Oil Slick Stuff

[Asylum]

Actually, oil is now only a very small part (last I heard 3%) of Dubai's total economy, they were smart enough not to depend on oil and are a historical trade center to boot. Admittedly they did use oil money to get to where they are but they aren't there simply because of the rising oil prices of late.

On the other hand, the oil dependent economies like Saudi Arabia are sliding down the falling dollar and getting smacked with higher commodity (food) prices, splitting the haves and have-nots further apart.

gosh, I wonder who bought all of that land?

here's an idea: think about who is spending all of the money that makes up the other 97% of that economy....

 

[Silverbird]

gosh, I wonder who bought all of that land?

here's an idea: think about who is spending all of the money that makes up the other 97% of that economy....

Hrmm. Buy land? No I think it's leased and belongs to the Crown, but I could check if your really are curious. Leasees include Finance companies, hotels, rich oil princes toung, gold trade, commercial shipping, luxuary goods, bulk goods (Dubai's a major port). Also they have a very low population since there's not much water there - water reclamation is a major industry. What you don't want to be is a guest worker in construction, it's gotten better than it was a couple years ago but it took some major scandals to get there.

My point is, oil isn't getting most of the oil coutries much of anywhere. Dubai has one of the smallest reserves left in the area and will most likely run out in the next 20 years, or so they say. The guys with the big reserves seem to have only picked up a lazy rich class as a result of their money in the ground.

 

[luv2read]

gosh, I wonder who bought all of that land?

If you're referring to the photo you posted...those are man-made islands offshore Dubai built and paid for by investors and the government, not "bought land," and they still own them - it's a money-making resort area, not a "settlement." More are being created and developed. Hence my comment about our government's lack of initiative and ability...:notrust:

 

[CountryBoy]

If you're referring to the photo you posted...those are man-made islands offshore Dubai built and paid for by investors and the government, not "bought land," and they still own them - it's a money-making resort area, not a "settlement." More are being created and developed. Hence my comment about our government's lack of initiative and ability...:notrust:

Not to dispute your comment about our government, cause I agree 100%, but there is something to be said about a governement where dissenting voices are squelched, some things do get done, like drilling for our own oil. There's quite a group I'd love to throttle in our congress.

CB

 

[Silverbird]

Shrug, not enough to be self-sufficient, and ANWAR is a big risk since no one has proven there's oil there, just the computer models say so. We should use our known reserves first, like more out in the Gulf of Mexico and work with Canada to get some oil out of our oil shale too (since Canada's getting really good at getting oil out of their's - I think they provide 10 percent of our oil). Meanwhile, we have to find out how to stop smoking the petroleum, we got off the whale oil and coal, petrolem is just the next one to move beyond.

 

[love-to-bike]

Well who knows what will happen long term - but when I posted this morning that I was going to buy DCR (a fund that shorts oil), I didn't move until mid-day. I wish I had moved earlier, it went up 25% today. I caught about half that, we'll see how soon that evaporates. It actually ranged 38% today, this might be a bumpy ride. Like I said before, I didn't put in my life's savings but I'm still of the opinion (based on the opinion of a couple of potential nutjobs) that oil will drop. I kinda view this as Vegas money - I can afford to lose it but if it does well, baby gets new shoes.

 

[Buster]

Am I the only one who things oil has topped off (or is close to)? I'm going to throw some money in DCR (oil shorts) & let it ride for a bit. I'm not expecting an immediate turn around but I think it could happen at any point.

Actually I'm new to this particular thread, I'm gonna keep a close eye on what is said here!

Nope you're not alone..I predict oil at or below $100.00/barrel soon..read the earlier posts below

 

[luv2read]

ANWR is not a proven field. It's never been drilled, reserves are estimated. There are hundreds of fields where reserves are estimated in the millions of barrels, only to come up dry once drilled. Big oil has drilled and capped more reserves than the public knows. They're sitting on them until they get the price where they want it and permission to drill in the off-limits areas, then and only then will they produce those capped reserves. There's plenty of oil available...supply is not driving the price. Big oil is running the country and Congress is too wimpy to take a stand and tell them to PRODUCE!

Shrug, not enough to be self-sufficient, and ANWAR is a big risk since no one has proven there's oil there, just the computer models say so. We should use our known reserves first, like more out in the Gulf of Mexico and work with Canada to get some oil out of our oil shale too (since Canada's getting really good at getting oil out of their's - I think they provide 10 percent of our oil). Meanwhile, we have to find out how to stop smoking the petroleum, we got off the whale oil and coal, petrolem is just the next one to move beyond.

EXACTLY!

Even thinking "green fuels" is not the answer. We need to get away from that "infernal" combustion engine altogether. Why do we need an energy source that burns? Think outside the box - a new engine. Any engineering types out there? I have some ideas...

 

[Asylum]

EXACTLY!

