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@MikeB
The criminal and treasonous activities of the world level corporations are much larger and more convoluted than you imagine. The real owners of these corporations, the International Banking Cartel, are the true villains. I suggest you see the internet film, "The Money Masters" on Google. All is explained concisely and this Depression predicted, and the recent creation of the poisonous Euro, in 1995, the year the film was produced.

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I love the doom and gloom. Such scenarios are not borne out by history though.

A couple of points:

1. Following a steady 20-year bull market bubbles have successively formed in equities and housing, with the later enabled by the response to the former. Now, yet another round of accomodative Fed policy is shifting the bubble into hard assets. History shows this is a very typical business cycle.

2. Oil isn't going away tommorow. Sure, it may peak soon, but the idea of the world needing ever-more supplies of oil and suddenly not being able to find it is pure fantasy. We have lots of other sources of readily accessible and plentiful energy. The transiton will be orderly and occur over the span of several decades. To think otherwise is to ignore history.

3. I love how the market talks of India and China driving demand for oil. But what's in turn driving their demand? America. And we're in a recession folks. How can China keep buying Buicks if no one is buying chineese goods? At the end of every bubble there is always simple extrapolation that doesn't account for reversion to the mean.

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Step back and thnk about facts.
Canada's oil shales (sometimes called oil ands or tar sands) do not need $150 a barrel - take a look at a major producer: Syncrude's profitability or the Canadian Oil Sands Trust. While there is a 200 year supply at planned (expanded production volumes), they cannot provide all of the oil. There is an environmental cost to developing them, not as bad as the environmentalists say but still a challenge.

The U.S. is the largest consumer of oil and yet has the lowest price of gas in the G7 countries. The U.S. hasn't tried to practice serious conservation. Big cars, big houses, house built in places that need massive amounts of air conditioning etc.

Oil consumption is being heavily subsidized in the growing demand nations such as China and India.

The OPEC countries do not have the reserves or the production ability to place that much production onto the market and there is no vested interest in them doing so to lower gas prices for the U.S. consumer. Prior to the run up in oil prices, the OPEC countries experienced a significant loss of the wealth curve they experienced in the 70's - they have learned from that.

The use of military power to obtain significant oil production in the middle east is not a viable option (setting morality aside). While countries in the world fear antagonizing the U.S. to the point of an invasion, they have learned (again) that they can deny the U.S. any benefit with a low grade guerilla warfare.

No new oil refineries to produce gas have been built in the U.S. because nobody wants one in their backyard. They also cost billions to produce and are not always so profitable (check out historical crack spreads). Ironically, it was more profitable to create housing secured 'financial instruments' to be pawned off around the world - why invest in hard assets for 10% returns.

We have lived in time when energy on an inflation adjusted basis has become incredibly cheap. To bring alternatives on-stream is going to mean energy, as a component of cost to our lifestyle, will become a larger cost component. It will bring about change: many 'industries' have been reliant on low energy costs. Take fast-food outlets; they rely on low gas costs for 'drive through' customers, low gas costs to get their low paid labour, low oil costs to provide them with throwaway products (containing various petro-chemical products); low transportation , fuel and feed costs to mass breed chickens/beef, slaughter them and deliver them around the country. THere WILL be significant inflation in some industries costs.

The prices you see quoted for oil are spot prices. Most oil is sold on long term contracts at less than spot prices - it is the movement in that pricing that triggers speculation on spot markets and that trend is upwards.

Global demand is a reality. There are a number of newly built, and teetering on the edge of bankruptcy , Liqiuid Natural Gas plants on the East Coast of the U.S. who didn't factor in the bidding price for LNG which is sold only when the vessel is ready to leave port. The U.S. didn't get the LNG imports and natural gas rose as a result.

There is no conspiracy - business people are just not that smart -solely focused on profit perhaps but smart no - the laws of supply and demand are at work. The speculators are at work in the spot market for sure. They are betting that the U.S. consumer cannot change their behavior quickly, that the industries supplying them will not change quickly, that the US government will feel compelled to subsidize their energy consumption. They are also betting that China and India will also do that.

My predictions: when the spot bubble bursts and everyone says 'I told you so', check out the price for long term oil....it will be $85-95 oil (assuming no worsening of US dollar) and $10 Natural gas. The cost of a burger will have doubled; the cost of chinese imports will have doubled. There will be less disposable income. Texas will be well on the way to becoming one of the largest producers (and consumers) of wind power generated electricity; solar will be breaking new ground; the American economy and consumer will start a process of adjusting to higher energy costs as we move to an era of less disposable income.

