OPEC can't and won't replace supply if Iran is attacked. - Striper Talk Striped Bass Fishing, Surfcasting, Boating

Mr. Sandman · 07-11-2008, 09:19 AM

Quote:

Originally Posted by likwid

Soooo.... $10/gal gas anyone?

MADRID (Reuters) - OPEC could not replace lost Iranian output should Tehran carry out its threat to stop oil exports if attacked, OPEC President Chakib Khelil said on Tuesday.

"It's obvious that if you curtail 4 million barrels per day (bpd) from the market, you are going to have a big problem. I don't see who can replace that, including OPEC," Khelil told a news conference in Madrid.

Khelil said the perceived threat of conflict had helped to drive oil prices higher, although he said the main reason for crude near $143 a barrel was the weakness of the U.S. dollar.

"Unless we address those causes we're not going to see low oil prices ... We need to do something about geopolitics. We need to do something about the dollar," Khelil, who is also Algeria's oil minister, said.

Fears that Iran, OPEC's second largest producer and the world's fourth biggest producer, could retaliate by disrupting oil exports if attacked by Israel or the United States over its nuclear program have weighed on the oil market for months.

The depreciation of the U.S. dollar was another big factor, Khelil said, adding that its impact on the oil price was even greater.

Oil, like most commodities, is priced in dollars and most commodity prices have rallied to make up for the drop in the value of the currency used to price them.

The dollar has fallen sharply against the euro and a basket of currencies as the U.S. Federal Reserve has slashed interest rates this year to shore up the financial system and the wider economy from a credit crunch triggered by crisis involving sub-prime mortgages.

Khelil said oil prices would probably rise again if the European Central Bank raised interest rates on Thursday because the euro would strengthen against the U.S. Continued...

http://uk.reuters.com/article/busine...LA572420080702

I am getting sick of Iran...Let's just take them over thru force, make them the 51st state, secure an instant domestic oil supply (in someone else's backyard) and stabilize the Iran/Israel tensions at the same time. Problem solved. Maybe Bush can pull this off prior to leaving.

Joe · 07-11-2008, 09:57 AM

And you can't just bomb the nuke facilities either...you have to dismantle their ability to impede oil traffic in the gulf.

justplugit · 07-11-2008, 10:07 AM

Quote:

Originally Posted by Joe

...you have to dismantle their ability to impede oil traffic in the gulf.

Complicated for sure with mining of shipping lanes.

justplugit · 07-11-2008, 09:59 AM

Not to worry.

Barack Obama will make nice to Iran and they will end their hatreds,

dismantle the Shahab 3s and shut down their nuclear centrifuges.

All will be well.

Unless of course he "changes" his mind.

likwid · 07-11-2008, 10:00 AM

Quote:

Originally Posted by Mr. Sandman

Let's just take them over thru force

WORKING GREAT IN IRAQ!
MISSION ACCOMPLISHED!

The Dad Fisherman · 07-11-2008, 11:30 AM

Quote:

Originally Posted by Mr. Sandman

Maybe Bush can pull this off prior to leaving.

I don't know...thats a tad more complicated than looking to see which shoe says "L" and which shoe says "R"

likwid · 07-11-2008, 11:32 AM

Quote:

Originally Posted by The Dad Fisherman

I don't know...thats a tad more complicated than looking to see which shoe says "L" and which shoe says "R"

Nebe · 07-11-2008, 12:30 PM

natural gas and electric is going up 20% in RI as of yesterday.. aaarrrrg/

Bronko · 07-11-2008, 01:03 PM

Everyone calm down. Obama will save us. Hope and Change go a long way with oil speculators and arabs.

zacs · 07-11-2008, 01:14 PM

Quote:

Originally Posted by Bronko

Everyone calm down. Obama will save us. Hope and Change go a long way with oil speculators and arabs.

good point... everything is going so well now, why would anyone want change????

RIJIMMY · 07-11-2008, 01:32 PM

Quote:

Originally Posted by zacs

good point... everything is going so well now, why would anyone want change????

Zac is getting political....uh oh

Rockport24 · 07-11-2008, 01:02 PM

you know even if US companies got complete control of a lot of those oil fields in the middle east or drilled up a bunch offshore and in ANWR, all the oil still goes into the global market for trade, so it's not like it would be directly beneficial to us as consumers, it would A LOT more beneficial to anyone who holds stock in oil companies though
the US would have to get to a point where ALL it's oil came from it's own resources so we could break away from the foreign market.
That would take more than just a few wars I imagine.

spence · 07-11-2008, 01:23 PM

Quote:

Originally Posted by Rockport24

you know even if US companies got complete control of a lot of those oil fields in the middle east or drilled up a bunch offshore and in ANWAR, all the oil still goes into the global market for trade, so it's not like it would be directly beneficial to us as consumers, it would A LOT more beneficial to anyone who holds stock in oil companies though
the US would have to get to a point where ALL it's oil came from it's own resources so we could break away from the foreign market.
That would take more than just a few wars I imagine.

That's why many countries with large reserves have been nationalizing their resources.

-spence

Rockport24 · 07-11-2008, 01:35 PM

hmmm interesting, you mean not putting their oil into the market? ohh nevermind, you mean like Venezuela? Unfortunately, even in the US did have the reserves I think it's a lost cause.

zacs · 07-11-2008, 01:52 PM

This is what happens when I don't fish for a month.....

I normally try to stay out of this stuff... and I am not an Obama supporter.

But what option do we have at this point? Who can support another 4 years of policy that even closely resembles what we have been going through for the past 8????