New York.– The price of oil recorded its biggest weekly drop ever in the United States, and a gallon of gas
finally pulled back from its record high. So is it time to declare the energy
bubble popped?
Experts won't go that far just yet. "It's too early to say we've seen the worst of it," said Tom Kloza, publisher
and chief oil analyst of the Oil Price Information Service in Wall, N.J. "We
would be Pollyannish if we believe one week represents a trend."
Still, with oil recording yet another drop on Friday, some industry experts
who just days ago thought there was more juice left in oil's meteoric run are
reconsidering.
"If this is not the bubble's implosion, than it's a reasonable facsimile,"
analyst and trader Stephen Schork said in his daily market commentary. "Time
will tell. Nevertheless, for the time being we no longer care to hold a bullish
view."
Light, sweet crude for August delivery fell 41 cents Friday to settle at
$128.88 on the New York Mercantile Exchange –well below its trading record of
more than $147 a week earlier.
The average price of a gallon of regular gas fell about a penny for the day,
to $4.105, according to auto club AAA, the Oil Price Information Service and
Wright Express. Diesel prices dipped three-tenths of a cent to $4.842 a
gallon.
Some analysts said a nationwide average of $4 or even lower could be in the
offing –almost unthinkable in a summer when there has seemed to be no relief at
the pump– although they cautioned that there is no guarantee prices will stay
low.
From: Cuba, it is a secret the censors are looking for me
90 to100 a barrel would be comfortable ...But a crash will hurt almost as much as the rise
Written by: anthonyC, 19 Jul 2008 12:22 PM
From: United States
Where is Pelosi? How come she isn't calling for an investigation into the dramatic drop? How come the Speculators aren't being cruxified?
From: Cuba, it is a secret the censors are looking for me
Where is babbling belial to bring us up to date on the collapse of the worlds capitalist countries
From: United States, Killeen, TX - Home of the 1st Cavalry
Methinks that this is a reaction to the announcement by Pres. Bush that he is removing the Executive Order on prohibiting Offshore Drilling by US Companies. If Congress will follow-up by removing their restrictions and allow more in-country and offshore drilling, then the "bubble" will surely burst.
These restrictions were put in place in the late 80's or early 90's. The "safe drilling" technology and techniques have progressed a great deal since then. There is very little possibility of a disasterous drilling accident taking place today, so the reasons for the restrictions are no significant.
In addition, the "Clean Coal" technology has also progressed.
TB
From: Cuba, it is a secret the censors are looking for me
Fat chance the knee jerkin tree huggin democrat party will go along with anything that makes sense...They all think Ozone Al is the messiah
Written by: mrios, 19 Jul 2008 5:52 PM
From: United States
It would be foolish to think even if we found more oil off / on shore that would rival the middle east that the price of oil would really drop, come on now the bottom line is bucks, more is never enough. With all the technology to date one would think Solar, Wind etc..etc.. we would have this thing licked, I say just bring back the Geo Metro with it's 60 plus MPG and out law all the SUV's and gas guzzlin cars on the road, besides the gas crunch of the 1970's did'nt teach us nothing.
"Man never learns from his past mistakes, so he repeats them over and over again".
From: United States, Killeen, TX - Home of the 1st Cavalry
mrios;
It'll be a long time before theUSA gets over it's love affair with highpowered automobiles, psuedo-exotic ones, and ultra luxury types.
It's in their blood and totally genetic at this point.
Besides that, big cars are a status symbol of affluence and theUS propencity for "keeping up with the Jones' is endemic to the nation. A bad disease, that.
TB
From: Cuba, it is a secret the censors are looking for me
Latinos have it also... but worse
Written by: Jander, 19 Jul 2008 8:00 PM
From: Dominican Republic
Today on www.msn.com
U.S. to Iran: Cooperate or face confrontation
Talks that include U.S. end with demand for 'clear answer' in two weeks
We better not celebrate yet , this love hate realtionship is a big factor.
I think ?
