OPEC president: Oil could soon hit $170

[Ford Jellymoulds]

PARIS - Crude oil prices will likely rise to between $150 and $170 a barrel this summer, OPEC President Chakib Khelil was quoted as telling a French television station.

http://www.cnbc.com/id/25390227/for/cnbc/

[MadOx23]

PARIS - Crude oil prices will likely rise to between $150 and $170 a barrel this summer, OPEC President Chakib Khelil was quoted as telling a French television station.

http://www.cnbc.com/id/25390227/for/cnbc/

 

 

And naturally, as soon as they say it, it becomes a self fulfilling prophecy. Oil is up almost $4 already today. I wish these guys would go around saying that oil is going to fall to $30 a barrel by next week, since apparently every time they say something it comes true.

[Ford Jellymoulds]

And naturally, as soon as they say it, it becomes a self fulfilling prophecy. Oil is up almost $4 already today. I wish these guys would go around saying that oil is going to fall to $30 a barrel by next week, since apparently every time they say something it comes true.

 

Your dead right, just on him mentioning it oils jumped back up above $138.

http://www.cnbc.com/id/25378221

[rscalzo]

Yet the Democrats are still resisting any new drilling incentive or alternate energy sources.l Maybe they just want everyone to emulate the Amish and drive a horse and buggy.

 

This is from 2003..

 

Despite intense lobbying by pro-drilling senators and the White House in the hours leading up to the vote, Democrats mustered the support needed to remove a drilling provision from a budget resolution expected to be approved later this week.

 

An amendment offered by Sen. Barbara Boxer, D-California, to strip away the provision passed 52-48.

 

Development of the millions of barrels of oil beneath the 100-mile coastal plain of the Arctic National Wildlife Refuge in northeastern Alaska has been a key part of President Bush's energy plan. Environmentalists contended drilling there would jeopardize a pristine area valued for its wildlife.

 

All but five Democrats voted against refuge drilling. There were eight Republicans who joined the Democrats in favor of barring oil companies from the refuge.

 

And 2006....

 

As Ann Coulter points out in the cover story of this week's HUMAN EVENTS, the Democratic Party has long pursued a strategy designed to force up the price of gasoline for American families.

 

Part of this strategy is to maintain a moratorium on oil drilling off the East and West coasts of the United States, thus artificially limiting the domestic supply.

 

Back in 1982, according to the Energy Information Agency, Congress enacted a moratorium on oil and gas drilling off the coast of Northern California. In 1990, President George H.W. Bush ordered the Department of Interior not to allow any new drilling off virtually all the rest of the East and West coasts until 2000. Some drilling was still allowed in the Gulf of Mexico, but not off the coast of Florida. In 1998, President Clinton ordered that President Bush's moratorium be continued until 2012.

 

Many Republicans in Congress want to lift this moratorium. House Resources Chairman Richard Pombo (R.-Calif.) is pushing legislation that would allow each state to decide individually if it wants drilling off its shores. But congressional Democrats, led by liberal House Minority Leader Nancy Pelosi (D.-Calif.), are adamantly opposed to developing our domestic oil supplies to counter escalating gasoline prices.

 

 

And today.....

 

WASHINGTON — A House subcommittee on Wednesday rejected a Republican-led effort to open up more U.S. coastal waters to oil exploration.

 

Rep. John Peterson, R-Pa., spearheaded the effort. His proposal would open up U.S. waters between 50 and 200 miles off shore for drilling. The first 50 miles off shore would be left alone.

 

But the plan failed Wednesday on a 9-6, party-line vote in a House appropriations subcommittee, which was considering the proposal as part of an Interior Department spending package.

 

With record oil prices and gas prices projected to hover around the $4 mark for the rest of the summer, Republicans have ratcheted up their efforts to open up oil exploration along U.S. coastline. But the long-sought change has so far been unsuccessful.

 

Most offshore oil production and exploration has been banned since a federal law passed in 1981.

