UAE oil minister says price spikes "crazy"

[PeriscopeDepth]

http://www.reuters.com/article/GCA-Oil/idUSN1036280120080610

Interesting.

PD

[AVGWarhawk]

I read this also. It would seem the wonderful speculators are up to this. The man states there is plenty of oil now and will be for a very long time.

[Tchocky]

Inventories aren't full everywhere.

I find it strange that UAE are stockpiling reserves. I wonder if they're expecting the price to fall

[rifleman13]

The UAE is stockpiling because in 50 years or so, it will be all over.

Mountains of cash from oil, IT WILL BE ALL OVER!

The oil industry, GAME OVER!:dead:

FINISHED, KAPUT!:down:

No more oil from that part of the world!

[SUBMAN1]

There is no reason for almost $140 per barrel oil. This is thanks to our prosecutors for failing to prosecute Ex-Enron execs. In that final recorded tape of two execs, they clearly state that everyone who had any hand in shutting off the power to California for no reason were moving to the oil industry.

Nice.

-S

[PeriscopeDepth]

I really do wonder how long it will take before we run out of oil. Scary stuff. Estimates are all over the place.

PD

[JetSnake]

I really do wonder how long it will take before we run out of oil. Scary stuff. Estimates are all over the place.

PD

75% of the earth is covered with water. Areas heavily exploited are on land. It is just more difficult and expensive to get the oil from 20000 feet below sea level. There is alot out there. The stuff to easily extract will run out first.

[STEED]

Phase one squeeze the people, here in the UK it's working as petrol stations has seen a 0.5 down turn on sales. It's all part of eking it out to the last drop. There is no solution to what will replace oil and that is a fact, in the mean time if your rich your not affected yet.

[Platapus]

The UAE is stockpiling because in 50 years or so, it will be all over.

Mountains of cash from oil, IT WILL BE ALL OVER!

The oil industry, GAME OVER!:dead:

FINISHED, KAPUT!:down:

No more oil from that part of the world!

I always thought that was part of our (US) policy of not making the US a primary supplier.

When faced with a limited supply of a very important resource (oil), it is always better to use the other guy's supply first. Even if it costs you more money.

One of these days the middle east will run out of oil and than we can sell our oil to the world.

And I wonder what price we will charge :smug:

[FAdmiral]

Eventually, oil will go the route of coal. Being they are both a product of
the Industrial age which has long been over (economics keeps it going),
it should not be too long (considering the high prices) that a new technology
will be invented/discovered that will move energy to a free state. I believe
that has already happened to small degree but the millionare/billionare population
has buried it. Wake Up citizens of the World and see it doesn't happen again !!!

JIM

[Radioshow]

There is still a fair amount of oil left around the world. As was said much of it is extremely hard to reach, or like our Canadian oil sands that are costly to separate.
As long as the world is driven by money, and geared toward the rich, we are going to have these issues. Free energy, while currently possible, is not going to happen until the rich/powerful allow it.
ZPE, or zero point energy is a tappable energy source, unlimited and is somewhat proveable by the casamir effect, this effect happens between a pair of grounded, neutral metal plates placed very close together. A small force can be measured between the plates, which is directly ascribable to a change of the zero-point energy of the electromagnetic field between the plates because only particles with a whole wavelength can exist between them, if not whole, the wave cancels out and there exist more particles pushing on the outside of the plates than inside(more chances of whole wavelengths on the outside of plates than inside). Quantum mechanics states that in a vacuum nothing can be zero and is always fluctuating. Virtual particle pairs continually pop in and then annihilate. All the background fields added up actually amount to massive amounts of energy and is believed to be usable. Similar to Stargate's ZPM. Sounds far fetched, im not a physicists but physics and quantum mechanics are my hobby and its real. look it up.