Annoyed at the spectre of $5 a gallon diesel?

[raksasa]

I read in the newspaper this morning that T Boone Pickens says $150 for oil before the end of summer. He should know. He is part of the group that is bidding up the price. I also read that oil will be over $120 for the next 8 years. I would bet that in 8 years we will think of $120 as the good old days of cheap oil.

I just saw "T. Boone" on the tube... I'll quote as best I can "A fool with a plan will beat a genius without a plan every time". I have to at least agree with his assertion that the US has no energy plan.

The president went to see the Saudis for relief and they told him to pump sand... That's a plan? The boobs in congress grilling oil company execs... That's a plan? Billery wants to suspend the federal fuel tax... not a plan either.

I don't believe we have elected (or will elect) anyone with enough long range vision and capability to mitigate our energy problems. Another quote from T. Boone "By exporting our dollars to the Saudis we are basically financing both sides of the war we are fighting". To me that is the worst plan of all... financing our enemies.

On September 12, 2001 I believe we should have formed an energy independence group with the authority and resources of the WWII Manhattan Project. My opinion only, but seven years down the road and the best we can do is beg the Arabs for relief-humiliating to this American.

 

[Matt400]

$5. 29 a gallon this morning

Ouch... we are at a measily 5. 09



Gasoline Could Hit $5 a Gallon as Big Oil Scales Back Expansions



So whats happening with the Bakken oil up north?

 

[JesseJ]

I'm parking the truck. It's too expensive. Good grief, even going to see my brother 8hrs. away would cost me $250 round trip.



About the only good thing I can see coming of this is maybe enough people will finally get ticked off about such high prices and tell all the tree-hugger environmentalist nut jobs and the politicians who bow to their wishes to GO STICK IT WHERE THE SUN DOESN'T SHINE!#@$%!#@$%!#@$%!



Then we can start drilling for our own oil! Geez, what a novel idea! Morons!#@$%!

 

[Tractorat]

JesseJ

Im afraid that the tree huggers are probably responsible for maybe 25 cents at best. It is the speculators on wall street. I agree that we need to drill our own oil for the next time the arabs cut us off like they did in 1973. But it wont affect the price of gas or diesel at all. Its been driven up because the "investors" CAN drive it up. If we dont change the way oil is price SOON, we are cooked.



Another problem that is creating the high oil price is the falling dollar. However, Im pretty sure that the falling dollar is mostly caused by the skyrocketing price of oil gas and diesel.



BTW, diesel is 80 cents more than reg gas here in Bothell. I thought that usld was only supposed to add about 20 or 30 cents to the cost of diesel. And prior to that, diesel was less than regular gas. So, usld is actually adding more than 80 cents to the price of diesel. So how much is the actual increase ? And is it continually going up ?



TRat

 

[TFucili]

JesseJ

Im afraid that the tree huggers are probably responsible for maybe 25 cents at best. It is the speculators on wall street. I agree that we need to drill our own oil for the next time the arabs cut us off like they did in 1973. But it wont affect the price of gas or diesel at all. Its been driven up because the "investors" CAN drive it up. If we dont change the way oil is price SOON, we are cooked.



Another problem that is creating the high oil price is the falling dollar. However, Im pretty sure that the falling dollar is mostly caused by the skyrocketing price of oil gas and diesel.



BTW, diesel is 80 cents more than reg gas here in Bothell. I thought that usld was only supposed to add about 20 or 30 cents to the cost of diesel. And prior to that, diesel was less than regular gas. So, usld is actually adding more than 80 cents to the price of diesel. So how much is the actual increase ? And is it continually going up ?



TRat

Watch the videos in post #38 and one of them addresses specifically the "short squeeze" on distillates. It is more speculators driving distillate prices to be completely out of whack.

 

[Matt400]

I would like to get me some of that 4. 08 stuff please

 

[JesseJ]

In the end, supply and demand ALWAYS rules the day as far as the price of something, that's the way it has always been. Speculators and the falling dollar may be a part of it, but supply and demand always rule the day.



Drilling WOULD drop prices more than that. More supply means lower price. If Clinton hadn't vetoed ANWR back in '94 we would have 1-2million barrels a day coming out of there now, that equates to 5-10% of our daily consumption in the U. S. and you're going to tell me that wouldn't drop the price? We have 1-2 TRILLION barrels of oil in Oil shale in Co, UT, WY but almost all of it is off limits to exploration. 85% of our known off shore reserves are off limits to drilling. How long will it be before they shut down the drilling of all the oil they found in N. D. ? I'm not going to debate whether we're running out of oil or not, who knows either way. Do we need to find other sources of energy? Absolutely. Do we have something that can replace oil in a heartbeat? NO! We must drill and do it now, then we can begin to look into long term replacements of oil.

 

[Paddy McMahon]

Not to hijack the thread, but I wonder if this will bring the railways back as a greater medium for transporting materials in the USA. While very limited for points of delivery the RR's are far more efficient than the tractor/trailer rigs as far as cost of fuel for delivery, especially with large, heavy items. I wonder about the same for commuter transport-I would gladly park my truck and ride a commuter rail if I could save significant $. Anyway-diesel here in Santa Barbara is now at $5 a gallon. I don't see any relief in the immediate future. I don't think that career politicians are helping us any. I am just planning on budgeting a far greater amount of $ for vehicle operating expenses rather than spending my $ on something fun.

 

[TFucili]

Check out this testimony regarding speculation, and its effect on the markets.

 

[Crazy Horse]

This is the note I dropped to all of my Senators, Congressmen, and Represenatives in my location:



I had to laugh at today's news on the channel 7 at 12:00 here in Greenville/Spartanburg SC.



Quoted Headline:

"Oil industry execs go before a House panel after Senate grilling"



Why all the questions now? They (Oil Co's) are just like anyone else in business. Development in this country has been shut down for years. Closing ANWR and other oil rich fields in this country. These politicians have made it advantageous for the Oil Companies to look overseas for a profit.



These questioning "Senators" have no one to blame but themselves. And I hold these Senators and politicians responsible for their own cause of this "Oil Industry" we have today.



Let's stop passing the buck. Get the oil companies back in this country.