From: United States
Wow, how lucky you are, the barrels goes down in so many dollars and at the pump its reflected at so many tenths of a cent. The owners of the world's oil had brought it down to a so called reasonable level but hey don't celebrate just yet. Are you kidding me Mr.economics. The U.S. has been building its wealth and it has so much that it decided to give a little breathing room and let it come down. People are not fully aware of what is really going on in the U.S. and what really concerns the entired governing boby of the U.S. People living in the U.S. don't care to know and its not to their best interest to know, so their elected officials take it upon themselves to do all that is necessary to keep the U.S. and its citezen in the status as the most powerful nation in the world. Creating the problems and them solving them to some extent but never fully cause it will not be profitable. This what the U.S. is an expert at.
From: United States
This problem is an old one that began in the 70s and could have been largely solved had there been a comprehensive energy plan .. a plan to gradually but surely substitute alternative sources of energy in place of oil .. but there were no concrete ideas .. merely adhoc and stop gap measures to cope with unexpected oil shortages brought on by war or other supply disruptions .. that is how we ended up with this sad state of affairs .. but it's never too late to draw up a comprehensive plan .. to reduce the demand for energy by conservation and using efficient technology .. increase the supply by exploring renewable energy supplies such as solar and wind .. nuclear is a little scary but that too is an alternative .. the tropical climate of the Dominican Republic offers an enormous potential for solar energy .. the sun will be around for at least another 12 billion years .. we have to come up with a plan to harness this clean and renewable source of energy ..
From: Cuba, it is a secret the censors are looking for me
solar energy has one big problem?.........night time......two actually ......extremely expensive
From: United States
That's the whole point of solar energy .. instead of burning all that oil and gas during the day time we use solar energy .. we save our oil for the night time .. for kicking back at the local colmado with a cool glass of Presidente beer .. turn that merengue music way up until the neighbors complain .. a problem with solar energy is storage .. an effective system to store the energy produced in the solar panels .. hydrogen fuel cells .. massive banks of deep cycle gelatinous batteries .. another problem is cost .. the solar panels, wind farms, batteries cost a bundle .. that's why we need an energy plan .. another problem is the efficiency of solar collectors .. only 15% to 20% of the sunlight hitting a solar panel is actually converted to electricity .. the newer and more expensive solar panels top out at 40% .. but these are technological barriers that fall with research .. we need an energy plan to set aside the funding for altenative energy and energy conservation.
From: United States
We already have a forced mode of energy conservation in the Dominican Republic .. it's called a "black out" .. yesterday it lasted almost 8 hours .. we saved 8 hours worth of oil by slipping back into the stone age .. walking in the dark, burning candles and using buckets to flush the toilet .. when the electrictiy goes so does the water pump and faucets run dry .. the moment the juice starts flowing back into the local grid all the water pumps, lights, radios and TVs in the neighborhood come back on .. and they stay on until the next black out .. my neighbors steal their electricity from Ede Este and can afford to run their air conditioner non stop .. Ede Este occasionally stops by to remove their wires .. 200 pesos later they reconnect and life goes on until that next visit from Ede Este .. in addition to alternative energy conservation must be a major part of our energy plan ..
From: Cuba, it is a secret the censors are looking for me
.. for kicking back at the local colmado with a cool glass of Presidente beer .. turn that merengue music way up until the neighbors complain.......Very amusing sang.....A little noise pollution to go along with every thing else
Written by: anthonyC, 20 Jul 2008 8:59 AM
From: United States
"It'll be a long time before theUSA gets over it's love affair with highpowered automobiles, psuedo-exotic ones, and ultra luxury types."
I hope not. It is these cars, along with motorsports, that help drive technology. Advances in engine management, aerodynamics and safety.
From: United States
Energy plans can be at both a national and personal level .. here is what I have done .. I saved all my empty bottles of Presidente Jumbo .. filled them up with water and lined them up on the balcony facing the sun .. the green bottles absorb solar energy and in turn heat the water which I use for bathing .. I am also building a more sophisticated roof based solar water heater .. I use solar panels to capture and recharge a deep cycle gelatinous battery .. my solar panel has a 15% photon to electricity conversion ratio and takes 8 hours to fully charge the battery .. which I use to power my desktop computer, monitor and modem .. the battery cost me 6000 pesos .. I got the SunForce solar panels in NY for $100 or 3400 pesos .. it's not an economically viable system at this scale .. but it does makes a difference in terms of using or not using my desktop computer .. this is something that could be done by neighborhood energy coops on a larger and economically viable scale ..