 

"We are kidding ourselves if we think we can drill our way out of these problems," House Appropriations Committee Chairman David Obey, D-Wis., said during the bill mark-up session.

 

For his part, Peterson said: "There is no valid reason for Congress to keep the country from energy resources it needs."

 

"I'm disappointed. I did not expect a partisan vote today. I felt we had a chance of winning this. A lot of Democrats have been talking favorably about my amendment. They know we have to do something. But today was an absolute show of Pelosi power, it was dealt from the top down," Peterson said later, speaking with FOX News, adding he was open to other energy solutions, including wind and solar power.

 

According to Peterson's office, the U.S. Minerals Management Service estimates that 86 billion barrels of oil and 420 trillion cubic feet of natural gas can be found along the U.S. outer continental shelf, the area affected by the ban.

 

Peterson is not alone in his desire to open up the shelf. An effort to unlock the resources has been underway in Congress in recent years, and several interest groups are backing the effort, too.

 

"Tapping America's huge reserve of deep ocean energy helps us fight terrorism and increases our domestic energy supply, which will help put downward pressure on gasoline prices," Greg Schnacke, President of Americans for American Energy, said in a news release, adding: "With Americans suffering at the gas pump and with higher energy bills, it's a no-brainer that the OCS should be developed."

 

But the proposal has faced staunch opposition from environmental groups from states where the shorelines are under consideration for drilling, like Florida.

 

Democrats held their own series of events on Capitol Hill Wednesday to focus attention on global warming and energy independence, but drilling is not on the agenda. House Majority Leader Steny Hoyer, D-Md., said Tuesday ongoing calls for more drilling "is the Johnny One-Note of the Republican Party."

 

Rep. Earl Blumenauer, D-Ore., dismissed the need for oil explanation, speaking with FOX News Wednesday.

[Ford Jellymoulds]

Oh dear, oils just smashed the all time record price $139.40.

[NickF1011]

"We are kidding ourselves if we think we can drill our way out of these problems," House Appropriations Committee Chairman David Obey, D-Wis., said during the bill mark-up session.

 

Gotta love the logic there.

[TitleistWI]

Its not surprising that OPEC would say something like this. Afterall, they control the supply, so they can make the price do whatever they want.

[xr7g428]

Back in reality world...

 

What would have more real impact on the expected future supply of oil:

 

Somebody says that oil might go up?

 

The US Congress decides not to drill in an area that has billions of barrels of oil?

 

Put your thinking caps on.

[Blueblood]

There's no shortage of oil, what needs to be done is to close the Enron loophole and send all these speculators to Gitmo.

 

But of course most people have it all wrong here, as if allowing the oil companies to drill more will make them lower gas prices...

[rscalzo]

There's no shortage of oil, what needs to be done is to close the Enron loophole and send all these speculators to Gitmo.

 

But of course most people have it all wrong here, as if allowing the oil companies to drill more will make them lower gas prices...

 

If the speculators were only in this country that might work. But the purchase of oil is worldwide and we have no control over that any longer.

[ford-boy]

This about sums it up.

 

 

Think about it

 

 

 

The OPEC minister will look you in the eyes and state: ' We are at war with you infidels. Have been since the embargo in the 1970s. You are so arrogant you haven't even recognized it. You have more missiles, bombs, and technology; so we are fighting with the best weapon we have and extracting on a net basis about $700 billion/year out of your economy. We will destroy you! Death to the infidels! While I am here I would like to thank you for the following:

1) Not developing your 250-300 year supply of oil shale and tarsands. we know if you did this, it would create millions of jobs for US citizens, expand your engineering capabilities, and keep the wealth in the US instead of sending it to us to finance our war against you stupid bastards.

2) Thanks for limiting defense dept. purchases of oilsands from your neighbors to the north. We love it when you confuse your allies.

3) Thanks for over regulating every segment of your economy and thus delaying, by decades, the development of alternate fuel technologies.

4) Thanks for limiting drilling off your coasts, in Alaska , and anywhere there is a bug, bird, fish, or plant that might be inconvenienced. Better that your people suffer! Glad to see our lobbying efforts have been so effective.

