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Soaring gasoline prices are expected to remain painfully high, affecting nearly every aspect of the economy, from how much consumers pay for many goods to, in some cases, how much they earn.
Oil prices rose Monday to a 29-month high in New York as escalating violence in Libya bolstered concern that supply disruptions may spread. The price of a barrel of oil in the U.S. was more than $105, up 29 percent from a year ago.
Gas prices are following closely and are going to "continue to rise in the near term," said Beth Mosher, spokeswoman for AAA Chicago. But AAA isn't yet considering $5 g
Originally posted by jude11
How much oil is there left, really?
Consider for example, that Saudi Arabia single handedly accounts for almost 20% of the world’s oil reserves. The details of how much is in each field is a state secret, but it claims to have 264 Trillion barrels. This is a little strange, since it reported that it had 262 Trillion barrels ten years ago, and 260 in 1989. Saudi Arabia has pumped around 8 million barrels of oil a day for twenty years, but its proven oil reserves have gone up rather than down.....
The Real Story...
Originally posted by discostu123
isn't it ironic that is was oil that started the 'world' economy...oil that rules the world economy, and oil that will eventually plummet the world into chaos - both economically and politically.
EVERYONE knows that wars that the west are involved in are to do with oil, but it is never addressed in the msm..
Sadly this situation will only get worse and worse over time, I fear for our children and grandchildren - what sort of world will they inherit? I can hardly bare to think about it
Originally posted by discostu123
reply to post by Amaterasu
A nice idea, although sadly the worlds future will always be in the hands of the rich and powerful - who only have one goal...to be more rich and powerful.
We are slaves to mega corporations, and sleepwalk through life just accepting it. so sad, but until there is some kind of global uprising against the elite, nothing will ever change.
It's possible to cut your annual petrol/diesel bill by a third, saving £100s. Yet most fuel costs go in tax as a deliberate result of Govt. enviromental and anti-congestion policies, so it takes more than finding the cheapest forecourt. It’s about pain-free, speedy ways to make your car and driving more efficient, and making sure you pay the right way.
Originally posted by woodwardjnr
Well, seeing as we cant do anything about this ...
Originally posted by Nonchalant
The world's going to hell in a hand-basket and its not because we lack resources, the technology, or the means to make it right - its all because of GREED displayed by an immoral minority. Too bad they will have no world left to speak of in which they will be able to enjoy their ill-gotten gains once their plans are complete...
Bob Gray, Managing Director of Exploration and Production at Simmons & Company International, one of the most respected oil banking companies in the world, told Channel 4 News that unrest in Saudi Arabia was a huge risk for the global economy.
"For the global economic situation, if there is a major political uprising in Saudi Arabia, that's just about as bad as it could be," he said.