2008’s unstable oil market

[TURNER21]

According to Oil & Gas News 2008, oil recorded its maximum price in 2008 May. Many of you might remember the difficulty that you had in handling the expenses during that time, as the prices of gasoline had gone very high. While most of us kept on worrying about the price hike and its impact on the world economy, we hardly took any effort to find out the reason behind the price hike.

There are a number of reasons behind this, but the focus should be given on the key factors. In most cases the energy shortages are often man-made, and don’t happen as a result of natural shortage of oil. Often the attempt would be by the Middle East countries.

Here are top 5 reasons behind the price hike in 2008

1. The devaluation of US dollar, that lead to an economic collapse
2. The influence of Middle East and OPEC countries
3. Russia’s efforts to create oil regulatory organization.
4. Instability in world economy
5. Our dependence on oil, as a fuel and economic commodity

Oil and natural gases have become the backbone of our global economy, and our reliance in fossil fuels has contributed much in creating the crisis in oil and gas resources.

When an average barrel of crude oil goes from the drilling spot to the end customer it becomes about 7-9 times pricey.

The global economic recession had created a sudden fluctuation in the oil energy market. The aftermaths of the sudden changes in economy still prevail in the global market. But the price of oil has started rising again and seems will rise to the previous level soon.

 

[SharkAttack]

I've been thinking about this lately. It's been increasing somewhat gradually here in NW Ohio but those high prices are bound to stick out it's ugly head very soon. I was in Alaska in June 2008 and saw the price for a gallon of gasoline at $4.69. That was crazy.

How much of an influence does the Stock Market have on oil? It seems like everytime the Dow gains points gasoline rises as well. Then again in October of 2007 the StockMarket hit it's highest point and the highest price for oil wasn't quite there yet.

If the prices do soar (and I'm positive they will) It'll be back on the bike to places close by for me. I biked a lot one summer (I think 2007) and was able to go a few extra days without buying gas at times. I think my longest streak was 16 days. May 15, 2007 was National Boycott gas day. I was so low but fought off the temptation to fill up because I wanted to take part in the boycott (Then again what's the point if you gotta fill up the next day and they jack the price up ).

 

[OizenX]

Possible solutions:

#1: Raise the price of exported water from the Great Lakes to the same price as their oil. If they want cheap water, we get cheap oil

#2: Actually use the oil thats here. But enviormentalists don't want us to harm the tiny bacteria that live near the drilling sites. >_>

 

[BBQTV]

Possible solutions:

#1: Raise the price of exported water from the Great Lakes to the same price as their oil. If they want cheap water, we get cheap oil

i like this idea

 

[Sephiroths Masamune]

This reminds me that someone I know thought that oil costs less in the winter because it was a special kind of "Winter Oil" and it ran out, so the prices went up. When in actuality the dependency of oil is significantly less during the winter season.

 

[CRASHiC]

#2: Actually use the oil thats here. But enviormentalists don't want us to harm the tiny bacteria that live near the drilling sites. >_>

That's a tiny amount in comparison.
Fun fact, over half of our oil comes from Mexico and Canada. A small portion actually comes from middle eastern countries.

 

[El Nino]

According to Oil & Gas News 2008, oil recorded its maximum price in 2008 May. Many of you might remember the difficulty that you had in handling the expenses during that time, as the prices of gasoline had gone very high. While most of us kept on worrying about the price hike and its impact on the world economy, we hardly took any effort to find out the reason behind the price hike.

There are a number of reasons behind this, but the focus should be given on the key factors. In most cases the energy shortages are often man-made, and don’t happen as a result of natural shortage of oil. Often the attempt would be by the Middle East countries.

Here are top 5 reasons behind the price hike in 2008

1. The devaluation of US dollar, that lead to an economic collapse
2. The influence of Middle East and OPEC countries
3. Russia’s efforts to create oil regulatory organization.
4. Instability in world economy
5. Our dependence on oil, as a fuel and economic commodity

Oil and natural gases have become the backbone of our global economy, and our reliance in fossil fuels has contributed much in creating the crisis in oil and gas resources.

