Predictions for OIL were right.

[Mindz]

Fears, Again, of Oil Supplies at Risk
By NEELA BANERJEE
Published: October 14, 2001

''If bin Laden takes over and becomes king of Saudi Arabia, he'd turn off the tap,'' said Roger Diwan, a managing director of the Petroleum Finance Company, a consulting firm in Washington. ''He said at one point that he wants oil to be $144 a barrel'' -- about six times what it sells for now.

SRC

[Jak]

All the more reason to start drilling now!

[Myka]

I just saw a John McCain commercial saying that he will push for domestic drilling. I think just about everyone wants to drill here now. Too bad we couldn't have done this 10 years ago.

[DGthe3]

oil will hit $864/barrel at some point as well. That article was written at a time when the price of oil was extremely low. Now it is somewhat high, accounting for inflation.

[diddiyo]

of course it is bin laden! forget everything you know about supply & demand, the economy, speculators etc.

[MerF]

Originally Posted by diddiyo

of course it is bin laden! forget everything you know about supply & demand, the economy, speculators etc.

I hate Bin Laden as much as the next American, but this is a bit over the edge. I blame pure unadulterated greed for the current state of affairs.,

[diddiyo]

"Sarcasm, just another service I offer"

[chadrcr]

Originally Posted by DGthe3

oil will hit $864/barrel at some point as well. That article was written at a time when the price of oil was extremely low. Now it is somewhat high, accounting for inflation.

The price has more than doubled in 2 years... the price is way too high.
gas was less than $1.00 per gallon in 1998 in the summer. That was low. Layoffs in the oil fields in west Texas, half of the town unemployed and moved away. 2003 gas was $1.50 per gallon, some of the jobs were coming back. 2005 Before Katrina , gas was still under $2.00 and a year after Katrina (2006) it was back down to $2.00. Now, at $4.30 it is adversely affecting our economy, unless you are an oil executive.

We need to drill: off the coast, in ANWAR, in the courtyard of the Pentagon, on the Whitehouse back yard... We also need to build the refineries, close to the source... where ever that is. We need to start getting a military discount on all oil produced in Iraq AND Kuwait, since we saved it all from Hussein.
Nuclear, wind, solar, e-85, hydrogen etc should all be a top priority for the future, and should be researched and invested in / tested ASAP.
But in the mean time. DRILL HERE, DRILL NOW.

[MerF]

Originally Posted by diddiyo

"Sarcasm, just another service I offer"

I look at your post now and wonder how I didn't see it the first time...it's literally dripping with it.

I must have been half-paying-attention or something. Carry on.

[DGthe3]

Originally Posted by chadrcr

The price has more than doubled in 2 years... the price is way too high.
gas was less than $1.00 per gallon in 1998 in the summer. That was low. Layoffs in the oil fields in west Texas, half of the town unemployed and moved away. 2003 gas was $1.50 per gallon, some of the jobs were coming back. 2005 Before Katrina , gas was still under $2.00 and a year after Katrina (2006) it was back down to $2.00. Now, at $4.30 it is adversely affecting our economy, unless you are an oil executive.

After doing a little research I was wrong to say that it was somewhat high. It is at a historical high right now. But 1998 was a historical low - $15.70/barrel in todays money. Thats lower than in the post war days, lower than the muscle car era, lower than any other time since people began recording this stuff. The average has normally been around $30/barrel

Gasoline prices are much the same story. The historical average is about $2.50/gallon in 2008 dollars. And 1998 gas cost the equivelent of 1.35/gal or so.

So you are comparing one extreme to the other. But you are correct in that it is changing your economy. Perhaps instead of shiping goods from California to New York (or vice versa) it could be made locally. And instead of using trucks to move goods, trains and water ways could be used. This would reduce conjestion on busy highways. And maybe instead of going to home depot, people will just go to a local hardware store. These are just a few examples, there are plenty more.

[Chevyrocker]

you can't blame anyone for what we're paying for gas right now except for the good 'ol American commodity brokers.

[Jiu Jitsu Jon]

I still say it's nothing that good ol' fashioned rioting in the streets won't solve.

Just make sure my car ain't there when it happens. I have to keep it pretty to get a good trade next year.