Oil passes $120, gas prices slip more than a cent

Greenbrico 08:25:22 PM May 06 2008

Gas fell one cent??? Holy crap! I am gonna go fill up right now! I just saved 38 cents! Man, 3 more cents and I can buy a stamp!

All you people who voted for Shrub, I must thank you! You voted for a known and proven failure. Way to go!

If you are scared of "terrorists", and think the only people who can protect you is the US government, just think of the great job they did on 9-11. All that money with failed results.

Have fun spending your STIMULUS hand out. I am sure the oil companies will be thanking you!

BTW, they found the weapons of mass destruction in Iraq. They were all ours!

Way to go USA. Liberate with terror!

Esox4569 02:08:28 AM May 06 2008

Americans. Do you really want to know why gas prices are so high? It's because your state and federal governments are making big big money. There are alot of ways the federal and state government are making money off oil and gas before and after its sale in America. In short, Oil and Gas has taxes on it before it is sold by the stores where you pump it. Then, the federal and state government turn right around and collect more tax on it after its sale. This doesn't include money the government collects for drilling permits, gas and oil employees, etc, etc, ...map it out. Our government is making big bucks on oil and gas. Solution? Complain to the goverment and dont buy gas.

MizVonDerW 02:06:35 AM May 06 2008

NRGdrumr 01:40:21 AM May 06 2008

Report This! Fols, It is seriously time for the Electric car technology to come back and stay for good. Then we can tell BIG OIL to shove it where the moon don't shine.
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Slight problem with an electric car. The Lieberman/Warner Bill is due to start making its' way through the US Senate in June. It is a cap-and-trade, which, if it passes will cause electricity prices to basically skyrocket.

APOCALYPTO239 01:52:18 AM May 06 2008

One of the biggest problems facing the IEA, the EIA and a host of analysts and "experts" who claim that "high prices cut demand" either directly or by dampening economic growth is that this does not happen in the real world. Since early 1999, oil prices have risen about 350%. Oil demand growth in 2004 at nearly 4% was the highest in 25 years. These are simple facts that clearly conflict with received notions about "price elasticity". World oil demand, tends to be bolstered by "high" oil and gas prices until and unless "extreme" prices are attained.
If millions of people got the picture that Peak Oil is imminent, they would surely begin to take steps to protect themselves and their families—to powerdown—and decline would be slowed as a result of all those peoples’ aggregate actions. It would be a classic market response to new information.
Big Oil cannot allow this to happen if it intends to keep its profits sky-high. If people believe that oil is abundant forever; that they are

APOCALYPTO239 01:47:43 AM May 06 2008

As mentioned previously, this is exactly what happened during the oil shocks of the 1970s - shortfalls in supply as little as 5% drove the price of oil up near 400%. Demand did not fall until the world was mired in the most severe economic slowdown since the Great Depression. The only thing that alleviated the economic crisis was the discovery of the world's last few "elephant" sized oil fields in the North Sea and Alaska as well as increased production from nations like Venezuela and Saudi Arabia. Once global oil production peaks (if it hasn't already) turning to new sources of supply won't be an option.
As mentioned previously, this is exactly what happened during the oil shocks of the 1970s - shortfalls in supply as little as 5% drove the price of oil up near 400%. Demand did not fall until the world was mired in the most severe economic slowdown since the Great Depression. The only thing that alleviated the economic crisis was the discovery of the world's last few "elephant" sized

APOCALYPTO239 01:46:18 AM May 06 2008

Generally, when a commodity becomes scarce the price goes up. This causes people to use less of the commodity and begin look for alternatives for it. Unfortunately, energy is not just any commodity. As it is the very basis for all economic activity, including the generation of alternative sources of energy, it is nowhere near as "elastic" as most commodities. Economist Andrew McKillop explains:
One of the biggest problems facing the IEA, the EIA and a host of analysts and "experts" who claim that "high prices cut demand" either directly or by dampening economic growth is that this does not happen in the real world. Since early 1999, oil prices have risen about 350%. Oil demand growth in 2004 at nearly 4% was the highest in 25 years. These are simple facts that clearly conflict with received notions about "price elasticity". World oil demand, tends to be bolstered by "high" oil and gas prices until and unless "extreme" prices are attained.

APOCALYPTO239 01:44:45 AM May 06 2008

barrels per day while the world is projected to need 120 million barrels per day

APOCALYPTO239 01:43:08 AM May 06 2008

"If the environmentalists get out of the way, can't we just drill in ANWR?"
While some folks desperately cling to the belief that oil is a renewable resource, others hold on to the equally delusional idea that tapping the Arctic National Wildlife Reserve will solve, or at least delay, this crisis. While drilling for oil in ANWR will certainly make a lot of money for the companies doing the drilling, it won't do much to help the overall situation for three reasons:
Reason #1. According of the Department of Energy, drilling in ANWR will only lower oil prices by less than fifty cents;
Reason #2. ANWR contains 10 billion barrels of oil - or about the amount the US consumes in a little more than a year.
Reason #3. As with all oil projects, ANWR will take about 10 years to come online. Once it does, its production will peak at 875,000 barrels per day - but not till the year 2025. By then the US is projected to need a whopping 35 million barrels per day while the world is projected to need 1

NRGdrumr 01:40:21 AM May 06 2008

Fols, It is seriously time for the Electric car technology to come back and stay for good. Then we can tell BIG OIL to shove it where the moon don't shine.

NRGdrumr 01:37:35 AM May 06 2008

forget Bakken oil shale, Gull Island in alaska has enough oil to las us another 200-400 years.