Oil Prices Exceed $90 / bbl

To paraphrase that Van Halen song...
"One Break...Coming Up!!"


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Indeed, if you plotted the rise in oil prices against the decline in strength of the Dollar, the two would correspond, more or less.

Oil is actually fairly stable against the Euro.

And if the Dollar ever ceases to be the currency which is used to value oil and other commodities, we could really feel it.

I read somewhere that we're currently using one million more barrels daily than we're extracting, worldwide.

I also read that it costs Exxon about $25 to find, extract, and refine a barrel of oil (but I'm sure there are additional costs involved).

 

"I also read that it costs Exxon about $25 to find, extract, and refine a barrel of oil (but I'm sure there are additional costs involved)."

Costs that cannot be quantified because they are political and/or environmental and us lowly taxpayer can't put 2 and 2 togethor to figure out "hey I'm paying for it there too"!

Some of those costs are justified and should be through those means, but it's unfair to then force renewables to justify there cost based on the current energy cost without factoring in the hidden costs of oil that are hidden through political/military support and subsidies.

 

<div class='quotetop'>QUOTE(Darwood @ Oct 31 2007, 02:48 PM) [snapback]533067[/snapback]</div>

Right...it may cost Exxon $25 to find, extract and refine a barrel of oil...but it costs *us* an additional $XX.XX to help them provide that service...

????

 

<div class='quotetop'>QUOTE(dbermanmd @ Oct 31 2007, 09:44 AM) [snapback]532967[/snapback]</div>

300 million??? So you're flip-flopping! Your original post put the number at "300,000,000 million." (Your exact phrase.) You've now reduced the number by six orders of magnitude.

But I give you some credit. Normally you never admit a mistake, and at least this time you tacitly admit you were off by a factor of a million.

 

<div class='quotetop'>QUOTE(daniel @ Oct 31 2007, 11:31 PM) [snapback]532877[/snapback]</div>

I think your right and it's pretty stupid that people ignore your point for a simple mistake. The point is if the hole in the ozone layer opens so big the ozone layer disapears, average global temps climb 10 degrees, extreme weather kills 10 times as many people, and oceans rise to destroy cities and it will be god's will. Yep, Americans give what they can but the truth is we all contribute to the problem.

 

Petrol last night was about $4.86US a gallon here, our economy is on the boil so much so that interest rates are increasing to bring inflation in check.
Increasing fuel costs wont stop the transport industry it will just drive up the prices. There will still be demand for goods so there will still be demand for transport. Maybe there will be more incentive to expand rail networks and even electrify more of the network.
Air travel is still very cheap in comparison to the 60s and 70s. Demand for air travel may decline if fuel prices increase 3 times current prices but they wont stop flying. Have you seen the new airbus?

Massive aircraft. seats up to 853 people.
Singapore airlines have one, I don't think they believe air travel is doomed.

 

<div class='quotetop'>QUOTE(dbermanmd @ Oct 31 2007, 07:26 AM) [snapback]532888[/snapback]</div>

I think your rosy view of the U.S. is quite tainted. our economic growth is only possible because of the degredation we have exported around the world and the countries we have taken advantage of. You really should research the subject objectively my friend. I know you are intelligent enough to read between lines and see the truth hidden behind the lies the economic juggernaut professes. David Korten maybe???