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Chat Area => General Discussion Area => Topic started by: albitz on 31 January 2011, 17:38:27

Title: Price of oil
Post by: albitz on 31 January 2011, 17:38:27
It went through the $100 per barrel today (the first time for several months). Higher fuel and energy bill to come ? ::) :(
Title: Re: Price of oil
Post by: Banjax on 31 January 2011, 17:46:40
the brave traders in the city acting with their customary stoicism i see  ::)

honestly they're like a bunch of startled woodland creatures - i do wish some of them would grow a pair  :y

Title: Re: Price of oil
Post by: albitz on 31 January 2011, 17:57:25
Uncertainty in the middle east will always push the price of oil up.
If traders ignore that small fact, they would be pilloried for being wreckless in the extreme. ::)
Title: Re: Price of oil
Post by: Lizzie_Zoom on 31 January 2011, 18:01:00
Fears over Suez Canel security will come into the dealers minds, even though so far this vital waterway is secure ;)
Title: Re: Price of oil
Post by: hotel21 on 31 January 2011, 18:04:45
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Fears over Suez Canel security will come into the dealers minds, even though so far this vital waterway is secure ;)

Thing is, how many of the mahoosive oil tankers from the Gulf to the UK/Europe come through Suez?   

Nil/nada/zilch/zero/not a one.  They are way too big now.  Perhaps some of the smaller product tankers but not the large VLCC's or ULCC's...
Title: Re: Price of oil
Post by: Elite Pete on 31 January 2011, 18:10:50
I've started going to fill up naked from the waist down so I don't have to bother pulling my pants down anymore  ;D
Title: Re: Price of oil
Post by: albitz on 31 January 2011, 18:12:05
Its not just Suez, its the whole middle east region. If egypt was to erupt into all out civil war, the stability of the whole region - and maybe even the wider world - will be at risk. It is inevitable that this will cause jitters in the markets. ;)
Title: Re: Price of oil
Post by: albitz on 31 January 2011, 18:13:09
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I've started going to fill up naked from the waist down so I don't have to bother pulling my pants down anymore  ;D
;D ;D ;D ;D :y
Title: Re: Price of oil
Post by: feeutfo on 31 January 2011, 18:14:22
It's an excuse, riots in Egypt, the weather, china, it's an excuse to put prices up. Same as the recession is an excuse to cut costs and wages for company's well in profit. Come on, pull the other one. They will charge as much as they can get away with.
Title: Re: Price of oil
Post by: albitz on 31 January 2011, 18:16:40
Its called Capitalism Chris. ;) :)
Title: Re: Price of oil
Post by: Lizzie_Zoom on 31 January 2011, 18:18:49
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Fears over Suez Canel security will come into the dealers minds, even though so far this vital waterway is secure ;)

Thing is, how many of the mahoosive oil tankers from the Gulf to the UK/Europe come through Suez?   

Nil/nada/zilch/zero/not a one.  They are way too big now.  Perhaps some of the smaller product tankers but not the large VLCC's or ULCC's...


4 million barrels of crude oil, or 4.5% of world oil, still travels through the canal daily.  The supertankers of course still take the long haul around the tip of Africe, but many smaller, but still big, tankers, along with many other types of ships still use the shorter, through the canal, route.  So any blockage will cause problems on the world markets. ;)
Title: Re: Price of oil
Post by: feeutfo on 31 January 2011, 18:22:35
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Its called Capitalism Chris. ;) :)
rather black mail I call it. Two major players I believe? Esso and BP? Follow each others lead and shaft everyone between them. They even chucked half of it in the Atlantic and we let the off practically scot free.

And what can we do about it? Have a Riot I reckon.  :D
Title: Re: Price of oil
Post by: Lazydocker on 31 January 2011, 18:26:21
I must be psychic then... I ordered heating oil today as it's the lowest it's been for about 2 months ;)
Title: Re: Price of oil
Post by: SJKOO01 on 31 January 2011, 18:32:21
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I've started going to fill up naked from the waist down so I don't have to bother pulling my pants down anymore  ;D

Somehow I have a feeling nobody will ever disturb you when your filling up Pete.  Won't ask where the fuel nozzle goes when you fill up as you never said  :o ::) ;D  ;D  ;D 
Title: Re: Price of oil
Post by: Mysteryman on 31 January 2011, 19:11:07
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Its not just Suez, its the whole middle east region. If egypt was to erupt into all out civil war, the stability of the whole region - and maybe even the wider world - will be at risk. It is inevitable that this will cause jitters in the markets. ;)


That's one mahoosive word that is. ::)
Title: Re: Price of oil
Post by: Webby the Bear on 31 January 2011, 19:15:06
ok i have a question.....

is there any predictions about when oil will actually run out? so in other words do we have an idea when a new form of car fuel will NEED to be in the mainstream by??? people keep talking about ''oil running out'' but is that tomorrow or several decades away???

 :)
Title: Re: Price of oil
Post by: Mysteryman on 31 January 2011, 19:16:18
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ok i have a question.....

is there any predictions about when oil will actually run out? so in other words do we have an idea when a new form of car fuel will NEED to be in the mainstream by??? people keep talking about ''oil running out'' but is that tomorrow or several decades away???

