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Thread: $7/gal gas predicted w/i 2 years.....

  1. #46
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    Quote Originally Posted by Jeffrey Makiel View Post
    Perhaps, but it's a fairly distant future. Currently, bulk hydrogen is derived from petroleum product. There is also an electrolysis process but it is expensive, still requires energy input and the bulk capability is not there. But there sure is promise.

    Another energy alternative that uses hydrogen is fusion power. It actually uses isotopes of hydrogen call deuterium and tritium which are smashed together at incredibly high heat to fuse into Helium. As a result, a thermal neutron is given off which is converted into heat energy.

    Fusion research has been going on at our national laboratories for several decades in an effort to create a new generation of power plant. There is a huge international collaboration, in which the US is part of, to build a multi-billion dollar 'proof-of-principle' fusion research reactor in France. However, the overall federal budget for fusion energy research in the US has been declining in the past 10 years and it is projected to continue this trend for the near future.
    -Jeff
    The best fusion will require strip mining the Moon
    The wisest thing in the world is to cry out before you are hurt.

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  2. #47
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    Quote Originally Posted by Chris Padilla View Post
    Oh really? More oil than the M.E.? Care to cite this with some actual facts? Are you familiar with PEAK OIL? It isn't going to last forever!
    Actually North America has a pretty substantial amount, more than half our oil comes from Canada.

  3. #48
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    Quote Originally Posted by Andrew Derhammer View Post
    Actually North America has a pretty substantial amount, more than half our oil comes from Canada.
    Canada is the largest supplier of imported oil at 1.7Mbpd but the US consumes about 20Mbpd.

    Greg

  4. #49
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    Quote Originally Posted by Sean Troy View Post
    Americans shouldn't have to cut back. We need to drill and build refineries. We have more oil in this country than most of the middle east.
    I rememeber the gas lines of 73..even and odd tag numbers switched days allowed to get gas..(even Mondays,odd tues, and so on) we cut back, but the oil companies still made sure the price went up,up,up(along with OPEC). difference was,back then, the ave citizen wasn't nearly in debt as they are today...it was tight, but you never saw the amount of foreclosures/repossessions/bankruptcies as you do today. I'm like the gentleman who is in good shape, but that's not what worries me..it's the youth in general...including my kids, who want everything that's brought out on the market..especially in the digital phone/home entertainment markets...gotta have evry new gadget that comes out.... NOT. my wife and I just bought our 1st cell phones, and I went in kicking and screaming,too, i'll tell ya. money is to be saved, not spent, whenever possible..which means ..cutting back on things that are not life supporting, for the most part. I see TVs selling for over 2000 bucks... what a waste(IMHO)... same for $700 cell phones/mini-handheld PCs... not needed, WANTED. ya gotta know the difference.
    Give an honest days work for an honest days pay

  5. #50
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    Quote Originally Posted by Rob Russell View Post
    Yeah, well you don't have to deal with snow too often
    Our snow comes pre-melted but I hear once every 10 years SF gets a 1/2"...unless they truck it in from the Sierras and do something crazy like make a ski run in downtown....
    Last edited by Chris Padilla; 05-22-2008 at 7:05 PM.
    Wood: a fickle medium....

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  6. #51
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    Quote Originally Posted by Butch Edwards View Post
    I rememeber the gas lines of 73..even and odd tag numbers switched days allowed to get gas..(even Mondays,odd tues, and so on) we cut back, but the oil companies still made sure the price went up,up,up(along with OPEC). difference was,back then, the ave citizen wasn't nearly in debt as they are today...it was tight, but you never saw the amount of foreclosures/repossessions/bankruptcies as you do today. I'm like the gentleman who is in good shape, but that's not what worries me..it's the youth in general...including my kids, who want everything that's brought out on the market..especially in the digital phone/home entertainment markets...gotta have evry new gadget that comes out.... NOT. my wife and I just bought our 1st cell phones, and I went in kicking and screaming,too, i'll tell ya. money is to be saved, not spent, whenever possible..which means ..cutting back on things that are not life supporting, for the most part. I see TVs selling for over 2000 bucks... what a waste(IMHO)... same for $700 cell phones/mini-handheld PCs... not needed, WANTED. ya gotta know the difference.
    Yep, Americans have become a nation of borrowers, not savers. We used to save to buy things, now we just borrow...on home equity most likely, that is plummeting daily.... If you bought a house around 2003ish, you are probably going to be upside down soon....
    Wood: a fickle medium....

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  7. #52
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    Some people are not too concerned yet, apparently. I just got back from a quick errand and passed our two local stations. Up another nickel since yesterday at $4.06 (76) and across the street $4.09 (Chevron).

    There filling up was a club cab Silverado Pickup with a big ski boat in tow. And guess what, he was at the Shell.
    Last edited by Joe Pelonio; 05-22-2008 at 9:38 PM.



    Sammamish, WA

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  8. #53

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    Quote Originally Posted by Ken Fitzgerald View Post
    Butch,

    What I'm implying is that because people can trade stock so rapidly today, they can react or overreact to "news" and this adds to the volitility of the stock market and is in my opinion, a leading problem...not the only problem...but certainly a major factor in market volitility.

    I wrote a term paper in 1967. My major source of information was from the major oil companies themselves. The theme of the paper "The Upcoming Oil Shortage" The oil companies were prediciting a shortage of oil then to occur in the late '80s. Since then the oil fields in the Persian Gulf area has been found delaying same.

    I believe in the free market system and yet....explain to me why gasoline that was bought at $90 a barrel and produced into gasoline....should show an instantaneous increase in price today at the pump because oil is selling today for $135 a barrel? The gasoline in the pump didn't cost $135 a barrel in it's raw preproduction form. It's greed..... Using that philosophy, everybody should just increase their prices on everything willy-nilly, because we know from history inflation is going to happen.

