$100 Oil By Year End

As we all know, oil hit a new record high of $90 a barrel in electronic trading last night.



This isn't a freak accident or something that will be easily corrected. Despite the analyist talking about confilct in this country or that, and the falling dollar, the real driving force behind this rise is the lack of supply. Boone Pickens stated yesterday on CNBC that "world demand for oil is 88mb and they're only able to produce 85". So we're about 3mb short on daily supply.

Production is flat. It's been flat since 2005, yet demand keeps rising. Ask yourself why production is flat. If the price of oil is near an all-time high, even adjusted for inflation, why doesn't OPEC put out more oil? In short, they can't produce more. We've reached the limit. Pickens mentioned that last month, OPEC lifted the production cap on it's members so they are free to produce as much oil as possible. Yet despite this fantastic chance to sell more for the highest price, there will be no increase in production other than a near 500,000 bd blip after OPEC removed restrictions. This last drop they squeezed out is enough oil to meet U.S. demands for just over 30 min. Whoop-dee-doo.

Boone Pickens discusses oil prices - $100 within a year, possibly this quarter

YouTube Link

Energy analyst John Kilduff - $100 oil this year

YouTube Link

Peak Oil - You're looking at it



[edit on 19-10-2007 by dbates]

just yesterday i read a news report that Saudi Arabia,
will increase their oil pumping for sale by a sizeable ammount
this November and onward!

i believe the report was found at www.agoravox.com/

88% of Saudi Arabia's surplus is heavy sour crude with high sulfur content. The refineries that are capeable of converting this oil are already maxed out. They're going to have a hard time selling this type of oil. If that wasn't true then energy analyst like John Kilduff wouldn't be predicting $100 oil by year's end.

Is it production, refining, or supply? Choose your weapon. Either way the prices will keep climbing.

Don't feel bad, My family invested heavily in oil back in the 80s only to loose money and get out of the game. I watched a few wells get drilled in southern Illinois, Of course not one hit oil when I was there. Looking back on that venture now we are all kicking ourselves hard because if we would have stuck with it we would be wealthy beyond belief.
If our big oil company's would do more drilling in North America we wouldn't have a shortage. They are just being greedy and holding on to the record profits. I bet they have a plan to pump big again here but only when the mid-east runs low so they get filthy rich when the world comes to buy form us.

... why isn't the price per barrel reflecting at the pumps -- price gouging?

Not that Congress will do anything about this, all the special interest money they got intertwined w/ big oil companies.

We need to invest in alt technologies NOW, no waiting, ASAP.

Where's that link, something about traveling FAR on some alternative mix of fuel. . . . ? ? ?

[edit on 20-10-2007 by anhinga]

Let it climb, let the American govt tax their own people more and more, and let the American govt sending their young generations more and more to war. Come on, start sending troops to Iran. Finish it! Send your sons more to get killed and pay higher oil prices.



If American don't invade Iran by the end of November, then certainly American is a COWARD!

reply to post by dbates

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Btw... Due to a power outage the refinery here in Aruba was down for a couple of weeks. A refinery of 300000 barrels a day. (Heavy crude)

Oil at $100 a barrel. What do we expect? We sit here and do nothing. We don't penalize the gov't that works for us. Our own fault and I'm guilty too.

reply to post by lanhud

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This is a discussion about $100 oil. There is no reason to be attacking anyone here.

Keep it civil people.

Bandit is exactly right. We have blood-for-oil threads coming out of the demon hole. Take your pick.

In this thread, we're talking about potential future price increases for oil, and neutral staff members not participating in the thread are watching.

America has been systematically brought to its knees. Cunningly, viciously. With great intent and forethought. The bigger question is to what end and for why. The globalists are a strange brew. We must understand them to know how to respond.

reply to post by dbates

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Great Post dbate! This is a serious issue that is not only "real" but upon us!
I think we will find out for sure, when the data is out for monthly production in August, September, October and November, that will be confirmation.