Oil prices hit $100/barrel for first time

http://biz.yahoo.com/ap/080102/oil_prices.html

Oil prices soared to $100 a barrel Wednesday for the first time ever, reaching that milestone amid an unshakeable view that global demand for oil and petroleum products will continue to outstrip supplies.

Surging economies in China and India fed by oil and gasoline have sent prices soaring over the past year, while tensions in oil producing nations like Nigeria and Iran have increasingly made investors nervous and invited speculators to drive prices even higher.

Violence in Nigeria helped give crude the final push over $100.

Light, sweet crude for January delivery rose $4.02 to $100 a barrel on the New York Mercantile Exchange before slipping back, according to Brenda Guzman, a Nymex spokeswoman.

Word that several Mexican oil export ports were closed due to rough weather added to the gains.

In Nigeria, bands of armed men invaded Port Harcourt, the center of the oil industry Tuesday, attacking two police stations and raiding the lobby of a major hotel. Four policemen, three civilians and six attackers were killed. The Niger Delta Vigilante Movement claimed responsibility for the attack.

"Although the violence has not impacted oil flow out of the country, it has reignited supply concerns as militant attacks have reduced Nigeria's crude output by roughly 20 percent since 2006," said John Gerdes, an analyst at SunTrust Robinson Humphrey in a research note. Nigeria is Africa's largest oil producer.

Separately, the Organization of Petroleum Exporting Countries said its member nations may not be able to meet demand as early as 2024, though OPEC also said that deadline could slide for decades if members increase production more quickly.

Still, the warning gave investors pause, said Amanda Kurzendoerfer, an analyst at Summit Energy Services Inc. in Louisville, Ky.

"They're talking about, in 20 years, not being able to meet demand," Kurzendoerfer said.


So it finally happened, and OPEC is saying they'll basically reach Peak Oil (when demand surpasses supply) within 20 years. Not the best news to start out the new year.

 

Well there's nothing we can do about it. They've got us over a barrel.

 

The way we consume gas, one could say maximizing oil company profits is like shooting fish in a barrel. (Yes, I went there)

 

Didn't Nostradamus foresee this as one of the signs of the apocalypse?

I can't really quote the relevant quatrain offhand but it's there somewhere...

 

Well Naija's really got gas prices barreling out of control.

 

You're a barrel of laughs.

 

It's time to kick the spotted owl out of Alaska.

 

lol George_Roper

 

<[-]> Saber

 

Do you get the barrel also, or just the oil?

 

Thank god our gas comes from pumps and not barrels, so it doesn't affect us

 

Considering how much the oil cost now, isn't it finally going to be cheaper to pour money in to alternative fuel research?


Oh, and bring back nuclear energy (not kidding)

 

The barrel isn't that expensive, its the Bull **** companies that process and sell it and make Billions of dollers in profits.

 

I've heard about Peak Oil in one of my college classes last semester, on the Internet, and even a little on the news lately, so news like this always makes me a little jumpy for a while. Not as much the $100/barrel, but OPEC basically saying that they'll start running out in 16 years at current pace of the growing demand and their limited supplies.

Our need for oil is significantly contributing to or causing: damage to the environment, a weaker U.S. and global economy (but stronger economies for Russia/Venezuela/Middle East), weaker American political influence, higher prices without matching higher salaries, and other things as well. When we start to actually run out of oil, if we have not found an alternative solution or aren't prepared, nearly every way we live will be impacted and it could cause massive chaos and suffering.

 

Where's the "duh..duh..dah!" gif when I need it?

 

Here's what the US needs to do: Start the draft and get the US military up to about 5 million troops, and then invade Canada and take all their oil. Force about 2 million Canadians to join our Army, then invade Mexico and take all of their oil too. Afterwards, we'll get settled in whilst overtaking the smaller countries in Middle America before taking over Venezuela. We'll use their populations to bolster our military to about 10 million strong, then sit pretty for a while. Then we strike Brazil in a massive invasion so we can have it's Ethanol and it's sugar fields, as well as all of it's money. Shortly thereafter we will invade every other South American country, using their populations to put our military at roughly 20 million strong, then invade all of the oil producing nations in the Middle East and Africa. Then, once we have the majority of the world's fuel, we'll invade the Carribean to take all of their sugar. Then we'll sell our fuel at ridiculous costs to other nations while we take in all the profit. No one would dare mess with the US after our military is at around 50-75 million, also due to the fact we could easily pay countries off to ally with us.


LOL

 

[image=http://journeyhomeburke.files.wordpress.com/2007/08/mr-fusion.jpg]

It's obviously time to make Mr. Fusion a reality people.

 

[image=http://us.movies1.yimg.com/movies.yahoo.com/images/hv/photo/movie_pix/columbia_pictures/spider_man_2/alfred_molina/spiderman3.jpg]

Just get me enough tritium.