    I only hope science and engineering can come up with an affordable, efficient and environmentally friendly source of energy so the world population can continue to live comfortably. I don't look forward to using my new w/w shop as a stable and having to clean it out everyday or to bucking bales of hay as I did as a child.
    Science HAS come up with many alternatives. More than one country have already lessened their impact from the petroleum gouge.Brazil is already using flex fuel.Iceland has become extensively geothermal. The philippines also uses geothermal for electrical generation.

    Your point is very valid......the new e-technology also makes "price setting" so much easier also. (I didnt say price fixing ) It is bizarre how the the futures market announces a price....and stations immediately change price almost immediately.
    Yes inflation does happen...but commodities also deflate...sometimes RAPIDLY. I wont make any predictions as predictions should only be done by the clairvoyants!!!
    There will never be a shortage of folks telling you why you can't or shouldn't do something...even though much has been accomplished that hasn't been done before !

  9. #54
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    Quote Originally Posted by Joe Pelonio View Post
    Some people are not too concerned yet, apparently. I just got back from a quick errand and passed our two local stations. Up another nickel since yesterday at $3.06 (76) and across the street $3.09 (Chevron).

    There filling up was a club cab Silverado Pickup with a big ski boat in tow. And guess what, he was at the Shell.
    $3 and change a gallon? That's a full dollar cheaper than we're paying.

  10. #55
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    Geez, I am so used to $3 that I slipped up. I'll edit it to $4!



    Sammamish, WA

    Epilog Legend 24TT 45W, had a sign business for 17 years, now just doing laser work on the side.

    "One only needs two tools in life: WD-40 to make things go, and duct tape to make them stop." G. Weilacher

    "The handyman's secret weapon - Duct Tape" R. Green

  11. #56
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    Opening up lands for domestic drilling will only benefit the oil companies. It won't lower the cost of oil.

  12. #57
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    Oil: It's Back To Supply And Demand

    Interesting article in Business Week last Feb:

    "Last July, when crude oil was surging toward $80 a barrel, the talk of a new reality in the energy markets hit a fever pitch. Some said China and India would so voraciously suck up supplies that we might never see $50 a barrel again. Others noted that the nations that make up OPEC had finally figured out how to put the screws to the West for good, emboldening Iran and Venezuela to send prices higher with a mere rattle of their sabers. The "multi-decade supertrend" mantra echoed through the canyons of Wall Street.

    Then oil crashed, touching $50 in January, 35% off its peak. Since July, in fact, crude has underperformed the stock market by 48 percentage points. All this while China's oil-thirsty economy remains white-hot, Iran is barring nuclear inspectors, Venezuela is booting foreign oil investors, and Russia is putting the energy squeeze on neighbors.

    So what happened? Call it a return to normalcy. The speculators and latecomers who bought into the new-paradigm argument suddenly turned tail--and traditional drivers of the oil market reemerged in force."
    Last edited by Greg Funk; 05-22-2008 at 9:56 PM.

  13. #58
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    Quote Originally Posted by Greg Peterson View Post
    What rule of free market enterprise would prevent the oil company from getting the current market price per barrel? At this time, $130 will buy you a barrel of crude oil. Why would the oil company sell a barrel for less than this amount? They won't sell it at a cut rate price out of patriotism. They're going to get as much per barrel as they can.

    The whole 'drill our way out of it' is nothing less than opening up more oil fields for oil companies.
    Oil is a commodity. No one company can set its own price.

    some one else posted about the Hunt Bros.

    They tried to corner the silver futures market. That is much different that this scenario

    Joe

    p.s I used to be a Commodities Futures Broker.
    Vortex! What Vortex?

  14. #59
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    Quote Originally Posted by Butch Edwards View Post
    I rememeber the gas lines of 73..even and odd tag numbers switched days allowed to get gas..(even Mondays,odd tues, and so on) we cut back, but the oil companies still made sure the price went up,up,up(along with OPEC). difference was,back then, the ave citizen wasn't nearly in debt as they are today...it was tight, but you never saw the amount of foreclosures/repossessions/bankruptcies as you do today. I'm like the gentleman who is in good shape, but that's not what worries me..it's the youth in general...including my kids, who want everything that's brought out on the market..especially in the digital phone/home entertainment markets...gotta have evry new gadget that comes out.... NOT. my wife and I just bought our 1st cell phones, and I went in kicking and screaming,too, i'll tell ya. money is to be saved, not spent, whenever possible..which means ..cutting back on things that are not life supporting, for the most part. I see TVs selling for over 2000 bucks... what a waste(IMHO)... same for $700 cell phones/mini-handheld PCs... not needed, WANTED. ya gotta know the difference.
    I agree. We should cut back on all these unnecessary things. It just makes sense now. We shouldn't have to though. This is not as hard a fix as we've been led to believe .
    Last edited by Ken Fitzgerald; 05-22-2008 at 11:36 PM. Reason: edited out politcal comment

  15. #60
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    Quote Originally Posted by Rob Russell View Post
    Butch,

    I give you a LOT of credit for using the phrase properly. I've heard so many folks talk about "a tough road to hoe" that I gave up explaining where the phrase came from.

    As someone who helped out on my grandfather's farm in CT (rocky New England soil), I truly understand the real meaning of "a tough row to hoe".



    Rob
    I'll second that. Like when someone says, "I could care less...," when they really mean that they couldn't care less. Now, as far as gas prices go, I paid $2.30 a gallon yesterday. Yes, you read that correctly. My local supermarket gives out coupons for gas, and you can combine them. I had been saving them for a few weeks, and had enough of them to save a buck forty a gallon. Next week will not be as pleasant.

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