HARK! The Holy No-Man sayth ,

"I" Do the thing, Hence "I" hath POWER, Else If "I" do not the Thing, Then "I" + "i" will never havth POWER!" "I" + "i" = PHOTONS/LiFE in TRANS{FiNiTY}(ye Reality)!

EXAMPLE: Meaning NO ONE NATiON, On Space Ship Earth T-O-D-A-Y, under G-D, nor Any one Corporation, under Banks, nor Any one Individual or entity's shall Own the "FOSSiL FUELS" under their Ground wherever located on GAiA! Like The MOON , MARS etc.. Belongs to US-ALL , thus ALL Commodities too. includes, not all, but certain Strategic Metal & Precious Metals to "Space-Forth" & "Future-Bound" with also. So

The Prophecy, like a Handwriting on the Holy Mental Wall, is TELLUSng Today, that "OIL" shall be the 1st Global Commodity Grab, via the Possession & enforcement of the blesseth "LEAGUE OF NATiONS" for All HUE{MATES} kinds to enjoy conservatively! And

Never via "The G-D Players" likes Mr. MOSZEUS, whom hath acted for the CHOMESH/AMON! Or Mr. Alexander The Great Or Pharoah/OSiris or JESZEUS as the SON of O.U.R Holy ECLATi or Mr. MUHAMAD-ZEUS or Mr. MAZDA-ZEUS nor Mr. VYASA-ZEUS or M. GUATAMA-ZEUS, GURU-ZEUS et al!

iMPORTANT: "SOURCE-ONE is LORD!" "SOURCE-ONE" is ECLAT! "SOURCE-ONE" is CREATOR/MAKER of O.U.R. Holy Cosmic Fiat-LUX!

This is the real “HALLUYA” not hell! So Sing a “NEW-SONG” (AQUARiUS-AGE for another 26,000 MEMETICal Years of Miracles) that’s “ITSELF” is Come-th From O.U.R. OLD-SONGs (PISCES-AGE of 26,000 Years Past)) as Foretold all & Promiseth US-ALL, as Inheritance!

---

Because WE appeared befor the BIBLE(s);

WE {ECLAT}-I-{ON’s}, not biblically “Chosen”, are COME already to Save Ye & Thee & Thou & Thy! Holy Holy is “IT“’s Name! (ECLATi is never a He nor a She, rather “IT”is being “ITSELF” in and of Us All! All the animate & inanimates things & Stuff, WE are Together Forever With SOURCE-ONE!

BEHOLD! History is O.U.R. real Jury! The LAWS of the creator (a non Jealous & thus fearless one) is the “CLAUSES” of ’IT”s own CONSTiTUTION which = O.U.R. Holy Cosmic UNIVERSE, for All TiME (via Temperature. Not Clock or Space-time)! So,

“IT” is Eponymous ECLAT + “i” = LiFE/PHOTONS Miracle via the SYNERGETICAL awareness of US.

“The youth of humanity all around our planet are intuitively revolting from all sovereignties and political ideologies.

Our little Spaceship Earth is only eight thousand miles in diameter, which is almost a negligible dimension in the great vastness of space. . . . Spaceship Earth was so extraordinarily well invented and designed that to our knowledge humans have been on board it for two million years not even knowing that they were on board a ship.

Synergy means behavior of whole systems unpredicted by the behavior of their parts taken seperately.

Unity is plural and, at minimum, is two. The explicable requires the inexplicable. Experience requires the nonexperienceable. The obvious requires the mystical.

Synergy is the only word in our language that means behavior of whole systems unpredicted by the separately observed behaviors of any of the system’s separate parts or any subassembly of the system’s parts.

There is nothing in the chemistry of a toenail that predicts the existence of a human being. Universe is synergetic. Life is synergetic.

- Said By O.U.R. Prophet, of many, and {ECLAT}-i-{ON} Brethren , Mr. BUCKMISNSTER FULLER!

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Speculation is driving up oil prices. Speculators need to be reigned in to get a real feel for the price of oil.

If there's a hurricane, or a refinery fire, or shutdown for maintenance or any little sneeze, or potentially oil relevant news story speculators will ratchet up the price despite the key points made at the top of your article.

