Rising Gas Prices

[BankruptPinoy]

Peak oil is a myth and a scam.

http://www.abs-cbnnews.com/storypage.aspx?StoryId=121320

Question-What if this happened on a large scale here in the USA?

[WhatMoney]

Peak oil is a myth and a scam.. LOL-I'm not going to stop posting that sentence. That one was especially for you, WhatMoney. LOL!

Whatever. Instead of continuing to repeat a lie, why not try to justify why you think peak oil theory is a myth and a scam? Do you even understand what peak oil means?

There are a very small group of crackpots that for whatever misdirected mystical reason believe that the supply of extractable oil in the earth is unlimited for thousands of years to come, and therefore the production rate in bbls/day for the world will never decrease - never - for any reason. If that is what you believe, that the oil production rate for the world will just continue to increase forever, being generated by the little oil gnomes living deep in the earth, well why didn't you just say so?

[BankruptPinoy]

Source: London Independent:

"There is more than twice as much oil in the ground as major producers say, according to a former industry adviser who claims there is widespread misunderstanding of the way proven reserves are calculated.

Although it is widely assumed that the world has reached a point where oil production has peaked and proven reserves have sunk to roughly half of original amounts, this idea is based on flawed thinking, said Richard Pike, a former oil industry man who is now chief executive of the Royal Society of Chemistry.

Current estimates suggest there are 1,200 billion barrels of proven global reserves, but the industry's internal figures suggest this amounts to less than half of what actually exists.

The misconception has helped boost oil prices to an all-time high, sending jitters through the market and prompting calls for oil-producing nations to increase supply to push down costs.

Flying into Japan for a summit two days after prices reached a record $139 a barrel, energy ministers from the G8 countries yesterday discussed an action plan to ease the crisis.

Explaining why the published estimates of proven global reserves are less than half the true amount, Dr Pike said there was anecdotal evidence that big oil producers were glad to go along with under-reporting of proven reserves to help maintain oil's high price. "Part of the oil industry is perfectly familiar with the way oil reserves are underestimated, but the decision makers in both the companies and the countries are not exposed to the reasons why proven oil reserves are bigger than they are said to be," he said.

Dr Pike's assessment does not include unexplored oilfields, those yet to be discovered or those deemed too uneconomic to exploit.

The environmental implications of his analysis, based on more than 30 years inside the industry, will alarm environmentalists who have exploited the concept of peak oil to press the urgency of the need to find greener alternatives.

"The bad news is that by underestimating proven oil reserves we have been lulled into a false sense of security in terms of environmental issues, because it suggests we will have to find alternatives to fossil fuels in a few decades," said Dr Pike. "We should not be surprised if oil dominates well into the twenty-second century. It highlights a major error in energy and environmental planning – we are dramatically underestimating the challenge facing us," he said.

Proven oil reserves are likely to be far larger than reported because of the way the capacity of oilfields is estimated and how those estimates are added to form the proven reserves of a company or a country. Companies add the estimated capacity of oil fields in a simple arithmetic manner to get proven oil reserves. This gives a deliberately conservative total deemed suitable for shareholders who do not want proven reserves hyped, Dr Pike said.

However, mathematically it is more accurate to add the proven oil capacity of individual fields in a probabilistic manner based on the bell-shaped statistical curve used to estimate the proven, probable and possible reserves of each field. This way, the final capacity is typically more than twice that of simple, arithmetic addition, Dr Pike said. "The same also goes for natural gas because these fields are being estimated in much the same way. The world is understating the environmental challenge and appears unprepared for the difficult compromises that will have to be made."

Jeremy Leggett, author of Half Gone, a book on peak oil, is not convinced that Dr Pike is right. "The flow rates from the existing projects are the key. Capacity coming on stream falls fast beyond 2011," Dr Leggett said. "On top of that, if the big old fields begin collapsing, the descent in supply will hit the world very hard."

[BankruptPinoy]

"My method is to post anything I find of interest, not what I believe to
be true. I'm not here to be some sort of web dictator to say what is
true, what should be on the web, or what should be shot down the
memory hole."-Rob Daven

Source: Paul Joseph Watson writing about the June 2008 Bilderberg meeting in Virginia:

"One of the Bilderberg boys raised this question - should we put a lid on the rise in oil prices, are we reaching the point of diminishing returns," said Jim Tucker, adding that Bilderberg noted how Americans were trading in their SUV's in record numbers for small and more fuel efficient cars and using more public transport to combat high gas prices.

