Gas Pains at the Petrol Pump

Discussion in 'Current Affairs, News and Analysis' started by Rocketeer, Apr 20, 2004.

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  1. I was going to post this in the Multinational HQ but then, I thought, what the hell.. You Brits used to have cars before the Americans and the Germans bought up the industry so you must have had to use gas to make them go, too..

    So, in that light, I figure you might have something to say on the topic..
    How Much Will You Pay before going back to bicycles and horse drawn carts?

    I gassed up my pony at the pump and the price per litre had gone up 19 cent CAN [ 79.9 per litre ] in 24 hours. every station, regardless of conglomerate had the same price [ to stay highly competitive, of course - no monopoly.. as all sorts of government commissions have proven ] .naturally it pissed me off enough to go out for a drink or ten..and then surf the web for some research...

    The Chairman of Imperial Oil has said this price ' fluctuation ' is all due to supply and demand and nothing to do with the US invading Iraq, etc..and further.." half of the oil and gas needed in the next 10 years will have to come from fileds not currently in production"...

    assuming he's at least half right that means 50% of current production will have to be replaced by new.. oil demand is rising at about 2% a year..current global demand is 80 million barrels a day!.. this means in 10 years we'll need to produce 98 million per day... and half that,49 mil, will have to come from oil discoveries that have yet to be made!!

    To ' fuel ' that search for new sources how high will the cost of ' in-the-pipline fuel ' have to go?..shareholders won't fork out investment funds at $ 25. per barrel.. more likely $ 50 gets us closer...

    If it costs $ 50 bucks a pop to gas up the SUV , everyone will be switching to a Kia real fast..At $ 500 a month to heat the house.. dig out sweaters...

    Price of a barrel is running about $ 37 today.. that's up $ 10 in half a year...US pump prices are averaging $ 1.17 US a gallon up 19 us pennies and the price is rising...why? Economic growth - China is running a 10 % increase.. the US economy [ despite the anti-Bushers ] is reviving.. oil prices rising...

    And the cost of finding new sources [ non-OPEC ] is up 10% since the mid '90's...

    " to justify future investment oil companies need higher sustainable prices to generate the same returns that were available on projects in the mid-'90's " so they needed $ 18 a barrel to generate a 13% return; today the same return requires $ 28 a barrel.. the cost of finding oil is rising 75 per cent! in costs...

    So, if the Chairman of Imperial is to believed.. high prices are here to stay.. think of the capital investment needed to develop close to 50 million more barrels of production each day.. [ the Terra Nova production facility off Newfoundland cost $ 3 billion Canuckidollars to pump just 150,000 barrels a day...]

    Do the math... buy hydrogen cars, electric unicycles or invest in thick soled shoes 'cause we'll be hoofing it around the M-1..

    unless of course, NASA and the Euro probes find oil on Mars [ F**k looking for water! ]...

    Has the North Sea been sucked dry yet?
  2. vegetable oil, people
  3. Does the term 'bent copper' mean owt to you MM? :D
  4. Veggie oil?

    you want to cut down the Brazilian rainforests and plow up Afghanistani poppy fields and plant canola and corn?..

    Uhmurika won't want to be driving through the dunes in Baja powring the humvees on salad drippings..

  5. Rocketeer,

    Are you smoking Moroccan's finest?
  6. not a thing :D
  7. The current average for a gallon in the US is $1.80.

    If I could find a way to power my car from the hot air that comes from my 17 year old, I'd be rich! :D
  8. Err,

    Sorry to spoil your life but this bloke called Hubbert well not just a bloke ,more of some egg head .Well he predicted in the 1950's that the then USA oil output would deminish mid 1970s. He was correct . Now he also predicted a world reduction post 2000.

    Funny thing is "most' of the oil producing states somehow "found" NEW reserves during the last few years. On investigation the "new" reserves are about 7Gb(Giga barrels) per year. Good news -well no . The world as of last year uses about 27 Gb a year.

    With all known reserves (Including some very suspect data from most oil producers ) we have about 1750Gb left or , in other words 64 years left. Not taking into account the demand from China and the 3rd world.

    Still want that V6 SUV to take the kids to school?

  9. In 64 years we will all be travelling via mind thoughts, half the world will live on Mars, and cars will be run on chicken droppings. So no worries ! I should have kicked the bucket by then too.
  10. My heart is bleeding for the Spams, especially as we only have to pay the minute equivelant of $7.20 a gallon!

    However, I find that the environment is far too overated and deserves to die, therefore I will still be using my 6 cylinder recycled Sultan gas guzzler to pop to the next door neighbours.

  11. I agree ! that is what we need , more small minded stupis mother *******
    who think this is a laff!, burn the fuel and fukc the world.

    Ye Ha - good ols Dubya aint all wrong!!!!!!

    Du bis Dorf
  12. We are all so stuffed for fuel. Good job really that Greenpeace, Friends of the Earth and other assorted caring groups managed to persuade various governments to fit catalytic converters to all our vehicles.

    Hmm 15% more fuel usage at a stroke. Now a conspiracist would say that the oil companies cleverly managed to persuade the Greenies that these things were a good idea. Cock up types like myself would say that the Greens didn't carry out a full environmental impact assessment, whilst the oil people (increased sales) and HMG (increased tax take) sat back and thought thank you God.

    Either way Cats are adding hugely to the greenhouse gas problem whilst giving every impression that we're being ecologically sound. If I could find a way to bottle it I'd be very rich.
  13. Perhaps if the SPAMS used the oil they suck out of the ground instead of hording it, then the oil prices would fall again, there would be enough to go around and for much longer.

    But alas no, they want to keep it until the rest of us have run out so they can still do the school run in a 5 litre V8 SUV.
  14. Risking being called an egghead or worse a boring fart who watches Discovery, some pacific islanders have been using coconut oil to run their motors!

    There in a nut shell (gettit!!) is our answer, by the time global warming is at full temp we can all plant palms trees and use them!
  15. Some people in Wales have been doing the same with Kwik Save cooking oil.