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$100 Oil By Year End

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posted on Oct, 19 2007 @ 07:36 AM
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As we all know, oil hit a new record high of $90 a barrel in electronic trading last night.



Oil futures surpass $90 a barrel
Light, sweet crude for November delivery hit $90.02 in electronic trading Thursday evening before returning to around $89.60. Earlier, prices had risen $2.07 to settle at a record $89.47 on the New York Mercantile Exchange.


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


Energy analyst John Kilduff - $100 oil this year





World total liquids production (Fig 1) remains on a peak plateau since 2006 and is forecast to fall off this peak plateau in the middle of 2009. According to the IEA, the current peak production of 86.13 mbd occurred on July 2006 and only one year later, June 2007 total liquids production fell to an unexpectedly low 84.50 mbd. A good increase up to 85.10 mbd occurred for September 2007. As long as demand continues increasing then prices will also continue increasing.
Oil Drum


Peak Oil - You're looking at it



[edit on 19-10-2007 by dbates]



posted on Oct, 19 2007 @ 07:54 AM
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Originally posted by dbates



why doesn't OPEC put out more oil? In short, they can't produce more. We've reached the limit.
[...]
. Yet despite this fantastic chance to sell more for the highest price, there will be no increase in production.



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/



posted on Oct, 19 2007 @ 08:05 AM
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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.



posted on Oct, 20 2007 @ 07:15 AM
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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.



posted on Oct, 20 2007 @ 07:27 AM
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... 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]



posted on Oct, 20 2007 @ 05:07 PM
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Originally posted by dbates

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


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!



posted on Oct, 20 2007 @ 05:12 PM
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reply to post by dbates
 


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)



posted on Oct, 20 2007 @ 05:14 PM
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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.



posted on Oct, 20 2007 @ 05:16 PM
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reply to post by lanhud
 


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

Keep it civil people.



posted on Oct, 21 2007 @ 03:44 AM
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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.



posted on Oct, 21 2007 @ 04:29 AM
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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.



posted on Oct, 28 2007 @ 09:48 AM
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reply to post by dbates
 


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.



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