Folks, pay off your debt because things are about to get A LOT worse for our economy. Layoffs and what not are going to be insane.
****************
Opec chief warns of $200 a barrel oil price
Guest writes:
The president of Opec, the cartel of oil-producing countries, has given warning that the price of crude could hit $200 a barrel, sparking fears that rising fuel costs will force more businesses into bankruptcy.
Chakib Khelil, the Algerian Energy Minister and president of Opec, said that the falling value of the US dollar would continue to drive up oil prices as investors sought to store their wealth in other assets.
Lehman Brothers, the bank, has said that high prices are being sustained by an influx of money into the oil market from investment funds.
It estimates that "hot money" accounts for between $20 to $30 of the recent increase in oil prices and about $40 billion (£20 billion) has been invested in the sector so far this year — equal to all the money pumped into oil last year.
Here's another reason gas prices will stay high
Iraq may have 350 bln barrels of oil - Deputy PM
Guest writes:
BAGHDAD (Reuters) - Iraq may have oil reserves of 350 billion barrels, Deputy Prime Minister Barham Salih said on Monday, a massive figure that is triple the country's proven reserves and which even exceeds the oil in Saudi Arabia.
Salih said he had seen estimates from "reputable sources, reputable companies" that put Iraq's reserves at up to 350 billion barrels. He declined to name the sources.
Iraq's current proven reserves are 115 billion barrels, already the world's third largest. The country produces around 2.3 million barrels of oil per day (bpd).
"The real tragedy of this country is that Iraq is home to possibly the world's largest oil reserves. Some estimates put it at 350 billion barrels," Salih, a key player in attempts to finalise a draft national oil law, told Reuters in an interview.
"Extraction costs are very minimal compared to anywhere else in the world and we are still at 2 million barrels a day of exports. It's ridiculous."
Last edited by SNOOPALOOP : 04-29-2008 at 07:25 AM.
F*ck bush...damn looks like imma have to sell my car...look for a part out soon...haha j.k....but shit the way things are goin looks like imma have to buy a vw bug
$4.23 is the highest Ive seen in San Diego. Unbelieveable!!! I'm dead serious with all the damn knowledge in the world why are we still relying on oil. shit there has to be another way. I'm buying a motorcycle if it goes over 5....SRT-4 will be a weekend warrior at that point
$4.23 is the highest Ive seen in San Diego. Unbelieveable!!! I'm dead serious with all the damn knowledge in the world why are we still relying on oil. shit there has to be another way. I'm buying a motorcycle if it goes over 5....SRT-4 will be a weekend warrior at that point
there are. its just the government doesnt want them to be implimented.
gas prices suck. but i think i can handle paying the $10 extra at the pump compared to last yr.
AutoForums.com is the premier network of enthusiast-owned
enthusiast-operated automotive communities.
We operate more than 100 automotive forums where our users consult peers for shopping information and advice, and share
experiences and opinions as a community.
$200 a Barrel soon!
Linear Mode