Tucker's source said that Bilderberg were predicting $5 for a gallon of gas by the end of this summer and oil over $150 dollars a barrel, but that this was a ceiling and oil prices would probably begin to decline thereafter because they thought the acceleration had happened too quickly.

As we previously reported, Bilderberg called for oil prices to soar in 2005 when oil was a mere $40 a barrel.

During the conference in Germany, Henry Kissinger told his fellow attendees that the elite had resolved to ensure that oil prices would double over the course of the next 12-24 months, which is exactly what happened.

During their 2006 meeting in Ottawa Canada, Bilderberg agreed to push for $105 a barrel before the end of 2008. With that target having been smashed months ago, the acceleration towards $150 is outstripping even Bilderberg's goal, which is why the elitists expressed a desire to cool prices at least in the short term.

Just two days after he left Bilderberg, Fed Chairman Ben Bernanke, George W. Bush and others expressed support for a strong dollar and Bernanke hinted that interest rates could rise, which immediately caused oil prices to drop in line with Bilderberg's consensus."

[Pizza]

Whatever. Instead of continuing to repeat a lie, why not try to justify why you think peak oil theory is a myth and a scam? Do you even understand what peak oil means?

God I wish I had the link... I was reading a couple years back about a "dried up" oil field in Mexico that was left abandoned in the 70's or 80's. 20 to 30 years later folks came back and found it dripping with oil again. Hypothetical proof that oil is abiotic and is generated from the earth's core. Man do I wish I could remember where I read about it.

[JRScott]

So long as the general world populace believes that there will be a shortage for any reason the speculators will continue to bid up the price.

Domestically we need to drill for more oil, to alleviate our dependence on foreign oil and to show people that there is plenty of oil to deflate the speculators. Still it is not an easy process, there is no short term solution. It would take 10 years approximately to start drilling off North Carolina or in ANWAR.

At the same time we should move towards developing other energy alternatives. Perhaps some sort of geothermal plant that could tap into the power of Yellowstone. It could probably provide sufficient power for the entire country (or tap one of the other two supervolcanos in the United States).

[AMISLANDER]

Dear ?,

This Friday, can you just end our misery? It would make perfect sense while we're at the theatre watching the opening of the Happening. Thank you in advance.

Sincerely,

those made in your image.

[BankruptPinoy]

$250 or bust: oil baffles experts
Some say prices will soar, others expect crash
Shaun Polczer, Calgary Herald
Published: Wednesday, June 11, 2008

Oil could hit $200 US by the end of this year, soar to $250 or burst like a speculative bubble.

And as delegates to the Global Petroleum Show discovered Tuesday, the so-called "experts" are anything but united on what lies ahead when it comes to oil prices.

Gerry Protti, EnCana Corp.'s vice-president of government and public relations, told a panel discussion it's possible that oil prices could indeed cross the key $200 level.

"I guess it's possible because a year ago we would have said it's unlikely to be $135 a barrel. Who knows?"

The article continues at the Calgary Herald webpage.

Again, "My method is to post anything I find of interest, not what I believe to
be true. I'm not here to be some sort of web dictator to say what is
true, what should be on the web, or what should be shot down the
memory hole."-Rob Daven

[BankruptPinoy]

Spain: 'No fresh food'

"The truck drivers' strike over the rising price of diesel in Spain has now affected the delivery of petrol and food in some towns.

Nieves Lopez Gil lives in Granada. She contacted the BBC News website to describe how the strike is now affecting her daily life as supermarkets and petrol stations run out of stocks.

"There are very long queues at the petrol stations. I was eventually able to fill my car last night after a very long wait.

The government says that the petrol supply will be re-established and that they will make sure we don't run out of supplies. But people are not so sure about it and are panic buying.

If there is no petrol I will not be able to get to work, as I drive there.

In the supermarket, they have ran out of fresh food like milk andmeat and there are just a few fruits and vegetables left, because the strikers have blocked the delivery trucks.

The strike affects us, the consumers, but rising oil prices are not our fault.
Nieves Gil, Granada

The rest of the products we can get without a problem, but people are stocking up.

I think this strike is unreasonable. Yes, the price of fuel has gone up quite considerably in the last year, but we have all been affected by it.

The strike affects us, the consumers, but rising oil prices are not our fault. It isn't even our government's fault, but OPEC's.

The truck drivers are demanding a cheaper price of fuel for them so that they can offer a cheaper service to be more competitive. But why should they get special treatment? Measures like this will only mean a step back for free market."

