM) [snapback]536051[/snapback]</div>

They'll ask, "What did you do with all that oil?" And we'll say, "We burned it." And they'll say, "You BURNED it???!?!?!?!?"

 

Remember back in the late (ish) 90's when gas at the pump was only about $1 (or less!)? Hard to believe that a barrel of oil back then was only $15-$20... now we're 5-7 times that price, and yet pump prices have only tripled... If you ask me, we (American's) are getting off too easy at the pump.

 

<div class='quotetop'>QUOTE(eagle33199 @ Nov 7 2007, 07:24 AM) [snapback]536137[/snapback]</div>

I agree but I won't celebrate high gas prices until I know the extra money is going towards restoration projects that correct the wrongs associated with extraction of oil and natural gas. Instead we just increase the profit margin for dealers.

 

<div class='quotetop'>QUOTE(F8L @ Nov 7 2007, 11:31 AM) [snapback]536142[/snapback]</div>

.... and terrorists

 

<div class='quotetop'>QUOTE(dbermanmd @ Nov 7 2007, 07:45 AM) [snapback]536148[/snapback]</div>

Yup. I meant to add them in too. We fund them in so many ways that it is hard to stop them entirely.

 

<div class='quotetop'>QUOTE(F8L @ Nov 7 2007, 10:50 AM) [snapback]536151[/snapback]</div>

Exactly. Too bad Moses did not turn right on his way out of Egypt Amazing bad luck to have the combo we have today in the Middle East - fools gold and fools all mixed together.

 

I'm surprised the market has not had a big sell off. Prices will go up as we switch to winter fuels. This is a problem that could/will change a lot of things in this country and the western world. We need a leader who will put as much effort into a solution as we did with the race to the moon. Forget oil and the Middle East...science and innovation are the answers. B)

 

<div class='quotetop'>QUOTE(IndyDoug @ Nov 7 2007, 05:25 AM) [snapback]536048[/snapback]</div>

Not peak oil. More like trough dollar.

 

<div class='quotetop'>QUOTE(dbermanmd @ Nov 7 2007, 07:45 AM) [snapback]536148[/snapback]</div>

As in Bush and Cheney's Saudi Arabian friends?

 

I have a friend that lives in england she says fuel there is $4.00 a Liter :blink:

I just filled up the camry at $3.04.9 a gallon.... :mellow:

Thank god I dont have to drive the tundra or the mustang as daiy drivers...

Dammit I just purchased a 79 firebird as another restoration project, it takes up most of my free time.. When fixedup Im hoping it will sell even thought the gas prices will be higher..

 

We haven't actually hit the record price yet. In December 1979, oil actually cost more than it does today. At least in inflation adjusted dollars.

Oil in December 1979 cost $100.28 a barrel in January 2007 dollars.

 

<div class='quotetop'>QUOTE(burritos @ Nov 7 2007, 09:50 AM) [snapback]536175[/snapback]</div>

We may be confusing peak oil *price* with peak oil production. Normally "peak oil" refers to production. And it is now generally agreed that world-wide peak oil happened within the last year. We're here folks. We made it to the top! Watch your step on the way down the other side, please.

Here in the US when we peaked in the early 70's, we just did what was natural - we bought it from somebody else. Now that the world has peaked that option isn't quite so easy.

And with the dollar in the toilet as well... gosh, this is gonna be fun.

 

<div class='quotetop'>QUOTE(darelldd @ Nov 7 2007, 12:22 PM) [snapback]536196[/snapback]</div>

I think we'll have access to more oil once the polar ice caps get out of the way.

 

<div class='quotetop'>QUOTE(Marlin @ Nov 7 2007, 10:13 AM) [snapback]536191[/snapback]</div>

Everything I've seen published lately states that the previous high occurred in 1981 and that with oil at $96/barrel we've exceeded that, adjusted for inflation.

<div class='quotetop'>QUOTE(burritos @ Nov 7 2007, 10:35 AM) [snapback]536203[/snapback]</div>

Maybe, but it will be very expensive to produce and won't be able to reverse the production trends. So, while it might makes some folks a lotta money it won't really change things. It may not ever get produced.

 

<div class='quotetop'>QUOTE(darelldd @ Nov 7 2007, 01:22 PM) [snapback]536196[/snapback]</div>

Weeeeeeeeee :lol:

Well It wont be long till we trade in our cars for those little Vespas
http://www.vespausa.com/



Or for the really smug techno peeps, the plug in scooters.

 

<div class='quotetop'>QUOTE(Marlin @ Nov 7 2007, 12:13 PM) [snapback]536191[/snapback]</div>

They used to say the peak in oil price in '79/'80 was the equivalent of about $86/gal in today's terms, then when oil reached that point, people started refiguring inflation, apparently taking into account the dollar's slide, so lately I've seen numbers that say oil price then is the equivalent of $96-$103/gallon today.

Still kind of academic. Back then it was caused primarily by politics, and with a dash of peak oil (in the U.S.). Now it's caused by global peak oil with a good dash of politics (Iraq, Sudan, Nigeria, Turkey/Iran/Kurd situations). Politics are causing ripples on top of the price wave caused by peak oil. You might argue the case of how big the ripples are, but the underlying wave is still getting bigger. It doesn't really matter when the price crosses historic highs, production is unlikely to increase from 2006 figures.

And gasoline is still cheap, compared to the 80's. That isn't causing widespread change of behavior or recession. Home heating oil could hit poorer areas of the NE particularly hard (I heard estimates of $1800 to heat a house thru the winter). So when gasoline catches up to oil increases, only then will it start to hurt like we saw in the 80's, but because of peak oil, we know it's coming, just a question of when and how fast. Is more of a barrel being processed into gasoline than before?

 

<div class='quotetop'>QUOTE(tripp @ Nov 7 2007, 01:40 PM) [snapback]536206[/snapback]</div>

Nobody seems to agree on this. Here's an Reuters article from a week ago that says the record high was in April, 1980 with an inflation adjusted price of 101.30. (according to the IEA)

FACTBOX-Record oil price still below inflation-adjusted high
<div class='quotetop'>QUOTE("Reuters")</div>