Oil Slick Stuff

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I'm a cynic, I think prices of oil are going up and down cause it's the only fun investment game in town. For the game players, that is. :mad:
 
nnuut said:
You are a Fine, Level Headed Young Man! :D
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Not only level drilling....But, Today's drilling technology is such that the DRILL RIG can be miles away from the actual real estate the oil deposit is under..with slant and offset drilling techniques.
 
Inventories TODAY at 10:30!:worried:

07/08/2009 - Updated 10:09 AM ET
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Oil falls for sixth day as data raise demand concernsCommodities broadly lower after CFTC considers crackdown on speculation
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By Moming Zhou, MarketWatch & Polya Lesova, MarketWatch

NEW YORK (MarketWatch) -- Crude-oil futures saw their losing streak carry into a six straight session Wednesday, the longest in seven months, as petroleum data released by an industry group reaffirmed traders' concerns about the level of demand for oil.
Crude for August delivery fell 86 cents, or 1.4%, to $62.06 a barrel on the New York Mercantile Exchange. Earlier, the contract fell to an intraday low of $61.66, the lowest since May 26. The losing streak is the longest since the six sessions ended on Dec. 5.
http://markets.usatoday.com/custom/...S&guid={6F5B7B8E-CAF0-4747-8A59-D92B76F0589A}
 
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OPEC Sees Prolonged Weakness in Demand for Oil
By: Reuters | 08 Jul 2009 | 10:31 AM ET

World demand for OPEC's oil may take years to recover from the slump in 2009 because of economic weakness and demand destruction, the group said on Wednesday, justifying its slower spending on new supplies.

In its 2009 World Oil Outlook, the Organization of the Petroleum Exporting Countries said consumption of its crude would not return to 31 million barrels per day (bpd), the level it averaged in 2008, until 2013.
http://www.cnbc.com/id/31794923
 
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07/08/2009 - Updated 11:20 AM ET

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Oil falls for sixth day as data raise demand concernsCommodities broadly lower after CFTC considers crackdown on speculation
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By Moming Zhou, MarketWatch & Polya Lesova, MarketWatch

NEW YORK (MarketWatch) -- Crude-oil futures saw their losing streak carry into a sixth straight session Wednesday, the longest in seven months, as government data showed demand for petroleum products remained weak and inventories at a key delivery point rose for a second week.
Weekly data released by the Energy Information Administration showed a smaller-than-expected decline in crude inventories and a bigger-than-expected buildup in petroleum products such as gasoline and diesel. Distillate inventories, which include diesel and heating oil, stood at the highest level since early 1985.
http://markets.usatoday.com/custom/...S&guid={6F5B7B8E-CAF0-4747-8A59-D92B76F0589A}
 
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nnuut said:
07/08/2009 - updated 11:20 am et

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oil falls for sixth day as data raise demand concernscommodities broadly lower after cftc considers crackdown on speculation
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Yeeeeeeeeeeeeeeeeeeeeee-Haaaaaaaaaaaaaaaaaaa
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Game Over? Unless our economy starts looking up, then they will raise prices and cut inventories until they get the price where they want it. I would suggest to STOP CAP and TRADE and DRILL, DRILL, DRILL!! NOW before it's too late!! The IDOITS are in WASHINGTON DC!!:nuts:
 
We can drill but we still don't have enough reserves....we'll just be here again later. It'll take months to get any oil out anyway. :cool:
 
It's NEVER too late...Not enough reserve? Goes right alone with Global Warming caused by Man and the depletion of the Ozone layer...two words..BS!!!;)

But contrary to some belief..there is soooooo much oil around this North American Continent, to drown the Middle East in Crude....

Automakers are still making GASOLINE powered cars and plans are on the drawing boards for future cars to also burn gasoline for the next 20 years...

SO; DRILL BABY, DRILL
 
Not what I saw on the EIA site, are you counting digging deep for possible oil shale or other marginal reserves and going really far offshore? There is definately a line between oil is there and getting it out. Maybe if we converted some vehicles to natural gas, we could go for quite a while longer. But not on just oil.
 
Perhaps yes, perhaps no..we at this level will never really know the truth about the US's oil reservers..But think about the Airlines..They will not be coming to an end anytime soon and they don't fly on air...(pun intended):p
 
If we were able to get the cars off the crude, we would have enough reserves for everything else. Plastics use a different ingredient in oil than gasoline does, so planes would have enough.
 
Silverbird said:
If we were able to get the cars off the crude, we would have enough reserves for everything else. Plastics use a different ingredient in oil than gasoline does, so planes would have enough.
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I agree...and support that idea...Kar Krazy can attest to the fact that Drag/race cars go very very fast on Alcohol..so, it is doable for the street car too..
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A Short History of Gasoline vs. Alcohol Fuel (Ethanol)​
by David Blume​
The first cars, back in the late 1800s, ran primarily on alcohol. It was the only
reliable, combustible fuel that was available. Oil had already been discovered,
but it had a completely different use at that time; it was used for heating and
lighting homes. So the part that they couldn’t use for heating and lighting—the
stuff that wanted to explode and nobody wanted to put in an oil lamp—they threw
away.​
 
Silverbird said:
We can drill but we still don't have enough reserves....we'll just be here again later. It'll take months to get any oil out anyway. :cool:
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The excuse thirty years ago was that it would take ten years to start drilling in ANWAR...and there's STILL no drilling going on right now in ANWAR!

Let drilling begin, take the profits from the leases to fund alternative fuels, then replace oil when the alternatives become commercially available.

The problem with the opposition to drilling is they don't want to have this stop gap. They want to create the necessity for alternatives so that someone will develop the alternative faster. In the meantime, real people must make tough choices about whether to buy fuel or provide food, shelter, or clothing for their families! It's poor people that will be harmed the longer the opposition refuses to allow drilling for our own oil here!
 
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