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Are you worried about rising oil prices? |
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Opec is pumping a record 30 million
barrels of oil a day, and could boost that by another 1-1.5 million barrels if needed, its
president, Purnomo Yusgiantoro, has said. This comes after oil prices broke new records
overnight as Asian trade pushed a barrel of New York light sweet crude close to $45. Last week, prices rose on concerns that a
multi-billion dollar tax demand against Russian oil giant Yukos might force it temporarily
to suspend production. The terror alert in the US and a major attack on a
main oil pipeline in Iraq this week have also helped to trigger oil price increases. The latest rises are causing worries in importing
countries about the economic cost of higher energy prices. The International Energy Agency, told BBC News Online
that oil at $35 a barrel - the average for the past year - would take half a percentage
point off global growth. Are you worried about rising oil prices? How will
you be affected? Why are we so dependent on oil? What are the alternatives? How does oil
influence global politics? The following comments reflect the balance of
opinion we have received so far:
The world is full of hypocrites. The same people
who argue about depletion of fossil fuels drive around in gas guzzling SUV's. The problem
will never get solved; the human race is greedy and selfish. And besides, since when did
any of us actually have a say in any politics. The top 0.05% run the world and keep the
other 99.95% poor.. What's the point in debate? What I want to know is who is playing with the oil
market? The fluctuations in the price of oil we have been seeing over the last couple
months have strongly depended on the court case against the oil company YUKOS. But the
ministry in Russia seems to be consistently issuing contradicting statements, each one
affecting the price of oil, and the entire U.S. stock market in general. What I want to
know is who is getting rich off of these market fluctuations? Is the ministry playing with
the world market on purpose, or are individuals, or more likely companies, bribing
officials to get rich?
If we are all worried about the price of oil,
imagine what would happen to oil prices if Islamic extremists gain control of the Middle
eastern oil. This is why I support the war in Iraq, at least us poor nations can be
assured of a oil supply with no strings attached Not just oil - fossil fuels in general, plus
uncontrolled habitat destruction. My hope is that recurring crises like this one will
somehow get the idea across that, ultimately, the habitat we are destroying most
enthusiastically is our own. My fear is that, like so often in the past, they won't. The global car industry must respond to the
increasing oil price and produce fuel efficient cars, not gas guzzling SUVs, so everyone
can drive a litre of petrol further and then use realistic alternate fuels as CNG,LPG,
FUEL CELLS. New technology always becomes affordable through mass production. I believe that one reason for the failure to
institute wide usage of alternatives to oil is the fact that there is no one obvious
replacement for oil. The diversity of alternatives (wind, hydroelectric power, solar power
etc) means that there is no easy target for the current masters of energy, the oil
industry, to take over and make profitable. They cannot replace their current monopoly
with another and the effort to develop and implement all these other options is too
expensive. Until governments reward investment in alternatives to oil, the market will
take more and more extreme measures to extract oil, causing further wars and pushing the
planet further towards extinction.
Pray tell, what is the alternative at our current
level of technology? Of course we need an alternative source, but one that will benefit
all. A few windmills or solar panels will not bring power to everyone. Until you can show
a viable alternative, like it or not (and I hate high prices too), oil will be the
standard. Once Iraq is stable, we will have a better and more
reliable supply of oil. Ok, name one product you are dependant on that isn't
manufactured from, OR uses an oil product petrol - oil I believe that the government should purchase more
fuel efficient commercial vehicles like fuel efficient buses and they should attempt to
slow down this inflation. In my state SUVs, which get poor mileage, are also
exempt from pollution controls. It's time we re-emphasize more fuel-efficient vehicles,
which will be to the dismay of the greedy materialistic people who see having a bigger,
more luxurious vehicle as winning a personal arms race. I don't care about rising oil prices. I don't own a
car and I think those who do should be paying even more for the privilege of polluting our
atmosphere. The next revolution will be electric. Let's get started...
Something of a non-renewable nature as oil can only
be enjoyed as long as it lasts. It will never be available again. To allow such enormous
civilization to develop and depend on oil only shows how little intelligence humans have.
In that regard we are no different than locusts. I remember learning as a kid that we where going to
run out of oil. It looks like we are; or at least starting to. This gives a good reason to
start looking into renewable resources, with solar, wind power. I think exploring and
expanding the Hybrid cars will help us overcome are dependence on oil. It's quite clear the peak of oil supplied has passed.
We should look into other energy sources instead of how to control the oil price. There is
nothing we can do unless the demand diminishes. Prospecting for the new oil fields, have not yield
any good news in the recent past. Some of the oil companies have had inflating the known
reserves. The price is bound to rise as the reserves deplete and demand rise form the
heavily populated countries like China and India. Oil is not going to last for ever.
