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$50 a barrel

Discussion in 'Issues Around the World' started by ethics, Oct 15, 2007.

  1. ethics

    ethics Pomp-Dumpster Staff Member

    It should go up to about $110 by March. At least according to my evaluations. Will it be enough to bring down everything else? It won't help, of course, but I am going to say that US economy can handle it if the housing market doesn't crash more than it has been.
     
  2. Biker

    Biker Administrator Staff Member

    GM and Chrysler were only the beginning. If fuel prices continue to climb, I think you'll see more and more repurcusions this winter and spring. We're up for contract renegotiation starting in February, and quite honestly, I think there's going to be a strike in AT&Ts near future. The two main sticking points are health care and pension, but salaries are also going to have to be addressed with the fuel prices the way they are.
     
  3. jimeez

    jimeez Thread Killer

    Not surprised at all. Matt Savinar has been predicting this for many years. I know you guys think he (and me to an extent) is over the top, but I think he's got it right. It's only just begun.

    Speaking of increased oil prices, did any one catch 60 minutes last night? They did a special on the Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum. This crazy bastard is spending his money as fast as is making it. And he's making it pretty damn fast. Interesting piece. For example, he was concerned that they were running out of available ocean front property, so they're dredging up the sea bottom and making land. It's nuts.

    Looks like the banks are at least trying to come up with a plan
     
  4. Sierra Mike

    Sierra Mike The Dude Abides Staff Member

    You know, it really is amazing what kind of punishment this economy can absorb!

    SM
     
  5. ethics

    ethics Pomp-Dumpster Staff Member

    Hit $86 today.
     
  6. ethics

    ethics Pomp-Dumpster Staff Member

    Oil futures rose to $88.20, a new intraday peak, before settling at $87.61 on the New York Mercantile Exchange
     
  7. Violet1966

    Violet1966 Stand and Deliver Staff Member

    All I know is I'm pissed with these oil prices as it pertains to home heating oil. Today I had the tank topped off. 125 gallons and it cost me 414 dollars, and that was after getting a disount for paying cash. My tank can take twice that amount, so now a fill up costs about 900 bucks. :(
     
  8. ethics

    ethics Pomp-Dumpster Staff Member

    How long does that 414 last you? All winter?
     
  9. Violet1966

    Violet1966 Stand and Deliver Staff Member

    Yeah we usually go through a full tank in the winter. So we really pay about 900 at this rate, for winter heating. And we'll have to buy more oil in like April to be able to keep the hot water heated.

    We do supplement our heat with wood stove heat which keeps heating costs lower. We live on like 67 acres here and most of it trees. Husband starts in the summer, cutting down trees that can be burned safely, and hauls them to the house to cut them up into smaller pieces for the wood stove, and we have a neighbor who let's us use his hydraulic wood splitter. It helps a lot, being able to supplement with wood heat for free.

    No natural gas where we live. We're actually lucky we have oil heat. 3 zones in this house for maximum efficiency too. We can shut off the upstairs bedrooms in winter and still have downstairs going for when we're in the common family areas.

    In areas where there's no natural gas, some people are using just wood, or wood and electric heat. Electric heat runs much higher and wood can cost a lot too if you have to buy it. They get like 150 bucks for a cord of wood up here. We need about 8-10 cords per winter, to supplement the oil. There's people up here that do oil heat, plus pay for wood, so we're extremely lucky to have access to wood. :)

    Separate issue but we're also very lucky we have a dug well too. Our water is certified safe. All of our neighbors with artesian wells, have to have expensive filters just to bathe and wash clothes without massive minerals, and still can't drink the water because of iron in it. They buy a lot of bottled water, where we just drink it right from the tap. I guess I shouldn't complain about the cost of oil, because it could be much worse if we had no access to wood, and were paying out the butt just for water as well. :)
     
  10. Kangaroo

    Kangaroo Passed Away June 15th, 2009

    In equivalent dollars the oil prices of the late 70s and early 80s were much higher. Our economy survived. Sorry, I cannot get too worked up about $3.00~$4.00/gallon gasoline. I lived through Jimmy Carter's economy, I've been in economic hell.
     
