| jennylee |
| hmm oil prices seems to be rising overnite huh.. hmm.. |
| edwardchiu |
| It's actually been rising for the last 30 years. [:p] There've been sharp dips too, but the general trend is upwards. Obviously. [#-o]
Here's the full data: http://www.eia.doe.gov/emeu/cabs/chron.html
As you can see, we're nowhere near what it used to be in the early '80's. [#:-S] |
| Keith |
| ARE WE TO PREPARE OURSELVES FOR OIL 'SHOCKS'?? |
| edwardchiu |
| I think we'll have regular annual oil shocks pretty soon, as in prices going up dramatically every year instead of fluctuating. Presumably we've reached the 'oil peak' already, or we're close to reaching it. [:-SS]
For those who haven't heard of the concept, 'oil peak' refers to the day when global oil extraction plateaus, i.e., we can't pump out oil any faster. Some people have said oil will run out in under 40 years, but in reality, it'll probably never run out, ever. In any case, that's not the real danger.
Consumption is increasing day by day, so to keep prices constant, supply must keep increasing too. But oil gets harder to pump out as we get to the bottom of the well, so at some point, we can't increase the rate at which we pump. That is when oil prices will keep rising and never fall. [=((]
Worldwide, most oil wells have already reached their plateau or they've started declining. Also, all possible new sources of oil have already been discovered and mapped. So we can't expect to be saved by finding another huge oil reserve like the Middle-East. [:(]
Many estimates exist for exactly when the oil peak will occur, from the cataclysmic (1997) to the wildly optimistic (2037). In any case, neither estimate is too far from today.
The same applies to natural gas, which is how we get our electricity here. So imagine Aug. 14, 2003 all over again. [:-SS] But this time, every week instead of only once...[:-SS][:-SS] |
| mask |
| Get an Alternative...Veggie Oil Is useful too..[;)] |
| Jackal |
quote:
Originally posted by jennylee
hmm oil prices seems to be rising overnite huh.. hmm..
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USD 52 a barrel of crude oil today !! Will be severely affecting the growth of the Asian economies |
| vin_diesel |
| well think its supply n demand for now.....
lil bit of current affairs dose for u guys!!!since it was part of my intro busines course we followed it quite keenly on this topic
yukos-russia's largest oil producer is under fire frm kremlin...its
ceo is in jail for tax evasion
nigeria - oil company workers r threatening to strike.n most prolly
they will
gukf of mexico - all major american companies have been slow to restart thier oilproducing facility after it was shut down wen hurricane ivan struck
venezuela - under political turmoil
north america- winter is here...consumption will b hi to heat up houses..n usa inventory r low!!
compound all dat wit speculators....voila we have 53$...where do we go frm here? well some analysts points out to 60$ before da yr is finished!!
i gues its time to ride da rocket!!TTC- our public transportation!! |
| MiBe |
| The prize of gas is surely rising but it is still cheaper than a bottle of water(500 mL ) which is a dollar , a litre of gas is still under 1 $. |
| Jackal |
quote:
Originally posted by MiBe
The prize of gas is surely rising but it is still cheaper than a bottle of water(500 mL ) which is a dollar , a litre of gas is still under 1 $.
Tell that to people like us who use more oil than water in our daily lives and business !! Rather comforting hearing that.. |