Oil and Gas Prices

Discussion in 'Politics' started by saturneptune, Oct 27, 2007.

  1. saturneptune

    saturneptune
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    Oil has been trading over $90 for a week. We as Americans have the technology to develope other types of fuels. How high do oil prices have to go before we do something?

    I for one am tired of seeing our money go to the Islamic terrorist supporters overseas, and paying for the oil company executives to be bigger pigs than they are.
     
  2. KenH

    KenH
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    This recent rise in oil prices, in my opinion, is being driven pretty much by nothing more than financial speculators in the commodities market and is divorced from supply and demand factors. And we know what happens when a speculative bubble bursts as we saw what happened to the stock market starting in 2000.

    By the way, we have not purchased any oil from Iran for over 25 years in these United States and don't purchase very much of our oil percentage wise from the Persian Gulf area, period.

    Personally, I don't particularly like how much large company executives are being compensated throughout our economy in all industries. But this is a matter for the stockholders of the companies to decide, not me and certainly not the government.
     
  3. saturneptune

    saturneptune
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    You are right about the Persian Gulf. I think we should be self sufficient in energy. Buying from some of the South American countries is almost as bad.
     
  4. NaasPreacher (C4K)

    NaasPreacher (C4K)
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    Wait till they get smart and start pricing oil in euro - OUCH!!

    At the moment that would mean an immediate 43% increase in price.
     
  5. KenH

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    Yes, Roger, you are spot on. That is another huge problem - the giant slide in the value of the U.S. dollar during the past few years - just like during the 1970s it is happening again.
     
  6. Baptist in Richmond

    Baptist in Richmond
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    I would argue that the rise in price for oil is more directly related to the fact that the dollar is getting crushed in the world currency markets. The dollar is worth less, so it takes more dollars to buy the oil.

    Moreover, the Chinese are now buying much more oil, and it could also be said that this is a case of supply and demand. If OPEC keeps their output at a certain level, then the supply can be controlled, thus keeping prices higher.

    While we do not purchase most of our oil from the Middle East, it is still a substantial amount.

    Regards,
    BiR
     
  7. 2 Timothy2:1-4

    2 Timothy2:1-4
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  8. KenH

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    1) Spot on.

    2) Yes. However, even Chinese demand was up just 0.3% in September from a year earlier, the slowest growth in 20 months.

    3) Yes. 20% of our oil imports(or 13% of our oil use) can be considered substantial.
     
    #8 KenH, Oct 27, 2007
    Last edited: Oct 27, 2007
  9. 2 Timothy2:1-4

    2 Timothy2:1-4
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    The rise in oil prices has more to do right now with the perceived stock pile counts of available crude for the winter. The market concerns over realestate crunch with so many forclosures and a falling dollar all effect the current prices. Opec has recently increased production to ease things a bit.

    The issues with Iran have quite a bit to do with oil prices right now. And the United States was warned prior to the new canctions on Iran that any futher action would put a strain on our relationship with other Arab states. It appears they have some concerns that any shipping routs might get shut down thus hurtint their economy.

    There are a large number of variables that go into oil prices.
     
  10. NaasPreacher (C4K)

    NaasPreacher (C4K)
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    Again, imagine if the talk of pricing oil in euro comes to fruition.

    And, BTW, if you are an American living in Europe depending on dollars, not only is the dollar worth less. but is almost worthless :).

    Six years ago a euro cost me 86 cents - this week it cost me $1.43. Imagine paying for euro priced oil with those same dollars.
     
  11. betterthanideserve

    betterthanideserve
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    We should be concerned if they decide to not only price oil in euros,but demand debt payment in euros,this would mean an immediate collapse of our economy,(hyperinflation) things made in the US would become less expensive,thinks made outside the US more expensive,unfortunately we dont make anything here anymore,so good bye economy hello depression.:godisgood:
     
  12. saturneptune

    saturneptune
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    Yes, thanks to the globalists and NAFTA people. Would you like fries with that burger?
     

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