There's a small Oil refinery in Wynnewood Oklahoma, a town 40 miles south of my home. It isn't big enough to refine more than about a tea cup a day but when they had a small fire there it was on natoinal television and used as a reason for raising global oil prices. ONE MORE SLICE OF OIL CO. BALONEY!!!!

There's a small Oil refinery in Wynnewood Oklahoma, a town 40 miles south of my home. It isn't big enough to refine more than about a tea cup a day but when they had a small fire there it was on natoinal television and used as a reason for raising global oil prices. ONE MORE SLICE OF OIL CO. BALONEY!!!!

To Rashers101: April 23, 2008 8:12 pm

Did you ask the senior oil exec how much is his yearly salary, bonuses, retirement package, health insurance package, severance package, perks?

I agree w/Roy. "Greedy oil men".

To answer Joe, supply is being manipulated by the likes of our REAL enemy Saudi Arabia, Iran. Its already established the Oil Cartel of the Middle East along with PuttyPutes Russia is manipulating the worlds oil supply. IRAQ! Why aren't they using their oil money to support their countries needs instead of the American people paying for it? They have a surplus. How much oil are they selling America? The Bush policies and politics disgusts me. Will the nightmare NEVER end!

Ultimately? It's globalization. Those same corporations that scour the world for the cheapest labor costs, the fewest government regulations (for basic worker protection, environmental standards, etc.), the companies that had caused a disasterous downward spiral of wages and benefits and landed this country into the middle of a DEPRESSION, well they have depressed the dollar, and with their Wall Street and Commodities Exchange brothers, have scammed the cost of oil up. These swine, these treasonous cockroaches that should be tried and executed, are also responsible for rapidly rising food prices, for food and metal and other basic commodity shortages, that have led to people starving. It will come to this country, likely this Fall. As with any murderer for hire, someone who does it for the money or for the thrill, these "free traitors" are exhibit "A' for extending the death penalty to white collar crimes.

The housing fiasco took a long time to materialize. And all relevant precautions were ignored until housing became a crisis and broke. In retrospect, all the experts were wrong, including the venerable Federal Reserve Chairman.

Oil prices are now suspect. Like housing, this industry is also benefiting from intentional lack of government oversight. The Bush-Cheney administration has deep ties to the oil industry. And this makes this government even more suspect in allowing oil prices to inflate.

Many people have noticed a certain trend in these recent years. Gasoline pump prices rise; public reaction sets in and prices fall back a little, so that the public resistance is mollified. And after a price pause, prices rise again; the same pattern follows: up and up go the prices, and, always, they stick, as the public becomes acclimated. And, always too, deja-vu the housing bubble, the experts are all agreed this is a legitimate market phenomenon.

So what's to say that oil is not a bubble also, based, again, on industry greed? This industry knows it can get away with it, if they are careful to conceal their machinations from the public. They have a sympathetic team in the White House.

The really terrible thing about this scenario is that, housing and oil are the building blocks of the economy. And if it is true that Bush has allowed these industries a free hand to pursue a particularly self-serving ambition, Bush is willfully allowing this nation to fall into recession, as his term is expiring.

There's a new discovery that would radically change the world.

Oil will be a goner. Although it's a blessing to many, it would be a curse to oil producing countries who did not foresaw this coming. They have not diversified well and it's them who are going to feel the brunt.

The Bible prophecy was right again.

Its all sad really. Its all about money and power and the little guy getting screwed. We live in the corporate age, when governments all over the world are controlled by corporations and their interests. Big money (hedge funds, investment firms, multinational corporations) are clearly a big part of the problem. These money changers care of nothing but making money. The tech bubble, the housing bubble, the credit crisis -- all driven by the money changers. Government is owned by big money figuratively. The fourth estate is owned by big money literally. Like in the final days of the Roman empire, the masses are kept "happy" by big events -- gladiators(football, etc), and by mass entertainment. Meanwhile, those in power and with lots of money get more power and money. The masses are let to eat cake, while they starve. A rather dire diatribe, I think. Something wicked this way comes -- an economic crash unless the money changers change their ways. But as with the blind power elite who ran the Roman empire into the ground, as with the French aristocracy before the revolution, as with the British before we sent them packing -- the blind money changers of today will ride the ride as long as they can; damn the consequences to everyone else.