Even thinking "green fuels" is not the answer. We need to get away from that "infernal" combustion engine altogether. Why do we need an energy source that burns? Think outside the box - a new engine. Any engineering types out there? I have some ideas...

yeah.

it's called Cold Fusion.

 

[Buster]

There will always be some form of internal combustion...Even the leaf licker's precious Hybrids are still fitted with a Gasoline internal combustion engine..Hydrogen power will still use internal combustion...The Star ship Enterprise uses internal combustion (anti-matter channeled through Di- lithium Crystals)....bottom line, they may get more refined and more petrol stingy, but the ole Suck, Squeeze, Bang and Blow engines are gonna be around for a long time yet to come...The old urban myth mentality about the 100 mpg carburator blue prints being bought up by the oil industry and then destroyed, is still keeping the big block chevys still on the production line....

But when it comes to big Engines...My man Tim says it all....

 

[luv2read]

There will always be some form of internal combustion...Even the leaf licker's precious Hybrids are still fitted with a Gasoline internal combustion engine..Hydrogen power will still use internal combustion...The Star ship Enterprise uses internal combustion (anti-matter channeled through Di- lithium Crystals)....bottom line, they may get more refined and more petrol stingy, but the ole Suck, Squeeze, Bang and Blow engines are gonna be around for a long time yet to come...The old urban myth mentality about the 100 mpg carburator blue prints being bought up by the oil industry and then destroyed, is still keeping the big block chevys still on the production line....

But when it comes to big Engines...My man Tim says it all....

Think OUTSIDE THE BOX. Creation of energy doesn't necessarily require COMBUSTION. Think NEW engine. Magnetism, gravity, wind. OUTSIDE THE INFERNAL COMBUSTION BOX.

 

[nnuut]

Oil rebounds from sharp drop

Crude prices head higher as supply worries continue to hang over the market.

May 23, 2008: 4:38 AM EDT

BANGKOK, Thailand (AP) -- Oil prices found support Friday in Asia in worries that supply can't keep up with growing global demand, after tumbling around $4 overnight from a record above $135 a barrel.

The July contract for light, sweet crude on the New York Mercantile Exchange rose to a record $135.09 a barrel in electronic trade on Thursday, but then fell back sharply to settle at $130.81 in the later floor session as the dollar strengthened and gave some investors reason to sell oil futures to lock in profits.
Midafternoon Friday in Singapore, oil was up $1.28 at $132.09 a barrel in electronic trading.
The concerns about falling supplies and rising demand are expected to keep propelling prices higher in the days and weeks to come.
Analysts said oil futures are caught between supply and demand concerns and a desire by some investors to cash in profits.
The dollar, one of the factors that has fed oil's rally from about $65 a year ago, strengthened against the euro and yen Thursday and held steady most of the day in Tokyo. When the U.S. unit gains ground, commodities such as oil lose their value as hedges against inflation. Also, a stronger dollar makes oil more expensive to investors overseas.
But oil is likely to remain supported by ongoing supply concerns, independent of the dollar movements.[more]
http://money.cnn.com/2008/05/23/markets/oil.ap/index.htm?postversion=2008052304

 

[James48843]

Driving through Chicago suburbs yesterday, gas was averaging $4.25 a gallon. Highest price I saw was $4.39.

Won't be long before the price of gas catches up with all the increases we've seen in the barrell price. Nationwide prices have not yet caught up.

 

[nnuut]

And to push it a little higher we have Nigeria!!


updated 2:29 a.m. EDT, Fri May 23, 2008

• LAGOS, Nigeria (CNN) -- Violence in oil-rich southern Nigeria is having a ripple effect thousands of miles away -- at gas stations in the United States.

One reason for record high gas prices, analysts say, is a spate of attacks on oil pipelines in Nigeria.
One reason for record high gas prices, analysts say, is a spate of attacks on oil pipelines in Nigeria, the fourth largest supplier of oil to the United States.
The attacks are relatively small, but the fallout is substantial.
The average price of a gallon of gas in the United States climbed to $3.831 on Thursday -- the 16th consecutive day of a price increase and the 15th consecutive record high, according to AAA.
While analysts cite various factors in various countries for the increases, the price could keep going up with more attacks on pipelines in Nigeria, which accounts for one of every 10 barrels of oil that arrives in the United States.[more]
http://www.cnn.com/2008/WORLD/africa/05/23/gasprices.nigeria/index.html

 

[Asylum]

Driving through Chicago suburbs yesterday, gas was averaging $4.25 a gallon. Highest price I saw was $4.39.

Won't be long before the price of gas catches up with all the increases we've seen in the barrell price. Nationwide prices have not yet caught up.

Funny as hell to see Sen Dick Durbin raking the oil exec's over the coals for making record profits of 6-7% when his own state is raping the consumer for 20%...

http://cbs2chicago.com/politics/gas.prices.taxes.2.729939.html

Illinois Sen. Dick Durbin complained to oil company bosses at a hearing on Capitol Hill about Chicago having the highest gasoline prices in the United States. Largely ignored was the role taxes are playing -- an astounding 10 levels of taxation.