5) Corn based Ethanol. Praise Allah for this sham program! Perhaps you will destroy yourself from the inside with theses types of policies. This is a gift from Allah, praise his name! We never would have thought of this one! This is better than when you pay your farmers NOT TO GROW FOOD. Have them use more energy to create less energy, and simultaneously drive food prices through the roof.

Thank you US Congress!!!!

6) Thank you letting us fleece you without end. You will be glad to know we have been accumulating shares in your banks, real estate, and publicly held companies. We also finance a good portion of your debt and now manipulate your markets, currency, and economies to our benefit.

 

THANK YOU AMERICA !

Edited June 27, 2008 by ford-boy

[Imawhosure]

This about sums it up.

 

 

Think about it

 

 

 

The OPEC minister will look you in the eyes and state: ' We are at war with you infidels. Have been since the embargo in the 1970s. You are so arrogant you haven't even recognized it. You have more missiles, bombs, and technology; so we are fighting with the best weapon we have and extracting on a net basis about $700 billion/year out of your economy. We will destroy you! Death to the infidels! While I am here I would like to thank you for the following:

1) Not developing your 250-300 year supply of oil shale and tarsands. we know if you did this, it would create millions of jobs for US citizens, expand your engineering capabilities, and keep the wealth in the US instead of sending it to us to finance our war against you stupid bastards.

2) Thanks for limiting defense dept. purchases of oilsands from your neighbors to the north. We love it when you confuse your allies.

3) Thanks for over regulating every segment of your economy and thus delaying, by decades, the development of alternate fuel technologies.

4) Thanks for limiting drilling off your coasts, in Alaska , and anywhere there is a bug, bird, fish, or plant that might be inconvenienced. Better that your people suffer! Glad to see our lobbying efforts have been so effective.

5) Corn based Ethanol. Praise Allah for this sham program! Perhaps you will destroy yourself from the inside with theses types of policies. This is a gift from Allah, praise his name! We never would have thought of this one! This is better than when you pay your farmers NOT TO GROW FOOD. Have them use more energy to create less energy, and simultaneously drive food prices through the roof.

Thank you US Congress!!!!

6) Thank you letting us fleece you without end. You will be glad to know we have been accumulating shares in your banks, real estate, and publicly held companies. We also finance a good portion of your debt and now manipulate your markets, currency, and economies to our benefit.

7) Finally, thank you for allowing us to nominate one of our own for president of the United States! We have donated millions to the election fund of Barack Obama-a man who is anti-American, anti-military, anti-Christian, and anti-white. Obama will be the ideal president for us, and we will donate billions more, if necessary to get him elected. When Obama is your president, we will decimate your military, open your borders to the people of Islam, set up terrorist groups in all of your cities, build mosques throughout your land, and begin the conversion of American people to Islam. In a short time, you will be working for us!

You may wonder why I am giving away all of our secrets. I do not hesitate to tell you our plans, because I'm convinced that Americans are too stupid to recognize the truth, even when it is spread out before them. I believe the next election will prove me right, and soon I will be telling you what you can and cannot do. Wait and see America!

After we take over your country, I will read this warning to again-this time on your national television. I will do this just to let you know how blind and pathetic you really are!

 

THANK YOU AMERICA !

 

Ahhhhhh, Fordboy. That disertation might have made the evening news were it not for number 7. Up until, and through number 6, I thought the statement was absolutely brilliant. But when I came upon number 7, all that you had pointed out splendidly went up in smoke as I realized that every liberal you had thinking logically for once, just tuned the whole first 6 out, and decided the reason for the first 6 was to slip by number 7.

 

Understand that I am NOT a democrat or a liberal by any stretch of the imagination; but you getting ALL Americans to mutter "oh yes, he is right" through the first 6 statements was excellent work. But getting 1/2 of Americans to THROW OUT the whole deal by inserting number 7 was a bad move!

 

Eliminate number 7, and you might have it make the news, or certainly be copied and sent through e-mail through out the US of A.

