Oil Prices Plunge!

[avid]

I hate to say this but oil dropping below say....$100.00 a barrel would actually be bad news.  Yup.  I said it.

Here's why.  the higher prices has made it profitable for oil companies to drill deeper, both on land and in the sea.  This will increase supply.  but and more importantly in my opinion is that the higher prices have made alternative energies much more attractive.  If there is one thing we all can agree on is that the US needs to be energy independent.  To do this we need investment in alternative fuels.  This includes, ethanol, wind, solar, and nuclear, not to mention cleaner burning coal.  

Oil prices are volatile and fluctuating.  History teaches us that when gas prices go down we abandon serious attempts at energy independence and go back to our gas guzzling ways, thereby setting the stage for the next crisis.  

Let's not get fooled again.  It's time to get serious about energy independence.  

[roadwarrior]

Down another 73 cents @ $114.47.

At one pont today, oil had dropped

more than $2.00.

[Siebert Outdoors]

Its going the right way but needs to plunge about 30-40 more $$s. 8-)

[roadwarrior]

The "intrinsic value" is probably $35-$50, but we'll be Happy Campers in the $60 - $80 range.

8-)

[avid]

there is nothing

intricitly "valuable" about oil.

Nonesense.  Name me one thing that is more valuable?  Gold? diamonds? titanium?  maybe they cost more, but try heating your home, powering your factories, or transporting your goods from the farm to the store without it.  Whatever the cost of oil is, or will become, it will be paid.  There is simply no other choice.  At least for now.

Oil burns in a controlled manner, hence it's value to the internal combustion engine.  It can be refined into plastic, the material out of which every thing is made. It is the basis for a host of valuable chemicals.  

Food and water aside, if there is something more "intrinsically" valuable than oil, I like to hear about it.

[clipper]

I was hoping the price would stay up until I could replace my tow vehicle.  I may have to pay more for a big truck now that I have waited too long.

[fish-fighting-illini]

I hate to say this but oil dropping below say....$100.00 a barrel would actually be bad news. Yup. I said it.

Here's why. the higher prices has made it profitable for oil companies to drill deeper, both on land and in the sea. This will increase supply. but and more importantly in my opinion is that the higher prices have made alternative energies much more attractive. If there is one thing we all can agree on is that the US needs to be energy independent. To do this we need investment in alternative fuels. This includes, ethanol, wind, solar, and nuclear, not to mention cleaner burning coal.

Oil prices are volatile and fluctuating. History teaches us that when gas prices go down we abandon serious attempts at energy independence and go back to our gas guzzling ways, thereby setting the stage for the next crisis.

Let's not get fooled again. It's time to get serious about energy independence.

 Great post, very well put

[roadwarrior]

Down $1.38 @ $113.14  2:00 CDT  

8-)

[moby bass]

The world runs on oil. this country is a major success because of oil. Developing nations are prospering because of oil.  The world runs on oil.  Why has it become such a demon?  You want prosperity, get cheap oil and watch your economy grow.  Are we harming the environment with it? No way. One volcano puts more junk in the air than we do in a decade.  Its here for us to use.  We'll develop something else when we need to.  Necessity has always been the mother of invention.

[Daniel My Brother]

I hate to say this but oil dropping below say....$100.00 a barrel would actually be bad news. Yup. I said it.

Here's why. the higher prices has made it profitable for oil companies to drill deeper, both on land and in the sea. This will increase supply. but and more importantly in my opinion is that the higher prices have made alternative energies much more attractive. If there is one thing we all can agree on is that the US needs to be energy independent. To do this we need investment in alternative fuels. This includes, ethanol, wind, solar, and nuclear, not to mention cleaner burning coal.

Oil prices are volatile and fluctuating. History teaches us that when gas prices go down we abandon serious attempts at energy independence and go back to our gas guzzling ways, thereby setting the stage for the next crisis.

Let's not get fooled again. It's time to get serious about energy independence.

Avid,

Thanks for adding this perspective. Sometimes I struggle to see past the next fill up.

:-/

DMB

[Troutfisher]

http://orient.bowdoin.edu/orient/article.php?date=2005-10-21&section=2&id=4

" Let us do some math to see how long the ANWR oil reserve would last if the oil were used as the only source of oil for the United States (which is actually not possible because of production restrictions). Armed with the knowledge that we consume about 20 million barrels of oil per day we can derive that the ANWR reserves would last approximately 520 days. Yet only 1.4 million barrels can be produced per day; thus, the oil would last 20 years, which provides more than enough time to perfect alternate forms of energy. "

[Hookemdown.]

RW, if it keeps going like this we could see 2.00 gas by Christmas.

Dropped to 3.52 today.

[Troutfisher]

That would be excellent.  8-)

[Hookemdown.]

RW, if it keeps going like this we could see 2.00 gas by Christmas.

Dropped to 3.52 today.

Make that 3.45

[Long Mike]

I hate to say this but oil dropping below say....$100.00 a barrel would actually be bad news. Yup. I said it.

Here's why. the higher prices has made it profitable for oil companies to drill deeper, both on land and in the sea. This will increase supply. but and more importantly in my opinion is that the higher prices have made alternative energies much more attractive. If there is one thing we all can agree on is that the US needs to be energy independent. To do this we need investment in alternative fuels. This includes, ethanol, wind, solar, and nuclear, not to mention cleaner burning coal.

