Thats what was told on the NBC Nightly News tonight.
Decreased oil production and a 75% increase in gas prices was named as the first main reason and the mortgage crisis was the second reason.
So is the Peak Oil theory starting to make more sense now?
Which candidate has the best plan for alternative energy?
Not even remotely. We are being held hostage to oil wealth. The oil barrons are actively preventing other technologies from arising, out of concern it will displace them.
We will have to get into a smarter future over their dead bodies… and probably the dead bodies of a lot of innocent bystanders.
US Department of Energy:
""The projections in the OCS access case indicate that access to the Pacific, Atlantic, and eastern Gulf regions would not have a significant impact on domestic crude oil and natural gas production or prices before 2030.""
Fortune Magazine: ""The infamous December 2000 "Enron loophole" is the topic du jour in Congress. That legislation didn’t just make it easier for savvy traders to buck the system. It exempted entire over-the-counter electronic exchanges (where trading takes place directly between parties, without an intermediary broker) from regulatory oversight by the Commodity Futures Trading Commission.
As a result, capital zoomed to new unregulated exchanges like Atlanta-based ICE, an American firm operating under U.K. regulation, where trading volume tripled from 2005 to 2008, representing 47.8% of global oil futures trading.""
http://www.eia.doe.gov/oiaf/aeo/otheranalysis/ongr.html
http://money.cnn.com/2008/07/07/news/economy/oil_prins.fortune/index.htm?section=money_mostpopular
Link for Fortune magazine article via CNN
It has come to light that a very few oil speculators actually control the market. The layer of speculation, by a few, precludes actual free market forces for they are being manipulated. Thus, resolving the oil speculation would reduce oil prices immediately
Which is a better way to reduce our dependence on foreign oil?
Expand production and piss off OPEC. We have oil in the Gulf of Mexico that others are probably slant drilling for already but we aren’t permitted to drill because we might kill a shark or something. And we have the vast reserves in ANWR which we can’t drill because of the Caribou. I say lets have some Caribou steaks and start drilling
UPDATE:
OK everyone is talking long term solutions here. But alternate fuels won’t be here in 2 years or probably even 10 or 20 years. We need a short term solution until the right long term solution can be developed. This is not a weekend project. Lets take the time to get the one right solution, and in the mean time increase the supply to drop the prices.
Wouldn’t that be like me asking Sony to increase their Playstation 3 production so I could better afford to have a better home video game system to play with? ….or ask Honda to increase their Asimo production so I could have my own personal robot to work for me?
……but seriously,
Since Bush says he agrees that Global Warming is caused by human fossil fuel consumption, why doesn’t he ask the auto industry to increase their hydrogen fuel cell car production and hybrids to lower the demand for oil????
I sense an extreme idiocracatic contradiction simmering
within the skull n bones of the Whitehouse leadership.
increase production = lower prices
(for those who dodge need more economically educated; –it shows in some of the answers here)
When did he say he agrees that Global Warming is caused by human fossil fuel consumption?
Please cite your reference.
OK now that you have the thumbs down out of your system again I ask you to please cite your reference.
Thank you.
2nd EDIT: Come on now! Show me where Bush said what you said! You’re making it up aren’t you? If you can’t show me a reference your question is typical liberal BS!!!!
3RD EDIT: You mention "dodging" in your edit. Why do you continue to dodge telling us the reference you cited that said George Bush admitted Global Warming is caused by human fossil fuel consumption?
I know why you dodge it….It didn’t happen. Which makes the rest of your rant irrelevant.
Drill drill drill seems not to be the solution. With only 30 years of oil reserve left shouldn’t we move to alternative fuels asap to save the oil for Industrial purposes ? oil is need for everything from food production to plastics.
I like your thinking. However, it will take a long time to get alternative fuels up and going. So lets drill now! WRONG! it will take about 10-15 years to see the price in oil drop if we started drilling today. So, it is either drill drill drill, or go alternative. the hard part about doing either is what the price of foreign oil is. When it got up to almost $4 a gallon in the US, everyone wanted to know about energy energy energy. Opec realized this and they, plus speculators, plus other factors, lowered the prices so Americans are not complaining as much. They still have us by our balls but until we can get enough funding, we are stuck with foreign oil.
with proactiv daily oil control? I mean, I know about the oil absorbing sheets but is it possible to actually prevent the oil production in the first place?
any products that do? or do i need to see a dermotologist?
No you can’t. Skin oil serves a biological purpose, and is necessary. Keeping your face free of oil is a social aesthetic.
I think the best thing you can do is wash twice daily with a gentle antibacterial soap, as tolerated.
We are the biggest debt-er nation. China is holding the largest U.S. dollar reserves. World oil production has peeked. We are oil dependent. China is not. Our economy is headed toward a huge recession. China is getting richer everyday. So how long do we have as #1 ?