When an average barrel of crude oil goes from the drilling spot to the end customer it becomes about 7-9 times pricey.

The global economic recession had created a sudden fluctuation in the oil energy market. The aftermaths of the sudden changes in economy still prevail in the global market. But the price of oil has started rising again and seems will rise to the previous level soon.

World Energy Media? Lulz. Good luck plugging that site around here.

#2: Actually use the oil thats here. But enviormentalists don't want us to harm the tiny bacteria that live near the drilling sites. >_>

Sadly, it's gonna hurt either way. Those "tiny bacteria" can drastically impact our lives in unpredictable ways because the entire ecosystem is interconnected. Environmentalists may seem crazy, but the science of ecology backs up a lot of their fears. If you push a keystone species into extinction, and then one year your crops don't grow, what then?

On the other hand, human beings will suffer when the fuel supply becomes scarce. That is also a legitimate concern. Modern society is heavily reliant on fossil fuels.

Either way, there will be a price to pay.

 

[thesage]

http://www.cockeyed.com/science/gallon/liquid.html

Kool-aid is more expensive than gas lolz.

The Global Economic Crisis had a lot of contributing factors to it. The high price of oil was more than likely one of them. Saying it was the sole cause is not correct at all though.

Eh, I really don't understand why we just don't go to nuclear power but w/e. Maybe people won't be so scared when cold fusion is made viable cuz it's "different." Though I think it's probably going to be more dangerous than fission lol.

 

[Jim Morrison]

You generally can't fit a nuclear reactor in a car.
Also, we aren't able to perform nuclear fusion as a reliable power source, what we are currently doing is nuclear fission, it's splitting atoms, not fusing them. It creates the ******** nuclear waste, and really, switching to that is not a viable option. Where would you keep the nuclear waste?

 

[thesage]

I know fusion isn't viable yet, which is why I said "Maybe people won't be so scared when cold fusion is made viable cuz it's 'different.'"

On the waste issue

http://www.utexas.edu/news/2009/01/27/nuclear_hybrid/

Plus we could just blast it off to Venus or leave it on some random mountain or abandoned coal mine. We have plenty of options where to put the waste. France is not having any problems dumping it somewhere.

In order to power cars with nuclear power plants, or most other types of alternative energy, you make electric cars (which still need to be further researched to be made more viable). The electricity is generated by a nuclear power plant. Not like a wind or solar power plant could go in a car either lol. Or just continue to use gasoline in cars, while powering everything else with nuclear power.

Regardless of what power source you use, you'll end up harming the environment somehow. The one that's least harmful is solar in my opinion. You'll need to put those windmills somewhere for wind power. Hydroelectric energy can mess with the ecosystems of rivers/oceans.

 

[Jim Morrison]

I know, power is a *****. Blasting the waste to Venus is the worst idea ever, it takes sooo much fuel to power a rocket. I don't expect it to be brought back, so one very expensive rocket would be full of nuclear waste on Venus. No.

Just dumping it somewhere is always a bad idea. IMO, just build containers till you run out of space. Fusion is a relatively clean way to generate power, it's what I'd like to see in the future.

 

[thesage]

We'll run out of space to dump things in the very far off future. We'll run out of oil pretty soon (by soon i mean within this century or the next century). Space is also an issue for other types of power sources. There are a limited number of places windy enough for wind energy and only a limited number of rivers. These power sources also can't be used if you are trying to build a space colony. There probably aren't going to be any rivers and well there is space wind, but that's dangerous. This is again considering the far off future.

We have no idea how clean fusion is because we need to find an efficient way to do it. *insert long explanation of how you get atoms to fuse with cooling and stuff*

My example of putting the waste on venus is assuming that we have an easy way to transport things to space.

Right now, with our current level of technology, fission is the best option. Fusion may be better.

But yea, discussing what our next power source is a pain lol.