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excellent point. gold vs. oil has remained flat. also, even if oil prices start to rise in real value (not in regards to inflating world currencies), you can bet OPEC would supply more to the market. And even if they didn't, America is sitting on trillions of barrells. There is more oil than we could ever burn. Drilling deep enough to recover it is the hard part.
i know some people think that i am whacky but i just don't see the intrinsic value of gold. i know it has been used for 1000's of years but i just don't understand why.
apart from oil shale, proven reserves which i have read about go anywhere from 20 billion barrels to 120 billion barrels. with today's demand that's between 3-20 years worth
i know some people think that i am whacky but i just don't see the intrinsic value of gold. i know it has been used for 1000's of years but i just don't understand why.
apart from oil shale, proven reserves which i have read about go anywhere from 20 billion barrels to 120 billion barrels. with today's demand that's between 3-20 years worth
The Bakken reserve in Dakotas is estimated at 400 billions barrels. That would take it out another 50yrs, and that is without even touching Alaska or offshore deposits. At current prices you will begin to hear about discoveries all over as it makes pumping problem areas now profitable.
The Bakken reserve in Dakotas is estimated at 400 billions barrels. That would take it out another 50yrs, and that is without even touching Alaska or offshore deposits. At current prices you will begin to hear about discoveries all over as it makes pumping problem areas now profitable.
spoke to a mate of mine this week. he writes futures for physical suppliers who want to protect their positions. he said that paper is in fact leading physical. so there is a slight bubble occuring.
i however will still bet dollars on oil because bernanke/greenspan have abused their position so badly that it is only a matter of time before exporters move away from the dollar and downgrade our credit rating
Green Central - Times Online - WBLG: Why the US wants us to keep on burning oil (http://timesonline.typepad.com/environment/2008/05/why-the-us-need.html - broken link)
spoke to a mate of mine this week. he writes futures for physical suppliers who want to protect their positions. he said that paper is in fact leading physical. so there is a slight bubble occuring.
i however will still bet dollars on oil because bernanke/greenspan have abused their position so badly that it is only a matter of time before exporters move away from the dollar and downgrade our credit rating
Green Central - Times Online - WBLG: Why the US wants us to keep on burning oil (http://timesonline.typepad.com/environment/2008/05/why-the-us-need.html - broken link)
I am pretty much a Peak Oil guy, but I agree that the futures are leading the real. But some overshoot is normal, both up and down.
Another factor that is more political / psychological than real (so far) is the that the End-Times-BushGod folks or Israel may go a little crazy and attack Iran while they still have a chance. While that has no real place in normal supply and demand factors, it casts a HUGE shadow over the markets and prices for Middle East oil.
If Obama comes in January, the Resource Wars are pretty much over. It would be well within the character of the current bosses to start (another) war / invasion / occupation at the end of their term, like Daddy Bush did in Somalia.
Traders with any sense of awareness as well as buyers know this, and have to factor that risk in, and the higher costs are viewed as buying insurance.
I am pretty much a Peak Oil guy, but I agree that the futures are leading the real. But some overshoot is normal, both up and down.
Another factor that is more political / psychological than real (so far) is the that the End-Times-BushGod folks or Israel may go a little crazy and attack Iran while they still have a chance. While that has no real place in normal supply and demand factors, it casts a HUGE shadow over the markets and prices for Middle East oil.
If Obama comes in January, the Resource Wars are pretty much over. It would be well within the character of the current bosses to start (another) war / invasion / occupation at the end of their term, like Daddy Bush did in Somalia.
Traders with any sense of awareness as well as buyers know this, and have to factor that risk in, and the higher costs are viewed as buying insurance.
i too am a peak oil type guy. the thing is that there are 2 sides to every story on this. today on faux news you had the gov of montana saying that they are ready to save us with 40 billion barrels waiting for us in the bakken formation. previous estimates i have read about estimate 4 billion barrels. then you get the lindsey williams crowd talking about 400 billion barrels. it's all getting a bit tiring. don't citizens have a right to know what the real story is. all this strategic cloak and dagger stuff really pisses me off! they should open that up to any organisation who wants to survey, maybe then we can start getting real estimates!
i too am a peak oil type guy. the thing is that there are 2 sides to every story on this. today on faux news you had the gov of montana saying that they are ready to save us with 40 billion barrels waiting for us in the bakken formation. previous estimates i have read about estimate 4 billion barrels. then you get the lindsey williams crowd talking about 400 billion barrels. it's all getting a bit tiring. don't citizens have a right to know what the real story is. all this strategic cloak and dagger stuff really pisses me off! they should open that up to any organisation who wants to survey, maybe then we can start getting real estimates!
Sure, I follow exactly what you are saying. Like you observed numbers that are being presented as sincere vary from 4 to 400 B in the Bakken formation. From that you can know that you are dealing with either liars or gross incompetence. To me, it makes no sense on a personal level to engage in discussions when there is level of nonsense occurring.
I have ran across situations like this many times across the last 20 years of business. Invariably when I am faced with the question -- Am I dealing with Crooks or Dummies? The answer ALWAYS turns out -- I am dealing with both -- ie, Dumb Crooks. Every time. So I suspect the same on this one.
But I do not let it bother me too much, either way. I just route-around and go on happy. To engage them is to become part of their games and mess.
On the personal level, exiting oil is very profitable (even more so than finding and working in oil). So that is an instant win on the personal level. Helping business and others also exit oil is also very profitable. On the other hand, to engage in a quest for a dying industry and empire is a loss.
I no longer care if they say der Furher and the Fatherland is wining, losing, or just running in circles, anymore than I care what color the little pointer arrow on the little rainbow terrorism meter is aimed towards All BS from BS'ers. I will not take part, either way, and just seek to avoid the fallout from the fools.
LOL - Do you really think gas is $4 all around the world? A US gallon costs around 19c in Venezuela, 45c in Saudi, 42c in Iran, $1.21 in Egypt, $2.80 in China.
The reserves are estimated at 400 bbl brls. with 4.3 bbl being easily recovered. What is feasible at $40.00 a brl. and what is feasible at $100+ are 2 very different things.
Here is an example of what is begining to happen. A rising tide raises all boats.
Sure. Folks are being bid out and out bid from the market. This is what a race to the bottom looks like.
As far as raising all boats . . . The tide does not raise the leaky ones.
They sink deeper.
The US is presently a very leaky boat.
4 Billion Barrels is a half a year's supply for US at present rates of consumption.
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