Oil hit's record $74 a barrel

Not as concerned for myself. Use a bike, grow my own veggies (also very close to being a vegetarian). So, I just have to worry about everything else that I buy at a store, since the prices will up themselves. May be time for Louisiana to drop their sales tax on groceries if the impact is as large as predicted. Not surprised by any of this at all, and if Iran does happen, it will be worse. Let's not forget about Chavez threatening to burn the oil fields there if we mess with him, either!

My grandfather was the head geologist for a large oil company before he retired and he said that he wouldn't be surprised if by next year people in the US are paying $5/gallon for gas.

Originally posted by deadboi
My grandfather was the head geologist for a large oil company before he retired and he said that he wouldn't be surprised if by next year people in the US are paying $5/gallon for gas.

What does your grandfather say about the amount of oil still in the ground? Does he feel that there is a real oil shortage and that we may run out of oil soon?

I don't know how you guys in the UK and such keep a cool head when you pull up to the pump. I'm ready to go to the Whitehouse and drop my drawers on the lawn, and show a full moon, here in the US. I have to keep stopping and stopping to get gas.

Troy

[edit on 21-4-2006 by cybertroy]

[edit on 21-4-2006 by cybertroy]

Surely our respective governments would be forseeing the kind of disaster this could turn into if oil prices doubled, for instance, due to a war with
Iran.

That's what makes me suss on the whole thing.

I see a global spike in oil as a much larger potential issue than say, a nucleur Iran

But i see no active "pre-emptive" stategy to tackle this other than vague referances to searching for alternative fuel sources and the occasional eco- car roll out as "concept" for a company like mercedes..

...if fuel prices double, people will riot.

...not to mention the rollover effect on anything that needs to be transported...ie. food.

Originally posted by MBF
What does your grandfather say about the amount of oil still in the ground? Does he feel that there is a real oil shortage and that we may run out of oil soon?

I'm not sure, we really didn't talk about it all that much. I'll give him a call in the next few days and find out what he thinks.

Now just ask to yourself who the fawk is benefiting from that.
US invade Irak and afghanistan both are geopilical hotspot for oil no doubt, then we got US army spending tons of oil everyday supporting those invasions. So who is benefiting from that , dont ever say american citizen cause im prety sure only strong corp. and they are making tons on $ over the ignorance of the fellow americans. So why since american control those places now we are paying more to full our cars , is that me or we are shooting the wrong guy , the guy who were benefiting from his own land in irak, their oil not american oil. Yet we gonna have to pay more and more. Those believes muslims were the bad guy think bout it when ull go fuel next time.

i Had to edit cause som will say oh thats supply and demand i agree but what if that equation was deeply controled, like lets create a SUV its big not safe at all and best of all it takes ALOT of gas to full or a public electricity corp. in Canada made a wheel running on electricity and gives as much power a porsche can deliver but never saw daylight cause let me wonder.. hmm oil company ? . I know China have double his demand over the last 5 years and som event like katrina or war in Irak could reduce suply, but in those case , now we "so called control" irak and the region around , we suppose to get som benefits from it or it was pointless to invade, no? And regarding chineese demand increasing with theyr low currency its a joke we are stealing their hard earned Yen and mostly since that increase, Russia made several discovery making them one of the most rich oil land, plus Russia have several trade agreement with china regarding the suply of oil, so plz dont tell me theres a shortage of oil coming up , cause thats not true or verified.

BTW i dont support war and and i didnt even talk bout how the american finance nazis germany during WWII especialy oil, but theres documentation on it just too lazy to find back the link but its somhow obscure and i dont believe it 100% either.
Ill say it again . Mussolini was saying u could call Fascism, CORPORATISM.
[edit on 22-4-2006 by eagle eye]

[edit on 22-4-2006 by eagle eye]

[edit on 22-4-2006 by eagle eye]

Sorry about the delay getting back. Here is what my grandfather said in regards to the oil shortage.

Oil is a finite resource in that the rate of generation of new oil is in geologic time and our consumption is in millions of bbls/day. World consumption is reducing known reserves ie our rate of discoveries cannot, and never will again, equal consumption. Both China and India want to attain major increases in their standard of living and that will require massive energy use.

So yes, we are running short of oil. Wheather there will be dire shorfalls next year, in 20 or 50 years depends on: conservation, political unrest in major producing countries, and discoveries of alternate energy sources. We will definitely have to use a lot more nuclear energy soon. Expect oil to hit $100/ bbl in less than 5 years. At least that is the way I see it.

One of the seemingly messed up things I heard about this from the news was that President Bush warned us of rising oil prices in the travel season. That might not seem significant, but think about it, our president warns us. And, if he says this, I assume that the prices are just going to rise without intervention.

news.yahoo.com...

Isn't it convenient that gas goes up during the travel season, time to rake in some more profits. It's no different than a hotel that raises its prices for events to rake in more money. It seem like it could be a profit game to me.

Bush says there will be investigation of price gouging. Sure, it's like "Yup, the customer is getting gouged, let's go home, nothing to do here."

Troy