The inflation-adjusted cost of fuel was flat or decreasing for decades. I thought the Left would be very happy to see oil prices rise like this. This will reduce gasoline consumption like nothing else. SUV purchases are way down finally, apparently because cash counts more than conscience to most people. Hybrid vehicle sales are up. There is much more interest and investment in alternative sources of energy. People actually care about conservation. Isn't this what the Left wanted?

Two years ago this week, the madam Pelosi pledged the dems would lower oil prices through the machinations of some sort of pelosinomics.

Gas has gone up 1.18.

Nice work, Nanc, you are doin a hell of a job.

For what its worth, I recently spent a few days in the company of a senior oil company executive. In our discussions of the recent spectacular oil price increases he emphasised two key points:

(1) Oil companies have little to fear from peak oil, and may have much to gain (When I said that I could see a day when oil was too expensive to burn, he said that that would suit him just fine).

and

(2) NONE of the corporate or national reserve estimates are reliable.

When dealing with commodities such as oil, demand includes both the end users and the investors who buy oil futures. Being that the stock market and real estate both performing poorly at the moment, investment capital is flooding into the commodities markets, thus increasing total demand for oil. Thus, even if oil production and consumption both remain flat, demand can still change and affect the retail price. If I'm not mistaken, this is what Mufson is talking about.

Yes, petroleum supplies are limited. And yes, we should conserve existing supplies and use other, cleaner sources of energy. But this is not what this article is about. This market is about the commodities market.

Next, how about an article explaining how relatively small decreases in grain supplies are leading to large and rapid increases in prices? I suspect that it is because cheap imports set the bar, price-wise, for domestic suppliers in every country. Most grain is consumed domestically. Grain imports, while making up a relatively small proportion of total consumption in many countries like the Philippines (~10% for rice?), nonetheless force domestic produces to keep prices down. When international surpluses drop, domestic producers are free to cash in. But I am not an economist, and I would appreciate having someone with real expertise (i.e. a commodities trader) weigh in here. For some reason, the media keep allowing people as ignorant as us to report on these issues when the task clearly calls for people with specialized knowledge.

Hello Monte Haun:

I suspect that "proven reserve" numbers are not worth the paper they are printed on. Do you remember how Shell-BP got busted a few years back for inflating their reserves in Yemen? They were bolstering their stock price by claiming to have an immense amount of oil in their wells in Yemen. It turned out to be a fraud -- they had a bunch of empty holes, and Yemen is finished as a big producer.

Likewise, ALL of the OPEC countries cheat and fudge their "proven reserves" numbers because their OPEC quota is based on their proven reserves number. So all of them exaggerate their reserves and give numbers that are complete fantasies.

Saudi Arabia has not published any real numbers on their reserves since the 1980s. All of their numbers for reserves and production are closely-guarded secrets.

Read "Twilight in the Desert" by Matthew Simmons. He is a Texas investment banker whose whole career has been financing oil projects. There is obviously very little that he doesn't know about the oil industry. He describes how the producers fake the "proven reserves".

Matthew Simmons also describes how Saudi Aramco is now bragging about how good they are at techniques like bottle-brush drilling. But that is a desperation technique that is only used when an oil field is near empty. Bottle-brush drilling is only used to suck the last bit of oil out of a depleted field, by drilling sideways and getting the oil that is between the gas and water layers, and it causes fields to fail suddenly and dramatically by joining all of the wells in a field together so that when one well starts producing nothing but sea water, all of the other wells do the same, all at once. And Saudi Aramco is using that technique in the Ghawar oil field, the biggest and best oil field that Saudi Arabia has. That is not promising news.

I don't have much hope for new techniques that will make wells that are producing nothing but sea water start producing oil again.

If the rise in oil prices is due to a bubble, then where are the inventories?

The current oil supply seems to be being used as fast as it is pumped out of the ground and there is little evidence of additional sources of supply. And with China continuing to grow at 10% a year it will soon soak up any decline in American demand due to recession.

In other words, there is very little evidence of imminent increases in supply, while continuing growth in demand is certain.

Of course, if the rise in oil prices is due to a peaking of global supply, then price rises will be continuous and permanent.

It'll be clear by the end of the year.