  11. jimeez

    jimeez Thread Killer

    I think the big difference between today and the late 70's is a) there are hundreds of millions more oil consumers with disposable income today than in the 70's (China, India, Asia, etc..) and b) ...depending on who you believe, oil resources are on the decline. That's not a promising set of variables.
     
  12. Kluge

    Kluge Observing your world for over 50 years

    If you don't have a wood shed it should be worthwhile to cover that wood with tarps. The experts say a wet log uses as much energy to dry as it releases in heat when it burns.
     
  13. Violet1966

    Violet1966 Stand and Deliver Staff Member

    Oh yeah we always tarp it when it's going to rain. It's the first thing we have to think when we know it's going to rain. Have to go and cover the wood. LOL My husband had some blue tarps that he was using and I freaked. It looked so tacky, so I made him go and get new tarps that are brown so they don't clash with the trees and stuff. LOL

    He's been trying to get on a roll and be a few cords ahead, so we have some dry wood earlier in the season. He also cuts wood and leaves it for a few weeks, before pulling it in. He's been cutting some trees to wait for next season as well, and will pull them in next summer.

    What's the biggest pain in the butt is getting the wood out of the woods. He sold his old 2 wheel drive Polaris ATV and bought a 4wd Honda foreman, but he got it stuck and it chipped the gears so we've been getting it back up for a while now. Wasn't easy to find a new bottom end for the thing. 2000 model. Getting wood out of the woods from really deep in there using my Honda recon which is like a 250 I think, and only 2 wheel drive, is a pain in the butt. It doesn't have the balls for the wood cart so he has to drag the log out in one piece, dragging the whole time. Time consuming compared to using his winch on the foreman and the cart. So, once his ATV is done, he can get on a roll and we should be quite a few cords over what we need for this winter, to allow for more drying time for next winter. :)

    Oh and we have a wall in the basement, and an area under a workbench we move wood into the house, to help get the last dampness out as well. It's like a pretty good method. Goes in from outside to wall, then from wall to under bench, not far from stove so it's drier. :)

    And we're lucky to have a lot of birch trees here. We all go bark hunting in the summer to gather birch bark for starting logs. Birch bark is excellent to start a fire with.
     
  14. MNeedham73

    MNeedham73 Well-Known Member

    Dunno man...according to this article and a couple of others I've read, people today actually have less discretionary income than in the 70's.
     
  15. jimeez

    jimeez Thread Killer

    That article only deals with the United States. And we only have 300 or so million people consuming fossil fuels. The oil problem is a global problem. The Indian and Chinese middle class is growing by leaps and bounds.

    These guys will be burning up oil at a fast and furious pace.
     
  16. Violet1966

    Violet1966 Stand and Deliver Staff Member

    Did you estimate it going up to 89 dollars within a day?! This thing with Turkey is already affecting us negatively. The price of oil will get a lot worse if this situation doesn't get better. :(

    http://ap.google.com/article/ALeqM5g-JACY88KArTlsyzhy4MjrGPhiggD8SB8DOO0

     
  17. ethics

    ethics Pomp-Dumpster Staff Member

  18. Violet1966

    Violet1966 Stand and Deliver Staff Member

    Today oil high was 90.46. Oh yeah this is gonna get interesting. Just how much do we need oil again? Pelosi rot in hell!!!! :vmad:
     
  19. jimeez

    jimeez Thread Killer

    I don't think it will take that long. I give it until Christmas. Winter heating season is upon us. Things with Iran will get uglier before they improve. One huge factor that will play into all of this: PERSONAL DEBT. It's out of control in this country and I don't think the economy will be able to weather $100 + PB for very long. It's already impacting spending habits.
     
  20. jimeez

    jimeez Thread Killer

    $100/barrel by the end of the week? Anyone? Anyone? Bueller? Anyone?

    And you know what? I am kicking myself hard this morning. I read The Coming Economic Collapse earlier this year...when oil was trading around $60. The book recommends buying oil...at any price. I didn't do it. I thought $60.00 was too high. :banghead:
     

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