World fuel prices
05-25-2008, 01:45 AM
#26
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^^ Interesting post...
On the Iraq subject..
Before the war it was said that Iraq has 13% of the Middle Easts known crude reserves and of that 13% the USA consumed only 1%.
Also Iraq was never in the equation in relation to supply and demand while embargoes existed as the "Oil for Food Program".
As far as production capacity... I am not so sure that restrictions really exist because of demand rather than a policy by OPEC of artificially controlling the market and prices by saying that capacity has peaked.
Earlier this year India opened the worlds largest refinery, so what effect has this had on supply?
The Australian Government could and should remove the 38.5 cent excise (tax) at a cost of $13b instead of giving us $13b in Income Tax cuts, why does it matter from which pot the money is given back from.
A 40 cent per litre reduction would assist a far larger percentage
(100%) of the community than targeted Income Tax cuts.
It would also take pressure of transport/shipping cost, which as we know flows onto the price of goods and services. A far greater benefit to Low and Fixed Income earners, including Pensioners.
On the Iraq subject..
Before the war it was said that Iraq has 13% of the Middle Easts known crude reserves and of that 13% the USA consumed only 1%.
Also Iraq was never in the equation in relation to supply and demand while embargoes existed as the "Oil for Food Program".
As far as production capacity... I am not so sure that restrictions really exist because of demand rather than a policy by OPEC of artificially controlling the market and prices by saying that capacity has peaked.
Earlier this year India opened the worlds largest refinery, so what effect has this had on supply?
The Australian Government could and should remove the 38.5 cent excise (tax) at a cost of $13b instead of giving us $13b in Income Tax cuts, why does it matter from which pot the money is given back from.
A 40 cent per litre reduction would assist a far larger percentage
(100%) of the community than targeted Income Tax cuts.
It would also take pressure of transport/shipping cost, which as we know flows onto the price of goods and services. A far greater benefit to Low and Fixed Income earners, including Pensioners.
05-25-2008, 01:53 AM
#27
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In some ways this is the oil pricing we had to have.
Necessity is the mother of invention.
If oil stayed cheap and we were still paying $1 a liter then no one would be looking at hybrid plug in cars or hydrogen or anything else in earnest.
Just as we have been doing for the last 20 years knowing that we were running out of cheap oil sometime soon, we would live in the the today and not explore alternatives. I am still not sure that most of the world is still taking it serious enough and may not until it hits $5 or $6 in the US for a gallon of gas.
Not sure what price oil has to get to before the world wakes up and gets off the pot, but at least there does appear to be some movement to doing something.
Necessity is the mother of invention.
If oil stayed cheap and we were still paying $1 a liter then no one would be looking at hybrid plug in cars or hydrogen or anything else in earnest.
Just as we have been doing for the last 20 years knowing that we were running out of cheap oil sometime soon, we would live in the the today and not explore alternatives. I am still not sure that most of the world is still taking it serious enough and may not until it hits $5 or $6 in the US for a gallon of gas.
Not sure what price oil has to get to before the world wakes up and gets off the pot, but at least there does appear to be some movement to doing something.
06-05-2008, 08:54 PM
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06-06-2008, 04:01 AM
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The blokes who won the $58M Powerball would be laughing all the way to the bank. If you want to really impress her Michael, why don't you splash out on a bottle of Clive Christian's Imperial Majesty, the most expensive perfume in the world.
A bargain at $285,000 (AUS) for a 16.9 oz bottle. I think the 5 carat diamond in the 18ct gold collar has something to do with it. Better hurry because one has already sold and there are only two left....
My preference is this Dodge Tomahawk....
chicken feed at $555,000. It can do 100 km/h in about 2.5 seconds, and has a theoretical top speed of 650 km/h. With a 8.3 L V10 engine churning out 500 hp, its what I call genuine hard on material.....
A bargain at $285,000 (AUS) for a 16.9 oz bottle. I think the 5 carat diamond in the 18ct gold collar has something to do with it. Better hurry because one has already sold and there are only two left....
My preference is this Dodge Tomahawk....
chicken feed at $555,000. It can do 100 km/h in about 2.5 seconds, and has a theoretical top speed of 650 km/h. With a 8.3 L V10 engine churning out 500 hp, its what I call genuine hard on material.....
Last edited by enforcer; 06-07-2008 at 04:15 AM. Reason: smaller pic
06-06-2008, 10:48 PM
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Crude oil prices soar again
By JUDITH O. ETZEL
1.02pm 7/6/08
An unprecedented two-day price surge of $11-plus per barrel on Friday has sent crude oil prices into the stratosphere. The price lunge is sure to promise even tougher hits coming to consumers.
