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| OPEC chief appeals for calm over oil |
| 2008-06-11 |
| OPEC's Secretary General on Tuesday appealed for calm, saying the record-high crude oil price was unbearable and did not reflect any shortage of supply in the market. Abdullah al-Badri also called for measures to curb market speculation, a factor OPEC says is sending prices to unjustified levels. Oil hit a record $139.12 a barrel on Friday and was trading near $136 on Tuesday. "I ask through you, through Reuters, really we need some calm. We are panicking too much," Badri told the Reuters Global Energy Summit. "The situation is unbearable as far as we are concerned. I want to say, there is no shortage now and in the future." The comments are the latest to underscore the view of the Organization of the Petroleum Exporting Countries that it is pumping more than enough oil and high prices reflect factors beyond its control. "We are not happy with the current level of price for one reason. It has nothing to do with the fundamentals," he said. "Speculators are playing a big role in high oil prices. Also there are other considerations, the value of the dollar and the geopolitical situation." Saudi Arabia, the world's top exporter and OPEC's most influential member, said on Monday it would soon call for a meeting to discuss what it called unjustified rises in prices. |
| Posted by:Fred |
| #15 That's Douglas C. Niedermeyer in the Twisted Sister video. |
| Posted by: badanov 2008-06-11 21:50 |
| #14 And there will be lots of battery advances over the next 10-20 years. There are three kinds of liars in this world: Used car salesmen Lawyers Battery engineers just sayin' |
| Posted by: Skunky Glins 5*** 2008-06-11 21:36 |
| #13 I'm not so sure the translate button works. |
| Posted by: Nimble Spemble 2008-06-11 20:29 |
| #12 OTOH, also from FOX NEWS > OCEAN CITY [CA] Mayor's GLOBAL WARMING/CLIMATE CHANGE TOURISM PROMO = COME AND ENJOY THE SAND AND SUNNY BEACHES OF OCEAN CITY WHILE YOU STILL CAN, BEFORE THE SUN BOILS OFF THE OCEAN WATERS OF OCEAN CITY + EARTH IN ABOUT A BILYUHN YEARS. CAVUTO > "The SEAS/OCEANS ARE EVAPORATING...STAY TUNED AFTER THIS MESSAGE". |
| Posted by: JosephMendiola 2008-06-11 19:28 |
| #11 Its now US$4.67 for REGULAR GAS here on Guam, and as per GUAM PDN may go above US$5.00 by end of summer??? FOX NEWS AM > CAVUTO > DEMOCRATS DEFEAT DUBYA-SUPPOR OIL BILL > Cav's GOP Pol Guests are claiming that its actually the Dems that have been obstructing Dubya's + Washington's efforts to begin new domestic oil drilling including as per ANWAR + GULF OF MEXICO, while all the while criticizing Dubya-GOP for not doing enuff to bring down high domestic pump prices via new domestic wells??? |
| Posted by: JosephMendiola 2008-06-11 19:18 |
| #10 PS, while PHEVs like Volt (16KwH battery)are great, it's more important to immediately move to the vast majority of production to hydribs using only 1 or 2 KwH of batteries. It still gives a an up to 70% gas mileage improvement (city driving) and the possibility to go a few city miles on battery alone. In fact I would mandate it for city and suburban dwellers who are not retired. Then when lithium supplies catch up, transition to 5-8KwH then 15-20KwH PHEVs. That will more closely align the battery demand with the probable lithium supply. |
| Posted by: ed 2008-06-11 18:37 |
| #9 From your link: it is not the amount of lithium in total that is likely to be the problem but the rate of recovery of it. To match the present 60 million number of new cars on the roads each year, this would need to be expanded by fifty-fold (200 fold for all BEVs), a considerable undertaking in mining and production which is probably impossible. Time is a big factor in the conversion equation. Autos will migrate to electric propulsion but it will take at least a generation. Until then OPEC will be swimming in unearned cash. In 2008, the US will spend $1 trillion or more on oil, about $700 billion of that going outside the country. |
| Posted by: ed 2008-06-11 18:27 |
| #8 Try to find enough lithium for 75M cars. Perhaps not such a big problem. And there will be lots of battery advances over the next 10-20 years. What will be a big problem is that a lot of overnight charges will run out during the day and will need a quick fill. 200 miles is 3-4 hours of driving. |
| Posted by: Nimble Spemble 2008-06-11 18:04 |
| #7 Try to find enough lithium for 75M cars. A 200 mile range implies a 70KwH battery pack using today's car designs. The US already has enough electric generating potential to charge those cars at night. The charger would need to communicate with the power grid controllers to regulate their power draw in an intelligent manner. Not very complicated. An internet connection would do. |
| Posted by: ed 2008-06-11 17:25 |
| #6 Just think how long it would take to replace just 50% of US cars with electric transportation. A lot less time than it would take to get the grid in shape to charge them. There are about 150 million cars registered in the US (actually less) Annual car sales are 15 million. I'd bet we'd get to 50% of registrations within 7 years of introduction of a 200 mi., 15 minute charge electric car. |
| Posted by: Nimble Spemble 2008-06-11 17:18 |
| #5 OPEC is quite safe. Just think how long it would take to replace just 50% of US cars with electric transportation. Or how long it would take to add commuter train lines from all suburbs to city centers. The only possible home grown short term solution (10 years), other than basing the economy on making handicrafts from home, is coal to liquids. Yet not one CTL plant has been built since Sept. 11 even though the economics have favored it for several years. An $8B pant producing 100,000 barrels/day at $40-45/barrel could sell its fuel for at least $6B annually in today's market. Too many regulatory hurdles and skittish money men. You'd hardly know there was a war on and OPEC is being financed to the tune $900 billion this year. Makes our whole military budget look puny in comparison. |
| Posted by: ed 2008-06-11 16:40 |
| #4 The problem with trying to corner the oil market is where do you put all the stuff? It's not like there's lots of excess tank space at the local Public Storage. |
| Posted by: Nimble Spemble 2008-06-11 14:05 |
| #3 Kind of like the rapist telling his victim to shut up while he performs the deed. I'm pretty confident they aren't afraid of "alternative energy" sources -- they aren't stupid, and nothing will replace oil for at least a generation, and probably much longer than that. The only conceivable downside for OPEC is that prices get high enough that we start drilling again in the US. |
| Posted by: Iblis 2008-06-11 13:51 |
| #2 Methinks the push for and breakthroughs of alternate energy is making them nervous for their gravy train. That is the main reason I want a non-oil energy source or more domestic oil/energy sources. Makes the Middle East completely irrelevant, broke and regulated to the dustbin of history. |
| Posted by: DarthVader 2008-06-11 09:24 |
| #1 Hey OPEC I hear the band warming up... |
| Posted by: OldSpook 2008-06-11 01:33 |