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FT: Crude breaches $119 in frantic trading


SnyderShrugged

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Completely agree....

....When we have a cheap and readily available alternative to oil and gas. And the cheap (price wise) and readily available cars that run on that alternative.

Otherwise, that will solve nothing and make things unnecessarily worse.

my point is that will never happen until oil is no longer viable in the short term. and this is coming from someone who drives a Dodge Challenger SRT8.

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my point is that will never happen until oil is no longer viable in the short term. and this is coming from someone who drives a Dodge Challenger SRT8.

But it isn't something that happens overnight. The first wideley acceptable hybrid vehicle was the Prius, and it wasn't widely available until 2001. You can't cut off the arm to spite the face. Oil is a major part of the economy until the hybrid or all electric market becomes viable, which it will eventually. We may never see that in our lifetime.

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If it only it werea actually true:

Unless oil goes up a lot more, nobody is going to drill oil in the gulf off of Cuba if we don't want them to.

If that were only true

Sen. Bill Nelson sent Obama a letter in May stating he was "greatly concerned by reports that Spanish oil giant Repsol has contracted with a unit of Italian oil company Eni SpA to operate an exploratory rig off of Cuba's northwest shores."

Cuba's state-run oil company, Cubapetroleo, continues to lease individual exploration areas to foreign oil companies in both the Florida Straits and Gulf of Mexico, said Nelson, D-Fla. Cuba has leased 17 of 59 areas to oil and gas companies based in Spain, Norway, India, Malaysia, Venezuela, Vietnam and Brazil, Nelson said. There are also reports that Cuba is negotiating a lease with the China National Petroleum Corp. to jointly explore as many as five offshore blocks in the Gulf.

Read more: http://www.cubaheadlines.com/2011/01/31/29268/cuba_drilling_sparks_bills.html#ixzz1EzeHqZVW

Original article here!

btw China has bought into Cuba drilling and expanding refinery....we are not the only market for oil,technology or parts.

Sit and watch while they suck the oil out from under ya.

http://www.economist.com/blogs/americasview/2010/11/cubas_oil_prospects

http://www.globalpost.com/dispatch/commerce/100602/oil-drilling

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Gas can go up as high as it wants but with oil prices rising all the products created from the byproducts of refinement, everything in this world will go up in price. Plastic prices alone will cause a major issue.

Oil runs the world.

Plastics are pretty awful as well and a major contributor to the Worlds pollution. I'd like the cost of that to go through the roof as well.

When shipping and storage become this expensive, we will just have to go back to building and buying local, like we should be doing in the first place.

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I'm very concerned about the international moves they're making, particularly … moving the United States off the dollar and onto a global currency, like Russia and China are calling for.

Erm... they're not trying to move the United States off the dollar. They're trying to move everybody else off the dollar as the world's primary reserve currency. Nobody can make us ditch the dollar for ourselves.

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If that were only true

Sen. Bill Nelson sent Obama a letter in May stating he was "greatly concerned by reports that Spanish oil giant Repsol has contracted with a unit of Italian oil company Eni SpA to operate an exploratory rig off of Cuba's northwest shores."

Cuba's state-run oil company, Cubapetroleo, continues to lease individual exploration areas to foreign oil companies in both the Florida Straits and Gulf of Mexico, said Nelson, D-Fla. Cuba has leased 17 of 59 areas to oil and gas companies based in Spain, Norway, India, Malaysia, Venezuela, Vietnam and Brazil, Nelson said. There are also reports that Cuba is negotiating a lease with the China National Petroleum Corp. to jointly explore as many as five offshore blocks in the Gulf.

Read more: http://www.cubaheadlines.com/2011/01/31/29268/cuba_drilling_sparks_bills.html#ixzz1EzeHqZVW

Original article here!

btw China has bought into Cuba drilling and expanding refinery....we are not the only market for oil,technology or parts.

Sit and watch while they suck the oil out from under ya.

http://www.economist.com/blogs/americasview/2010/11/cubas_oil_prospects

http://www.globalpost.com/dispatch/commerce/100602/oil-drilling

Really, please, explain how what I posted was wrong.

Other countries are buying rights right now for a few reasons:

1. Cuba is selling them pretty cheap (because they need the money)

2. If the US normalizes relations with Cuba, then those fields potentially have a lot of value.

3. If the price of oil goes way up, which will happen enventually, those fields potentially have a lot of value.

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Really, please, explain how what I posted was wrong.

Other countries are buying rights right now for a few reasons:

1. Cuba is selling them pretty cheap (because they need the money)

2. If the US normalizes relations with Cuba, then those fields potentially have a lot of value.

3. If the price of oil goes way up, which will happen enventually, those fields potentially have a lot of value.

They are drilling now and have more in the works...you are wrong in the assumption they cannot drill w/o our approval or expertise.

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They are drilling now and have more in the works...you are wrong in the assumption they cannot drill w/o our approval or expertise.

Who is drilling where?

Your links talk about leasing, not actually drilling.

I didn't say they needed our expertise or our approval. I said it wouldn't happen at current prices without our approval.

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Repsol has drilled and will be joined by others ...perhaps we define drilling differently?

Cuba and its foreign partners are preparing to drill for oil in the Gulf of Mexico. Although the state of the art rig ordered by Repsol – from China, and built to specifications that avoid violations of the embargo – will arrive for drilling to begin later than planned, drilling is expected to take place in the third quarter of 2011.

http://cubacentral.wordpress.com/2011/02/25/u-s-unprepared-for-cubas-offshore-drilling-plan-a-week-of-trials-releases-and-memories/

Petrobras STATOIL and ONGC

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Repsol has drilled and will be joined by others ...perhaps we define drilling differently?

Cuba and its foreign partners are preparing to drill for oil in the Gulf of Mexico. Although the state of the art rig ordered by Repsol – from China, and built to specifications that avoid violations of the embargo – will arrive for drilling to begin later than planned, drilling is expected to take place in the third quarter of 2011.

http://cubacentral.wordpress.com/2011/02/25/u-s-unprepared-for-cubas-offshore-drilling-plan-a-week-of-trials-releases-and-memories/

Petrobras STATOIL and ONGC

No, I think we are defining drilling the same.

I think you are having issues with respect to what the Gulf of Mexico is and claiming that something that Cuba says is going to happen in the near future is actually happening and will ever happen (given current oil prices and the US embargo).

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No, I think we are defining drilling the same.

I think you are having issues with respect to what the Gulf of Mexico is and claiming that something that Cuba says is going to happen in the near future is actually happening and will ever happen (given current oil prices and the US embargo).

Deepwater takes time and investment,,,both of which have been invested for Cuban waters

The embargo has only slowed the pace,and current prices are certainly not a barrier...I don't listen to Cuba,but rather those in the business

what are the issues on the Gulf in respect to what it is I'm ignoring?

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I paid 4.08 for gas in July 08 not 2.79

that being said we need to get off OIL not just foreign oil.

this will just keep getting worse. I was sick of being held hostage since the 70's

Oil and China are the 2 things that can bring the US economy to a low we have never seen before

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