The article continues at the BBC site. The above is from the BBC news site and just search "Spain: 'No fresh food'

Again, "My method is to post anything I find of interest, not what I believe to
be true. I'm not here to be some sort of web dictator to say what is
true, what should be on the web, or what should be shot down the
memory hole."-Rob Daven

[BankruptPinoy]

From the Guardian in the UK:

Russia's Gazprom predicts $250 oil in 2009
"By Tom Bergin
DEAUVILLE, France, June 10 (Reuters) - Russia's Gazprom, the supplier of a quarter of Europe's natural gas, expects the price of crude oil to almost double as the decade draws to a close, taking gas prices with it.
"We think it will reach $250/bbl in the foreseeable future," Chief Executive Alexei Miller told reporters at a presentation in France. Officials said the prediction was for 2009."


Also from the Guardian:

Oil prices: Europe threatened with summer of discontent over rising cost of fuel

"Concerns were growing last night over a summer of coordinated European fuel protests after tens of thousands of Spanish truckers blocked roads and the French border, sparking similar action in Portugal and France, while unions across Europe prepared fresh action over the rising price of petrol and diesel.

Spanish hauliers began an indefinite strike, demanding a government aid package to offset the effect of record oil prices. Lorry drivers blocked motorways at the border with France and caused 12-mile tailbacks around Madrid and Barcelona. Long queues formed at Spanish and Portuguese supermarkets after truckers said shops could run out of fresh food in days. Even before the strike began thousands of people formed long lines outside petrol stations and supermarkets.

Supermarket chains Eroski and Carre-four said they had stocked up on food ahead of the strike, but some markets closed yesterday. While lorry drivers picketed distribution centres, the Spanish government said there would be no electricity or petrol shortages. But as many as 15% of Madrid petrol stations were dry by last night, according to a retailers' association."

"Around the world

Protests at rising fuel prices are not confined to Europe. A succession of developing countries have provoked public outcry by ordering fuel price increases. Yesterday Indian police forcibly dispersed hundreds of protesters in Kashmir who were angry at a 10% rise introduced last week. Protests appeared likely to spread to neighbouring Nepal after its government yesterday announced a 25% rise in fuel prices. Truckers in South Korea have vowed strike action over the high cost of diesel. Taiwan, Sri Lanka and Indonesia have all raised pump prices. Malaysia's decision last week to increase prices generated such public fury that the government moved yesterday to trim ministers' allowances to appease the public."

I'm not spamming the forum. The Guardian is a well known British news organization. One can search The Guardian to read the rest of the above stories. Again, "My method is to post anything I find of interest, not what I believe to be true. I'm not here to be some sort of web dictator to say what is true, what should be on the web, or what should be shot down the memory hole."-Rob Daven

[momof5]

The truck drivers are demanding a cheaper price of fuel for them so that they can offer a cheaper service to be more competitive. But why should they get special treatment? Measures like this will only mean a step back for free market."

This part bothers me. My husband used to be an owner operator years ago and made money doing it.He worked hard for that money, believe me. But at least it was worth his time.

Today owner/operators are struggling to survive. Any profit they deserve is being put back into their fuel tanks. They are being forced to go out of business because they cannot even afford the repairs ,road tax ,tolls...etc.

I completely agree that Trucking companies and Owner/Operators should get a gas at a reduced rate. This is not special treatment. In the end we would all benefit. Food costs have risen tremendously over the past couple of years. Its a domino effect. Almost everything a person owns or consumes is driven by a truck.

[BankruptPinoy]

"Are truck drivers riding on the road to ruin?

Hard to make a living when you're getting killed by fuel prices

Truck driver Norm Pugh planned to take his fiancee and her children to Orlando this year for a summer vacation.

But rising diesel fuel costs likely will kill those plans, and any other unnecessary travel.

"It's going to cost more to drive to Florida than it does to stay in Disney World," said Pugh, 42, of Crawford, who owns WNK Transportation.

Pugh, who has driven trucks for more than 20 years, started his company five years ago with five rigs to his name. Since then, that fleet has whittled down to just two trucks on the road.

"I went from making a pretty decent living to almost losing everything," said Pugh.

Diesel prices in the past year have been pushed up to $4.70 a gallon today because of high crude oil prices and strong global demand for diesel, according to the Federal Energy Information Administration.

Trucks haul 70 percent of all freight, and 80 percent of communities receive their goods exclusively by truck, so rising fuel costs could drive up the price of most of the goods Americans consume, according to the American Trucking Association.

