No doubt that the cooling US economy may release demand for oil...

But I still don't see a big price drop. If oil is at $90/barrel today, I can't see it going any lower than $80/barrel before Memorial Day. Then what is going to happen come summertime. My prediction is the price will be sustained over $100/barrel. And guess what, the price is only going to get higher and higher (long term).


I have decided that my vote in the 2008 presidential election is going to be based entirely on who has the best stand on getting the US off of our addiction to oil. And I am not just talking foreign oil. I am talking about oil...PERIOD!!!
Getting the US off oil helps so many of our problems (the economy, the environment, defense, and energy cost). I feel fixing this one problem could lead to a prosperous nation by helping all of these major issues.

Drilling in ANWR, off the shore of Florida, off the shore of California, and other places is a SHORT TERM solution to a long term problem. It is like putting a band aid on a gushing open wound. Yes it will increase supply, but ultimately it will eventually run out, and in a few years we will be right back where we started with an energy crisis, except we will have destroyed some of the most sacred environment on earth in the process.

The solution to the energy crisis is not to drill for more oil. The solution is to switch to a form of energy that is not a natural resource. A form of energy that will not run out. What are some examples? Renewable energy such as wind power, hydro power, solar power. Also add some nuclear power in the mix (not too much!). Develop an all electric car that can go 80mph, and has a 200 mile range, and you can plug it in to charge at night. We don't quite have the technology to power our entire nation on renewable energy, and we don't quite have the battery technology for an all electric car with the same utility as a gas engine. But we are almost there. WE JUST HAVE TO INVEST IN THE TECHNOLOGY!!


$100/barrel oil is not enough to cause the free market to switch to renewable energy. Gas at $3 a gallon is not enough to cause the free market to switch to renewable energy. It will take gas in the $6/7/8/9 a gallon range to cause a noticeable reduction in driving and a noticeable increase in purchase of hybrid/plug in hybrid/all electric cars. So I hope we either invest in this technology to get our nation off of our addiction to oil. If that does not work, then I have to hope that the free market causes this to happen (and that includes $200-$250/barrel oil).


Long story short...The price of oil is only going to go up until we switch to renewable energy and non-gas (or atleast capable plug in-hybrid) cars. Increasing supply is only a short term solution to a long term problem (and only an idiot would drill in ANWR or off the california coast). The price of oil is only going up.

 

A professor at MIT has developed a way to use an aluminum alloy that will start a chemical process of separating the hydrogen from the oxygen. It's not the traditional method of using electricity.

http://youtube.com/watch?v=6Rb_rDkwGnU

http://www.youtube.com/watch?v=SHXw1QkqV9w

 

Just invest in the chinese oil market and you'll be good to go. China has TONS of the resource they just don't have the infrastructure to drill it.

 

Matt, thanks for the heads-up. Good news for us consumers.


I would LOVE to jump in and take part in what I perceive as a huge train wreck of a thread. I would just love to discuss the PERCEIVED roll man is playing the climate change (oops, Global Warming which in the ‘70’s was Global Cooling), Oil prices, and how the President of the United States (regardless of who they are) could wean us off of foreign oil (Not even remotely possible) but I’ll just standby and watch the carnage.

It appears NPR might be being broadcast over inappropriate frequencies…..

TD,
don't let yesterday's beating keep you down, man. I enjoy watching you stir the pot and seeing what spills out....

 

Where is Jungle on this thread? I think he needs to shed some light on this.

 

CPO,
You are right my friend hysteria and doomsday predictions are ridiculous to me. I work for an oilfield services company and I have seen too many new large discoveries for me to believe that we will be screwed in 7 years. I call BS!

 

My man! There are reports that Colorado, Oklahoma and Texas still have enough oil to supply our current consumption for years and years. And let's not forget all of the oil shale in W. Va. I think Slick Willie actually had some forethought when he made all of that land a National refuge and deemed in unbuildable.......less buildings to tear down after we burn the rest of the worlds oil and we need to get our own.....Oh yeah, for get it, we'll all be burned to a crisp by then because the globe is getting SOOO much hotter.....AAAAHHHHHH!!!

 

If you have links to such reports, I'd be interested to see them.

 

Yeah man I don't know about the validity of that statement and I haven't seen data to back that up. (don't worry though you still da man!!) I think oil is going to be the main fuel for a long time just because investment and infrastructure will have to be built to distribute a new energy source. I think we definitely definitely need to find something else to power ourselves because of the fact that any energy source that isn't renewable is bound to run out sending us back to the dark ages.

 

dark,
who is jungle?