A previous poster gave a link that was in error: EIA.gov should really be EIA.DOE.gov

It's an interesting web site.
This page is especially interesting:
(add www.eia.doe.gov in front of this)
/neic/infosheets/crudeproduction.html

Here, the Dept. of Energy declares that the cost of producing a barrel of oil held steady in foreign countries (in 2006 constant dollars) from 1993 to 2003. But from 2004 to 2006 it more than doubled -- up 2.5X.
Likewise, domestic production costs doubled, and the offshore production costs totally went through the roof -- up nearly 7X.

What all of that means is simply that the remaining oil is harder to extract.

I really wish that the conspiracy theorists were right -- that the Saudi Arabians were just royally gouging us. I fear that the truth is that Saudi Arabia CANNOT produce any more oil than they already are. We are constantly entertained by Prince Abdullah assuring us that they will produce more oil and drive the price down. And then nothing happens. The price goes up some more the next day. I think the dirty secret is that Saudi Arabia is maxed out.

Harry Truman "The Buck Stops Here!"
George W. Bush "The Buck Stopped Here, there is a little change left."

Most are aware of the friendship between the Bush family and the Saudi Royalty. Now that oil has gone to nearly 6 times the price per barrel as it was in 2000. The US is sending hundreds of billions into the Saudi coffers as well as the other oil rich Arab nations.

I can't help the reminder that the majority of 9/11 terrorists that struck America were of Saudi origin. All of them were from Arab nations.

Many don't believe Bush can be held responsible for the cost of a barrel of oil, but I beg to differ with them. He is alone responsible for the destabalized nation of Iraq. And he said he was responsible.
""As President and Commander-in-Chief, I accept the responsibilities, and the criticisms, and the consequences that come with such a solemn decision.""
Now would be a good time to accept full responsibility and cease trying to blame previous administrations or the Democrats in the House and Senate. (Or was the above statement once again something other than the truth.)

"Hello Terrance,
Whatever the number of fields that have peaked, there is still a lot of oil in them. May I respectfully ask you to recall the definition of proven reserves, i.e., the amount of oil that can be commercially produced at current prices. With prices having more than doubled in two years, the application of methods that are both more expensive and more advanced raises the amount of oil that can be derived both from fields long under production and from other areas not yet developed"

An interesting notion. Do I understand that when all the oil is nearly gone and the price of the last barrels is soaring, the proven reserves will also be soaring?

Though,in all fairness, during the great gold bubble, and after all the old unprofitable mines were reopened and second tier prospects developed, I thought that nothing more could be done to increase supply.

But I didn't count on the success of acid leaching of old mine tailings.

Monte Haun mchaun@hotmail.com

Hello Bill B:

You are quite right in stating that the rising prices have made it economically feasable to extract more oil from declining fields. It is even profitable to go back to dead fields in Texas and Huntington Beach to extract a little more oil. But that is just squeezing out barely enough to offset the sharp decline in production in fields like the North Sea and Mexico. And Venezuela. That is why the supply is just holding steady even though the price is way up. Under any other conditions, the supply would be rising sharply when the rewards are so high.

Yes, there is plenty of oil left in the ground -- probably enough to last the wealthier part of the world for a few more decades -- but it's the more difficult-to-extract oil, the bottom of the barrel -- like the stuff under Huntington Beach that nobody would even bother with until the price of oil rose so high. So we will have more oil, for a short while, but we will pay for it.

An excellent article from a few years ago in Rolling Stone that dispels the dilusions of the current author.

-------------------------------------------------
The Long Emergency
What's going to happen as we start running out of cheap gas to guzzle?
JAMES HOWARD KUNSTLER

Posted Mar 24, 2005 12:00 AM

A few weeks ago, the price of oil ratcheted above fifty-five dollars a barrel, which is about twenty dollars a barrel more than a year ago. The next day, the oil story was buried on page six of the New York Times business section. Apparently, the price of oil is not considered significant news, even when it goes up five bucks a barrel in the span of ten days. That same day, the stock market shot up more than a hundred points because, CNN said, government data showed no signs of inflation. Note to clueless nation: Call planet Earth.
Carl Jung, one of the fathers of psychology, famously remarked that "people cannot stand too much reality." What you're about to read may challenge your assumptions about the kind of world we live in, and especially the kind of world into which events are propelling us. We are in for a rough ride through uncharted territory.

