March 07, 2008
– Comments (5)
The Saudi Oil Minister says speculation is driving prices.
Oil couldn't possibly have speculation. It's different than housing.
Laying on the sarcasm awful thick.
A lot of Crude Oil futures trading is psychological
I guess my car needs a psychologist then, everytime it's standing still on the 405. Along with the millions of motorists all over major and small cities in the US and the growing amounts of drivers in asia and the growing amounts of fuel guzzling trucks and airplanes....
EROEI of easy to get at oil can be 100:1 or greater. Most other fuels are lucky to get a 3:1.
Check out the Oil Drum for a different point if view. Many people there think that oil may go to 200/barrel by next year.
As Demondog has noted the EROEI of easy oil is really good, but the easy oil is now running out, and we are usnig more and more of the difficult stuff like oil sands, shale oil, and tar sands, with EROEI of around 2 or 3:1, and ethanol with a EROEI of between 1:1 and 3:1 depending on who you talk to. (EROI = energy return on energy investment)
If peak oil is near, then methinks go long deep water drillers!!