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Dollar Drops Further -- Oil Prices Soaring
Murf,
If we look carefully at the numbers you posted, (by the way, Thank You!) we will see that the U.S. Dollar is worth roughly 60% of what it was in 2001.
During these past 8 years, world-wide oil consumption has increased by a substantial margin. This fact, alone, would account for about half of the increase in price of a barrel of oil.
The other (roughly) half of the increase can be accounted for with the drop in value of our purchasing power......a worthless U.S. Dollar.
Since the early 1950s, ALL oil on the world market has been priced in U.S. Dollars. (Partly because we demanded this from the oil producing countries.) This is no longer the case. Iran (now U.S. enemy #1.) is selling oil based in Euros. This, more than anything else, has the U.S. government throwing a tirade!
Please visit the story at the following link, by Steve Austin. Iranian Oil Bourse Opening, dated Feb. 6th, 2008.
Joel
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Dollar Drops Further -- Oil Prices Soaring
Murf,
I need to fix up a mistake I made in my earlier message.
U.S. Dollars have been the only accepted form of payment for ALL oil on the world market, since 1971.
Ooops. My error.
Joel
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Dollar Drops Further -- Oil Prices Soaring
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During these past 8 years, world-wide oil consumption has increased by a substantial margin.This fact, alone, would account for about half of the increase in price of a barrel of oil.The other (roughly) half of the increase can be accounted for with the drop in value of our purchasing power......a worthless U.S. Dollar.
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That's not correct either.
Global oil consumption has been almost perfectly steady at about 4.1 barrels per person, per year (give or take 0.25 barrels per year) since 1971. The population has been rising though, and that means total consumption did too, at a rate of about 1.275% a year in an exponential manner.
You also cannot take a single currency like the Euro and say this is what happened. For example, since 2001 the US$ has only lost about 3% when compared to the Japanese Yen, and about 28% compared to the British Pound.
Can you explain your math please, how could a 40% drop in the value of the dollar account for half of a 500% increase in the price of oil? 40% = 250%? I don't think so.
Finally, again, I say, the price is QUOTED in US $, it is NOT FIXED to the US $. There is a world of difference.
If a Russian speaks English it doesn't mean he stops being Russian.
Best of luck.
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Dollar Drops Further -- Oil Prices Soaring
Whatever is going on here, I am certain George Bush is at the bottom of it. If only Gore was president none of this would be happening.
Actually this reminds me of an old drunk who spent the last 40 years soaking up the sauce and burning the candle at both ends.
One day he wakes up and finds his family gone, his health in shambles and his life over. Then he decides he is having a by-God-emergency and starts raising hell and screaming demands at anyone who will listen.
The point? America has been on this carefully constructed path for 4 decades, ever since it was deemed illegal (or impossible) to build a new refinery; ever since it it became illegal to drill new wells anywhere on our soil.
It has gotten to the point where unfriendly nations can drill 60 miles off our shores but our own people can't.
What did we think was going to happen? Duh!
The real surprise to me is that we skated so long. We as a nation worked damn hard, with a single minded purpose and a total lack of logic to get here, and now we are here.
So lets fork over the $5.00 a gallon (or more) and enjoy the fruits of our planning and labor.
BTW, I can't wait until congress starts taxing the oil companies so we can drive them overseas and raise the prices even further. That will teach us a lesson!
Maybe we can force the oil majors to give back half their profit. I figure that could save me as much as 70 cents on each fill-up. That's $10-$11 bucks a year back in my pocket!
Now I can continue to feed the cat.
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Dollar Drops Further -- Oil Prices Soaring
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Whatever is going on here, I am certain George Bush is at the bottom of it. If only Gore was president none of this would be happening.
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I hate to ask but you are not serious on this statement are you? With Gore being the tree hugger and the climate war monger and such.
