HOLD ON TO YOUR HAT: Opec Says Oil Could Hit $200

[Pale Rider]

Opec Says Oil Could Hit $200


By Carola Hoyos in London

Published: April 28 2008 13:56 | Last updated: April 28 2008 20:03

Opec’s president on Monday warned oil prices could hit $200 a barrel and there would be little the cartel could do to help.

The comments made by Chakib Khelil, Algeria’s energy minister, came as oil prices hit a historic peak close to $120 a barrel, putting further pressure on global economies.

He told El Moudjahid, Algeria’s government newspaper: “I don’t think that an increase in production would help lower prices, because there is a balance between supply and demand and the stocks of gasoline in the United States have recorded a surplus and are at their highest level for five years.”

He added: “The prices are high due to the recession in the United States and the economic crisis, which has touched several countries, a situation that has an effect on the value of the dollar. Each time the dollar falls 1 per cent, the price of the barrel rises by $4 and of course vice versa.”

Article continues here... (http://www.ft.com/cms/s/0/4200dc9e-1521-11dd-996c-0000779fd2ac.html?nclick_check=1)

[Pale Rider]

Gasoline May Soon Cost a Sawbuck



Big New Shock at the Pump Forecast by Two Analysts

By DAN DORFMAN
Special to the Sun, April 28, 2008

Get ready for another economic shock of major proportions — a virtual doubling of prices at the gas pump to as much as $10 a gallon.

That's the message from a couple of analytical energy industry trackers, both of whom, based on the surging oil prices, see considerably more pain at the pump than most drivers realize.

Gasoline nationally is in an accelerated upswing, having jumped to $3.58 a gallon from $3.50 in just the past week. In some parts of the country, including New York City and the West Coast, gas is already sporting a price tag above $4 a gallon. There was a pray-in at a Chevron station in San Francisco on Friday led by a minister asking God for cheaper gas, and an Arco gas station in San Mateo, Calif., has already raised its price to a sky-high $4.62.

In Manhattan, at a Mobil gas station at York Avenue and East 61st Street, premium gas is now $4.03 a gallon. Two days ago, it was $3.96. Why such a high price? "Blame the people at STOPEC (he meant OPEC) and the oil companies," an attendant there told me.

Article continues here... (http://www2.nysun.com/article/75363)

[Pale Rider]

That's also the outlook of the Automobile Association of America. "As long as the price of crude oil stays above $100 a barrel, drivers will be forced to pay more and more at the gas pump," a AAA spokesman, Troy Green, said.

Oil recently hit an all-time high of nearly $120 a barrel, more than double its early 2007 price of about $50 a barrel. It closed Friday at $118.52.

The forecasts calling for a jump to between $7 and $10 a gallon are based on the view that the price of crude is on its way to $200 in two to three years.

Translating this price into dollars and cents at the gas pump, one of our forecasters, the chairman of Houston-based Dune Energy, Alan Gaines, sees gas rising to $7-$8 a gallon. The other, a commodities tracker at Weiss Research in Jupiter, Fla., Sean Brodrick, projects a range of $8 to $10 a gallon.

http://www2.nysun.com/article/75363

[krisy]

I'm going to buy electric scooters for the whole family with my tax rebate check. :banana:

Seriously tho,I heard on the news that the Democrats told the Bush administration to get Saudi Arabia to up their production and output or they would delay the vote on selling arms to them.

The guy in the article says that uping output wouldn't help prices,but I thought prices were based on futures markets which were based on future demand. If they pump out more oil,shouldn't that help prices?

[glockmail]

I think it sucks that OPEC is getting all this cash right now, but in the long term, higher pump prices will end up to be a good thing for America. I've said it many times before, it is going to take pain at the pump in order for Americans to exploit their own natural resources. We've got plenty of gas and oil, and the only thing keeping it from us is the environmentalists. When the average Joe tells them to SHUT UP, then we can start drilling.

