Oil Prices "Superspike"

Oil Prices "Superspike"

Whoa, three threads in one day, sorry folks. Guess the cold medicine+first caffeine in days has me on overdrive.

Anyway, just saw this article come across my beeb ticker. Not sure of the validity, but if its true, it bodes amazingly well for my portfolio and all those shares of Royal Dutch Shell and BP I'm sitting on!

http://news.bbc.co.uk/2/hi/business/4399537.stm
 

Freemason

Banned
It's a media stunt. Although if it actually did hit that, opposition to drilling offshore and in ANWR would suddenly become political suicide.
 

llad12

Diabloii.Net Member
< looks around at his oily friends wearing gold chains and Rolexes >

Shh ... say nothing, act normal.
 
I'd say the current spike is due to speculation based on the BP refinery. This is the same thing that happens immediately after every refinery explosion regardless of our stockpile or actual world supply.
 

olie0923

Diabloii.Net Member
I wish the oil prices would go back down. We had some trips planned for the summer and had to put them off for now. We just can't afford the gas for them right now.

Maybe we'll get back below $2 a gallon but I doubt it, this is their way of conditioning us to make us think $2 a gallon is cheap.
 

DrunkPotHead

Diabloii.Net Member
I trust bbc almost as much as fox news. While they do report facts once in awhile, i won't put my money on it.
 
I kinda hope it does, personally. Contrary to Republican't belief, the only thing that'll become political suicide in that case would be insisting on keeping us oil-dependent.
 

Puck Nutty

Diabloii.Net Member
olie0923 said:
I wish the oil prices would go back down. We had some trips planned for the summer and had to put them off for now. We just can't afford the gas for them right now.

Maybe we'll get back below $2 a gallon but I doubt it, this is their way of conditioning us to make us think $2 a gallon is cheap.
Price of gas in downtown Toronto: $0.80 per litre Canadian. That works out to $3.28 per gallon Canadian, or $2.70 per gallon US. The US still has the cheapest gas prices in the western world.
 
Puck Nutty said:
Price of gas in downtown Toronto: $0.80 per litre Canadian. That works out to $3.28 per gallon Canadian, or $2.70 per gallon US. The US still has the cheapest gas prices in the western world.
Aye, as well as one of the least developed public transportation systems in the industrialized world, and infrastructure more geared to automotive transportation than anywhere in the world, and a culture where everyone has a car unless they live downtown in a greater metropolitan area, or don't have a job.

If our gas prices were as high here as they are elsewhere, our economy would be hit much harder than they would in places with better transportation infrastructure.
 

Beowulf

Diabloii.Net Member
Damm lucky people here in Montreal we are at 96.9 to 98.9 per liter and this is in large part due to taxes including a public transportation tax.
 

RebirthOfMak

Diabloii.Net Member
Hey, Down with bush!!!!

My Reasons....

1. The gas prices

2. He stupid

3. He did drugs

Thats enough for me.... :lol:
 

Njx

Diabloii.Net Member
Yah Just noticed gas prices here in Hamilton Ontario, 95 cents I saw one place yesterday. Most weer about 92-94 tho. Bleh!
 

Johnny

Banned
Here in Sweden the gas price has been the same for the past 5 years. 10 SEK per liter which used to be $1 a liter but now its more like $1.50 because the dollar has droped alot in vallue lately but we arent really happy about that price.

On the upside with such a low dollar it has become really cheap to make trips to US. I heard for a few thousand SEK you can get a house, a car and gas for a year. The people over there will do anything for some hard currency.
 

Necrolestes

Diabloii.Net Member
Conspiracy of One

I blame the SUV markets for driving the oil prices up (note to all: I'm being facetious)

Here's my reasoning:
1) In 1999, the SUV was becoming the dominant mode of transportation and gas cost only about $1 a gallon (slightly more in some places, slightly less in others)

2) The SUV gets terrible gas mileage therefore it requires more gas (which requires more oil for its creation)

3) People will drive SUVs no matter how high the cost of gas is

4) The cost of oil (and therefore gas) went up in response to the age-old laws of supply and demand (many people demanded gas guzzling SUVs and supplies of gas and oil went down, therefore the price had to increase)

5) OPEC, realizing that they could make more money on less oil, decided to cut production thereby raising profit margins on available oil
 

Steve_Kow

Banned
Johnny said:
Here in Sweden the gas price has been the same for the past 5 years. 10 SEK per liter which used to be $1 a liter but now its more like $1.50 because the dollar has droped alot in vallue lately but we arent really happy about that price.

On the upside with such a low dollar it has become really cheap to make trips to US. I heard for a few thousand SEK you can get a house, a car and gas for a year. The people over there will do anything for some hard currency.
A few thousand SEK would be a few hundred dollars, you aren't going to get a house, car, and gas for a week--nevermind a year.
 
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