Sorry psychologist, the world will not necessarily accept USD’s as legal tender: you have to exchange them along with any other currency. A few countries such as Burma and in parts of Asia will accept USD’s but will also equally accept Sterling and AUD’s as well because the local currency is worthless.
You do raise a number of points: China is using more and more of the world’s oil production: hence the war in Iraq being used as leverage to secure resources, and Iran is looked upon the same way: as a potential source of oil. The US economy is fragile, with long term underlying problems:
1. A debased and unstable currency.
2. Ever reducing manufacturing ability.
3. High cost of labour and ongoing costs for benefits.
4. Egregious taxation and a monstrous bureaucracy in a nation whose constitution mandates "minimal government for the protection of liberty".
5. A sense of isolationism backed by a sense of entitlement: China will keep doing what it is doing, as will India and the EU, and they have no particular reason to play second fiddle to the US and will compete for resources and some places, such as Russia, have greater energy reserves on their own soil. Essentially the US cannot afford to support itself.
6. As you note, the biggest debt in history and the usuary on this takes up half the annual budget.
China is dependent on oil, but many oil producing nations have closer ties to China than to the US. Oil and other resources will be the cause of more conflict, even if it is not admitted openly.
can be down but remember these r same saudis where most
of the hijackers in 911 were funded and came from.
Guess what saudis says not enough demand for oil to raise the oil production then why the hell crude oil barell is $127.today.
Please your thoughts and comments.
Perhaps, if our House and Senate members would allow us to follow our President’s suggestion of drilling in the huge ANWR (Artic Wildlife National Refuge), allow competing small companies to produce their alternative energy sources, allow alternative fuels to go mainstream, build new oil refineries, and start using safe inexpensive renewable energies like nuclear power (again), and stop taking all the huge kick backs from the Oil Corporations, we could stop our dependence upon foreign oil.
Saudi Arabia is NOT our friends. I have been to that country. I have seen with my own eyes how they treat women, foreigners, and other outsiders. Try carrying a bible (if you are of that religion) through Saudi customs in Ar Riyad or Ad Dammam. I know their royal political system and I know HOW the country came to be, how the Saud family violently took power. I would strongly encourage anyone to do their own research on this. Do not take MY word for it, read up on it and educate yourself to its inherent evils.
I have already fought in a war over there. (and pray to whatever powers may exist that my son will not have to when he grows up.) I am a life long student of history and strongly wish that we do not allow this country or any of its fellow Muslim Fundamentalist ( see “Islamo-fascist” ) lead nations have such a strangle hold over us and ever hold us hostage over any energy source again.
The price of gas is based on GREED, not need. It’s as simple as that. If you follow the Royal Stipend system of the Saud family, you will see why they are upping the price.
<putting my soap box away>
Richard
How to read this sentence ?
"the price per barrel to which oil would have to rise in order for new solar power plants to be more economical than new oil-fired power plants"
let me break this sentence separately
(1)"the price per barrel" ——-OK
(2)"to which oil would have to rise" ——NOT OK.
"to which" refers to what ?
"oil would have to rise" means ? does it refer to price rise or oil production rise ?
can you please help me to read and understand the meaning of this sentence ?
"To which oil would have to rise" refers to the price per barrel. Maybe if we write it the way someone might say it, it’d help. "The price per barrel that oil would have to rise to in order for new solar power plants to be more economical than new…" Does that help? Sometimes, if we used correct grammar in writing it confuses us because we tend to speak differently.
An oil field containing 20 wells has been producing 4000 barrels of oil daily. For each new well that is drilled, the daily production of each well decrease by 5 barrels.
1. Write the total daily production of oil field as a function of the number x of new wells drilled.
2. What number x of new wells drilled will maximize the total daily production of oil?
At present, each well produces 200 bbl/day.
If 20 + x wells are in production, each will produce 200 – 5x bbl/day.
a. The function giving total production will be:
f(x) = (20 + x)(200 – 5x)
= 5(20 + x)(40 – x)
= -5(x + 20)(x – 40)
= -5(x² – 20x – 800)
= -5x² + 100x + 4000.
b. The roots of this function are thus found to be –20 and +40.
We seek the vertex of the parabola thus formed: it is found where x is midway between the roots, namely, at x = +10. Here should lie the maximum, because the parabola is concave downward.
Let’s now test this result:
f(9) = -5(9 + 20)(9 – 40)
= -5(29)(-31) = 5(29)(31) = 5(899) = 4,495;
f(10) = -5(10 + 20)(10 – 40)
= -5(30)(-30) = 5(30)(30) = 5(900) = 4,500; and
f(11) = -5(11 + 20)(11 – 40) =
-5(31)(-29) = 5(31)(19) = 5(899) = 4,495.
It should be clear, from these results, that 10 additional wells will indeed yield a maximum total daily production.
I hope that you will find help in this answer.