The world's economies depends on the price of oil. Personally thought it would be much higher with all the raging around in the oil producing countries. The powers at be have to try to keep the prices down or every country not possessing Middle East free oil will be raging. Theory is by some the US will use military in Libya to insure the oil supply out of there, for the present and long term.
The talking heads are predicting $125 before summer.
If the Arabian oil producing nations were to plummet deeper into unrest and violence then the price of oil could go up further. There is a significant traffic of oil tankers that make their crucial trip to Europe and the United States using the Suez Canal to save time on their journey. If Egypt falls into the hands of a government that blockades the Suez Canal to oil tankers we could see the price of oil double to $200 dollars per barrel. The supply of petrol and gas in America and Europe is dependant on the trade of crude from Saudi Arabia, other Gulf States and Libya, Egypt, Tunisia, and Algeria also contribute to the market that supplies Europe and North America with oil. So far the political picture has been unsettled during the revolution in Egypt and Libya. But it things were to get worse in any of the countries mentioned here as in these countries collapsed into Civil war the knock on effect of this could double oil prices and prices at the petrol pump. $6.00 dollars for a gallon could become real so too could even higher domestic gas and electricity accounts. The future looks very unstable and very expensive. A serious war in Arabia could mean $200.00 for a barrel of crude. This is not exaggeration it is a real possibility.
Won't affect Russia or China since a big new oil pipeline has been completed from
Russia to China. However both countries have been devastated by global-warming or not weather and China is importing wheat like no tomorrow, causing shortages and raising the price.
Past time to drill baby drill...without paying the company heads a six-figure salary.
you are right, america has more oil than any middle eastern nation, why does what happen there effect the prices here? simply put it doesn't well not really, they just want us to think it does. As long as we keep bending to their will they are going to keep pushing us father, and why shouldn't they? Americans are weak and easily herded like cattle. IF we had half the guts of these people fighting their dictators in the middle east we could put an end to it here as well. we dont live in a free nation, we live in a nation with the illusion of freedom.
"Past time to drill baby drill..." Or there mantra of last summer, 'drill baby spill'. Actually it is reported that there is more oil under the rockies than the whole of the middle east combined. What's the hold-up?
I remember a bumper sticker from a previous crisis…
"Out of gas? Burn an environmentalist.”
Or something like that.
The "holdup" is that it's mostly shale oil, not crude oil, which is slow to develop, and expensive and environmentally destructive to produce. Also, it has a much lower EROEI than crude oil, and I've even seen estimates that it may be as low as 0.7, which means that you'd use more energy extracting it than you'd get out of it.
Of course, negative EROEI hasn't stopped the idiots in Congress from kowtowing to agribusiness and shelling out billions in ethanol subsidies, but combined with shale oil's other faults, most of it is probably staying in the ground where it belongs.
"""Out of gas? Burn an environmentalist.”"
I'm an environmentalist. What is that a threat?
Ethanol is another scam for corporate farming. World starvation and their burning the food. Obama is an ethanol supporter for Archer Daniels Midland of
his home state, Decatur, IL.
by Hugh Williamson 6 years ago
In 2011, for the first time since 1949, the U.S. EXported more petroleum products than it imported (by 439,000 bbl per day). 2012 is also expected to be an oil surplus year, as is 2013.So why are we talking about unlimited drilling and accepting the associated environmental costs for this all out...
by Eileen 6 years ago
I suppose many would be familiar with this ...I'll give an example of how we can play this game:Knock, knock..who's there..1st answer : Doris (which then leads to question 'Doris who?'2nd answer: Door is locked, that is why I am knocking!I'll start now...
by Deforest 6 years ago
Today, Iranian warships just reached the Mediterranean sea through the Suez canal! As they cruise, in our minds gallop fearful questions as for their intentions! Not mine. It is clear that Iran displays to the world its military confidence! Any thoughts?
by CMHypno 8 years ago
Do you think this will happen?http://www.dailymail.co.uk/news/worldne … e-GDP.html
by RottingNation 10 years ago
When analyzing why gas prices are too high I can to one conclusion: its the governments fault. They start unnecessary overseas wars, make 40 cents per gallon profit, and subsidize illogical "alternative fuels" like ethanol. Putting this into perspective, oil companies...
by JAKE Earthshine 34 hours ago
Unprecedented instability, we’ve never experienced anything as chaotic and destructive as this: Greatest stock market crash in history, Unilateral trade wars with our allies instigated recklessly by Mr. Trump which is killing jobs for his own voters and everyone else, Americans dropping out of...
Copyright © 2018 HubPages Inc. and respective owners. Other product and company names shown may be trademarks of their respective owners. HubPages® is a registered Service Mark of HubPages, Inc. HubPages and Hubbers (authors) may earn revenue on this page based on affiliate relationships and advertisements with partners including Amazon, Google, and others.
|HubPages Device ID||This is used to identify particular browsers or devices when the access the service, and is used for security reasons.|
|Login||This is necessary to sign in to the HubPages Service.|
|HubPages Traffic Pixel||This is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.|
|Remarketing Pixels||We may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.|
|Conversion Tracking Pixels||We may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.|