Written by: DaniDr, 20 Jul 2008 9:35 AM
From: Dominican Republic, Santo Domingo
"We already have a forced mode of energy conservation in the Dominican Republic .. it's called a "black out" .. yesterday it lasted almost 8 hours .. we saved 8 hours worth of oil by slipping back into the stone age .. "
Your quite wrong. Most probably all the private energy generators together consumed quite a lot more of oil than what the main generator would have used to generate the same electricity.
Private generators are a big reason of why there's so much diesel comsumption in the DR.
From: Cuba, it is a secret the censors are looking for me
Sang only the commies could get barrios to do that .....at gunpoint
From: United States
Genius .. do you think everybody in the Dominican Republic has a generator at home? and do you know how much it costs to run those generators? .. and how dangerous they can be? only a rich guy like you could afford it .. the rest of us just sit there and suffer .. it will cost 70 gallons per hour to run the diesel generators at the Dario Contreras Hospital in Santo Domingo .. at 195 pesos per gallon of diesel that adds up to 13650 pesos per hour .. they have still have not figured out the operation, maintenance and replacement costs (OMR) .. pocket change to you I am sure .. their generators will only be used in life threatening emergencies .. Time for La Comida? whaaaacccccckkkkkkk !
Written by: DaniDr, 20 Jul 2008 11:36 AM
From: Dominican Republic, Santo Domingo
GhoulishColon, I wish I was as rich as you think I am. Sorry but I'm not.
Apparently you fail to see that not only Dario Contreras needs a generator. There are a lot of business that need power to operate. This includes supermarkets, corporations (codetel, tricom, cable companies...etc), medium services business and even small and informal business, even if it's a small salon to power up the hair dryers. Even the Dario Contreras has a small output compared to what a electric generation company produces. It's very inneficient to power up 500 generators vs just power 1 big one.
From: United States
Most of the big Dominican companies could probably afford to install solar panels to reduce their energy consumption .. however the smaller ones would require assistance .. but there is nothing going on right now .. that is why we are having this discussion on the potential for using solar energy in the DR .. to reduce oil consumption .. to reduce the need for diesel generators .. those diesel generators will not disappear overnight .. it will take time .. but we need an energy plan .. otherwise we are back to square one and the problem just keeps getting worse ..
From: United States, Killeen, TX - Home of the 1st Cavalry
While you are ALL blaming the USA for the high price of petroleum, I would remind you that, although they are the biggest user of that product, there are some 200 OTHER cuntries on this planet that ALSO use petroleum.
So, it ain't all in one basket.
Aside from that, the US doesn't have the only market for the buying and selling of petroleum, so it can't be just them that is driving the price up.
You people have become so focussed on the US being such an ogre in the international marketplace, you're blinded as to just what IS going on in the world.
Wall Streetisn't the ONLY financial andcomodity market center. here is one in Hong Kong, Tokyo, Berlin, Moscow, Beijing, London and elsewhere, so you're all way off base in placing your imagined blame at the doorsteps of the USA.
Just remember that there are SPECULATORS from EVERY COUNTRY who are responsible for all this; NOT just Wall street.
Wake up and get REAL.
TB
Written by: mrios, 20 Jul 2008 1:21 PM
From: United States
So true TB, the demand of oil in China has doubled in the last 10 years and will continue, watch in the next 2-3 years, don't forget the great oil pact signing with Iran & Siberia last year, China the biggest polluters which rivaled and surpassed the U.S. ....As far as technology we can put the space shuttle in orbit for weeks at a time by using solar panels & batteries which I've been told are the best in the World, we have the technology, Israel is the World leader in solar technology, but it's about $$$ and power, The Dom. Rep. now has to follow Brazil's lead and produce it's own alternative fuel which will not effect food prices , and for GODS sake don't tell it can't be done, we need to wake up and really smell the roses and in the long run we will be better off, I say LET THEM EAT / DRINK THERE OIL now I know what the good book meant by in the last chapter "BEHOLD, THE ARMIES OF THE EAST WILL MARCH DOWN ON THE MIDDLE EAST" common since tells me that's China.