[glockmail]

...
The guy in the article says that uping output wouldn't help prices,but I thought prices were based on futures markets which were based on future demand. If they pump out more oil,shouldn't that help prices? The guy in the article has his head up his ass. It's simple supply and demand, just like any other commodity.

[theHawk]

$109,000 is begining to sound more and more reasonable for my next car : http://www.teslamotors.com/

[Pale Rider]

On top of it all Opec is STILL raking in MASSIVE RECORD PROFITS! They see that the countries of the world are hard at work inventing alternate forms of energy, so the writing is on the wall. Oils days are numbered. So Opec is cashing in gouging every last dollar they can out of the worlds pocket before they becoming irrelevant.

People can stop joy riding though. I think far too many people will jump in their car and drive somewhere not necessary, just on a whim. Well, don't complain about the price of gas then.

Or here's an idea... buy a motorcycle like I have. My Harley gets 45 mpg city, 50 mpg highway. How many cars get that kind of mileage, and you can even include hybrids? Answer: not many.

[diuretic]

Who does OPEC sell to anyway? I don't have a contract with them.

[glockmail]

$109,000 is begining to sound more and more reasonable for my next car : http://www.teslamotors.com/ Assuming that you could get the same level of performance with a gas engine car for $60,000 less, and gas is at 10 bucks, you'd have to drive 120,000 miles to break even.

Nice car though.

[Pale Rider]

$109,000 is begining to sound more and more reasonable for my next car : http://www.teslamotors.com/


Assuming that you could get the same level of performance with a gas engine car for $60,000 less, and gas is at 10 bucks, you'd have to drive 120,000 miles to break even.

Nice car though.

No kidding. If you can afford a $109,000.00 car, you can also afford the gas for it. What's the point?

They'll have to build something more affordable than that for the average joe to start buying it.

[mundame]

I heard on the news that the Democrats told the Bush administration to get Saudi Arabia to up their production and output or they would delay the vote on selling arms to them.

The guy in the article says that uping output wouldn't help prices,but I thought prices were based on futures markets which were based on future demand. If they pump out more oil,shouldn't that help prices?


It's not about the Saudis' oil production; the Saudis are right (for once), demand is no higher than usual.

It's about the weak dollar, same as the food crisis is. It isn't a coincidence that food commodities and oil commodities, all priced worldwide in dollars, are both shooting up at once!! It's because the government/Fed is letting the dollar fall, fall, fall, and so real stuff goes up, up, up in dollar terms.

The Wall Street Journal has a major editorial today IMPLORING the Fed to stop lowering the interest rate and weakening the dollar further. They say Bernanke's whole 3% drop since last summer has been a terrible mistake.

First it caused inflation here, and now inflation is rapidly spreading all over the globe.

[mundame]

I think it sucks that OPEC is getting all this cash right now, but in the long term, higher pump prices will end up to be a good thing for America. I've said it many times before, it is going to take pain at the pump in order for Americans to exploit their own natural resources. We've got plenty of gas and oil, and the only thing keeping it from us is the environmentalists. When the average Joe tells them to SHUT UP, then we can start drilling.


Nope, Glockmail, won't work. We don't have a supply problem! We may, if there is war in Iran or more troubles in Nigeria, etc., etc., but now, we don't.

The reason it will not work to pump our own oil out of Alaska is that oil is fungible: meaning it is priced the same all over the world, like bushels of wheat. That's why we know when oil hits a record high: all of that grade is priced the same, everywhere, in dollars.

Therefore ANBAR oil would cost the same as Saudi oil.

No, the problem is not with oil. The problem is with the DOLLARS ---- dollars are becoming worthless and so don't buy much oil. (The Euro is stronger and oil costs only $70 a barrel now in terms of Euros -- but it's $119 in terms of dollars.)

We direly need to

1) Strengthen the dollar!!! Before the world gets really upset about the food and oil price rises, never mind us! At least we aren't starving and rioting, yet.

2) Build more refineries here: there is a problem about that.

3) Have a war so we'll switch platforms to a new and different type of energy. Think we can do it without war? Nothing that big happens without a war: that's how the world always works. Coal to oil switch? WWI. Airplane and truck transport? WWI. Atomic power? WWII.


