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02-24-2003, 02:57 PM
$2.50 a gallon?

02-24-2003, 03:17 PM
will see $80 barral for oil which would put gas in the $5 buck range can you say bicycle!

02-24-2003, 03:30 PM
will be about the same as it is in Europe under normal circumstances.

02-24-2003, 03:42 PM
Don't we get most of our oil from Venezuela? Understanding that we don't give a damn about Iraqui oil and there should be no impact to the rest of the oil producing countries - why would any war impact oil prices here in the US when reserves are at an all time high?

02-24-2003, 03:47 PM
We don't get most of our oil from Ven. And we don't get most of it form Iraq either, it is just a game of speculation by the traders and if someone farts wrong they all panic and assume the worst. Also our reserves are at all time lows due to the weather and the disruption in the Ven supply due to the strike.

02-24-2003, 03:49 PM
start pumping more oil very soon which should stabilize gas
prices. I suspect that once the Iraq war is over that the
prices will collapse to 3 year lows.

02-24-2003, 03:52 PM
I'm not sure where we get most of our oil from (Mid. East, Venezuela, Russia, Alaska, etc.), but assuming that there is a constant supply of oil in the world, if one of those sources were to decrease its production (or stop altogether), then countries that did buy from Iraq would look to Venezuela, thus making it more expensive for U.S.

Nick B.
02-24-2003, 03:56 PM
I thought I heard that US reserves are at a 20 year low or something like that? This was on CNN the other day...

If the war hits a snag, you'll have an oil embargo like in the early seventies. No matter where US gets its oil from, the embargo will effect it. Hopefully, the war will be over quickly...

...Hopefully, Mexico, and Canada will open the taps a little more...

02-24-2003, 04:05 PM
seems odd that reserves would be that low, unless it was intentional. That being said, does the Iraq production have a world-wide impact, or do just France and Germany get screwed (like they should for buying Iraqi oil anyway)?

02-24-2003, 04:14 PM
Got a Volkswagen TDI 3 months ago. Doing a 140 miles roundtrip commute 3 days a week, and gas here in OC just hit 2.20 for super. So with my 530 which is getting about 21 mpg and an M3 on order I opted to get a mileage hog. The diesel gets about 50 mpg(cruising on the freeway at 75-80), and diesel here is now 20 cents cheaper than regular.

02-24-2003, 04:18 PM

Where do US oil supplies come from?
17-10-01 Where do the raw materials for your gasoline, heating oil, diesel fuel, and all of our plastic products come from? Here is a breakdown based on government data for the year 2000:

Supplied Domestically 38.2 %
Canada 9.2 %
Saudi Arabia 8.0 %
Venezuela 7.8 %
Mexico 7.0 %
Nigeria 4.5 %
Iraq* 3.7 %
United Kingdom 2.9 %
Norway 2.4 %
Colombia 2.7 %
Angola 2.0 %
All Other Countries 11.6 %

*United Nations sales program for food and medical supplies for the people of Iraq

These numbers vary from day to day based on availability, quality, and cost but are representative of typical sources. As you can see, the US gets its oil from a variety of countries. Imports are an important source of oil to meet US energy needs and are an important source of income and jobs for oil exporting countries and their citizens.
And because US companies are often asked to help develop oil and natural gas resources in many countries around the world, foreign production also helps create new jobs at home. Some energy companies operate in as many as 130 countries worldwide.
Bjorn Lomborg, author of 'The sceptical environmentalist' and former member of Greenpeace, has determined after extensive research that in spite of what the media and environmental groups say, data indicate that the world's environment and the human condition are actually improving. He further concludes that this improvement is driven by world economic growth. Oil is a vital part of this economic growth and prosperity, for the US and many other countries around the world.

Strengthening US domestic production is important to improving the national security, but the important role that imports play in the US and world economy must not be forgotten. The US currently has sanctions in place against countries with over 10 % of world oil production and 16 % of estimated remaining oil resources. Growing supplies of crude oil will be required to sustain world economic prosperity, and diverse, ample foreign supplies are needed to help ensure our own country's economic growth.
The drive to impose unilateral sanctions is an obstacle to both of these objectives. By diversifying the countries from which the US imports oil and improving their own domestic production, they can help improve national security and the domestic economy.

Source: The Baltimore Sun

Nick B.
02-24-2003, 04:32 PM
Iraqi oil has no large impact on anyone these days since the amount pumped is relatively small.

What I was getting at is, if the war goes on too long, and becomes ugly, the rest of the Arab oil producing nations WILL switch the tap off to apease their citizens.

Another thing, large quantaties of oil in Germany come from Russia, and North Sea. I don't believe France (or anyone) gets much oil from Iraq.

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