For commercial truck drivers, the economic slowdown is compounding the problem by cutting the amount of cargo that distributors want hauled. That means less business for truckers and less take-home pay.

Truckers, especially those who own their own companies, are feeling the squeeze because the rate they're paid to haul freight is not increasing as diesel costs continue to climb.

To make matters worse, new drivers are eager to pick up the jobs left behind by those who couldn't afford to pay the high fuel prices. Young drivers have flooded the market, allowing companies to pay even less, said dump truck driver Jimmy Compton, 51, of Comer.

"I guess (the new drivers) look at it like a little money is better than no money at all," Compton said.

Watkinsville truck driver Nathan Bush doesn't understand how anyone can afford to stay in the trucking business.

For five years, the Watkinsville resident has slowly built a nest egg to get him through financial rainy days and ensure a comfortable retirement.

But in the past year, Bush watched his financial security dissipate and his dump truck business, Black Dog Trucking, struggle to stay afloat.

Bush is caught in a vicious cycle that many truck drivers now face.

"You can't afford to work until you get paid because you have to pay your fuel bill," he said. "Then, you have the other bill collectors calling wanting their money, too."

The truck drivers say they do everything they can to try and save fuel.

For tractor-trailer truck driver Pugh, that has meant installing a speed governor on his truck, a contraption that limits his speed to 60 mph. He no longer sleeps in his rig with the air conditioner running - an increasingly difficult task as the summer heat sets in - and he keeps up with the truck's maintenance to prevent breakdowns.

But even those tactics are not controlling his $7,000-a-month fuel bill, he said.

It can cost as much as $1,400 to fill up a big rig with two 150-gallon tanks, Pugh said, since most trucks get between 4 and 7 miles per gallon.

Pugh does what he can to help himself and his fellow truckers out of the financial quagmire they're in. He calls his local congressman every day and leaves messages asking for help. He's even attended a rally in Washington, where he and thousands of other truckers protested the rising fuel costs.

But, like the other truck drivers, Pugh is becoming less optimistic about the job he anticipated retiring from in another 20 years.

Many truckers are fighting the reality that they one day may have to turn in their keys.

"Honestly, I don't see anything slowing down," Pugh said."

Published in the Athens Banner-Herald on 061108

[JRScott]

Once again we are hostage to partisan politics. The Republicans had introduced an amendment to allow drilling from 50 miles to 200 miles off the coast of NC, SC, GA and FL. It was killed in committee along party lines 9-6.

The Democrats don't want anything that might seem helpful to pass during Bush's administration. We have to drill, if we don't we will not improve and it'll only get worse in the coming years. It is foolish not to use the resources God has given our nation.

Unless we get rid of both the R and D we are not going to see any change, they are both against letting the other be perceived as doing anything of worth.

[momof5]

I was getting gas at a local gas station last night and they have a giant sign that says "MADE IN AMERICA"

Welllll.... The gas pump didnt show me any savings.

[BankruptPinoy]

Here's a sample of the latest views published at This is London Magazine:

And the perfect plan begins. Tell me again why we aren't trying hard for something different to use.

- Tim, KC USA

This is baby stuff. Wait for a few more years and there will be real shortages to deal with. Then serious disagreements will erupt. Why do you think they've tried turning Britain and the U.S. into a fortified police state? It's anticipation, not terrorism.

And the American media is useless--absolutely, to the bone, useless.

- Roland Ansgar, USA

Wow. I have long feared this exact type of situation right here in the USA, and yet every day everyone here just goes about their business as if nothing has really changed. Then I see that on the other side of the Pond, and in the Far East, all of this violence, disruption, etc happening and it makes me wonder how long before what is happening over there happens over here.

All of those doomsday sounding folks who talked about the effects of peak oil over the last decade are looking like spot on soothsayers now, as the downward spiral is happening as fast and strong as they predicted. Traditional Crude Oil of course peaked in late 2006 around the world. 2 years later we are starting to see the decline in production and it is being escalated by violence and disruptions caused by angry people.

Time to make sure my stock of foodstuffs and survival supplies are ready for craziness here.
- Joe Redd, Columbus, OH, USA

Fuel anger: An injured farmer kneels in front of riot police during clashes between fuel-protest farmers and riot police in Almeria


A protesting farmer throws produce at riot police in Almeria, southern Spain


Clashes: Spanish police arrive to break up a picket line by striking Spanish truckers in Iznalloz, near Granada