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» babble   » right brain babble   » culture   » Oil taps wide open... at $50US a barrel!

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Author Topic: Oil taps wide open... at $50US a barrel!
Boom Boom
Babbler # 7791

posted 18 March 2005 09:38 AM      Profile for Boom Boom     Send New Private Message      Edit/Delete Post  Reply With Quote 
With the taps now wide open, oil now at $50.00 US a barrel, and expected to hit $60. soon. Economists explain growing demand is far outstripping supply and the OPEC nations haven't developed their oil industry sufficiently. A segment of the Arctic Wildlife Refuge may open up to oil production very soon - 2.4 billion barrels of oil estimated, enough to feed an oil hungry USA for two years before it runs dry. China poised to become the world's most oil-hungry state soon with increasing demand for cars and trucks for over a billion people as their economy develops. Meanwhile, oil demand in the US increases rather than levels off. Canada will benefit from being an oil exporting nation as long as this trend continues, but no break for consumers. Expect gas at the pumps to jump significantly in price. All this stuff is being reported daily. Silly question of the day: is oil being replaced in the ground reserves as quickly as it's being taken out? Is there a point at which the oil simply runs out? What do scientists say?

Edited to add: I also heard oil demand is spiking in Russia and India.

[ 18 March 2005: Message edited by: Boom Boom ]

From: Make the rich pay! | Registered: Dec 2004  |  IP: Logged

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