$50 barrel oil predicted. Remember these predictions from just 2 years ago?

[Liberal_in_LA]

Today oil is nearing $120 per barrel

http://www.ens-newswire.com/ens/dec2005/2005-12-12-03.asp

$50 a Barrel Oil Forecast for Next 25 Years

WASHINGTON, DC, December 12, 2005 (ENS) - Oil prices will remain near the $50 per barrel mark over the next 25 years, increasing the pressure for more domestic crude oil production and increasing the demand for unconventional sources of transportation fuel, such as ethanol and biodiesel, says an annual federal government report issued today.

The report backs away from last year's prediction that the price of crude would fall to around $33 per barrel by 2025.

World crude oil prices are projected to fall to about $47 per barrel by 2014 in constant dollars, not adjusted for inflation, according to the 2006 Annual Energy Outlook published by the Energy Information Agency (EIA), the independent statistical and analytical agency within the U.S. Energy Department.

[DJ13]

1. That was pre 2006 election hype to help the GOP

They even managed to get the cost of gasoline down to around $2** by the election.

Didnt help.


** This from the same GOP that claims government is powerless to reduce the price of gasoline.

[Orrex]

2. $50 per barrel? It'll never happen

Again...

:(

[nomorenomore08]

3. Maybe with a Democrat in office, we'll see affordable gas again. But I'm not optimistic.

nt

[trof]

6. Sorry, nomore. You'll never see 'affordable' gas again.

EVER.
We're into 'the less that's available, the higher the price' end game.
We will go through a VERY hard time while we transition from petroleum to a wind/solar/biomass way to run transportation.

[housewolf]

4. Remember 2004? Bob Woodward on Larry King Live, Prince Bandar calls in

and says he wants to bring the price of oil back down to around $20 for the presidential election?

I think it was in the $30-$40 range at the time, below $2.00/gal

[Warren Stupidity]

5. $50 in old dollars. New dollars: $500. nt.

[Initech]

7. It's more than doubled in price in two years. Something is fucked up.

The next president had better watch big oil like a fucking hawk or they will immediately lose public approval.

[orangerevolution]

8. If it is true that corporations pass their tax burden

to us, the consumer, in the price that they charge for their product, what is going to happen to gas prices in the summer of 2009 when we get a President Obama or a President Clinton, working with the Democratic controlled House and Senate, to roll back the billions of dollars in taxpayer (you and I) subsidies?

[Caretha]

9. What the hell are you talking about..

nvm....go brush your tooth.

[orangerevolution]

10. Big Oil Corporate Welfare

her is a dime, go buy yourself a clue!

[Javaman]

26. LOL best. responce. ever!!!

a DUzy for you my friend!!

[scarletwoman]

12. No, they pass their tax SUBSIDIES to us, the consumer. We get taxed HIGHER,

so they can get "tax relief".

Get a damn clue, you've been CONNED.

[Caretha]

14. It sounds to me like

Orange is saying that if the Democrats quit subsidizing the oil companies with ....lets see what was it $18 billion in tax relief that they get from their humogous profits, that they're going to pass that expense onto the consumer. Do I have that right?

[scarletwoman]

15. Oh well, if that's the case, we'd better give them MORE subsidies, so they don't punish us!

Call me crazy -- but isn't that basically how a protection racket works?

"Nice little economy you've got there, be a shame if anything were to happen to it..."

sw

[orangerevolution]

17. If they have to pay that much in the form of taxes

Where is it going to come from? A corporations tax burden is built into the price of their product, correct?

[scarletwoman]

21. Oh, I don't know. Maybe it could come out of their profits?

Just like MY taxes come out of MY income? (which is essentially the "profit" I accrue out my personal investment of time and energy in my job.)

I would like my profit to be equally as protected as theirs. And vice versa.

[orangerevolution]

24. Definition of Profit:

the monetary surplus left to a producer or employer after deducting wages, rent, cost of raw materials, etc.

In other words, it is what you make beyond your expenses. Taxes have to be paid, therefore they are an expense and come out before the profits are calculated.

Unbelievable!

[orangerevolution]

16. That makes zero sense

The gov't pays Big Oil, which they in turn pass onto us the consumer. And that somehow means we are being taxed higher?

No, you are being conned.

[scarletwoman]

18. The government takes money from all of us to feed itself. When it gets less from some entities,

it means it has to get more from other entities. That would be us.

[Caretha]

20. I'm really not following you

try as I might. IMHO I don't believe the oil companies deserve the subsidies the government is giving them. They have had record profits over the past several years, and don't deserve anymore at the pump. Their subsidies are what I call corporate welfare. BTW, in 2006 I worked for ConocoPhillips as a contractor at a plant. The cost of filling up their company vehicles at their on-site pumps was 10 cents a gallon. Believe me, I know because, I was in charge of the fleet we were using for the VDU/Coker expansion project at that particular refinery.

[Initech]

23. Yeah, I agree. I love that argument that we are the big government party.

WRONG!!!! The government WANTS big government. Since the 1950's, we've designed our government to be a self-operating entity, and IT wants more power, and it's going to get more power even if it has to fuck everyone over.

[Ilsa]

13. I see what you are saying... that the new Congress and Exec branch will

remove the oil company subsidies (unless they are going after new non-oil, renewable energy). The resulting loss of tax shelter or gifts will cause Big Oil to raise prices at the pump even more.

It is easy to misread your first reply and read something else into it.

[Ilsa]

11. I can do better predicting with tea leaves or a ouija board. nt

[Dukkha]

19. George W. Bush on June 23, 2000:

"There seems to be an effort out of Washington to blame me for rising energy prices. And the American people don't buy that. It's the -- Clinton-Gore administration's been there for seven years, we're more dependent now than ever before on energy from foreign sources. And I am amazed that they're trying to shift the blame away from the people that are holding the office. And I resent that kind of politics, and so will the American people. ... And this is typical of an administration that refuses to accept responsibility. This is amazing. They've been in office for seven years, the price of gasoline has gone up during their period of time."

The price of gas that very week: $1.68 per gallon.

[aint_no_life_nowhere]

22. The costs seem to be rising at an ever faster rate

Are we going to be seeing $5 a gallon gas by the end of 2008? The price seems to be rising at an accelerating rate. This is getting bad.

[ThomWV]

25. You will see oil prices close to that level again

$60, that is my estimate and I'm sticking to it. You will see it in less than 18 months.

[gratuitous]

27. And how the GOP complained!

Oh, we were told, those oil prices would plummet - plummet I tell you! - just any minute now. Irresponsible talk of high oil prices was just needlessly scaring the American people! And we must keep tax cuts in place for Big Oil! Pay no attention to their posting the highest corporate profits ever in the history of the world. If we cut their subsidy, they'll jack up the price of gasoline.

Well, the subsidies (taxpayer dollars funneled directly into their corporate coffers) continue, and the poor dears at Big Oil have still jacked up the price of gasoline.

[aint_no_life_nowhere]

28. And the price of diesel is just mysterious to me

Diesel used to be the cheapest gas available, far cheaper than regular unleaded. Now it's absolutely the most expensive. Diesel is still the cheapest type of gas in almost every foreign country except for the U.S. Supposedly, this is directly the result of the oil companies, who decide how much diesel to refine and produce, thereby directly affecting supply and demand. The cost of diesel is driving up the cost of everything that has to be hauled by trucks, especially food. Diesel is a lot cheaper in Mexico.