 :)

Ask Nickbat, but be prepared for a bit of a read. ;D
Title: Re: Price of oil
Post by: Banjax on 31 January 2011, 19:50:17
i worked it out based on oil reserves and current consumption (ignoring the fact that generally we need more oil year on year, although the recession tempered the rate of increase slightly) i think off the top of my head it was something like 37 years  :o :o

but i'll recheck.

Nickbat thinks its infinite if i remember correctly  :y
Title: Re: Price of oil
Post by: Nickbat on 31 January 2011, 19:56:39
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ok i have a question.....

is there any predictions about when oil will actually run out? so in other words do we have an idea when a new form of car fuel will NEED to be in the mainstream by??? people keep talking about ''oil running out'' but is that tomorrow or several decades away???

 :)

The greenies will always go on about Peak Oil, but as I understand it, there is a great deal left. Indeed, much of the world has not even been surveyed. There is a reported 3 trillion barrels under the Rockies. Also, as the price rises, known marginal deposits become economically viable. There are also reports of some depleted oil fields repressurising leading to suggestions of abiotic (non-fossil) origins. All-in-all, Peak Oil has often been "seen", but on each occasion it has turned out to be merely a mirage. ;)  :y
Title: Re: Price of oil
Post by: Nickbat on 31 January 2011, 19:58:07
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i worked it out based on oil reserves and current consumption (ignoring the fact that generally we need more oil year on year, although the recession tempered the rate of increase slightly) i think off the top of my head it was something like 37 years  :o :o

but i'll recheck.

Nickbat thinks its infinite if i remember correctly  :y

You don't remember correctly. I never used the word 'infinite'.  ;)
Title: Re: Price of oil
Post by: Webby the Bear on 31 January 2011, 19:58:23
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Re: Price of oil
Reply #17 - Today at 19:50     i worked it out based on oil reserves and current consumption (ignoring the fact that generally we need more oil year on year, although the recession tempered the rate of increase slightly) i think off the top of my head it was something like 37 years   

but i'll recheck.

Nickbat thinks its infinite if i remember correctly   


37 years??? wow thats a very short time. however ill eithe be dead or wont be in any state to drive anyway so wont need petrol :):)

and if i cant drive there aint much point in still being here  :y

infinite??? why would you think that nickbat??? bearing in mind it aint renewable
Title: Re: Price of oil
Post by: Banjax on 31 January 2011, 20:04:22
according to CIA Factbook:

https://www.cia.gov/library/publications/the-world-factbook/geos/xx.html

we roughly consume around 83.62 million bbls (barrels per day)

we roughly produce 84.24 million bbls

so as long as their is oil we can cope with demand at the moment (demand increases, but if we ignore that for now)

reserves are estimated to be 1.378 trillion bbls, so dividing reserves by consumption gives you:

1,378,000,000,000/83,620,000 = 16479 days = 45 years - bags of time.......... ::)
Title: Re: Price of oil
Post by: Banjax on 31 January 2011, 20:07:03
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Re: Price of oil
Reply #17 - Today at 19:50     i worked it out based on oil reserves and current consumption (ignoring the fact that generally we need more oil year on year, although the recession tempered the rate of increase slightly) i think off the top of my head it was something like 37 years   

but i'll recheck.

Nickbat thinks its infinite if i remember correctly   


37 years??? wow thats a very short time. however ill eithe be dead or wont be in any state to drive anyway so wont need petrol :):)

and if i cant drive there aint much point in still being here  :y

infinite??? why would you think that nickbat??? bearing in mind it aint renewable


i was winding NB up on the infinite thing - but not long, 37 years is probably a better estimate as my rough workings take no account of increasing rate of oil consumption as china and india grow quickly - any way - not much left however you cut it  :y
Title: Re: Price of oil
Post by: Dishevelled Den on 31 January 2011, 20:08:42
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1,378,000,000,000/83,620,000 = 16479 days = 45 years - bags of time.......... ::)

In that case - LETS PARTY 8-) :y :y
Title: Re: Price of oil
Post by: Nickbat on 31 January 2011, 20:14:12
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according to CIA Factbook:

On any other occasion, BJ wouldn't trust a CIA document as far as he could throw it.  ;) ;D ;D ;D
Title: Re: Price of oil
Post by: Banjax on 31 January 2011, 20:31:33
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according to CIA Factbook:

On any other occasion, BJ wouldn't trust a CIA document as far as he could throw it.  ;) ;D ;D ;D

i trust the CIA documents I've written for them - the dossier on you is particularly enlightening  :y
Title: Re: Price of oil
Post by: Nickbat on 31 January 2011, 20:32:58
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Quote
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according to CIA Factbook:

On any other occasion, BJ wouldn't trust a CIA document as far as he could throw it.  ;) ;D ;D ;D

i trust the CIA documents I've written for them - the dossier on you is particularly enlightening  :y

The one I wrote on you is classified.  ;) :P
Title: Re: Price of oil
Post by: Banjax on 31 January 2011, 20:37:21
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Quote
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according to CIA Factbook:

On any other occasion, BJ wouldn't trust a CIA document as far as he could throw it.  ;) ;D ;D ;D

i trust the CIA documents I've written for them - the dossier on you is particularly enlightening  :y

The one I wrote on you is classified.  ;) :P

its all lies.....except the bit about the goat and the inflatable bed - thats true - but i was incredibly drunk  ;D