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OT- Oil Prices

Spotted this while researching something else:

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I don't know if this is a typo, a horrendous prediction or reason to hope. Note the date of the article.

Pasted from link above:

Report predicts oil at $51 a barrel in 2025

04/19/2004 - 9:25:29 am

Crude oil prices will eventually reach $51 a barrel by 2025 because of inflation and rising energy needs in developing nations, according to an Energy Department projection.

The report by the DOE`s Energy Information Administration said strong economic growth in Asia would drive world energy prices in the next decade. The developing world`s demand for energy will nearly double by 2025 with oil, coal and natural gas leading the way.

The report projects global energy demand to grow about 54 percent by 2025. But China, India and other developing countries will see a 91 percent jump as these countries continue rapid industrial development, said the EIA.

OPEC producers are expected to still be the major oil suppliers in 2025, the report said. They now account for about a third of the oil being pumped.

The current average U.S. retail price of diesel fuel is $1.679 - the highest prices are in California, where the average is $2.162.

Reply to
Cherokee-Ltd
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Seems a very optimistic prediction more than a year ago. Didn't quite work out that way eh? By 2025, the demand for oil will be either (1) quite less due to the hydrogen fuel automobile. (2) quite low due to the outlaw of privately owned conveyances - hence mass transit mandates, or (3) Significantly more due to WWIII over the last petroleum reserves on the planet. Can you imagine how much a horse will cost then?

Reply to
reconair

Yeah, but it was before the election. If the Energy Dept predicted $60+ per barrel in 16 months, it may have pushed Ohio over the edge.

Now that W doesn't need to run again, he can do all he can to keep his oil buddies rich...

Reply to
Matt Macchiarolo

Reply to
L.W.( ßill ) Hughes III

The ones who sell us the oil:

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Wasn't it Exxon Mobil who posted a 66% increase in retail profits in the 2nd quarter of 2005? In spite of relatively flat production?

Reply to
Matt Macchiarolo

This isn't all bad, Matt. After all, I do have some energy stocks in my retirement portfolio. ;o)

Earle

Reply to
Earle Horton

Reply to
L.W.( ßill ) Hughes III

Reply to
L.W.( ßill ) Hughes III

Bill,

While energy stocks can be a good investment, they should be considered as part of a balanced investment strategy, for long term performance. Investing the whole store in any one sector can have a negative impact on both long and short term gains.

Earle

Reply to
Earle Horton

Reply to
L.W.( ßill ) Hughes III
66% INCREASE in profits, not a 66% markup. If you can't or won't see the oil connection to the Bush family, no one can help you. Denial is not just a river in Egypt, Bill.

I wish I had invested in oil stocks five years ago...I could retire by age

40...
Reply to
Matt Macchiarolo

Reply to
L.W.( ßill ) Hughes III

"A steep rise in the price of gasoline, diesel and other fuels enabled Exxon to increase its earnings from refining and retail sales by $714 million to $2.2 billion. Its chemicals business reaped $814 million, up $207 million from a year earlier."

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My bad. Confused the word "by" with the word "from." Was fatigued when I read it. Not 66%. Profits rose "only" 32%. OK, I feel better now, the oil companies aren't really trying to fleece the public...right?

Reply to
Matt Macchiarolo

Maybe we should trade our oil companies for the companies in other country's.

Gas prices around the world: http://m>

Reply to
L.W.( ßill ) Hughes III

And then the ones from the list you didn't post:

Panama Panama City $2.19 Russia Moscow $2.10 Puerto Rico San Juan $1.74 Saudi Arabia Riyadh $0.91 Kuwait Kuwait City $0.78 Egypt Cairo $0.65 Nigeria Lagos $0.38 Venezuela Caracas $0.12

L.W.(ßill) Hughes III wrote:

Reply to
Brandonb

That's always been the case, because the other countries pay a lot more in fuel taxes, as the next parargraph which you didn't quote explains:

"The main factor in price disparities between countries is government policy, according to AirInc, a company that tracks the cost of living in various places around the world. Many European nations tax gasoline heavily, with taxes making up as much as 75 percent of the cost of a gallon of gasoline, said a spokesperson for AirInc."

Reply to
Matt Macchiarolo

Interesting to note the rest of the article which you didn't quote:

"In a few Latin America and Middle-East nations, such as Venezuela and Saudi Arabia, oil is produced by a government-owned company and local gasoline prices are kept low as a benefit to the nation's citizens, he said. All prices updated March, 2005.

Saudi Arabia Riyadh $0.91 Kuwait Kuwait City $0.78 Egypt Cairo $0.65 Nigeria Lagos $0.38 Venezuela Caracas $0.12

Reply to
Matt Macchiarolo

Reply to
L.W.( ßill ) Hughes III

Reply to
L.W.( ßill ) Hughes III

Are you stupid? that's quoted from the website that you posted!

L.W.(ßill) Hughes III wrote:

Reply to
Brandonb

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