Written by: mrios, 20 Jul 2008 1:48 PM
From: United States
Part # 2
As I was saying before i ran out of space........It is my opinion that, and my opinion alone that since the demand on middle east oil is such that...Let's paint a little senerio....Support for Israel is cut, one of her many enemy neighbors ?????? will attack her which will result in a WAR that will soon cut off the export of Oil from the Middle East, soon all fingers point at Israel [ it's her fault ] which in turn will cause a total economic crisis to all the Nations who depend on Middle East Oil, which in turn will take such a act as a act of War, and since Israel does have NUKES...It will all end in a puff of radioactive crap... The call and the need to become Middle East oil free has become a crises in it's self, and here is when REAL LEADERSHIP TAKES CHARGE......Need I say more.
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These restrictions were put in place in the late 80's or early 90's. The "safe drilling" technology and techniques have progressed a great deal since then. There is very little possibility of a disasterous drilling accident taking place today, so the reasons for the restrictions are no significant.
In addition, the "Clean Coal" technology has also progressed.
TB
"Man never learns from his past mistakes, so he repeats them over and over again".
It'll be a long time before theUSA gets over it's love affair with highpowered automobiles, psuedo-exotic ones, and ultra luxury types.
It's in their blood and totally genetic at this point.
Besides that, big cars are a status symbol of affluence and theUS propencity for "keeping up with the Jones' is endemic to the nation. A bad disease, that.
TB
U.S. to Iran: Cooperate or face confrontation
Talks that include U.S. end with demand for 'clear answer' in two weeks
We better not celebrate yet , this love hate realtionship is a big factor.
I think ?
I hope not. It is these cars, along with motorsports, that help drive technology. Advances in engine management, aerodynamics and safety.
Your quite wrong. Most probably all the private energy generators together consumed quite a lot more of oil than what the main generator would have used to generate the same electricity.
Private generators are a big reason of why there's so much diesel comsumption in the DR.
Apparently you fail to see that not only Dario Contreras needs a generator. There are a lot of business that need power to operate. This includes supermarkets, corporations (codetel, tricom, cable companies...etc), medium services business and even small and informal business, even if it's a small salon to power up the hair dryers. Even the Dario Contreras has a small output compared to what a electric generation company produces. It's very inneficient to power up 500 generators vs just power 1 big one.
So, it ain't all in one basket.
Aside from that, the US doesn't have the only market for the buying and selling of petroleum, so it can't be just them that is driving the price up.
You people have become so focussed on the US being such an ogre in the international marketplace, you're blinded as to just what IS going on in the world.
Wall Streetisn't the ONLY financial andcomodity market center. here is one in Hong Kong, Tokyo, Berlin, Moscow, Beijing, London and elsewhere, so you're all way off base in placing your imagined blame at the doorsteps of the USA.
Just remember that there are SPECULATORS from EVERY COUNTRY who are responsible for all this; NOT just Wall street.
Wake up and get REAL.
TB
As I was saying before i ran out of space........It is my opinion that, and my opinion alone that since the demand on middle east oil is such that...Let's paint a little senerio....Support for Israel is cut, one of her many enemy neighbors ?????? will attack her which will result in a WAR that will soon cut off the export of Oil from the Middle East, soon all fingers point at Israel [ it's her fault ] which in turn will cause a total economic crisis to all the Nations who depend on Middle East Oil, which in turn will take such a act as a act of War, and since Israel does have NUKES...It will all end in a puff of radioactive crap... The call and the need to become Middle East oil free has become a crises in it's self, and here is when REAL LEADERSHIP TAKES CHARGE......Need I say more.