I don't like it either, but we won't invent a new energy platform until there is a big war.

[glockmail]

Nope, Glockmail, won't work. We don't have a supply problem! We may, if there is war in Iran or more troubles in Nigeria, etc., etc., but now, we don't.

The reason it will not work to pump our own oil out of Alaska is that oil is fungible: meaning it is priced the same all over the world, like bushels of wheat. That's why we know when oil hits a record high: all of that grade is priced the same, everywhere, in dollars.

Therefore ANBAR oil would cost the same as Saudi oil.

No, the problem is not with oil. The problem is with the DOLLARS ---- dollars are becoming worthless and so don't buy much oil. (The Euro is stronger and oil costs only $70 a barrel now in terms of Euros -- but it's $119 in terms of dollars.)

We direly need to

1) Strengthen the dollar!!! Before the world gets really upset about the food and oil price rises, never mind us! At least we aren't starving and rioting, yet.

2) Build more refineries here: there is a problem about that.

3) Have a war so we'll switch platforms to a new and different type of energy. Think we can do it without war? Nothing that big happens without a war: that's how the world always works. Coal to oil switch? WWI. Airplane and truck transport? WWI. Atomic power? WWII.


I don't like it either, but we won't invent a new energy platform until there is a big war. The weak dollar certaintly has an influence, but American dollars spent drilling for American oil are one-for-one. The market cost will ensure that expensive-to-exploit American oil fileds will be exploited.

The only problem with building new refineries is political. Price pressure will change the political environment.

We don't need a war to change energy sources. What we need is a goverment that will get out of the way and not make it so damn risky to build new nuclear power plants and alternate energy forms.

[glockmail]

No kidding. If you can afford a $109,000.00 car, you can also afford the gas for it. What's the point?

They'll have to build something more affordable than that for the average joe to start buying it.


Like any new-tech product, the first ones will be very expensive. After the R&D costs are re-couped, the prices will start to come down.

[Pale Rider]

Nope, Glockmail, won't work. We don't have a supply problem! We may, if there is war in Iran or more troubles in Nigeria, etc., etc., but now, we don't.

The reason it will not work to pump our own oil out of Alaska is that oil is fungible: meaning it is priced the same all over the world, like bushels of wheat. That's why we know when oil hits a record high: all of that grade is priced the same, everywhere, in dollars.

Therefore ANBAR oil would cost the same as Saudi oil.

No, the problem is not with oil. The problem is with the DOLLARS ---- dollars are becoming worthless and so don't buy much oil. (The Euro is stronger and oil costs only $70 a barrel now in terms of Euros -- but it's $119 in terms of dollars.)

We direly need to

1) Strengthen the dollar!!! Before the world gets really upset about the food and oil price rises, never mind us! At least we aren't starving and rioting, yet.

2) Build more refineries here: there is a problem about that.

3) Have a war so we'll switch platforms to a new and different type of energy. Think we can do it without war? Nothing that big happens without a war: that's how the world always works. Coal to oil switch? WWI. Airplane and truck transport? WWI. Atomic power? WWII.


I don't like it either, but we won't invent a new energy platform until there is a big war.

We have oil. Lots of it. We just need to get it. In Alaska, in the Gulf, and now in North Dakota and Montana.... http://www.worldnetdaily.com/index.php?fa=PAGE.view&pageId=61488

We could be "OIL" independent, IF WE WANTED. We first need to get past the environmentalists and the liberal tree huggers in Washington. Maybe when gas does hit ten dollars a gallon, we WILL finally get the oil because the outcry and outrage will reach a point where dems will get entirely voted out of office if they continue to stand in the way. That would do it. We'd have all the oil we'd ever want. CHEAP oil. For generations to come. We could tell the middle east to drink their fuckin' oil. We don't need it. What do you think would happen to the dollar then?

