>
> "tg" earthlink.net> wrote in message
> news:dc911a6b-db03-4220-8c75-c745e980b942@34g2000hsh.googlegroups.com...
> On Jun 12, 12:03 am, "Sean" bro.org> wrote:

>> "Jerry Kraus" yahoo.com> wrote in message
>>
>> news:fa3ddaa2-a45a-4b64-8ea3-f819c0ac1f20@25g2000hsx.googlegroups.com...
>>

>>> It's interesting, in observing all of the activity surrounding the
>>> catastrophic runup in oil prices lately that virtually no one is
>>> providing the fairly obvious explanation that we're out of oil.

>>
>> Maybe that's because we're not out of Oil at all.
>>
>> Ah,
>>

>>> it's the War in Iraq, or, it's gas-guzzling SUV's, or, it's those
>>> pesky Chinese and Indians with their burgeoning populations and
>>> economies, or, it's the Greed of the Oil Companies, or, it's our
>>> inability to adequately conserve, or, it's because we aren't drilling
>>> offshore and in Alaska. Naaaaaaaaaaaaaaahhhh!!!!

>>
>> It's all of those pushing up the Price, but more than the above it's the
>> manipulation of world trade by vested interests, including Stock markets
>> and
>> the money trader system. iow it's a free market system taking advantage of
>> the market forces to profiteer
>>

>>> The pump is dry. The well is used up. The barn is empty. We are
>>> fresh out. We no longer have those items in stock. No, I'm sorry, we
>>> don't have any of those.

>>
>> It's isn't dry, there is enormous amounts of Oil, and there is NO shortage
>> of it. Tankers do not lay idle in exporting countries waiting to fill up,
>> oil wells are not dry, there is ample Oil to meet the current demand for
>> Oil, no doubt about it.
>>
>> There is not one Gas Station in the USA that is out of Oil, not one, so
>> "shortage" of Oil is NOT the driver of the current price hikes.
>>

>
> Why would a tanker waiting to fill up be the test for the term
> 'shortage', rather than an increase in retail price? Are you saying
> that having a tanker sit idle doesn't cost money?
>
> -tg
>
>
> -------------------------------------------
>
> Do I really have to answer those questions?
>
> Economic shortage is a term describing a disparity between the amount
> demanded for a product or service and the amount supplied in a market.
> Specifically, a shortage occurs when there is excess demand; therefore, it
> is the opposite of a surplus.
>
> and
>
> OPEC Supply OPEC crude oil production is projected to average 36.9 million
> bbl/d in the second quarter, 140,000 bbl/d higher than first quarter levels.
> Over the quarter, lower production in Nigeria, due to security problems and
> a workers strike, was offset by higher Iraqi and Saudi production. Saudi
> Arabia reportedly increased output in mid-May by 300,000 bbl/d, with
> production expected to reach 9.4 million bbl/d in June. At these production
> levels, global surplus production capacity, virtually all of which is in
> Saudi Arabia, should be about 1.4 million bbl/d in June (OPEC Surplus Oil
> Production Capacity). OPEC crude oil production is expected to increase
> during the third quarter of 2008, although this is dependent upon how the
> security situation in Iraq and Nigeria evolves..
>
> Inventories. OECD commercial inventories fell in the first quarter of 2008
> by about 430,000 bbl/d, in line with the 5-year average decline during that
> part of the year. At the end of the first quarter, OECD commercial
> inventories stood at 2.54 billion barrels, 18 million barrels above the
> 5-year average and equal to 53 days of forward consumption.
>
> virtually all of the growth in non-OPEC supply is expected in the second
> half of the year, with an expected year-over-year increase of 820,000 bbl/d,
> driven by growth in Brazil and Azerbaijan
>
> AND
>
> World has enough oil reserves, says BP boss
> Terry Macalister, Guardian
> The world is not running out of oil and can continue to produce hydrocarbons
> for the next 40 years provided restrictions are lifted on where companies
> can operate, the head of BP said today.
>
> The Arctic and currently closed areas off the coast of America should be
> considered for exploration if rising global energy demand is to be met in
> future, said chief executive Tony Hayward.
>
> He insisted that all other forms of energy, whether clean-tech or otherwise,
> also need to be developed simultaneously while rising carbon emissions could
> still be curbed.
>
> ... The BP boss was talking at the launch of his company's annual
> statistical review of world energy which showed that world oil consumption
> grew by 1.1%% in 2007, or 1m barrels a day, slightly below the 10-year
> average, while production fell by 0.2%%, or 130,000 barrels a day, the first
> decline in five years.
>
> An increasing number of oil industry commentators have put forward the view
> that "peak oil" has now been reached - or shortly will be - and is
> responsible for a 40%% rise in crude prices this year to record highs of
> nearly $140 a barrel. BP, though, said today that proved oil reserves at
> 1.24tn barrels are enough to meet current production for 41 years.
> (11 June 2008)
>
> Oil data lag may cause sharp price fall -Lehman
> Reuters
> Oil prices could fall sharply toward the end of this year or early next year
> as evidence of eroding demand in Asian economies slowly materialises,
> investment bank Lehman Brothers said in a report.
>
> ... Lehman analysts said they believed oil prices in the high double-digits
> would curb demand growth enough to allow supplies to catch up, but that it
> may take months for demand destruction to appear in data, and that oil
> traders "appear to have lost patience".
> (9 June 2008)
>
> Saudi Arabia to call summit of oil producers
> Terry Macalister, Guardian
> Saudi Arabia says it will call a summit of oil producers and consumers in a
> bid to stem the soaring price of oil amid fears that the world economy could
> suffer if fuel costs continue to rise.
>
> The world's biggest producer said that recent rises - including the record
> $10 rise on Friday - were not justified by market fundamentals and that the
> kingdom would work with Opec to guarantee supplies. (9 June 2008)
> --------------------------------
>
> PS
> Due to the USA's trade sanctions on Iran, it is restricting their ability to
> increase oil production for the last 28 years.
>
> Due to the USA's invasion of Iraq and subsequent security instability in
> that nation plus the region, the factoring in of higher prices for future
> orders due to the "unknown" keeps occuring.
>
> ---------------------------
>
> Does that all add up ok?