Bush Jr. to hault filling of Strategic Oil Reserves - Gee, no wonder $75 oil!!!

[Gyaos]

Ask yourself. There's an oil and gas abundance. There is no war, just an "ideology" of war. Bush Jr. and the Republicans caused the Ethanol crisis, sans Jimmy Carter. Bush Jr. is an oil shiek and Dick Cheney had secret meetings with oil executives. Record profits in the $66 billion range, per year for Exxon. Chavez, democratically elected (even though he pushes cologne) and has gas at $.12 (USD) a gallon. Health insurance costs through the roof. And they ALL want you to think China and India are to blame. No wait, it's terrorism. No wait, it's Saudi Arabia and OPEC. No wait, it's Katrina disruptions. No wait, it's Nigeria. No wait, Iran wants to get nuked. No wait, it's ALL OF THE ABOVE!!

Gyaos Baltar (Vice President of Caprica).

No wait. It's this below:

http://www.bloomberg.com/apps/news?pid=10000103&sid=a0a1LeObcLU0&refer=us

Bush to Halt Deposits in Petroleum Reserve to Ease Prices

April 25 (Bloomberg) -- President George W. Bush is temporarily halting the filling of the Strategic Petroleum Reserve as a way to free up oil supplies and give some relief for rising gasoline price, an administration official said.

Bush will announce the action today during a speech on energy in Washington. The president also has asked the Justice Department to investigate whether there is any illegal manipulation in the gasoline market.

Average U.S. pump prices for regular gasoline reached $2.914 a gallon yesterday, according to the Department of Energy, up more than a third over last year. Seventy percent of U.S. adults in an April 6-9 Washington Post/ABC News polls said the recent gasoline price increases are causing them a financial hardship.

 

[The Mugger]

It's going to 100.00 per barrel. I guess walking will be the fashion of the day.

 

[Asterix]

It's going to 100.00 per barrel. I guess walking will be the fashion of the day.

Only that? Peak oil production is a reality, likely to top out in 5 to 10 years worldwide. Living in a fool's paradise.

 

[The Mugger]

Only that? Peak oil production is a reality, likely to top out in 5 to 10 years worldwide. Living in a fool's paradise.

Actually I was thinking short term, but you are also forgetting the big supply that will come from Canada and Russia when the investment into infrastructure will access new supply. Also don't underestimate the US's ability to move to ethanol blends - if they achieve the numbers Brazil has well they may not need anyone's oil or very little.

I do think that we are facing pain with the price oil for this year and next but afterwords I think it will settle at about 40 to 50 a barrel.

Of course we could all hold out for coldfusion lol

 

[Asterix]

Actually I was thinking short term, but you are also forgetting the big supply that will come from Canada and Russia when the investment into infrastructure will access new supply. Also don't underestimate the US's ability to move to ethanol blends - if they achieve the numbers Brazil has well they may not need anyone's oil or very little.

I do think that we are facing pain with the price oil for this year and next but afterwords I think it will settle at about 40 to 50 a barrel.

Of course we could all hold out for coldfusion lol

Russia's oil will largely be gone before 2020. I'm not at all convinced of the logic of producing ethanol in the US based on corn, since the energy needed to grow and process the corn is heavily reliant on oil in the first place, both in fertilizer, transport and purifying. Not to mention the toll on the land. The point is that we are near to running out of the somewhat clean, easy to extract oil worldwide, and are left with trying to deal with what is increasingly a more expensive attempt to pump oil from fields of diminishing pressure, or extracting it from sand or rock. What's really disturbing, is that there is no good alternative even close to replacing all of this.