On Friday, the price of a barrel of international crude oil grades jumped to $138, a new record that passes the $135 mark set on May 22. The jump came in two increments from late Thursday to the close of business on Friday.
Just three days ago, crude oil prices had fallen off to mark a three-week low.
The oil excitement hit the Penn Grade petroleum, too, as the price for the Appalachian Basin-produced fossil fuel jumped by an incredible $15.75 during two separate spikes on Friday. Typically, the less prolific Penn Grade oil lags a few days and a few dollars behind the international market.
Friday’s huge uptick has analysts wondering if it is simply a short anomaly or the start of an extended and costly price surge. If it is the latter, look out for a hefty increases in the cost of fuel and anything associated with it.
Crude oil represents more than 60 percent of the cost of gasoline. The rule of thumb is that every $10 hike in the cost of a 42-gallon barrel of crude oil means a 25-cent hike at the gas pump.
Pumping the price increase Friday were worries about the weakened dollar against the euro, growing demand from India and China, jitters about potential supply disruptions in Nigeria and Iran, and wide speculation in the commodities market as buyers scurry to invest in tangibles like oil and gold.
Another looming concern is the so-called hurricane premium, an amount artificially added to the barrel price based on fears on supply disruptions. That surcharge hasn’t yet been figured in.
All that leads to a very worrisome scenario — analysts are suggesting crude oil could reach the $150 a barrel mark by July 4.
The spiral could put gasoline at the pump at $5-plus a gallon just in time for one of America’s busiest highway holidays.
There is even speculation the crude oil tag could hit $200 a barrel by early 2010.
By JUDITH O. ETZEL
1.02pm 7/6/08
An unprecedented two-day price surge of $11-plus per barrel on Friday has sent crude oil prices into the stratosphere. The price lunge is sure to promise even tougher hits coming to consumers.
On Friday, the price of a barrel of international crude oil grades jumped to $138, a new record that passes the $135 mark set on May 22. The jump came in two increments from late Thursday to the close of business on Friday.
Just three days ago, crude oil prices had fallen off to mark a three-week low.
The oil excitement hit the Penn Grade petroleum, too, as the price for the Appalachian Basin-produced fossil fuel jumped by an incredible $15.75 during two separate spikes on Friday. Typically, the less prolific Penn Grade oil lags a few days and a few dollars behind the international market.
Friday’s huge uptick has analysts wondering if it is simply a short anomaly or the start of an extended and costly price surge. If it is the latter, look out for a hefty increases in the cost of fuel and anything associated with it.
Crude oil represents more than 60 percent of the cost of gasoline. The rule of thumb is that every $10 hike in the cost of a 42-gallon barrel of crude oil means a 25-cent hike at the gas pump.
Pumping the price increase Friday were worries about the weakened dollar against the euro, growing demand from India and China, jitters about potential supply disruptions in Nigeria and Iran, and wide speculation in the commodities market as buyers scurry to invest in tangibles like oil and gold.
Another looming concern is the so-called hurricane premium, an amount artificially added to the barrel price based on fears on supply disruptions. That surcharge hasn’t yet been figured in.
All that leads to a very worrisome scenario — analysts are suggesting crude oil could reach the $150 a barrel mark by July 4.
The spiral could put gasoline at the pump at $5-plus a gallon just in time for one of America’s busiest highway holidays.
There is even speculation the crude oil tag could hit $200 a barrel by early 2010.
06-07-2008, 12:17 AM
#32
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Yeah, What gets me it there is always an excuse as to why we see jumps in crude...
A pipe line burst in Nigeria.
A hurricane in the US
Floods here..
A Saudi broke wind!
The problem is when these "issues" are fixed or rectified the price never comes down.
We are taken for a bunch of mugs!
In the so called markets there is always a reason.
A pipe line burst in Nigeria.
A hurricane in the US
Floods here..
A Saudi broke wind!
The problem is when these "issues" are fixed or rectified the price never comes down.
We are taken for a bunch of mugs!
In the so called markets there is always a reason.
06-07-2008, 03:25 AM
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For those who don't know, current global oil production is at 86.8 million barrels a day. One oil barrel = 158.987295 litres, and with roughly 91 years of oil reserves left in the world, there must be a hell of a lot of price gauging going on...
06-07-2008, 04:12 AM
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True...its the speculators who have a lot to answer for in driving the price up. All the Government inquiries or commissions in the world won't stop it.
Sooner or later something has to give....
Sooner or later something has to give....
06-07-2008, 04:28 AM
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Market speculation and greediness of humans is causing the price of oil to go up .