It is not only the Democrats but they have for the most part been the leaders who have taken that stand in making laws and regulations. It amazes me we elect such "STUPID" people once but keep electing them. I am not just talking Democrats. No way the current leadership in the Democrat Party is going to solve all of our problems and soon we will have all the oil we need from Iran and the other countries that are not a threat that ole Obama will be able solve our relationship problems with by being so giving. kt
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Dollar Drops Further -- Oil Prices Soaring
I'm sure he's not serious. With the mismatched illogical policies both parties have managed to put in place they both are responsible for our lack of energy independence.
What's amazing to me is the stupid ideas that are being floated. Still no support for drilling anywhere in the USA, or fast tracking nuclear plants with cookie cutter designs, or reprocessing of spent nuke fuel, or waiving new air quality standards for coal, or relieving restrictions on oil shale, or dumping tariffs on ethanol from Brazil.
Nope, let's add more taxes on the oil companies that will be passed on to everyone and let's give the little people a 20 cent/gallon moratorium on federal gas tax. Yep, that will fix things.
Maybe a new requirement should be placed on elective office - they should have at least an above average IQ. These folks are, by and large, dolts.
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Dollar Drops Further -- Oil Prices Soaring
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I disagree.It's not the falling dollar, it's not a shortage, it's not the war, and demand is high but supply can rise to fill it.The rising price of oil is caused by the environmentalists and the politicians who are at their beck and call. We can't use our own oil and coal resources, we can't build nuke plants, we can't build refineries, we have to import everything. That puts us at huge risk from a cartel that consists mostly of people who want to destroy us.Sustainability comes from using our own resources rather than importing everything. Somehow the whack jobs think sustainability comes from using other countries resources, be it timber, oil, or labor.
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Ken,
I think you are on to something.
In my opinion, this is about CONTROL. Control of how you, I and the rest of Amerika live our lives and that includes the energy to live out lives how we choose.
For years, various groups including good ole' Uncle Sam has been pressuring the public to drive smaller more fuel efficient vehicles, live in smaller more energy efficient homes, stop "urban sprawl", save the "speckled hoolapopper", as well as endless other causes and issues.
If you stop and take an objective look around at our "political landscape" (say over the past 50 or 75 years)...........I believe you will find the number and magnatude of controls involuntarily placed upon our lives is not only stiffling but shocking.
Controlling the energy that fuels our lives is the ultimate control short of militarist seizure. We are already WELL along down that road built on a very slippery slope.
Expect even more draconian and totalitarian measures to very gradually be added by Marxists and groups like Gore and the Sierra Club, Republican and Democrat as well as others. Don't be surprised when these folks start talking about population control and a few other things.
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Dollar Drops Further -- Oil Prices Soaring
I meant to add that apparently the price is still not high enough because folks are still driving the same. Just the other day, my wife witnessed one of our more "porkulent" county public servants drive his truck about 100 yards to go half way around the block as opposed to walking.
Don't get me wrong because I believe it WAS a free country and everyone should have the freedom to behave like this as bad as it may be. His behavior DOES show that he could care less about the price of gas and waste in general and it reflects a national attitude.
As Murf eluded to, it won't be long before we are pining away longing for the good ol'e days when gas was $5 a gallon.
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Dollar Drops Further -- Oil Prices Soaring
KT.... not serious..... I fixed it.
Cheif.... speaking of control.... have you read about the "drought" in California?
Turns out that a Federal judge has blocked the importation of water from the Sacramento valley because some stinking little fish is getting stuck in the pump intakes.
Based on that 6 million people have to quit watering their lawns and washing their cars.
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Dollar Drops Further -- Oil Prices Soaring
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KT.... not serious..... I fixed it.Cheif.... speaking of control.... have you read about the "drought" in California? Turns out that a Federal judge has blocked the importation of water from the Sacramento valley because some stinking little fish is getting stuck in the pump intakes.Based on that 6 million people have to quit watering their lawns and washing their cars.
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That is a prima facia example of what I speak of Mark. If I were those folks in CA, I would turn on every spigot and hydrant I could find and run the water dry in protest.
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