 

P.S. All the posters who pointed out (without coming out and saying it) that the democrats are in the enviros pockets are 100% correct. When you bring up their "backroom deals" to keep energy high, the enviros come back with Iraq.

 

They continuously want to tie Iraq and oil together, MMGW and oil together, pollution and oil together, and everything BAD and oil together so as YOU can justify in your mind the reason to pay so much for it and accept the premise.

 

It is phsycology 101, and they play it across the media very well. The objective is simple---------->to convince YOU that having lotsa oil is NOT a good thing because of all the things they bring up that are bad.

 

Let us change the debate!!!!!!

 

Make your list in your own mind of what is the top 10 problems in this country today.

 

Have you made it?

 

Now then, number them 1 through 10, with number 1 being the worst problem.

 

Ok, now you answer the question---------->what is the a BIGGER problem; closest to number 1 on the list!!!! The price of energy, or Iraq, or MMGW? (did MMGW even make your list? It didn't mine, lololol, cause we may have warming, but it is not man made, lololol. But that is a topic for another thread)

 

So then, if oil prices (energy) is your main concern, then voting for a democrat is economic suicide. Better buy a bike.

 

If your concern lies with leaving Iraq ASAP, then vote for a democrat, plain and simple.

 

Both partys can spin all they want, but each of us has to do is look up what they do on these two issues. In todays America, these are the defining questions that most Americans want answers to.

 

It is reality, it is fact, and you get to choose.

Edited June 27, 2008 by Imawhosure

[ford-boy]

Yes. #7 was not good and I should have eliminated it from the list. I will NOW.

[Ford Jellymoulds]

There's no shortage of oil, what needs to be done is to close the Enron loophole and send all these speculators to Gitmo.

 

But of course most people have it all wrong here, as if allowing the oil companies to drill more will make them lower gas prices...

 

Only problem is now is if the oil price bubble burst, is a lot of this speculators are pension fund managers and it will take yours and my pensions down with it as well.

 

Seeking diversification and a hedge against inflation, institutional investors such as pension funds and endowments have invested some of their billions into financial contracts passively following indexes composed of a basket of commodity futures.

 

 

http://seekingalpha.com/article/82199-blam...oil-speculators

[01FOCI]

Well if OPEC wants to crash the world economy, they are well on there way. Does not seem likely that the majority of people who have to drive will be able to sustain it for long. Europe's gas prices when converted to $/gal range anywhere form $6-10+! Granted our dollar is weak so it makes anything $$$ but there truckers are already crying foul so we shall see.

[Ford Jellymoulds]

Oil leapt to a new record high near $142 a barrel on Friday unabatted even after Saudi Arabia's pledge to pump out more supplies there is just no logic to it all.

http://www.cnbc.com/id/25400811

[Imawhosure]

Oil leapt to a new record high near $142 a barrel on Friday unabatted even after Saudi Arabia's pledge to pump out more supplies there is just no logic to it all.

http://www.cnbc.com/id/25400811

 

Ah Jelly, yes there was, but I haven't seen it posted on here.

 

You see, Saudi said they would pump more, put one point up for the good guys meaning us and prices dropping.

 

Butttttt, in the next breath, the bad guys got two points. What were they? It seems that Libya has threatened to cut production because the US passed a law that terrorist, and terrorist countrys assets could seized or frozen if suit was brought against the accused partys by victims of terrorist attacks.

 

At about the same time, a large political party (guess which one, lol) was huffing and puffing about BLOCKING offshore drilling. (as usual)

 

Add those two big comments together, and the speculators smile and push your fuel ever higher.

 

The energy problems are real, and have been real for at least a quarter of a century. And yet, it is a political problem, not a lack of resources. It is a ping-pong ball issue between MMGW people along with enviros, and you, the regular American. So far, they are winning!!!!! And if we collectively ever get off our duffs and demand YOUR government drill, mine, convert, and tell oprick to take a hike ASAP, it will still take some time to make it reality because WE COLLECTIVELY have allowed the enviros to have their way to long.