It has been very hard for Americans -- lost in dark raptures of nonstop infotainment, recreational shopping and compulsive motoring -- to make sense of the gathering forces that will fundamentally alter the terms of everyday life in our technological society. Even after the terrorist attacks of 9/11, America is still sleepwalking into the future. I call this coming time the Long Emergency.

Most immediately we face the end of the cheap-fossil-fuel era. It is no exaggeration to state that reliable supplies of cheap oil and natural gas underlie everything we identify as the necessities of modern life -- not to mention all of its comforts and luxuries: central heating, air conditioning, cars, airplanes, electric lights, inexpensive clothing, recorded music, movies, hip-replacement surgery, national defense -- you name it.

The few Americans who are even aware that there is a gathering global-energy predicament usually misunderstand the core of the argument. That argument states that we don't have to run out of oil to start having severe problems with industrial civilization and its dependent systems. We only have to slip over the all-time production peak and begin a slide down the arc of steady depletion.
...
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Read all about it!

Funny when there is a bubble like the housing bubble no one will acknowledge it. But when a fixed (and perhaps soon declining) supply meets climbing demand results in high prices everyone wants to call it a bubble. In both cases its denial, people afraid there housing "wealth" would evaporate failed to acknowledge the bubble. People afraid that there SUV will be too expensive to fill up now wish to deny that there is an energy problem. OPEC feeds this denial, they want us to keep on paying, and paying and paying until they run dry.

Hello Terrance,
Whatever the number of fields that have peaked, there is still a lot of oil in them. May I respectfully ask you to recall the definition of proven reserves, i.e., the amount of oil that can be commercially produced at current prices. With prices having more than doubled in two years, the application of methods that are both more expensive and more advanced raises the amount of oil that can be derived both from fields long under production and from other areas not yet developed.
You are of course right that the fundamentals--the basic supply actually produced and the volume of oil actually consumed--have changed remarkably rapidly in the past few years. However, it is extremely difficult, for me at least, to see how the fundamentals could have changed enough to explain the price increases we have seen in so short a period as a few months.
A key indicator of the existence or non-existence of a bubble is a rise in inventories. Assuming accurate, global inventory figures, no increase suggests no bubble, and vice versa.

We (readers) should stop looking for conspiracy theories and expand your comments further as the flight from the dollar continues. Inflation looks to be a design of the current monetary policy and a possible cure for these declining housing values. While we wait for wages to catch up there is bound to be some negative fallout. This aquisition of commodities extends beyond oil or energy and is beginning to be felt in other areas as well. The question is: how do you invest billions each month in todays markets? I think your comments are on the right track only just at the surface.

So "IF" the supply is really leveled off and production cannot increase (have trouble believing anything from the crowd making record revenues) - then the only conclusion is that it would have been KNOWN by Cheney and Oil Execs in their infamous meetings. That just makes their policies that much more criminal. To know that and to wait another 7 years before "pronouncing" that we need to do something about alternative fuels - to spend $3B a year on alternatives while $2B a day on the pentagon ... Well we have been able to enrich Halliburton and the Oil Cos while in office ...

Let's hope the oil bubble lasts until next spring. This way Bush won't have an opportunity to fund a huge bail out for his friends.

What concerns me most about the housing bubble burst, and what I fear about the oil bubble is the whole time these industries get richer while we get poorer. Their only solution for high prices is to "drive less" or "don't buy more house than you can afford". But after they've made trillions off of us and when the market finally falls out from under them, they require more of our money to keep them afloat in the form of a bailout. All of a sudden it's "these industries are vital to our nation, we must do what we can for them". What happened to drive less?

what is really criminal is what the oil cos do about this. I downloaded the crude oil and gas price data from the Dept of Energy for the past 18 years. When you look at the graphs - they track pretty much on the same curve - until you look at the detail - every summer for at least the last 3 years, there is a bubble - a jump "claiming" that supplies are in excess demand. If you were producing lawn mowers, you'd produce more in the summer, like toys for christmas. But the oil companies do not do enough so that they can "claim" demand and make excess profits. In addition, when the price of crude goes up, they also get the gain there. This is not a free market. Now that the traders are here (and driving up food-commodity prices) the oil companies will make record earnings again in the next year. When will that part stop? Why do we continue to subsidize when they make record profits?

