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  1. #1
    Atomic Punk
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    12.11.17 @ 04:37 PM
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    Default Former Oil Exec Predicts $5-a-Gallon Gas by 2012

    The former president of Shell oil is predicting that the United States will face 1970s-style energy shortages and rationing by the end of the decade, accusing the federal government of turning its back on the country's domestic oil supply.

    The dire prediction comes as energy analysts toss out a string of frightening predictions about the rising price of oil in the short term. Oil has topped $90 a barrel, and JP Morgan Chase & Co. earlier this month predicted oil could hit $120 a barrel by the end of 2012. At the same time, the national average gasoline price is about $3 a gallon for the holiday season

    But former Shell executive John Hofmeister offered a more aggressive estimate, saying Americans could be paying $5 a gallon in two years. And he predicted that sometime between 2018 and 2020, supply and demand will become so out of balance that gas stations in several regions of the country will simply start to run out.

    "I think it's going to be a cumulative problem that won't happen suddenly," Hofmeister, who now heads Citizens for Affordable Energy, told FoxNews.com. He predicted the problem would start with "stockouts" at select gas stations during the summer and during bad weather and then spread. He said those states farthest from refineries would get hit the worst and that in order to maintain some consistency, local and state governments might resort to the kind of rationing they employed in the early '70s -- when drivers with even-numbered license plates would buy gas on even days, and vice-versa.

    With this kind of possibility on the horizon, Hofmeister, who earlier aired his concerns in an interview with Platts Energy Week, criticized the administration for cracking down on domestic oil drilling in the wake of the BP oil spill in the Gulf of Mexico.

    "It is pure politics that keeps us from drilling more of our own resources," he said.

    The Interior Department announced earlier this month that it would not pursue any new drilling off the East Coast or in the eastern Gulf of Mexico for at least seven years. Planned lease sales would be pushed off until late 2011 or early 2012.

    "As a result of the Deepwater Horizon oil spill we learned a number of lessons, most importantly that we need to proceed with caution and focus on creating a more stringent regulatory regime," Interior Secretary Ken Salazar said in a written statement at the time, calling the new plan a "careful, responsible path."

    The April 20 explosion on the Deepwater Horizon rig killed 11 people and opened up a leak that gushed oil into the Gulf for months. The decision to tighten Gulf drilling regulations was cheered by environmental groups. The Sierra Club said the BP disaster showed how "dirty, deadly and dangerous offshore drilling is," applauding the administration for heeding those lessons -- the group praised the administration for moving to support alternative-energy investment like wind power.

    While clamping down on domestic energy production, the Obama administration has invested billions in renewable energy sources via last year's stimulus bill and has pushed improved energy efficiency for a range of products in a bid to at least keep demand a bit lower in the long term. New emissions standards for cars and trucks will soon mandate an average fuel economy of just over 35 miles per gallon for new vehicles by 2016.

    In addition, the Interior Department is continuing to honor leases for oil drilling in the Arctic.

    But government-fueled investment in alternative-energy research takes time, while other options, like nuclear energy, are slow and costly to get off the ground. Hofmeister, noting that domestic oil production has dropped from 10 million barrels a day just a few decades ago to about 5 million a day, said the United States could address its short- and medium-term energy needs by expanding drilling at existing sites and exploring new sites. He said that could help bridge the gap toward ultimately implementing alternative energy sources on a wide scale, as well as improving mass transit.

    Oil industry organizations joined together this month in predicting the new regulations on domestic oil production would hurt the economy and increase dependence on foreign oil. The president of the American Petroleum Institute plans to deliver a speech next week in Washington, D.C., on how domestic oil and natural gas production can help stabilize the country.

    Oil and gas magnate T. Boone Pickens is likewise pushing for U.S. production of both those energy sources in his high-profile campaign to pry the country off foreign oil. But that's just one component. His Pickens Plan organization argues that while the U.S. needs every ounce of domestic energy it can muster, there's not enough oil in all the potential U.S. deposits combined to make up for the 12 million barrels the United States imports every day.
    "Watch what people are cynical about, and one can often discover what they lack. -- Gen. George S. Patton

  2. #2
    Atomic Punk Wruff_ajax's Avatar
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    12.16.17 @ 11:45 AM
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    Premium Member

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  3. #3
    Atomic Punk Little Dreamer's Avatar
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    12.15.17 @ 11:35 PM
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    Default

    Hmm, here in Southern California, there is absolutely no room for any more cars on the road. Most highways are already parking lots. So what we need is not more drilling, but less cars on the road. Higher gas prices might be a way to get to that point, sadly.
    Cheap gas is a thing of the past, that ship has sailed.
    Little Dreamer

  4. #4
    Atomic Punk Dave's Dreidel's Avatar
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    12.16.17 @ 06:36 AM
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    Default

    Starting January 2, my commute is cut in half, so at least I will have a lower gasoline bill short term.

    Now, if I can somehow quit paying the f***ing $4 toll each way.
    Taylor Swift is nice to look at. Adele can sing.

    Emperor Brett - "I can't believe you guys are analyzing song-by-song Van Halen III? What next, analyzing the script of Stroker Ace looking for some shred of Citizen Kane?"

