[AT] OT Gas prices new all time high :-(

charlie hill charliehill at embarqmail.com
Wed Mar 9 06:57:38 PST 2011


Steve Forbes was quoted as saying the price of crude should be in the high 
40's per barrel now.   The price is shooting up simply for the same reason 
you have some of your retirement in oil.... a hedge against the dollar.  By 
the way in the 70's and 80's when we were in line to get gasoline there was 
no shortage.  It was the same scenario, tanks were full and tankers had no 
place to unload.  People were running away from currency and putting their 
assets in commodities.

Charlie

-----Original Message----- 
From: David Bruce
Sent: Wednesday, March 09, 2011 9:29 AM
To: Antique tractor email discussion group
Subject: Re: [AT] OT Gas prices new all time high :-(

If extraction was easy it would have already been done.  From what I've
read there is great potential but still some challenges.  Drilling
technology has moved forward greatly so hopefully those challenges will
be met with some care for safety and the environment.  I'm sure these is
quite a bit of oil in Bakken and it can be produced at a price.  As bad
as high oil prices are they will spur more development of alternate ways
of producing oil and alternate energy sources as well - much more
effective than government subsidies in my opinion.

I've been watching the crude oil market for a long time.  There is
little doubt that the market is distorted at times by big players and
the price is very much dependent on the current psychology.  That said a
small portion of my retirement account is invested in oil.

David
NW NC



On 3/9/2011 7:31 AM, Mike Sloane wrote:
> I don't buy into most of the various "conspiracy theories" that go
> around, but that information was released three years ago. You would
> think that the oil companies would be all over it and supplying domestic
> oil instead of bringing it half way around the world. But if you read
> the follow-on articles, it helps to explain why there are (supposedly)
> problems with extracting Bakken oil. It just seems to me that if it is
> economically feasible to extract oil from the bottom of the Gulf of
> Mexico, the smart folks at Exxon/Mobil can figure out ways to extract
> Bakken oil economically (if they really want to).
>
> <http://www.usgs.gov/faq/index.php?action=show&cat=21>
>
> Mike
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