 

I know, I know, we were all busy earning a living for our familys, raising our children, etc. But here you have OPRICK and the speculators claiming 170 buck a barrel oil, and possibly 7 buck a gallon gasoline within 2 yrs, and they say it without impunity because they believe you will roll.

 

Until we all get it through our heads that we can stop it by political will because we have the natural resources to tell them to stuff it, we are at their mercy. It really doesn't make a difference if you are a conservative or liberal, it really doesn't. It only makes a difference if you are an ENVIRO, lol. All we need do is get together and tell BOTH partys to quit the nonsense, and change platforms on America getting its own resources, including oil, coal for conversion, natural gas, etc; and if they won't, we will support the other party, or even an indpendent. They will crumble like a house of cards and throw the enviros overboard, trust me!!!!

 

Soooooooooooooo, when you gonna write Barrack, Mcain, and your reps? Are you gonna wait till they push it higher, adding more time to your pain at the pump? And never let the arguement from these eco people that it will take 2 or 3yrs to get it going disuade you. After all-------->did it disuade you when someone told you it might take you 30yrs to retire from Ford? It would take you 15yrs to make your 401k worth something? It would take you 5yrs to pay off your new car?

 

All they are doing is trying to cause you to feel despair so you will do NOTHING and they will get their way. Screw them!!!!!! They have blocked this stuff so well, that if they hadn't, we wouldn't be in this mess now. You gonna let them continue? You gonna keep sending money to OPRICK infinitum? You gonna let other countrys that you can't even vote for their leaders to control your economy by turning the spigot one way or the other, or by raising prices because they need a new palace or extra terrorist weapons to bomb you? When you have all this stuff at your disposal in your own country, just being blocked by groups of eco Shagri_la activists who happen to have ONE political party in their pocket?

 

I don't think so!!!!!!!! But it will take YOU to get the nerve, initiative, and anger at these people to change the way things are. You have the vote, they want it, so you need to ask these people what they are going to give you as far as energy policy for it. And tell them what you want!!!!! Throw the ecos overboard NOW, or someone else will get your vote.

 

It is your country, your American roads, your dollars, your way of life. If that doesn't give you incentive to write them with a clear threat of non-support in the upcoming election, then maybe we deserve to get screwed.

[fmccap]

I don't think so!!!!!!!! But it will take YOU to get the nerve, initiative, and anger at these people to change the way things are. You have the vote, they want it, so you need to ask these people what they are going to give you as far as energy policy for it. And tell them what you want!!!!! Throw the ecos overboard NOW, or someone else will get your vote.

 

It is your country, your American roads, your dollars, your way of life. If that doesn't give you incentive to write them with a clear threat of non-support in the upcoming election, then maybe we deserve to get screwed.

I'm really starting to wonder if a majority of this country has that incentive.

[Imawhosure]

I'm really starting to wonder if a majority of this country has that incentive.

 

Me too Mr Cap. Me too!

 

I wonder if they will just bitch to each other and do nothing. I wonder if they actually want to kiss that Arab ass. I wonder if the greatest generation was the last generation worth anything. I wonder if the eco freaks have more gumption; cause they surely would like to kick my ass, but everyone else is willing to let them roll over them.

 

Ah well, I did everything I could. I actually have a block of people writing, but the rest of these people..........well, it appears they wouldn't know a screw job if it bit them in the ass.

 

Maybe we should become enviros, it seems they will inherit the earth.

[methos]

Oil leapt to a new record high near $142 a barrel on Friday unabatted even after Saudi Arabia's pledge to pump out more supplies there is just no logic to it all.

http://www.cnbc.com/id/25400811

 

 

Nigerian militants launched two attacks on their countries oil infrastructure; thus negating the benefits from the promised increase by the Saudis.

[taxman100]

I'm really starting to wonder if a majority of this country has that incentive.

 

Fourty years of socialism, victimology, and dependency has created citizens who prefer to sit around and lament their condition, and wait for the Nanny-state to provide for them, rather than rolling up their sleeves and doing something.

