2001: oil fell below $17 a barrel. Now some analysts fear $100 price

Bluebear

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Thu Mar-03-05 11:30 PM
Original message

2001: oil fell below $17 a barrel. Now some analysts fear $100 price

JOHN HIGHFIELD: There's talk today of a new price war for oil, as the price of the world's universal fuel plummets through to two-year lows.

Overnight the price of the marker, West Texas crude, fell briefly below $US17 a barrel. Just two days ago oil was selling for $US21 a barrel.

http://www.abc.net.au/am/stories/s418188.htm

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Still happy with your "Oil President", Bush voters?

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merwin

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Thu Mar-03-05 11:34 PM
Response to Original message

1. You have a problem with the rich getting richer?

I sure don't. I love paying outrageous prices for fuel, even though I drive a car that is enviromentally safer than most vehicles on the market. Bah, why should that matter?

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Goldmund

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Thu Mar-03-05 11:35 PM
Response to Reply #1

2. You're not paying outrageous prices for fuel.

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merwin

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Fri Mar-04-05 03:27 AM
Response to Reply #2

3. Bah, I'm paying over $2.50 for Diesel (2005 Jetta TDI)

I bought the damn thing to save on gas (40-50mpg). Oh well.

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Goldmund

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Fri Mar-04-05 04:41 AM
Response to Reply #3

4. What I'm trying to say is...

...the rest of the world (outside of the ME) pays much more than that.

In Europe, it's about double.

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ComerPerro

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Fri Mar-04-05 04:50 AM
Response to Reply #4

5. That doesn't justify the rise in prices here though

Europe has always been higher than us.

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RogueTrooper

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Fri Mar-04-05 07:31 AM
Response to Reply #5

7. That's because we subsidise America's Oil addiction

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merwin

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Fri Mar-04-05 03:06 PM
Response to Reply #7

9. How do you figure that you subsidise our 'oil addiction'?

Remember that the USA also produces roughly a quarter of the oil that we use. Many European countries don't produce their own oil, therefore causing far higher prices as everything is imported.

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DS1

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Fri Mar-04-05 03:24 PM
Response to Reply #9

12. European oil companies have to provide their own security

American oil companies have the Defense Department

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Goldmund

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Fri Mar-04-05 11:20 AM
Response to Reply #5

8. As fas as I know, in Europe they've risen too, in parallel.

Somebody from Europe can correct if I'm wrong.

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htuttle

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Fri Mar-04-05 03:19 PM
Response to Reply #8

11. Yes and no

I think it has gone up (relative to euros)in the last year or two, but before that, the dollar was dropping against the euro almost as much as the price of oil (traded in dollars) was going up. So it should have been fairly level (in euros) from about 2001 to the beginning of the war in Iraq. I don't know how that translated to the European gas pumps, though.

The US subsidizes a LOT of the gas price through income taxes (for the military budget and foreign aid), so the price is actually much higher in the US than it seems at the gas pump. How much of the US military budget is devoted to keeping access to oil? Not sure, but an awful lot of it, certainly.

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maxsolomon

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Fri Mar-04-05 03:12 PM
Response to Reply #3

10. what is B100 selling for?

anyone know?

if its still $3.50/gallon, its getting competitive with 100% diesel.

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cthrumatrix

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Fri Mar-04-05 07:15 AM
Response to Original message

6. don't worry this talk of "peak oil" is all a conspiracy....right?

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