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Oil's at $70

Discussion in 'Political Discussion' started by Real World, Jun 5, 2009.

  1. Real World

    Real World Moderator Staff Member

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    The run on commodities is gaining steam.

    Oil prices briefly above $70 on US jobs data

    New US jobs data sends oil prices briefly above $70 per barrel

    George Jahn, Associated Press Writer
    On Friday June 5, 2009, 10:09 am EDT

    VIENNA (AP) -- Oil prices spiked briefly above $70 per barrel on Friday for the first time since October on the back of a U.S. Labor Department report that showed the pace of layoffs eased in May.

    The unemployment rate, at 9.4 percent, is still the highest in over 25 years. But the 345,000 loss in payrolls in May was better than previous months and strengthened hopes that the recession in the world's largest economy may be bottoming out.

    Benchmark crude for July delivery hit $70.32 per barrel, the highest since October, after the data. It then fell back to $69.70 a barrel by afternoon in European electronic trading on the New York Mercantile Exchange. On Thursday the contract shot up $2.69 to settle at $68.81.

    Crude's stellar rise -- it now fetches roughly twice what it did only four months ago -- is leading analysts to revise forecasts upward, with many now saying they expect a barrel to cost $80 or more by year's end.

    Crude prices have been boosted by expectations that the U.S. economy could be stabilizing and by some investors' appetite for oil and other commodities as a hedge against a weak dollar.


    http://finance.yahoo.com/news/Oil-prices-briefly-above-70-apf-15449561.html?.v=9
  2. shmessy

    shmessy Maude Staff Member PatsFans.com Supporter

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    #75 Jersey

    ......just the beginning.
  3. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    Well nothing much is going on with alternatives. There's no new drilling. No plans for nukes. We're at a standstill so, yeah, get used to it.
  4. scott c

    scott c Rookie

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    Greedy speculators going for whatever they can bleed us for AGAIN.....:mad:
  5. BelichickFan

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    #24 Jersey

    The speculation is due to an expectation of higher demand as economies, hopefully, pick up.

    I want :

    Drilling.
    Nukes.
    Natural Gas for Vehicles.

    Let's go, obama, nothing is happening.
  6. shmessy

    shmessy Maude Staff Member PatsFans.com Supporter

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    #75 Jersey

    I want to put the Arab/Iranian/Venezuelan/Russian despots out of business.
    Last edited: Jun 5, 2009
  7. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    Great - but nothing's happening.

    Zilch.
  8. shmessy

    shmessy Maude Staff Member PatsFans.com Supporter

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    #75 Jersey


    There is a huge push towards alternative energy that is happening. The first time EVER, the US has a SCIENTIST (not OIL Company Executive) as Energy Secretary and Waxman knocked out Dingell in an intraparty coup for chairmanship of the House Committee on Energy.

    All this has happened in the past 5 months.

    The wheels are in gear, but it's not like flipping a switch.
    Last edited: Jun 5, 2009
  9. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    We could flip a switch and start building nuke plants.
    We could flip a switch and start drilling our own oil.
    We could flip a switch and start having more cars/trucks running on natural gas.

    No switches are flipping.
  10. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    That's bureaucracy. Other than names changes, what has HAPPENED ???
  11. shmessy

    shmessy Maude Staff Member PatsFans.com Supporter

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    #75 Jersey

    Think strategically, not tactically,for a moment:

    1) Let's assume for argument's sake that the US has AS MUCH (very, very arguable) oil reserves as the Arabs/Iranians/Venezuelans/Russians combined.

    2) Let's say that we "drill baby drill" and become completely energy independent within 15 years (also very arguable).

    Question: Aren't there OTHER countries around the world that do NOT have oil resources? Aren't they STILL going to have to PAY the despots (thereby funding their fundamentalist groups) for energy?????

    The upshot is that without ELIMINATING 100% of the global need for fossil fuels, SOMEONE is still going to have to pay IRAN/SAUDI/VENEZUELA/RUSSIA. They will STILL have markets for their (in many instances) ONLY real industry.


    It's nice that it wouldn't be us paying for their oil, but someone else will need to - - - unless alternative energies are developed to put the bastards out of the energy hostage business completely.
    Last edited: Jun 5, 2009
  12. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    Larger supply = lower price and less reliance on "them".

    Fine but nothing's happening.

    Why aren't we building nuke plants ?
    Why didn't part of the stimulus go to a manhattan project style energy independence solution ?
    Why didn't part of the stimulus go to getting natural gas and converting gas stations and vehicles to run on the cheaper/cleaner fuel that's under OUR ground.

    Nothing is happening.
  13. shmessy

    shmessy Maude Staff Member PatsFans.com Supporter

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    #75 Jersey

    You forgot the other part of that equation: Demand.

    India, China, etc. are growing faster than us. Take us off the client list and the Oil Bastards will still have plenty of revenue for decades and centuries .........unless alternatives are developed.

    You have to truly kill the snake.....not just poke it with a stick.
    Last edited: Jun 5, 2009
  14. Real World

    Real World Moderator Staff Member

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    So what are you trying to say. That we should continue the status quo, and try to create an alternative that eliminates oil altogether, for the entire world to use? :confused: Meanwhile, we won't bother flashing a middle finger at the despots, by drilling our own supply, keeping hundreds of billions of dollars in house, while we try to find this nonexistent alternative to oil. Sounds like a great plan.

    Meet the new guys, same as the old guys. No real plan in sight.
  15. shmessy

    shmessy Maude Staff Member PatsFans.com Supporter

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    #75 Jersey


    We went from W. Bush's $1.7 over 7 year alternative energy program to Obama's $150 billion over 10 year program.

    But you're preaching to the choir on this question. I say this question is a matter of life and death for our nation.
    Last edited: Jun 5, 2009
  16. shmessy

    shmessy Maude Staff Member PatsFans.com Supporter

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    #75 Jersey

    "nonexistent alternative to oil".

    Okeedoke.

    Once again, if WE "drill baby drill" that doesn't solve the threat from the oil despots - - others will still be buying oil. we need to put them out of business. Your plan is to put them out of OUR patronage. That's going only 30% of the way - - the snake still lives in that situation.

    Once again, I invite you to think STRATEGICALLY (10 moves ahead on the chessboard) not merely about the next move (as, unfortunatley American policy - -economic also - - has been doing the past 50 years).
    Last edited: Jun 5, 2009
  17. BelichickFan

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    #24 Jersey

    We have alternatives NOW in nukes and natural gas. We can use those while we investigate new options. But . . .
  18. PressCoverage

    PressCoverage Banned

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    Although I did hear our president for once admit on international television that oil is a finite resource and it is running out (a positive step), you'll get no argument from me that he just doesn't get it regarding energy.
  19. shmessy

    shmessy Maude Staff Member PatsFans.com Supporter

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    #75 Jersey


    But OTHER countries don't have that!!!!!!!

    They will still have to buy (and fund) the oil despots.

    The earth doesn't stretch only from California to Maine.

    if we get off the clientele list, the oil despots will still be getting revenue.

    Put them out of business!!!!!!!!
  20. BelichickFan

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    #24 Jersey

    I've said it before, my stimulus plan would have been :

    - Create Manhattan Project style research on alternative energy.
    That creates tons of white collar jobs.

    - Start conversion of gas stations to 25-50% natural gas.
    - Create piplines and drilling of natural gas.
    - Convert cars/trucks to run on natural gas.
    That creates tons of blue collar jobs.

    Yes, natural gas is finite. But it's cleaner and cheaper than oil/gasoline. It lets us use our own resources while we try to develop alternatives.

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