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NYMEX CRUDE ABOVE $80 NEW RECORD$$$$$$

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jonnny2006

09-17-2007 23:15:46




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I did a report when i was in school about oil and the supply.... It should be said that we ARE PAST the 50% mark of all oil left in the world....All the easy oil has been discoverd and or depleated...I was informed when doing my report back in the 90's that cheep fuel will be gone within 10-15 years....Warned of skyrocketing gas/oil prices as the sign that we are indeed running out. most agree that we will run out, but disagree on when. Is that time coming sooner rather then later, or is it just the week dollar? mabey it is just the market reacting to fears of shortages? I must admit it seams funny that no gas stations run out of gas and as long as you have the money you can buy as much as you want. Is it really supply v.s. demand?????

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Bradford

09-18-2007 18:54:18




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 Re: NYMEX CRUDE ABOVE $80 NEW RECORD$$$$$$ in reply to jonnny2006, 09-17-2007 23:15:46  
Paraphrasing The Chairman of Exxon in front of Congress.

"Oil costs roughly $25 a barrel to get out of the ground and to market. A few years ago when it was $12 a barrel y'all weren't rushing to help me out, now that it is profitable I don't need your help now."



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CNKS

09-18-2007 18:36:34




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 Re: NYMEX CRUDE ABOVE $80 NEW RECORD$$$$$$ in reply to jonnny2006, 09-17-2007 23:15:46  
Oil prices are set by traders reacting to every rumor they hear, and trying to protect/obtain short term profits. The main problem now is not the supply of oil, but limited refining capacity. But, oil will continue to increase in price, which is not all bad, as it makes the recovery of the hard to obtain oil more profitable. Oil was underpriced for several decades. What we need is more refineries, which will not occur unless the EPA loosens pollution controls to a sensible level, which they aren't likely to do.

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chuck craig

09-18-2007 11:05:12




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 Re: NYMEX CRUDE ABOVE $80 NEW RECORD$$$$$$ in reply to jonnny2006, 09-17-2007 23:15:46  
I was sitting in my bigrig just outside of Paulsboro NJ in the middle 70's, when I heard two ship captains talking. the conversation went something like this. "How long have you been in port? 2nd capt. "Ive been here two weeks" 1st capt. "you'll be here awhile they dont have any place to put the crude."they were anchored off the Paulsboro Socony refinery.It is still a shortage of storage capacityand refinery capacity. my $.02.

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Ron-Mo

09-18-2007 09:13:02




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 Re: NYMEX CRUDE ABOVE $80 NEW RECORD$$$$$$ in reply to jonnny2006, 09-17-2007 23:15:46  
Dave has a good point. I was around and recall very well all the hype surrounding the supposed gas shortages, and that was over 30 years ago. Now you say we are just down to the 50% mark? If we were running out 35 years ago how did we get back up to the 50% mark? Forgive me if I do not believe anything the oil companies tell me. They lost credibility with me many years ago back in the 70's.

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RustyFarmall

09-18-2007 07:08:05




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 Re: NYMEX CRUDE ABOVE $80 NEW RECORD$$$$$$ in reply to jonnny2006, 09-17-2007 23:15:46  
Supply and demand has nothing to do with it. The wildly fluctuating prices are a result of stock owners and shareholders manipulating the market. Just my opinion.



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Dave H (MI)

09-18-2007 07:01:38




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 Re: NYMEX CRUDE ABOVE $80 NEW RECORD$$$$$$ in reply to jonnny2006, 09-17-2007 23:15:46  
So I take it you were NOT around in the mid 1970's when we were all sitting in lines at the pumps. I think we only had, what, around 5 years supply left then? If you go around believing everything you hear you are going to have a miserable life of worry. Supply and demand? Shortages? Limited supply? All true in some respects but realistically, and respectfully, I submit that this is not the time and place to discuss it.

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