North African Turmoil Could Rocket Crude to $220

North African Turmoil Could Rocket Crude to $220

www.foxbusiness.com

If the turmoil paralyzing parts of the Middle East and North Africa brings oil production in Libya and Algeria to a standstill, it could cause crude oil to explode to $220 a barrel, derailing the global economic recovery.

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Well here we go again, we are at the mercy of OPEC and have to pay whatever price they want and whatever the oil speculators want to do on the market and there is nothing we can do about it.

Oil has already jumped plenty in the last 2 days because of stories and worried wall street so I can only imagine what a story like this will do to fuel them.

I can only hope that we finally start to extract our own oil that we have here and offset the cost. I do rememeber getting gas during the gulf war when clinton was in office before the speculators came along. It was wonderful, I paid $0.98 a gallon and it didnt matter that the kuwait oil fields were burning. Why are we even allowing the speculators in the market anyways? Besides making the rich richer, what do they do for us?

thoughts and comments are appreciated and welcomed

www.foxbusiness.com
(visit the link for the full news article)

Well don't worry the the tar sands of Canada can take care of us for 300 years so might as well just let it go

Originally posted by Krypton

...we are at the mercy of OPEC and have to pay whatever price they want and whatever the oil speculators want to do on the market and there is nothing we can do about it.

=www.foxbusiness.com
(visit the link for the full news article)

I disagree. We do not have to do anything, we keep buying that fuel by choice, no one forces us to pull up to the pumps. It is simply the fact that we have not decided to inconvenience ourselves in order to speak out, sometimes words do not have to be said in order to send a message.

I say down with NAFTA, I think that Canada gets burned by things like this. Although around 55% of the oil is imported from saudi arabia, venezuela and algeria, we are losing our secure Canadian sources because of deals such as NAFTA. In light of what is happening around the world and ideas such as the $5.50 per Canadian passenger flying or sailing into the US, and the proposed border security deal, it makes me think Canada, through our government's corrections AND though not turning her back on our friends and nieghbours (when needed for natural disaster assistance) MUST start thinking about using the natural resources for the Canadian people first.To my belief, this is not happening in Canada but does in the US and Mexico.

www.canadians.org...

this can be our revolution.

Originally posted by starwarsisreal
Well don't worry the the tar sands of Canada can take care of us for 300 years so might as well just let it go

300 is the BS figure now is it?

Last I heard it was a thousand... Everyone forgets to mention that any mass scale production of tar sands and shale will leave us with a functioning planet for about.. Oh I dunno... 30 years max?

But anyway... Dire things are afoot. I'll watching oil and the markets like a hawk. Time to stock up

I'm no oil expert, but my understanding is that tar sands and other similar sources take more energy to extract than they provide. It's like guys on a rowboat running out of water in the middle of the ocean but saying, "don't worry, there is a ton of water everywhere." Well, only if you want to end up as the insane ancient mariner, complete with abatross around neck.

It seems to me that while its always possible that technology, new discoveries, or other boons may come along in the future, for now we are best off assuming that oil is limited and nothing currently known will replace it.

reply to post by silent thunder


I'm no expert either but this looks promising, no?

www.popsci.com...

Synthetic Gasoline.

reply to post by Krypton



As far as price gouging goes, if thats what you are suggesting: the average net profit margin for the S&P energy sector, is 9.5%. The average for the S&P 500 is 8.5%. Yes, energy companies are more profitable than others...but not by an inordinate amount to suggest they "fix" prices

THE USA HAS MASSIVE OIL RESERVES, MUCH BIGGER ON A GRANDER SCALE THAN THE MIDDLE EAST:

www.rinf.com...

The Middle East, when they find out whats really going on they will not sell oil to the USA and other OPEC nations....

Bottom line....expect more than USD$220 a barrel by end of this year and more rises throughout 2012.

The Middle East needs to off load their USD$ RIGHT NOW, do what Iran does and use another currency. They have to do it NOW before the globalist's plan goes in to affect before end of this year.

Wow Oil is on a mission today, since I got to work its been climbing by about a $ per hour... only been here for 3 hours though so not sure if it can keep it up for much longer

reply to post by bluemirage5


Keep dreaming.

USA peaked their oil production in 1970... Time to let it go

reply to post by Nomad451


No they did not, not even close!!!