Price of Oil at Record Highs!

Why worry about what you can't control? You can plan for the likely outcomes as best you can but what else can you do?

Regards

Jim

Once the US withdraws from Iraq and an evil dictator takes its place then stability will return and the price of oil will settle down.

You also have to take into account how much the value of the dollar has dropped.

That is the interesting thing, I have friends in the employ of the UAE Sheiks, apparently they're considering changing the oil price into Euros as they're worried that the unstable dollar is causing too many price fluctuations and upsetting their costomers!!!

I'm looking forward to an even higher price. Less other idiots to share the road with!

JohanR

quote:

Originally posted by JohanR:
I'm looking forward to an even higher price. Less other idiots to share the road with!

JohanR

Maybe not. Those of us with oil-fired central heating will be out there jogging in an effort to keep warm.

Willy.

quote:

Maybe not. Those of us with oil-fired central heating will be out there jogging in an effort to keep warm.

Some have considered a Euro base oil market for Iran for quite some time #1 & #2 while some are considering it a reason for war.

And Gold.

Not so much demand based on need but demand based on expected profit. Resource based assets have increased in value largely due to direct investment. Turbulent stock, property and bond prices, rising inflation but falling interest rates mean that investing in 'stuff' is, for the moment, considered a good hedge by some. But then it has for some years now.

Come the revolution, these firms will be the first you turn to for support. Because without the banks and the oil co's, The World stops turning.

Anyone watched "Who killed the electric car"?

Lots of theories and views but nothing concrete.

If you travel less than 100km/day, it is perfect to have an electric car. Charge when not in use etc. Of course need a renewable source of electricity etc.

That was the thing that always struck me, due to the inefficiencies of electrical distribution and electrical motors, you probably waste a lot more energy using an electric car. So unless you have a totally environmentally sound method of generating electricity there really is no benefit.

quote:

Originally posted by djftw:
That was the thing that always struck me, due to the inefficiencies of electrical distribution and electrical motors, you probably waste a lot more energy using an electric car. So unless you have a totally environmentally sound method of generating electricity there really is no benefit.

Generating electricity aside, internal combustion engine is not very efficient, probably arround 15% of stored energy. This makes electricity conversion stored or otherwise to kinetic energy very much more efficient compared to internal combustion engine.

Even steam car, yes steam car had an efficiency of 35%!

Of course, it would be a good start just for Americans to start buying European cars. When I was in the States we had a truck with a 4.8l V8 and a Minivan with a 3.6l V6. (Company vehicles, we wouldn't have bought either of the monstrosities!) Neither of them ever got more than 12 mpg by my reckoning, and that was on the wide straight roads you guys have over there. At the time over here we had a people carrier with a 2.3l and a super-mini with a 1.3l engine, both 4 cylinders. Both of them accelerated faster, and got about 30 and 40 mpg respectively on the bendy country lanes of East Yorkshire! Now we have 1.9l diesels, which never get less than about 500 miles to a tank. A little more efficient than 15% I can only imagine, American engines are renowned worldwide for being gas guzzling underpowered blocks of pig iron!

My daily "drive" gives me 60mpg. This is mixed city and highway driving.

Just as well, the fuel price just keeps climbing! No end in sight. Heh heh heh.

I'm guessing you don't drive a Chevy!

quote:

Originally posted by munch:
Shell and BP Still make record billion pound profits.
British Gas tell us they have to put prices up because of the cost of fuel.
Then two months later they show record profits in the Billions for the year.
They are all Bandits.
Come the day they will be the first up against the wall next door to the bloody call centers

Dear Munch,

I work for one of these companies and while it is true high oil prices does result in record profits you should be aware that 70-80% of all revenue is paid in taxes amd goes to governments around the world which helps to fund schools, hospitals, etc, etc.

I know oil companies have a bad perception, partly due to the politicisation of energy supply, but its worth remembering that most basic necessities (eg heat, light, manufacturing, etc, etc) would not be possible without oil. In most cases the oil industry can be a very good citizen and a strong contributor to economic sucess.

Also in developing countries with natural resources typically partnering with an oil company can bring faster benefits to that economy than if they "went it alone".

In my opinion the biggest issue the oil industry has to address is how to help provide solutions for reducing pollution, which is arguably, the biggest threat to our future if it is unmanaged. Many oil companies are supporting these efforts but there is still much to be done.

regards,

Dev

Good luck with that position in here Dev! It'll be a hard sell....

Cheers

Jim

Dev,

When profits are transferred out of the local where resources are supplied, very little benefit is actually realized locally. The local economy would be far better off to hold onto their assets until they capable of bringing them to market on their own. BP and the rest of the lot can paint whatever picture they would like but ultimately they are stacking the deck against the locals.

kr

chris

quote:

Originally posted by csl:
Dev,

When profits are transferred out of the local where resources are supplied, very little benefit is actually realized locally. The local economy would be far better off to hold onto their assets until they capable of bringing them to market on their own. BP and the rest of the lot can paint whatever picture they would like but ultimately they are stacking the deck against the locals.

kr

chris

Hi Chris,

You're right to an extent, but our experience in places such as North Africa and to an extent India suggest that if we don't partner up nothing really happens for a long while. Also the JV's that we are typically in (I am working in one in Egypt at the moment) are structured so that the country owns everything and we are a contractor to the government - albeit a well paid one

regards

Dev

Prices here ATM are NOK 12,50 per litre. (95 Octane) (about $9,3 a gallon if I do the math correctly)

It looks like price of diesel in Scotland is about to rocket in the next two days

Cheeky! It's not cheap anyway - peaked @ 129.9p a litre three or four weeks ago.
When I refueled a week or so ago it was 124.9p.

This part of Scotland gets all petrol, diesel, heating oil,
etc from a tanker ship that comes once a month from Bellingham,
so shouldn't be any problems here ...

Time of the week to put £20 worth in.
Today it's 131.5p at the Co-op, which is the cheapest locally!

As Opec warns oil could reach $200 could be but a taste of things to come?

Nah - the price of second hand V8's are dropping nicely thank you

Soon the contents of the fuel tank could be worth more than the 2nd hand V8!