Oil trading close to $53 / barrel..... (can you say Peak Oil?)

[cthrumatrix]

Oil, dollar, gold, bonds

Crude futures rallied in the wake of this morning's weekly supply data after both the Energy Department and the American Petroleum Institute reported a drawdown in distillate supplies, which includes winter heating oil.

Crude supplies rose for the week ended Feb. 25. The Energy Department and the API, however, differed on gasoline supplies, with the API recording a decline and the Energy Department a rise.

Crude for April delivery was last up $1.37 at $53.05 a barrel in afternoon trading.

http://www.marketwatch.com/news/story.asp?column=Market+Snapshot&siteid=mktw&dist=


The stock market is not going anywhere with oil trading this high.

Be careful here.

[cheezus]

1. good, but it still needs to go much higher before we do something about it

we're not going to make the needed investment in clean energy until oil is too expensive to pump

[Solon]

2. OK, if trend continues...

When will the price double? Anybody done any calculations yet?

[Hugin]

3. I'm of the opinion...

This isn't "Peak Oil"... This is a move to "Open ANWR".

Jack up the price 'till we beg for it.

Also, there was that little widely unreported blowing
up of the Iraqi Oil System last weekend.

I'll keep my eyes open for "Peak Oil" though.

[Soup Bean]

12. ANWAR is insignificant compared to Peak Oil.

I'm firmly of the opinion that ANWAR is just a distraction, sort of a "look at the bunny" deal to prepare the world for the inevitable collapse.

All this hoarding and looting by the ruling class is for their protection. I'm not exactly sure what's going to happen when we have to "power down", but the Ruling Class is making sure they're going to be safe from the mob when it does happen.

Things aren't going to be too pretty. I hope we have at least some type of sustainable technology waiting in the wings.

Shale deposits, biodeisel and ethanol are pretty much red herrings. American Car Culture is going to collapse, along with all the nice little things that oil makes for us that no one really thinks about.

Scary stuff.

[Ready4Change]

4. Nary a peep from the press

I noticed it lunged above $50 a barrel with not one word from the major press. It had been in the low to mid 40's for a while, then POP! No comment.

[durablend]

7. Just more rape and pillage of the US sheeple...

Nothing to see here...

[applegrove]

5. More money to be made in the Mid East. More money for the terrorists.

[Nordmadr]

6. $50 oil is a non-story now, old hat, it will have to break

another record before you will hear more about it.

I posted this in another thread but check this out. Most recent newletter from ASPO. Look at section 504 from the U.S. Department of Energy.

http://216.187.75.220/newsletter51.pdf

Olaf

[robertpaulsen]

14. Thanks olafvikingr. EVERYONE, PLEASE READ THIS LINK!

It's an admission by the US Department of Energy that PEAK OIL IS COMING SOON!

[SeveneightyWhoa]

9. Not totally true.

Canada's making a lot of money, too!

[applegrove]

10. Oh for sure. Every time the price of Oil goes up because of stuff

in the Mid East - Oil stocks spew money. Over and above any other industry (except perhaps gold), oil pays off its owners better than anything else in history except for War. Opec is not something than the Texans ever want to dismantle (even if it is price fixing). That is why "democracy" is more important than ever. So the international community cannot break the Opec Price fixers (leave their democracies alone).

Fortunately or unfortunately much of Canada's future oil is embedded with sand and it will take oil to get the oil out of the ground (rather than a simple pump). So it will actually cost money for this oil - but I do not know if the extraction cost is $100 a barrel or more. One thing for sure, Oil probably only really costs a few dollars a barrel when you get it straight from the underground. The rest of it is floating cash.

If ever an industry screamed out to the world: regulate me! it was Oil. But such a necessity and a privilege to have oil that it will be treated with kid gloves its whole existence (kinda like that cocaine addled rich kid whose dad might be president one day).

At least when they get with the fur coats in Calgary they really need them (as opposed to Texas).

[SeveneightyWhoa]

8. My oil stocks shot up today!!

I can't complain.

I guess that makes me a greedy white capitalist pig. So be it. :)

[lovuian]

11. The Saudis Royals are testing how high they can up the price

without causing Everybody to come and get them... Europe is getting very testy!!! Saudis are trying to get top dollar without causing a Global Depression!!!

[Deja Q]

13. No. I'd say Iraqis blowing up their pipelines in revolt against wrongful

intruders.

Eventually peak oil will be a problem, but it costs a lot to secure the pipeines that exist.