NEWS: Fear: Not enough oil for winter

Oil prices have set new records amid concerns that there may not be enough supplies for the key winter period. With oil prices in New York, crude hit $55.33 a barrel in pre-opening trade before falling down to $53.67. Oil prices are high in London also, crude went as high as $50.32, before ending at $48.91. It is a possibiliy that crude can hit $60 by the end of the year.





As seen in the graphic above, the cost of crude oil has a direct affect on inflation. As of now, the price of crude is continually rising.

"There is no doubt that at some point in the next six months we are going to see a price retreat," Daniel Hayes, an analyst at ANZ Bank in Melbourne predicted on Monday.

Currently, West Texas Intermediate Crude Oil is priced at $52.95, up $2.17

Given that I think many people use oil/gas over many other potential heating methods, this could make things very bad, especially for elderly people. High cost of heating, gas, and in my case fuel for cooking definately makes me cringe at the coming winter months. Might see more use other heating methods if these theories pan out to be more than just that.

[edit on 18-10-2004 by alternateheaven]

Added to which is that the long term forecast appears to be suggesting a slightly colder winter than 'usual'.

This is one site with the UK long term forecast.
www.metcheck.com...

Tie this 'fact' in with the 'not enough oil' issue, the lack of sufficient flu vaccine and the Maunder Minimum sunspot activity speculation and the potential starts to look a bit bleak.

Oh, and I've just remembered the article on R4 this morning about future UK power outages. More on that here: news.bbc.co.uk...

"Britain faces winters of blackouts and energy price hikes because of a looming crisis in generating capacity, a power and engineering industry union warns"... although in fairness, it wasn't *this* coming winter.


(edited for sp & new link)

[edit on 18-10-2004 by 0951]

I live in FL, we'll need to turn on the heat approximately 3 days this winter...

I'm up in the northern va area, nothing but mountains and trees around. Winter here is a mess, especially when it snows, so I can only imagine an increase from last year and having shortages of fuel, especailly since our 3500 Ram Dualie gets like 10mpg Weather this year has been unforgiving to say the least, maybe for once the predictions for winter will be overhyped and we wont all freeze into ice cubes

I think this is one of the major reasons why the southern & western U.S. has been gaining population for years, while the northern & northeastern U.S. has been losing population for years. As oil prices increase, this trend will likely continue.

We have enough anthracite in my part of the country to provide the world's current energy needs for the next 500 - 600 years.

If oil really gets out of control, people can just heat their homes the old fashioned way - clean coal.

Originally posted by Gazrok
I live in FL, we'll need to turn on the heat approximately 3 days this winter...

After all the hurricanes you guys caught down there, glad something kinda works out

Sorry to hear about that but It wont affect me. I have worn T-shirts outside the last 3-4 Christmas. We might drop below freezing 7-8 days in the winter, although sometimes we will suffer a real bad week or two mainly because we are not prepared to handle it. We use a 1 inch snowfall as a excuse to close all the schools and most Businesses and just have fun

Last years prices were far from great. I'm dreading my gas bill this season. I'm not really worried about the economic problems, true, high gas prices have hurt the economy in the past but that is less the less the case. High prices obviously won't help - I'm hoping for a mild winter.

[edit on 18-10-2004 by Bob88]

They have to buy more jet fighters and pay for the war in Iraq,that's why oil prices are going through the roof!

I'm just hoping all of those people who like to turn their heat way up to 75 or even close to 80 degrees here in South Carolina will turn their thermostats down to a more comfortable 70 or 72 degrees and save some big bills in the process. I can't stand the high heat. Somehow I'm not too optimistic. I'll probably get used to temps in my house in the low to mid 60's and roast everywhere else like normal. I'm hoping people will turn down their thermostats though.

It hasn't snowed here in over ten years, and even when it rarely does the snow melts usually within a few hours. I'm not sure that it ever gets below zero here either. Yep, very comfortable in the south; that's assuming that you can stand the slightly warm summers

Hopefully the only good thing that comes from $60 or more for oil prices is a realization to the american people we need to get away from oil expecially for heating our houses. Maybe the country will realize the best way to do this is through nuclear energy. Garsh i mean it wont get that bad people if ya think about it. IF it comes down to it we can cut the oil from areas that can get nuclear power and distrubte it to areas without nuclear power. Remember our nuclear power isnt running even close to maximum output.

the u.k has been warned of its coldest winter on record ever this year - coincides nicely with electricity prices being rocketed

Fear: Not enough oil for winter...
Seems that in the US, this has occurred a number of times and instances. As such, this "fear" of not having enough home heating oil has been cried for going on since the early to mid-1980's on through the 1990's and into 2000 plus.

The demand for oil has risen worldwide as economies grow/grew. Its time and has been time for the US to seriously concentrate on real, applicable alternative sources and find the means to implement them ASAP.



seekerof

The beauty of the capitalist system makes this the problem of the poor.

Its not as if the rich will fear running out, they can afford the high prices beacuse they earn from OIL in the first place.

Originally posted by Gazrok
I live in FL, we'll need to turn on the heat approximately 3 days this winter...

Do not live by that belief. Your Gulf Stream is faltering. There is upwelling in the Atlantic due to underwater volcanic activity. THIS IS CAUSING COLD WATER TO UP WELL. Look for a cool winter and prepare. Oil will climb to near 100$ a barrel. Be glad you do not live between Chicago and New England. Pray for Buffalo, N. Y.

Good Night

TUT

farmers almanac predicts Feb. & march will be the coldest ever for this area, we didn't have a hot summer at all, so i have thought all along this winter is going to suck.

It will be just fine. Wrap the pipes and put on a sweater and enjoy the ice fishing.