[mundame]

We don't need a war to change energy sources. What we need is a goverment that will get out of the way and not make it so damn risky to build new nuclear power plants and alternate energy forms.


Nuclear power plants we do need. But note ---- that's not a platform shift, we know how to build those (and safer now, I hope). That would just be an improvement in the status quo.

It's new forms we don't see now that take a war to surface.

Sometimes I wonder if the government is rattling sabers at Iran because they want a war for that very reason, because we seriously need to get off oil and deprive the Muslims of the huge amount of our cash they are getting, or lose to them ----------------------

Then I remember that's paranoid thinking. http://macg.net/emoticons/smilebow.gif

[mundame]

We'd have all the oil we'd ever want. CHEAP oil. For generations to come. We could tell the middle east to drink their fuckin' oil. We don't need it. What do you think would happen to the dollar then?


Nope, that's just not how it works. Not so long as oil has a worldwide market, anyway. Then it is all priced the same and the richest countries buy the most, that's all.

I think you are thinking we could use all our own oil and the government could fix the price, well off the world market, like local subsidies of rice in China or other places where they produce a lot.

Well, maybe. Are you okay with nationalizing oil, then, Pale Rider?No more private oil companies? Because that's what it would take to get it off the world market and lower priced.

[Pale Rider]

Nuclear power plants we do need. But note ---- that's not a platform shift, we know how to build those (and safer now, I hope). That would just be an improvement in the status quo.

It's new forms we don't see now that take a war to surface.

Sometimes I wonder if the government is rattling sabers at Iran because they want a war for that very reason, because we seriously need to get off oil and deprive the Muslims of the huge amount of our cash they are getting, or lose to them ----------------------

Then I remember that's paranoid thinking. http://macg.net/emoticons/smilebow.gif

I'm listening to bush answering questions right now on TV. He was just talking about new advances in drilling, and that we should be doing it.

However, I totally agree we need new forms of energy, and I hope like hell we're not so stupid as to need another WW to bring it to fruition.

As far as nuclear, I think we should use it, and then launch the waste on a one way trip into deep space, space being an extremely radio active place anyway... what difference would it make to shot it out there?

[mundame]

However, I totally agree we need new forms of energy, and I hope like hell we're not so stupid as to need another WW to bring it to fruition.



All this news lately about "sovereign wealth" -- meaning the Gulf oil states that control their huge oil riches. They are rescuing U.S. banks and Wall Street companies right and left........for a price, namely control of the companies.

And all this is so incredibly recent! Like the last year or so, when the dollar weakened and oil became so high priced in consequence.

I am very worried that we are simply --------- giving control of most of the world's money, most of OUR money, to our sworn enemies!

The ones that chant "Death to America."

They are becoming the owners of all the money in the world.....and yet they are our enemies.

This whole situation is not working out for us.

[glockmail]

Nuclear power plants we do need. But note ---- that's not a platform shift, we know how to build those (and safer now, I hope). That would just be an improvement in the status quo.

It's new forms we don't see now that take a war to surface.

Sometimes I wonder if the government is rattling sabers at Iran because they want a war for that very reason, because we seriously need to get off oil and deprive the Muslims of the huge amount of our cash they are getting, or lose to them ----------------------

Then I remember that's paranoid thinking. http://macg.net/emoticons/smilebow.gif

All we have to do is have a JFK moment, like with the space program in the 1960's. The Prez should challenge the counrty to became energy independent within a fixed and achievable time frame. I was a Democrat for the first half of my life because of that type of inspiration. If a Republican did that he'd generate young followers as well as alternate energy resources.

[Pale Rider]

All this news lately about "sovereign wealth" -- meaning the Gulf oil states that control their huge oil riches. They are rescuing U.S. banks and Wall Street companies right and left........for a price, namely control of the companies.

And all this is so incredibly recent! Like the last year or so, when the dollar weakened and oil became so high priced in consequence.

I am very worried that we are simply --------- giving control of most of the world's money, most of OUR money, to our sworn enemies!

The ones that chant "Death to America."

They are becoming the owners of all the money in the world.....and yet they are our enemies.