Without commenting on the relative reasons for the specific price per barrel we see today, something that is important to know is that the U.S. Department of Energy, Energy Information Administration (EIA.gov) shows that total worldwide oil production, including conventional and non-conventional oil, has been flat at 84.6 million barrels per day for 2005, 2006 and 2007. Only time will tell, but this may be the plateau before worldwide oil production begins a permanent decline. This at the same time that many nations are increasing development and demand for more oil.

Hate to say it but the federal government is going to have to step in and mandate offshore drilling overruling individual state laws and concerns. But also they need to oversee and build metrorails in the highly populated cities and speedrail links between the highly populated cities. Rapid transit is the only long term solution, but it has to be done right and built by the federal government since I think they fund a large portion of the project anyways.

I live in California and you wouldn't believe the lousy rapid transit system this state has funded. First they built some of the rapid transit in Los Angeles underground, WE HAVE EARTHQUAKES EVERY SO OFTEN what are these idiots thinking. Other cities were allowed to refuse to allow the metro rails to go through their city, WHEN DO CITY RIGHTS OVERRULE STATE RIGHTS? You need the Federal government to overrule such idiots.

I don't have time to read all the comments on this post, so this may have been covered, but here goes:

This Blog entry is simply contrary to the facts. Steve Mufson just repeats the accepted mantra that there is no real supply problem. IEA Data show that daily oil (total liquids) supply in January 2005 was 84 million barrels a day. In January 2008 it was 86.5 million barrels. This represents about a 1% growth. This is historically very low growth, especially with India and China's large new appetite for energy.

The even bigger story is that the amount of oil consumed internally by oil-exporting countries like Saudi Arabia, Russia, Venesuela, etc. is growing at near 6-8%. This oil is subsidised and NOT priced at the market value. This results in fewer exports. The amount of oil that is exported daily has actually FALLEN the last few years. This is the oil that is actually priced at 115$ and falling supply in the face of increased demand results in higher prices. Very simple. Jeffrey Rubin, cheif economist, CIBC World Markets and Jeffrey Brown, Petroleum Engineer have explained this fact widely.

The fact that the media cannot come to grips with the fact that we live on a finite planet with finite oil speaks to some type of mass self delusion that business is going to continue as usual with oil. This could not be farther from the truth.

Well, at least now we know what cheney and the oil barons talked about in their secrete meeting a few years ago...

Hallibush,Inc. will soon be out of office, less than a year to go... Yea!!!

Hello Steve,
Oil depletion is a reality. It isn't a bubble. It isn't just the work of speculators.

All of the major oil fields in the world, with the possible exception of Iraq, are in decline. Mexico's biggest field, Cantrell, is history. In two or three more years, Mexico will not be able to sell us any oil at all. They will use the remainder for themselves. Likewise, Yemen is dry.
Syria is dry. Kuwait has peaked. The Caspian Sea is a joke. Iran is past its prime. Matthew Simmons makes a great case in his book "Twilight in the Desert" that Saudi Arabia has peaked and can't produce any more oil than they are right now. And of course the USA is long, long past its peak, and is finished as an oil supplier.

That's why the price of oil is high. It isn't a bubble. It's simple supply and demand. The USA, Europe, China, and India all want huge amounts of oil, and the Earth can't fill the demand.

End of story. Get ready for the Post-Petroleum Age.

I don't know why the affect of the ongoing war and the defense spending is not being discussed. Is it because the subject is unpatriotic ? The war has weakened the dollar and we are paying more and more dollars for the same amount of oil. It is not China or India buying out all the oil. I don't think they are that rich.

Mr. Mufson has hit the nail right on the head.

What a bunch of useless comments. I read the article too and had some thoughts and ideas about it. I also had some more questions. I thought I'd find some intelligent and helpful answers in the comments, but instead I read a bunch of different agendas and bad-mouthing of America. Especially the comment before this one. That person is just an instigator. I can't even appreciate his input since he sounds like such a dumb jerk. Wanna know the problem with America? Ignorance and arrogance. So many people with NO answers, but can't wait to call other people wrong. Like a circle of stupidness. What's the problem with oil? Easy, America relies on some of the most immoral, mischievous, and/or unstable countries in the world for its most precious resource.

We must start moving to more electric type vehicles, not in 10 to 15 years, but now. Why hasn't the media picked up on Congress blocking all attempts to move to energy efficiency and independence in this country? This government seems to be stalemated on improvements in energy and the big question is why? Money?