Good news on the oil price front?

Source

Sounds encouraging.

I think it really depends on how the dollar does.

Shit.

Huh?

Was $126+ today.
Should really start diggin

Barnum was right...

If you work in an industry that is driven by high oil prices...you'd understand.

Sarcasm aside....this is good news.

And a little under a year ago oil executives were predicting that oil would stay in the $60-$80/barrel range for 5 years.

And last November The Wall Street Journal said oil wouldn't break $100/barrel.

In other words,

Fact is, oil prices in the 80s were artificially set too low. (A) We're paying for that now, and (B) take the speculators out of the game, and watch the price settle to its real market value.

What cracks me up is the assumption that more exploration will *inevitably* find more, and accessible, resources.

How were oil prices artificially set low in the 80's Margaret?

Lack of taxes = articial economy to that whore.

Ask the oil execs and your hero Reagan.

Wow. The liar deflects the question.

Edumacate yourself.

I'm asking the woman who made the claim. Apparently it is nothing more than yet another claim being made by an individual who doesn't specialize in reality, but rather lives in a world of fairy tales.

I thought you were talking to my avatar.

As I recall there was a large find made in Brazil. I don't think its been tapped yet though.

No surprises there. Just another school yard game from the woman who demonstrates somewhat of a multiple personality disorder. One minute she's the school marm attempting to lecture posters on how they should behave and then other times she is busy playing troll. Must be tough keeping them personalities straight.

Exactly. Now, when you're ready to observe standard board etiquette and address me by my username, we can continue this conversation.

In the interim, I'd recommend you read the entire thread instead of just targeting me, because the answer to your question is contained upthread, and continuing to pretend I haven't answered the question will only make you look foolish.

Not that that's never happened before...

Awesome! All I need to do is refer to Margaret and she might shut the fuck up. Oh wait, Stupid me, I forgot who it is that posts here.

No interest in discussing the topic, huh?

Indeed... Margaret Wander Bonanno almost never discusses the topics. She tends to be too busy playing her passive aggressive games of trolling.

I like your honesty.

Cool, when are you going to show some?

The speculators are out of the game. The way speculators drive up price on a commodity is by diverting current purchases to reserves, thereby increasing current demand. Reserves are generally increasing only slightly as measured by total volume and are decreasing as measured by the number of days supply. They certainly aren't increasing sufficiently to put speculative price pressures on a barrel of oil.

When hell freezes over?

You find my discussion of the topic dishonest? In what way?

In the interests of discussing the topic, here's one utility company's perspective.

Edit: I mean, seriously, what do you find dishonest? The concept - not mine, by the way - that price controls kept oil prices artificially low in the 1980s?

skimming the article it seems the controls started in 73 after the oil embargo and continued through the 70's. (so we Have Ford and Carter to thank. But mostly Ford). The spike in the early 80's would be attributed to this.

Low prices in the end of the 90's were due to low demand in asia (they had a recession while we were going gangbusters). Demand caught up with supply in the 2000's.

I think $4/gal is reasonable. I'd like it to go to $8. Then we might see some interesting technology.

The OP is saying alternative fuels won't be a likelihood until 2015 (that's EnergyCoSpeak for "not until we've bought up all the patents and figured out a way to charge the consumer for sunlight and wind").

An $8 a gallon pump price and the resultant consumer backlash might motivate them to work faster.