"Every time the price of gas goes up, the tax goes up with it," said one motorist.

And that, of course, is exactly the point for the politicians. Gov. Blagojevich, for example, is counting on the high price of gasoline to bring at least an extra $220 million in the State Treasury in the fiscal year that begins this July

 

[Asylum]

And to push it a little higher we have Nigeria!!


updated 2:29 a.m. EDT, Fri May 23, 2008

• LAGOS, Nigeria (CNN) -- Violence in oil-rich southern Nigeria is having a ripple effect thousands of miles away -- at gas stations in the United States.

l

Time to deploy some peeps to Nigeria then eh?

 

[nnuut]

U.S. stock futures sag as oil tops $132

By Steve Goldstein, MarketWatch
Last update: 7:44 a.m. EDT May 23, 2008

LONDON (MarketWatch) - U.S. stock futures came under renewed pressure on Friday as oil prices climbed higher, putting consumer-discretionary firms including Royal Caribbean Cruises and Six Flags under further strain.

S&P 500 futures fell 5.5 points to 1,387.70 and Nasdaq 100 futures fell 5.5 points to 1,961.00. Dow industrial futures fell 53 points.
U.S. stocks ended higher Thursday after two days of heavy losses as crude-oil futures lost ground. The Dow industrials finished 24 points higher, the Nasdaq Composite rose 16 points and the S&P 500 added 3 points.
But oil was back on the move on Friday, with the July contract up $1.96 to $132.77 a barrel.
Oil's rise is putting particular strains on consumer spending, particularly for leisure activity. [more]
http://www.marketwatch.com/news/sto...x?guid={075B1CD4-10A5-4843-B762-BB161F72B239}

 

[Buster]

Think OUTSIDE THE BOX. Creation of energy doesn't necessarily require COMBUSTION. Think NEW engine. Magnetism, gravity, wind. OUTSIDE THE INFERNAL COMBUSTION BOX.

To be rational and realistic, it is IMPRACTICAL an not feasible for the common everyday consumer mom and pop commuter car....and no one would be able to afford it..that type of technology, although it exisits, is too new for large scale mass production to be priced within the average persons means....And why would an oil company and all their share holders want to cut off their own noses to develop something outside of the internal (not infernal..I laugh when people get these new buzz words that they think sounds chic) combustion engine....So lets' keep it real.:suspicious:

 

[nnuut]

SAN FRANCISCO (MarketWatch) -- The Dubai Gold & Commodities Exchange will launch trading of crude-oil futures on Tuesday, a timely move given the astronomical prices for oil and talk of U.S. regulation of speculators in the commodity markets.


Prices for crude peaked above $135 a barrel Thursday in electronic trading on the Chicago Mercantile Exchange Globex platform. See Futures Movers. Record prices over the past several months have raised questions over manipulation of the market.
A U.S. Senate panel listened to testimony on May 20 that said financial speculation by institutional investors and hedge funds in the commodity markets are contributing to energy and food inflation. See full story.
"The regulatory environment is becoming so undesirable to foreign and domestic funds that they have no choice but to go offshore," said Kevin Kerr, president of Kerr Trading International and editor of MarketWatch's Global Resources Trader.
Speculative activity in commodity markets has grown "enormously" over the past several years, the Homeland Security and Governmental Affairs Committee said in a news release. It pointed out that in five years, from 2003 to 2008, investment in the index funds tied to commodities has grown by 20-fold -- to $260 billion from $13 billion.
The growth offers "justifiable concerns that speculative demand, divorced from the market realities, is driving food and energy price inflation and causing human suffering," HSGAC said.
"If Congress makes some laws that reign in speculation, it's possible that speculators will move out of the U.S. markets and into Dubai," said Phil Flynn, a vice president at Alaron Trading.
Running for cover [more]
http://www.marketwatch.com/news/sto...x?guid={ECDC33C0-2A10-4616-8274-158A8C593379}

 

[luv2read]

To be rational and realistic, it is IMPRACTICAL an not feasible for the common everyday consumer mom and pop commuter car....and no one would be able to afford it..that type of technology, although it exisits, is too new for large scale mass production to be priced within the average persons means....And why would an oil company and all their share holders want to cut off their own noses to develop something outside of the internal (not infernal..I laugh when people get these new buzz words that they think sounds chic) combustion engine....So lets' keep it real.:suspicious:

That kind of thinking...fostered by the oil, auto, and military-industrial complex, is exactly why we are where we are now. And "infernal" is not a "new, chic buzzword" at least not for me. I've used it for 20 years. You get real. (Still <3 u Buster.)

Government needs to stop subsidizing big oil through royalty relief and subsidize R&D of something better...if they had done it at the time of the Arab Oil Embargo we'd already be independent from fossil fuels - at least for transportation.