No worries, oil falls sharply.

[Nordmadr]

Well, at least that is the headline for CNN's article.

Oil falls sharply
Hopes for Nigerian output recovery by early next week drives crude prices down; oil major still short 455,000 bpd due to attacks.

SINGAPORE (Reuters) - Oil fell below $67 Friday on hopes for a recovery in slashed Nigerian output, but prices stayed above $67 after a large drop in U.S. gasoline stocks stoked worries about summer supplies.

Light sweet crude oil futures fell $1 to $66.94 a barrel in early trade on NYMEX after gaining 87 cents Thursday to the highest settlement since Jan. 30. London Brent crude traded 72 cents lower at $67.12 after hitting a seven-month high Thursday.

http://money.cnn.com/2006/04/07/markets/oil.reut/index.htm

So clearly everything is fine, despite the fact that this is just a few dollars short of the all time high reached last fall; despite the fact that oil has gone up some $10 - $12 a barrel recently.

It dropped a whole dollar, so all is good. Pay no attention to the fact that the ongoing and continued overall trend for oil is UP.

God, I'm so tired. Why can people not see? Even good people here. There is a line from the movie "The Crow" which seems appropriate, and I paraphrase, Tin-Tin I think, "I feel like a little worm on a big fucking hook".

You see I have the apparently naive idea that I can do something to help save the world. I just can't help it. I actually worry that I will be here as we all greatly suffer to show how I was right, but will receive no satisfaction from it. More than being right, I want to make a difference. I want people to listen. I want opur leaders (ha) to DO something. Deaf ears surround me. My voice is drowned out. What seems so obvious to me, goes ignored. I think Al Gore is one of the few people with major influence that "gets it". What we use for energy is going away, yet we blindly continue to run for the precipice. The climate stirs, and we turn our backs.



http://en.wikipedia.org/wiki/Oil_price_increases_of_2004_and_2005

As you can see from this chart, in April 2004 oil sat at about $37 a barrel, April 2005 about $57, April 2006...$67. We hit $70 last September I believe, and trends would indicate that we should very likely expect $80 oil this September...but nevermind...oil is falling sharply remember?

Sigh...

[mduffy31]

1. Gas here

still went up 0.10, so they will gouge us for a few weeks and no one will do anything about it.

[SammyWinstonJack]

3. Up 0.12 here overnight.

[obreaslan]

6. Same here in South Jersey...

Up $.11 from Thursday afternoon to Friday morning. :grr:

[WCGreen]

2. Throw a frog in boiling water....

It jumps pit quick like....

Put him in warm water and slowly turn the temp up....

Frog Soup....

[Dead_Parrot]

4. $66.94? We're saved!

It'll be back to $10 any day now!

:eyes:

[lldu]

5. If all the speculators would sell their oil stock shares...

the price would drop dramatically

Larry L

[MADem]

8. Nice thought, but some other pig would snap them up...n/t

[MadHound]

9. Probably not

It might drop a bit, but nothing drastic. Despite the rosy reports put out by the government, oil producing countries, and the oil companies, the worldwide supply of cheap, easily recoverd oil is disappearring fast. Nigeria is in a state of turmoil, and thus their oil remains bottled up in the pipelines or in the ground. Saudi Arabia is having to pump two times the volume of seawater into Ghawar, their largest oil field, than the volume of oil that they get out. Mexico's oil infrastructure is old and crumbling, producing delays and stoppages in getting their oil to market. The US domestic supplies peaked thirty years ago, and has slid downhill since. And Iraq's oil is barely trickling out, thanks to the ongoing war.

Sure, stock speculation might be driving the price per barrel up a bit, but the main factor driving prices upwards is a dwindling supply of cheap, easily available oil. This is the 800 pound gorilla in the room that few people are talking about. And sadly, with oil corporations in the driver's seat for the forseeable future, we will continue right on over the edge of that cliff. We can expect that all things petroleum will continue to rise dramatically while oil corporations continue to rake in record profits. And when the final crash comes, well the oil barons will already be set up, and the rest of us will be left to fend for ourselves. In light of this, I would suggest that people start making the switch from oil on their own. Wind, solar, biodiesel, wood, all of these are alternatives that can be employed by many, if not most Americans. Time we started doing for ourselves, rather than waiting like deer in the road while the oil truck bears down on us.

[MADem]

7. Who here has changed their driving habits?

Some just cannot, due to job commutes and so on, but it's getting to the point where behavior will have to be affected.

I notice that in my household our use has gone down. And we use our vehicles SPARINGLY anyway--between three cars, we might use a ten or twelve gallons--that's total, between the three cars--a MONTH, normally--we'll only use more if we go off to an event some distance away, but if we are not travelling, we use very little--our cars all get great mileage, too, though they are old compact/subcompacts. If someone is heading out shopping or somewhere else, instead of going alone, we'll double up, combine errands, and so on. We've modified our behavior, not making a big deal out of it, but doing it, because the awareness of gas costs is making an impact.

[Zynx]

10. We didn't do this because of gas prices, but we went from 3 cars to 2

and cut our driving a ton. We just determined that we were blowing money out our ass and not getting very much out of it.

[raccoon]

11. Same here, and another thing is to change the WAY we drive.

I'll be the first to say that's not easy. Leave earlier so I don't have to feel hurried to get somewhere. Try to anticipate traffic light changes. Slow down a little bit (unless somebody is bearing down on your arse, such as on an interstate at rush hour).

[Strelnikov_]

13. Been Riding Bike To Work For The Last Year (Glad Spring Is Here)

Used 4 gal. of diesel between Dec. 28th and Mar. 20th.

Wonder how much oil I consumed through my food, though.

[Strelnikov_]

12. Oh, Olaf, If Perfume Was Priced By The Barrel, It Would Cost $108K/bbl

Oil is a bargain!!!

Why are you worried?

Technology will save us (by rewriting the laws of Physics?).

Politicians will save us by getting the environmentalists off our backs (by rewriting the laws of Physics?).

It is all just a BFEE/Corporatist plot (the laws of Physics do not matter?).

NYMEX unleaded is near $2.00/gal today, which will probably relate to a USA average at the pump of $2.80/gal., all without a major Geopolitical/Natural Disaster event.



EPR/EROEI is relentless. Maybe we should have taken the red pill.

[Nordmadr]

15. Damn the blue pill!

Things will change, whether we want them to or not; whether we believe it or not. Just because so many choose to be ingnorant of the laws of this planet (in a physical sense) does not mean we/they are not subject to them.

Furthermore, those that think technology will be the answer, are simply potentially delaying the problem for others. Until we change our ideas about perpetual growth, we may simply succeed in putting it off until we reach another limiting resource.

Right now it is a toss up between oil, natural gas, potable water, and arable land.

So many just want to switch to something else we can use all up. It is a sickness.

Olafr

[stop the bleeding]

14. that chart says it all - $67/ tub ??? and CNN is happy

WTF do they own oil stock??

[rman]

16. I think people do see, and talk about it.

It's just that the MSM doesn't cover it. We can't expect the MSM to expose their own lies now can we?

[newportdadde]

17. Guess the run is over, time to sell my oil stock... no wait I think I'll

keep em.