I agree that we need to focus on conservation, but it's the equivalent of pissing on a bonfire, when you consider the total disregard for conservation from the developing nations. America had a huge advantage by being able to vault themselves into super-power status during the era of cheap oil. Those days are over, making it that much more difficult for India, China, and others to achieve the same heights as our economy.
i think the refinery capacity in the US is fine. doesnt seem as if the demand for gasoline in the US has really shot up when compared to the 90's when gas was less than $1/gal. seems like the spike in prices is due more bc of the demand from china/india, instability of opec nations, and speculation.
The PRC is accutely aware that they need to conserve also. Its not as obvious since they are rapidly developing but they're making moves towards conservation and developing renewable energy. When the Beijing Olympics role around you are going to see a lot of moves by the PRC to conserve energy and clean up their environment. Most of the most drastic ones will be temporary but that will help establish projects and practices. The PRC leadersip is pragmatic and they very much understand how expensive energy and dependence on foreign sources can hurt them.
We don't need a manhattan project as the technology already exists we just need to reform our infrastructure and practices. As I've said before I'm for expensive oil as that is the only way to get people to change thier behaviors and also encourage more development of renewable energy. Obviously as someone who lives in a cold climate with poor public transit this hits me in the pocket book but if it encourages people to maybe not drive so much and consider using the shovel instead of the snowblower then I'm for it.
Welcome to 1973. Richard Nixon called for a Manhattan Project to achieve energy independence -- in 1973. Still waiting.
1. That's fine. Whatever works. My understanding is we still need extensive development...but if we don't, I'm cool with that, too. But let's get intensely serious on the distribution end. 2. I'm with you. I don't have a problem paying more at the pump. It's not my pocketbook I'm concerned with, though....it's the guy who mows my lawn. It's the people who struggle mightily to pay for transportation to work and find that increased gas prices means something somewhere else in their budget (like groceries) has to give.
I know. I just think it would be amazing to be able to tell the rest of the world that our foreign policy won't be dominated with decisions regarding fuel.
Interesting fact: Whenever oil spikes 100% or more in a year or less a recession has followed. Every single time in the last 37 years that oil has spiked 100% or more in a short period of time a recession has followed. I wouldn't necessarily blame the price move on any politico's but rather due to the unique factor of emerging markets demand finally coming into play here. As the economy worsens, the Fed cuts more rates and then the US dollar drops. As the US Dollar drops, commodities which are denominated in dollars become cheaper and thus foreigners start bidding the commodities up. Its not just oil, but the whole realm of commodities are booming right now. If you have any money take it out of the US equity markets and invest in commodities right now. We are in year 6 of a 15-20 year commodity super bull cycle.
I am not at all familiar with this project. What exactly did they do in this project? How much money did they put inoto developing new technologies? How many great scientific minds did they put together for this project?
What's funny to me is, about 4 years ago the price of oil was under $25/barrel. It's quadrupled in 4 years.
Oh I know about the original manhattan project. I thought TJ said there was another one in 1973 to find a solution for engergy problems?
One could use another example with Iran. They are aswim in oil, but have little significant refinery capacity. To curtail demand, they raised already cheap gasoline prices (government controlled... boo!!), resulting in riots in several cities. We don't riot, we just pay through the nose at the pump. Trader_J, you've made some good posts in this thread, but whining about Alaska is rediculous. That oil is literally a drop in the bucket, should remain a national reserve for the future (IMO), and is many years from development, even if big oil were given the keys. Impeach Bush for Being an Idiot.
While I like your idea to hold commodities, you're thinking is off when you tie the value of the dollar to the price of oil. The currency in which oil exporters hold their assets matters a great deal - the currency in which the price of oil is quoted matters substantially less. Take a quick read of this to straighten out your logic. http://www.econbrowser.com/archives/2007/11/oil_and_the_dol.html#more
LOL hilarious listening to oil price discussions with a hippie. What matters in the global supply/demand equation is what happens on the margins, brah Clinton was already impeached. Keep the impeached out of the White House
The rickest guy in China is the CEO of a Solar facility manufacturing company. This may tell you guys something.