"World" should work and move quickly towards alternative fuel. As long as the consumers in the developed world,
including the United States, continue to regard the consumption of oil as their
prerogative rather than developing alternate sources of energy, industrial development and
modern life will continue to be handcuffed by the prices set by the producers. We already have many alternative fuels; we can put
white spirit and vegetable oil in diesels, why are we not doing this now? It's clean,
renewable, cheap and available. As for the worlds power supplies, fusion until fusion;
there is no other viable alternative.
I agree with others that say higher oil prices will
push the US in the direction of discovering better sources of energy. However, like the
Iraq war, I see no good energy plan in place that will ensure a successful outcome. I hope
Japan and Europe will make us wake up. My concern with rising oil prices is that it
indicates humanity is failing to pay attention to some simple, but global lessons that we
must learn - to survive. The alternatives have been known and are more effective in
generating energy, as well as less pollution: wind, waves, the sun, fuel cells, etc. Civil
society must reassert its primacy over the corporate mechanism that now threaten our
existence in their resistance to change for the better of humanity and of the planet. Oil, along with other fossil fuels has been the
easiest way to obtain energy for many years now. Unfortunately, the way we use it is not
very efficient and also pollutes. It is time to use start making the switch to alternative
methods of obtaining energy e.g. nuclear, solar, wind and tidal power for generating
electricity for vehicles. Or fuel cells. All are more efficient and friendlier to the
environment.
Every attempt to develop non-petroleum sources of
energy get squelched by TPTB, who are dead set on oil being the only viable energy source,
and they control both the political and financial climates. The great disappointment of
the 20th century is the "locking out" of all other forms of energy development
to bolster the oil magnates and their quest for ultimate power. The oil price volatility indicates the beginning of
the decline of oil production. Those who comment that this is a good thing, an opportunity
to develop alternatives, simply do not appreciate the graveness of the situation. I cannot
think of anything in our civilization that is not dependent in some way on oil. When oil
becomes expensive our civilization will no longer be affordable.
The oil market is massive, complex, and cannot be
attributed to any one nation's actions or policies. It is arguable that the increase in
prices over the last couple of years has been caused just as much by Venezuelan civil
unrest as it has been by the Iraq war or the tax demand on Yukos. Rising prices for a
non-renewable resource are not bad, however. I find it more alarming when prices for a
finite resource remain stable or even decrease in the face of ever-increasing demand. The problem is that oil is not only used as a fuel.
Say goodbye to plastic, metals, rubber. In addition, oil is so ingrained in industry that
a change over to a new energy would take decades. We have months. Those here who blindly
trust the open market are naive to the strangle-hold the oil producers have on new energy
advancements. Why would it be in their interest to research them? There is no point in worrying about high oil prices.
This is just the beginning of the end for our addiction to petrochemicals. There are
plenty of things that could be done, without sacrificing the car. For starters addressing
the outrageous wastage of oil in the manufacture of totally useless plastic packaging. I worry only if it signals a secret fear among the
traders that the OPEC nations cannot in fact open the spigot and provide the strategic
quantities of oil required to meet the rate of demand increase globally. Recently,
reactive changes in price have not had a symmetrical return to where it started. Prices go
up in reaction to an event and don't fall at the same speed after the event. This lag is a
clear indicator that the traders are betting on short supplies. Perhaps this will give people the motivation they
need to promote the rapid evolution of the oil-based economy we have today into something
more sustainable before it's too late to change.
I think the higher oil goes the better. It will
then get us to cleaner energy quicker. I'm hoping they go higher. Americans are completely
ignorant of the forces that control our lives; primarily big business. As prices go up and
corporate profits skyrocket, maybe the pain inflicted on the average person will reach
such a point that true change can develop here. The oil companies are un-American; the
citizens suffers while the CEOs make vast fortunes. Something must change. Since fire was discovered humans have integrated some
form of fuel into our lives. Those fuels have continued to evolve. Same thing will happen
this time. We have no choice but to come up with alternate energy sources. There aren't
enough caves to house us all.
Fixing this problem is not the job nor the
responsibility of the governments of the world. The free market will solve this problem.
It will either create new technology or find more reserves of oil. In my country, road construction is subsided at an
astonishing rate. Transit projects are much more difficult to start. Even worse, Congress
is considering language in the new six-year transportation bill that would decrease the
federal funding level for transit projects from 80% to 50% (requiring 50% state and local
funding) while maintaining the 80% subsidy of road projects. It's very clear that energy
and oil conservation is not a priority of this administration. The imbalance between supply and demand will cause a
shift in the global market as some users will find alternative energy sources more
attractive and predictable. Here is Europe's chance to lead the way by proving that new
technology combined with conservation are a viable option to fossil fuels. They need not
and should not wait for the US to take the lead on this issue. Of all the world's major
economic blocs, they have the most to gain by success in this effort and the most to lose
in failure. Well, this is what everyone wanted, right?
Prohibitively high gasoline prices that will make it economical to pursue alternative
energy sources and non-gasoline vehicles. So what's the matter? That the market is doing
the work rather than a government regulatory agency or taxation scheme?
