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Originally Posted by codprawn
The current oil crises is mainly due to Iraq and jumpy market forces - what must be remembered is oil will never run out - it will just get more expensive!
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Not exacltly. Iraq has not give oil properly since the 1st Iraq war against Kwait.
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Originally Posted by codprawn
Many oilfields that aren't viable at say $25 a barrell are at $35 or more - Canada in a classic example with their oil rich sands.
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Not exactly again. Is that we have more and more refined products. The oil we use Petrol and Diesle is the residue from the refining process. i.e. is WHAT THEY DON'T NEED AND WE PAY FOR IT!!! However this residue becomes less and less as refinaries become more sofisticated. Hence higher price as the demand is the same. They are now thinking to build new more sofisticated refinaries that will allow fuel and diesel to be used. However the cost of those is so much and the procedure to go through is so lengthy that by the time they finish building them they recon there will be no crude oil left on this planet.
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Originally Posted by codprawn
China is going to be the biggest problem - they don't have many reserves and they will start using a hell of a lot as their economy expands.
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Everyoone is in the same box. No one has a lot of reserves. China is not the ONLY problem look at SAUDI and KUWAIT also UAE and the USA. This is the reason they became friendly with LIBYA and Mr Kadafi. Egypt also produces oil but not a lot.
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Originally Posted by codprawn
The west MUST stop wasting oil and gas on electricity generation and accept the fact that nuclear power musty be used - properly controlled(not by a 3rd world country) it is much better than pouring out so much CO2.
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Nuclear fuel is the future but so much investment has made for soldi fuel engines that we may not see this alternative in our life time on this planet.
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Originally Posted by codprawn
As to our current petrol prices in the UK we must remember the oil price has been too LOW for quite some time - now the price is back up again our disgustiong tax levels are really starting to hit - even with the current high oil price the spot market price for petrol is still only 22P per litre - I could live with that!!!!! Beats 83p per litre any time!!!!
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Is the high tax (indirect taxation) imposed by the UK state. However, as the fuel prices go up the tax goes up so the price of fuel to the consumer goes up but at a dispropotionate level. So if the state had less taxes on fuel the prices would have been less. In Greece for example the tax on fuel is adjusted according to the price. The more expenssive the fuel the less the tax and we have chep fuel 0.80 Euro cents/ltr
