OPEC cuts oil production

[mikeb]

Or, at least some of the member countries are cutting, others are expected to follow, and some may have already done so while being quiet about it. Apparently $60/barrel oil is a "very low" price according to the middle east oil barons :mad:

http://upi.com/NewsTrack/view.php?StoryID=20060930-102228-4178r

As I get older I am convinced that our nation needs to be looking at any and all methods to reduce energy dependency on the middle east. The ironic thing is that high energy prices are the cure for high energy prices. If these cuts drive consumer energy prices back up then long term I see this as a good thing; it will continue to encourage the current investment activity into looking for alternative sources of energy.

Enjoy that $1.99 gas now. Looks like it'll be going back up soon.

[D]

This is why the US needs to start drilling in the mid-west and Alaska. There are two HUGE, MASSIVE shales there that could make the US fully self-sufficient, but the tree huggers who complain about oil prices don't want to start drilling and keep shutting the rest of us down. :mad:

[def1eppard]

This is why we need to stop relying on fucking gas. Did someone already assassinate that guy that was running his car on water?

[talisman]

This is why we need to stop relying on fucking gas. Did someone already assassinate that guy that was running his car on water?




It was President Bush in the Ballroom with the Candlestick. (I was going to say Study, but no one would have believed it)

[Geor!]

It was President Bush in the Ballroom with the Candlestick. (I was going to say Study, but no one would have believed it)
lmao

[Trip McNeely]

This is why the US needs to start drilling in the mid-west and Alaska. There are two HUGE, MASSIVE shales there that could make the US fully self-sufficient, but the tree huggers who complain about oil prices don't want to start drilling and keep shutting the rest of us down. :mad:
ding ding ding. You can also include the coast of California. The state of CA has a law that keeps drilling out a certain distance from the coast, because it will ruin the scenery. :rolleyes:

[D]

ding ding ding. You can also include the coast of California. The state of CA has a law that keeps drilling out a certain distance from the coast, because it will ruin the scenery. :rolleyes:

Last time I was in Los Assholes, the only scenery I saw was beautiful women and smog...

I'm all in favor of drilling in the US if it means we can get the fuck away from being reliant on Middle East crude sources. I'm tired of them having leverage over us because of their oil.

[Vertnut]

You mean we can't piss and moan about Exxon making too much money? We are stuck with blaming the Rags? Piss on'em. I'm sick of ALL of them. Their all a bunch of terrorist-harboring son-of-a-bitches anyway. ;)

[GhostTX]

ding ding ding. You can also include the coast of California. The state of CA has a law that keeps drilling out a certain distance from the coast, because it will ruin the scenery. :rolleyes:
Lets not forget off the coast of Florida, but they're too worried about ruining the view from the beach. Too bad they're too stupid that the oil rigs are BVR from the coastline.

Meanwhile, Cuba has leased out land to China so China can drill the oil off the coast of Florida...

[D]

Lets not forget off the coast of Florida, but they're too worried about ruining the view from the beach. Too bad they're too stupid that the oil rigs are BVR from the coastline.

Meanwhile, Cuba has leased out land to China so China can drill the oil off the coast of Florida...

The biggest oil shale known to man lies in the mid west of the US. Why not drill there? There's not shit out there except a tree here and there.

[Sgt Beavis]

Of course they are cutting production. But their reasons are BS.

Iran has no choice but to cut production. They have no more storage capacity. Iran had to lease 14 super tankers to STORE oil that they could not sell.

This isn't going to stop Oil's slide. You'll see it pick up here and there, but oil futures are in line for a big sell off IMO. It is just a matter of time before one of the oil hedge funds pulls out. Then the whole market is going to collapse. IMO, 30 for a barrel is very possible. If we have a mild winter, then it is a certainty.

[D]

Of course they are cutting production. But their reasons are BS.

Iran has no choice but to cut production. They have no more storage capacity. Iran had to lease 14 super tankers to STORE oil that they could not sell.

This isn't going to stop Oil's slide. You'll see it pick up here and there, but oil futures are in line for a big sell off IMO. It is just a matter of time before one of the oil hedge funds pulls out. Then the whole market is going to collapse. IMO, 30 for a barrel is very possible. If we have a mild winter, then it is a certainty.

A lot of it is selfishness. Oil prices are inflated beyond belief. The only natural product that has higher price inflation is diamonds. It's ridiculous. A lot of countries are, or at least are trying to follow Brazil's path. Brazil is the first country in the world to not be dependent on imported oil. We have the world supply for the demand, but as more people explore more options, the demand will start to gradually (over decades) decrease and gas prices will drop. At least that's what one of the time tables I have read says.

[Sgt Beavis]

Brazil is barely oil independant and that is because they brought a new oil rig online just last summer. That rig has made them an oil exporter for the first time but that is expected to last only a few years. Ethanol now provides 40% of Brazils energy needs. It took a dictatorship in the 70's to start the move to Ethanol. There have been multiple impacts on the economy and ecology of Brazil as a result. Some positive some negative....

IMO, the only bio fuel that is "possibly viable" is biodiesel which can be made from soybeans. Soybeans have a vastly larger yield than corn or sugarcane and the energy conversion process reaps much larger rewards than ethanol production could ever yeild (even with celulostic processes) Also, unlike ethanol, diesel engines get vastly better gas mileage. Some speculate that genetically engineered soybeans could more than double the production numbers.

Ethanol is a boondoggle. Don't buy the hype. The short term solution for the US is to drill here but the long term solution is something other than ethanol.

[D]

Brazil is barely oil independant and that is because they brought a new oil rig online just last summer. That rig has made them an oil exporter for the first time but that is expected to last only a few years. Ethanol now provides 40% of Brazils energy needs. It took a dictatorship in the 70's to start the move to Ethanol. There have been multiple impacts on the economy and ecology of Brazil as a result. Some positive some negative....

IMO, the only bio fuel that is "possibly viable" is biodiesel which can be made from soybeans. Soybeans have a vastly larger yield than corn or sugarcane and the energy conversion process reaps much larger rewards than ethanol production could ever yeild (even with celulostic processes) Also, unlike ethanol, diesel engines get vastly better gas mileage. Some speculate that genetically engineered soybeans could more than double the production numbers.

Ethanol is a boondoggle. Don't buy the hype. The short term solution for the US is to drill here but the long term solution is something other than ethanol.
That's absolutely correct.

I don't buy in to the ethanol bull either. The short and long term solution for the US is to drill here....well, not here for me, but you know what I mean.

[Sgt Beavis]

Short term (next 50 to 100 years) yes.
Long term no. Unless geological forces are proven to be the true source of oil I don't see light crude lasting beyond 75 years. After that it'll be heavy crude for another 50 to 100. The primary replacements under consideration are hydrogen, biofuels, and nuclear. Nuclear is the best if a proper storage medium for electricity is found. Hydrogen and most biofuels are pipe dreams unless technology improves substantially. By pipe dream I mean the technology simply isn't there. I don't mean to say that we should simply give up...

BTW, a company recently announced that they had developed a capacitor that could give a 500 mile range and recharge in only a few minutes. If those claims prove true, electric cars are going to become a reality.

[D]

BTW, a company recently announced that they had developed a capacitor that could give a 500 mile range and recharge in only a few minutes. If those claims prove true, electric cars are going to become a reality.

I'll never give up my Mach. :D