However can you imagine the price of oil and other resources around the globe if Iran is allowed to aquire Nuclear weapons and decides to use them in the middle east on Israel or against the capitalist western infidels
I believe that there will be a major war in the middle east by the years end so start stockpiling
Cheers
Michael
However can you imagine the price of oil and other resources around the globe if Iran is allowed to aquire Nuclear weapons and decides to use them in the middle east on Israel or against the capitalist western infidels
I believe that there will be a major war in the middle east by the years end so start stockpiling
Cheers
Michael
06-07-2008, 04:53 AM
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World powers voice 'serious concern' over oil price
June 7, 2008 - 6:43PM
Source: ABC
Oil prices closed at a new record high of $US138.54 in New York.
The United States and Asia's four largest economies have voiced "serious concerns" about oil prices in a joint statement, after the cost of crude spiked to a record high.
Oil prices, which have soared five-fold since 2003, posted their highest ever one-day gain of $US10.75 to close at a new record of $US138.54 in New York.
"We share serious concerns over the current level of oil prices," said the statement signed by energy ministers of the United States, Japan, China and South Korea, along with a senior Indian official.
"These prices are unprecedented and against the interest of both consuming and producing countries. They pose a great burden - particularly on resource-scarce developing countries," it said.
Ahead of the full G8 plus three gathering on Sunday, the ministers are meeting in Aomori, northern Japan with energy conservation at the top of the agenda.
They also aim to press oil suppliers to work harder to show that they have the resources to meet long-term demand, hoping such a message may temper investor enthusiasm for oil markets built partly on the belief that world production may soon peak.
The rise in oil followed a sharp decline in the value of the US dollar, after figures showed the biggest monthly rise in US unemployment in more than 20 years.
White House spokesman Dana Perino earlier said the figures are partly explained by the fact that the US economy has yet to see the benefits of President George W Bush's much vaunted economic stimulus package.
Analysts pinned the sharp spike to hawkish remarks by an Israeli official towards oil producer Iran.
The rise in recent years has been attributed to turbulence in the Middle East along with rising demand in emerging economies such as China and India.
The US and four Asian powers have called for more investment to meet the rising demand.
"We affirm the need to maximise investment in our own domestic production and we call on other oil producing countries to increase investment to keep markets well supplied in response to rising world demand," the statement said.
- Reuters/AFP
The question one has to ask themselves is who has the most to gain by causing a recession in America that will most likely effect the rest of the western world .?
Russia , China , India or the Arab / muslim world ?
Using the price rise in oil as a weapon against the west is a very effective untraceable tool .
Cheers
Michael
June 7, 2008 - 6:43PM
Source: ABC
Oil prices closed at a new record high of $US138.54 in New York.
The United States and Asia's four largest economies have voiced "serious concerns" about oil prices in a joint statement, after the cost of crude spiked to a record high.
Oil prices, which have soared five-fold since 2003, posted their highest ever one-day gain of $US10.75 to close at a new record of $US138.54 in New York.
"We share serious concerns over the current level of oil prices," said the statement signed by energy ministers of the United States, Japan, China and South Korea, along with a senior Indian official.
"These prices are unprecedented and against the interest of both consuming and producing countries. They pose a great burden - particularly on resource-scarce developing countries," it said.
Ahead of the full G8 plus three gathering on Sunday, the ministers are meeting in Aomori, northern Japan with energy conservation at the top of the agenda.
They also aim to press oil suppliers to work harder to show that they have the resources to meet long-term demand, hoping such a message may temper investor enthusiasm for oil markets built partly on the belief that world production may soon peak.
The rise in oil followed a sharp decline in the value of the US dollar, after figures showed the biggest monthly rise in US unemployment in more than 20 years.
White House spokesman Dana Perino earlier said the figures are partly explained by the fact that the US economy has yet to see the benefits of President George W Bush's much vaunted economic stimulus package.
Analysts pinned the sharp spike to hawkish remarks by an Israeli official towards oil producer Iran.
The rise in recent years has been attributed to turbulence in the Middle East along with rising demand in emerging economies such as China and India.
The US and four Asian powers have called for more investment to meet the rising demand.
"We affirm the need to maximise investment in our own domestic production and we call on other oil producing countries to increase investment to keep markets well supplied in response to rising world demand," the statement said.
- Reuters/AFP
The question one has to ask themselves is who has the most to gain by causing a recession in America that will most likely effect the rest of the western world .?
Russia , China , India or the Arab / muslim world ?
Using the price rise in oil as a weapon against the west is a very effective untraceable tool .
Cheers
Michael
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