[Imawhosure]

Fourty years of socialism, victimology, and dependency has created citizens who prefer to sit around and lament their condition, and wait for the Nanny-state to provide for them, rather than rolling up their sleeves and doing something.

 

 

Taxman,

 

GW has screwed all conservatives by making us look dumber than the liberals are.

 

He has made us look so silly, that republicans are running a psuedo liberal because they thinkthat is the only chance they have to win.

 

Were it a decent democrat with experience running, I would suggest everyone vote for him as he will get the shaft, lolol. (regardless of who it is, they will get the shaft cause this is a mess) But seeing it is a rookie, I just can't do it!

 

Where are the great dems and repubs of old? I fear for the youth of this country. We are being led around by the nose by Arabs. Nobody wants to settle that question, soI guess we will be their pool boys (girls) for the forseeable future.

[fmccap]

Nigerian militants launched two attacks on their countries oil infrastructure; thus negating the benefits from the promised increase by the Saudis.

Giant Saudi field is key to boosting oil output, Remote Khurais project should be supplying crude by June of next year

But what happens over the next year at Khurais, one of Saudi Arabia's last undeveloped giant oil fields, could hold the key to what drivers will pay at the pump for years to come.

 

Under way at Khurais and two other smaller fields nearby is what Saudi Arabia calls the single largest expansion of oil production capacity in history.

[Ford Jellymoulds]

Oil keeps going onwards and upwards as it sets another price record $143.67

http://www.bloomberg.com/apps/news?pid=206...&refer=home

[Imawhosure]

HAVE YOU EVER WONDERED

 

Have you ever wondered why it appears almost every nation with an ax to grind appears to want to grind us?

 

Have you ever wondered why people will complain about their pay, but never write to complain to their political reps to release oil that will put huge sums of money in their pocket?

 

Have you ever wondered how both political partys insure that they are the only two political partys you have to choose from?

 

Have you ever wondered how oil producing nations only get 65 bucks for a barrel of oil, but by the time the oil companys buy it, it is 140 something?

 

Have you ever wondered how we can spend a trillion dollars to fight a war in a foreign land, but won't spend 50 cents to fight an economic war that has been brought to our shores?

 

Have you ever wondered how both partys claim that this fighting over political views is not good, and yet while many send their children to college to supposedley earn a good living, those children will be fleeced by those who didn't go, because decent bluecollar jobs will no longer be here............which means both partys know that the the arguement between the haves, and the have nots will only get worse.

 

Did you ever wonder why the words of long past; that a country that makes nothing, is worth nothing, has long since been removed from our vocabulary and memory.

 

Did you ever wonder that in wars long past, we did everything to destroy our enemies at all costs, but in todays wars, we sacrifice our children on the altar of nice war? (Patton would have personally shot every member of congress, along with the joint chiefs for such treason!!!)

 

Have you ever wondered why if you go to war and win, you end up rebuilding the vanquished, only to have them come back and destroy your economy.

 

Have you ever wondered after an attack like 9/11 happens, you see the flag of your nation flown over almost every house in America, only to not only see them taken down, but hear your own people try and figure out a way to blame you for the attack within 2 years........and make it a national topic.

 

I have contemplated many of these things, as I am sure, have you. We are obviously not doing things correctly today, or these examples would not even be discussed. I am not here to tell you that it is one political party or the other, but rather the social fabric of These United States that have caused this.

 

We have allowed SPECIAL INTERESTS to get to much control, because we are to busy working to make a living. SPECIAL INTEREST groups come from both sides of the aisle, and they are screwing us. It is time we flex our political muscles, and vote!!!!!!

 

It makes little difference who you vote for, what makes the difference is------------>the more people that vote, the less political muscle special interest has. 100,000 special interest votes out of a million is a lot. 100,000 votes out of 50 million is peanuts.

 

Vote early, and vote often. Put these political hacks from both partys on notice. Their gravy train is about to end!!!!

Edited July 3, 2008 by Imawhosure