The world's demand for oil and the limit of its
production is finally becoming apparent. We are on an upward curve for the cost of oil,
just as we are on a downward curve for production. Post this Election period for the US
& many EU countries, next year will see many changes. These will come under the cloak
of Terrorism & Climate Change where as the real reason will be lack of sufficient
energy for continued growth. It is indeed a time of transition and major changes.
Consciousness of this subject is growing, PEAK OIL is a reality we must finally wake up
to! Let the oil crisis come! It's the quickest way to
developing alternate fuels. Look at the rise in the Hybrid-car sales recently! Once we
stop caring about oil, we can likewise stop caring about the Middle East. Oh goodness,
wouldn't the Middle East miss our money and be begging for us to come back! 80% of the price of petrol in France is only taxes so
when the price of petrol goes up you don't really see it at the petrol station. With every dollar it rises, alternative energy
sources become more and more attractive. If you think for the long term, we simply cannot
afford to have cheap fossil fuels. Invest in wind, solar & wave now! We could grow all the oil we ever need, we're just
too stupid to legalise cannabis and use the oil extracts from that to run our cars. The
idiotic "war on drugs" will mean never ending American "liberation" of
the oil from oil-rich nations. The government should set a ceiling price for petrol,
say 75p/litre. If the market price falls below that, they can increase the duty
accordingly. If it rises above, they should reduce the tax. There is no way that the
Exchequer should be able to benefit from the tax windfall from higher market prices at the
public expense.
If it was not for the US and its allies
destabilising the Middle East, oil prices would have been much lower. The whole world,
especially the Third world will continue to suffer as a result of the high oil prices and
that is worrying. It is only an excuse for the rich nations to make
more money out of the poor. High oil prices in the US are here to stay unless
some common sense prevails. The environmental wackos need to quit fighting the drilling in
Alaska. Proof exists that the environment will not suffer. The other solution is for
President Fox of Mexico to give the US one barrel of Mexican oil a day for each Mexican
illegal alien in the US. That works out to about 20 million barrels a day. Since they have
it we should trade. In the US a large part of the excess consumption
would end if gas-guzzling vehicles like large SUVs were heavily taxed, restricted or
banned out right.
Most analysts are in agreement that oil production
will peak next year simply because no new oil reserves are being found. Unless we can
reduce our demand for oil dramatically oil prices above $40 are likely to be the norm from
now on. Flat Earth market economics break down because the fundamental assumption that
supply adjusts to meet demand is no longer true for oil. You then have to ask the question
- how many businesses are reliant upon a ready supply of oil and therefore how over valued
is the stock market? Rising oil prices are a mixed blessing. They are
rising due to increased demand, not reduced supply, so CO2 emissions are not going down.
The rises will accelerate development of eco-friendly power sources, but will also make
shale oil and coal more economic, and those are both disastrous for global warming. Since
western governments have had their heads in the sand over the oil crunch, there will also
be an economic slump, which will hurt the poor most in all countries, as always. The US
will also become openly belligerent, invading any country which refuses to sell them all
their spare oil, e.g. Sudan. This is just the start! For years it has been common
knowledge in the oil industry that one day demand will outstrip supply, and that day
appears to have been announced yesterday. Matt Simmons even suggested earlier this year
that to finance sufficient new oil supplies to meet projected demand the price of a barrel
of crude would have to hit $182. The reality is that in five to 10 years we'll be craving
for today's fantastically low fuel prices. It does make one wonder how much sand is left in the
hour glass before a global economic collapse occurs on the scale of the 1929 stock market
failure? This bubble can not go on forever! In the USA we have vast reserves of coal and
natural gas (outside of Washington DC) and can move in other directions but many in the
world have no options at all. When they figure out how to charge us for the sun then we
will move to solar energy! A horsepower race between Asian, USA and European
auto manufacturers is in full swing. Consumers now demand bigger and faster, and the
manufacturers respond. We all get what we deserve. Governments around the world should
pass legislation to encourage purchases of hybrids and penalize gas guzzlers. We asked for
it and we got it. Higher prices provide greater incentive for the
market to come up with an alternative. That's the beauty of capitalism. It will resolve
itself eventually. Us normal people are, but George W Bush and Dick
Cheney are probably laughing all the way to the bank! War means profit! I think that high oil prices should not concern the UK
too much. It is the rest of Europe that should worry about increased cost in travel and
manufacturing. If oil prices remain high the UK government can reduce the tax burden on
industry and workers by offsetting the loss against tax receipts from North Sea oil and
motorists (doubt this will happen). Also this may encourage people to travel less and use
less fuel and hence reduce pollution. Another benefit of high oil prices is the extension
of the life of North Sea oil and the prospect of more investment in research and
development to recover oil that would be otherwise not recovered. |
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The problem will never get
solved; the human race is greedy and selfish 