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  5. #5
    Atomic Punk
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    12.11.17 @ 04:37 PM
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    Default

    Will China Clean Our Energy Clock?

    http://www.fool.com/investing/intern...rgy-clock.aspx

    China's oil shopping list

    But before we exit the Alberta picture, and in light of the comment about China's worldwide quest for oil, it's important to note that the big country isn't out of the loop in the oil sands. China Petroleum & Chemical Corp. (NYSE: SNP) -- aka Sinopec -- earlier in the year forked over $4.65 billion for ConocoPhillips' (NYSE: COP) 9.03% stake in Syncrude Canada, the world's biggest synthetic crude producer.

    Returning to the oil and gas front, in the middle part of last year, Chinese interests and Brazilian authorities completed a deal whereby, in exchange for 200,000 barrels a day of Brazilian crude, China would help Petrobras (NYSE: PBR), Brazil's state-owned oil company, with its ambitious exploration and production plans.

    Also, CNOOC (NYSE: CEO), the big enchilada of Chinese offshore oil and gas production, has agreed that Bridas Corp., its oil production joint venture with Bridas Energy Holdings, will pay $7 billion for BP's (NYSE: BP) 60% stake in Pan American Energy, Argentina's second-largest oil producer. The deal is likely to be completed early next year

    China heads south

    Finally, China is moving beyond the world of hydrocarbons in its expanding South American dealings. Just last week, the country's big utility, State Grid Corp., reached an agreement worth $1 billion that would allow it to acquire seven Brazilian power transmission companies.

    In addition, State Grid will obtain a 30-year concession that will permit it to operate other power-transmitting infrastructure that will serve Rio de Janiero and Sao Paulo. In return, State Grid is expected to obtain earnings of about $110 million per year.

    So it appears that my reader's comments regarding China's global spread are accurate and likely even prophetic. Given this set of circumstances -- which includes the growing importance of the offshore in oil and gas production, I would urge energy-investing Fools to keep an especially close eye on both China's CNOOC and Brazil's Petrobras.
    "Watch what people are cynical about, and one can often discover what they lack. -- Gen. George S. Patton

  6. #6
    Baluchitherium
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    12.16.17 @ 11:19 AM
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    Default

    If this should happen, then say hello to another and more devistating economic meltdown.
    "Alcoholism, is like, the only disease you can get yelled at for having" - Mitch
    Hedberg

  7. #7
    Baluchitherium Scott's Avatar
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    12.16.17 @ 03:54 AM
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    My next car will be an Escape Hybrid, Chevy Volt or Prius. Not for the enviornmental reasons - it's exclusively to stop being a whipping boy for arbitrary oil price fluctuations.
    Winners come and go; legends are forever.

  8. #8
    Atomic Punk Little Dreamer's Avatar
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    12.15.17 @ 11:35 PM
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    Default

    Once you go hybrid, you won't go back, trust me.
    Little Dreamer

  9. #9
    5150 DoHalen5150's Avatar
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    10.08.15 @ 11:37 AM
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    Default

    speaking of oil...anyone have any opinions on Wood Pellet Stoves/Inserts, Wood Stoves/Inserts, pros or cons?

    Thinking of doing the wood pellet insert to offset my oil usage in my house.
    Money can't buy you happiness, but it can buy you a yacht big enough to pull up right alongside it. DLR

  10. #10
    Baluchitherium Scott's Avatar
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    Quote Originally Posted by Little Dreamer View Post
    Once you go hybrid, you won't go back, trust me.
    What kind do you drive?
    Winners come and go; legends are forever.

  11. #11
    Hang 'Em High Hurricane Halen's Avatar
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    12.16.17 @ 03:38 PM
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    Default

    Quote Originally Posted by Little Dreamer View Post
    Once you go hybrid, you won't go back, trust me.
    No, no, no............

    It's, "Once you go black you never go back......."


    Wait, what is the subject of this thread again?

    HH<-----It's been an hour since 2011 rolled in and my thought process is still screwed. Looks like business as usual for me this year......SHIT!----------
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  12. #12
    Baluchitherium
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    12.13.17 @ 02:13 AM
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    This is how they make you feel good about it when it "only" goes to $4 per gallon.

    Just like when it jumped to $4 per gallon before, it makes you glad when it goes back to "only" $3.
    Posted from yo' mama's house.


  13. #13
    Eruption
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    05.26.17 @ 11:48 PM
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    Default

    We'll need oil and gas for a long while yet. There will be plenty of oil and gas and coal for the next century, but you will probably be paying China for it as they develop resources in our own backyards. China makes realistic strategic decisions to enter and compete and control energy markets.

    Those of us in western nations wring hands over climate change and carbon emissions while China moves forward. I love the surge to plug-in electric vehicles as if this stuff is some sort of environmentally sound way to avoid emissions. Maybe we can tap the hot air from this guy to power up the generator turbines...


    I'd love to see more investing in stuff like the following before committing to electric vehicles. Go Bill Gates!

    http://www.nextenergynews.com/news1/...ar-12.17b.html

  14. #14
    Atomic Punk Raldo's Avatar
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    12.16.17 @ 03:10 AM
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    I made the decision to start taking the bus to work. It's 1/2 the cost of parking and I won't be using so much gas.

    I would love to get some kind of hybrid car so the oil companies can shove it!!
    Remember the Heroes - 9/11/01

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  15. #15
    Hang 'Em High Hurricane Halen's Avatar
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    12.16.17 @ 03:38 PM
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    Default

    Eh, forgot what I was gonna say.


    HH<------Yawn----------------------------------
    Last edited by Hurricane Halen; 01.01.11 at 09:52 AM.
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