This whole situation is not working out for us.
You're very right... it's not working out for us at all, and I see bush, as the globalist he is, as a large part of the problem.


All we have to do is have a JFK moment, like with the space program in the 1960's. The Prez should challenge the counrty to became energy independent within a fixed and achievable time frame. I was a Democrat for the first half of my life because of that type of inspiration. If a Republican did that he'd generate young followers as well as alternate energy resources.
We desparately need new leadership, and I can guarantee you, mccain ain't it.

Ron Paul or Wayne Root for me this year. Haven't decided yet, but I believe either is head and shoulders above what we have in mccain, hitlery or hussein for President.

[glockmail]

You're very right... it's not working out for us at all, and I see bush, as the globalist he is, as a large part of the problem.


We desparately need new leadership, and I can guarantee you, mccain ain't it.

Ron Paul or Wayne Root for me this year. Haven't decided yet, but I believe either is head and shoulders above what we have for in mccain, hitlery or hussein. I like Paul, but he came across as a kook. He's not ready for prime-time, and never will be.

I think if Thompson or Romney challenged America with a energy independence plan at the start of their campaigns either could have won the nomination.

[Pale Rider]

I like Paul, but he came across as a kook. He's not ready for prime-time, and never will be.

I think if Thompson or Romney challenged America with a energy independence plan at the start of their campaigns either could have won the nomination.

Would'a, could'a, should'a... too late now to think about it bro.

Ron Paul ain't perfect, but he's better than any of the repub, dem people. Wayne Root is looking real good.

[Trigg]

Hubby bought the bike he was looking at. At least it should save us some money in gas.

Clinton and McCain are pushing for a "vacation" from the federal gas tax. Obama says it would't do enough for people since the savings would be so small. Hey Obama :fu:

[Pale Rider]

Hubby bought the bike he was looking at. At least it should save us some money in gas.
Excellent. I hope he enjoys riding it as much as I enjoy riding mine.


Clinton and McCain are pushing for a "vacation" from the federal gas tax. Obama says it would't do enough for people since the savings would be so small. Hey Obama :fu:
18 3/4% Not a huge relief, but every little bit helps.

[Trigg]

Excellent. I hope he enjoys riding it as much as I enjoy riding mine.


18 3/4% Not a huge relief, but every little bit helps.

He hasn't ridden it to work yet. It's still pretty cold here, we've actually had frost the last two days. Tomorrow is supposed to be nice though, so he plans to ride it.

He's all legal. He picked up his tag and took his drivers test yesterday.

[glockmail]

He hasn't ridden it to work yet. It's still pretty cold here, we've actually had frost the last two days. Tomorrow is supposed to be nice though, so he plans to ride it.

He's all legal. He picked up his tag and took his drivers test yesterday.
What did he end up buying?

[Trigg]

What did he end up buying?

Yamaha

.http://www.starmotorcycles.com/star/products/modelhome/589/0/home.aspx

It's a small bike, he just wanted something to drive back and forth to work to save on gas.

[glockmail]

Yamaha

.http://www.starmotorcycles.com/star/products/modelhome/589/0/home.aspx

It's a small bike, he just wanted something to drive back and forth to work to save on gas.


I hope he likes it.

[Trigg]

I hope he likes it.

We went driving around the lakes yesterday, it's been a long time since I was on a bike. It was pretty fun.

He didn't drive it to work today since it's supposed to rain.

[glockmail]

We went driving around the lakes yesterday, it's been a long time since I was on a bike. It was pretty fun.

He didn't drive it to work today since it's supposed to rain.

I'm betting that you two are not "supersize" people.

[Monkeybone]

I'm betting that you two are not "supersize" people.

no they ain't glock....if you squished them together they would probably be just a bit heavier than me.

though i hate to think of myself as "supersize".....just...focky.

[glockmail]

no they ain't glock....if you squished them together they would probably be just a bit heavier than me.

though i hate to think of myself as "supersize".....just...focky. I'm not familar with that term.