Oil prices are volatile and fluctuating. History teaches us that when gas prices go down we abandon serious attempts at energy independence and go back to our gas guzzling ways, thereby setting the stage for the next crisis.

Let's not get fooled again. It's time to get serious about energy independence.

Avid has made a very good point.  A steep price of oil will provide the impetus needed for the development of alternative energy.  Boone Pickens, a VERY wealthy oil man, has seen the handwriting on the wall and is investing tens of millions in the development of wind energy.  

One source of energy that Avid omitted is Natural Gas.  To the best of my recollection, we have enough to last at least a hundred years.

Despite the pain I feel at the pump, I'm very gratified to see that the Nitwits (our elected officials) are finally beginning to get off their butts and recognize that to do nothing is no longer an option.  Maybe, in my lifetime, we will have coherent energy policy that incorporates all available options.

[burleytog]

When alternatives to petroleum become economically viable, you will see them replace petro.

Until then, no amount of government obstruction and obfuscation will help.

[roadwarrior]

I hate to say this but oil dropping below say....$100.00 a barrel would actually be bad news. Yup. I said it.

Here's why. the higher prices has made it profitable for oil companies to drill deeper, both on land and in the sea. This will increase supply. but and more importantly in my opinion is that the higher prices have made alternative energies much more attractive. If there is one thing we all can agree on is that the US needs to be energy independent. To do this we need investment in alternative fuels. This includes, ethanol, wind, solar, and nuclear, not to mention cleaner burning coal.

Oil prices are volatile and fluctuating. History teaches us that when gas prices go down we abandon serious attempts at energy independence and go back to our gas guzzling ways, thereby setting the stage for the next crisis.

Let's not get fooled again. It's time to get serious about energy independence.

Avid has made a very good point. A steep price of oil will provide the impetus needed for the development of alternative energy. Boone Pickens, a VERY wealthy oil man, has seen the handwriting on the wall and is investing tens of millions in the development of wind energy.

One source of energy that Avid omitted is Natural Gas. To the best of my recollection, we have enough to last at least a hundred years.

Despite the pain I feel at the pump, I'm very gratified to see that the Nitwits (our elected officials) are finally beginning to get off their butts and recognize that to do nothing is no longer an option. Maybe, in my lifetime, we will have coherent energy policy that incorporates all available options.

Geez...

I didn't know Paris Hilton was a Rocket Scientist...

"Driil for oil to meet our short-term needs while

developing alternative energy sources for the long-term."

I am so sick and tired of "DO-NOTHING" politicians. We have

plenty of resources, it's time to focus our national priorities

and use them:

Virtually unlimited shale oil reserves in the Rocky Mountain States

More coal than all of the rest of the world's total energy potential

Untapped oil on the continental shelf

Alaska

And the end-all...nuclear power

Let's require these slugs that took a five week "summer break"

to actually do something to address the issue. The energy challenge

requires a concentrated effort to resolve: FIX IT NOW!

We have the resources, let's use them.

>

[Jimzee]

When alternatives to petroleum become economically viable, you will see them replace petro.

Until then, no amount of government obstruction and obfuscation will help.

There's a word you don't see every day.  I had to look it up. ;D

Come on $1.50 a gallon!!!

[burleytog]

Geez...

I didn't know Paris Hilton was a Rocket Scientist...

"Driil for oil to meet our short-term needs while

developing alternative energy sources for the long-term."

I am so sick and tired of "DO-NOTHING" politicians. We have

plenty of resources, it's time to focus our national priorities

and use them:

Virtually unlimited shale oil reserves in the Rocky Mountain States

More coal than all of the rest of the world's total energy potential

Untapped oil on the continental shelf

Alaska

And the end-all...nuclear power

Let's require these slugs that took a five week "summer break"

to actually do something to address the issue. The energy challenge

requires a concentrated effort to resolve: FIX IT NOW!

We have the resources, let's use them.

>

Isn't that a political reply?  

[Micro]

I am so sick and tired of "DO-NOTHING" politicians. We have

plenty of resources, it's time to focus our national priorities

and use them:

Agreed.  Al Gore says offshore drilling won't have an effect on prices for 5 years.  He said that 5 years ago, too.

[moby bass]

Agreed.  Al Gore says offshore drilling won't have an effect on prices for 5 years.  He said that 5 years ago, too.

So if we started drilling 5 years ago, we'd be seeing the benefits by now.

When alternatives to petroleum become economically viable, you will see them replace petro.

Until then, no amount of government obstruction and obfuscation will help.

Right! Markets work.  Free markets work even better. Who was it that said "That which governs least, governs best".

Lastly, I agree with RW's last post 100%.  

[zellamander]

So this may be a stupid question, or it may have been answered already, but I still have to ask:

Why is deisel so dang high? Isn't it suppose to be like the left overs of Gasoline? If thats the case then why is my dad, who is an owner/operator of a big rig paying just under $5 a gallon?

[fishfordollars]

A Conoco station in Houston had gas at 3.21 a gallon yesterday.

[roadwarrior]

Oil is currently trading down $3.52 @ $111.49.

;D  ;D ;D ;D

[Raul]

So this may be a stupid question, or it may have been answered already, but I still have to ask:

Why is deisel so dang high? Isn't it suppose to be like the left overs of Gasoline? If thats the case then why is my dad, who is an owner/operator of a big rig paying just under $5 a gallon?

Cuz every single internal combustion engine that don 't run on gasoline runs on diesel, it ain 't a leftover, it 's fuel.